Document and Entity Information
Document and Entity Information - $ / shares | 3 Months Ended | ||
Mar. 31, 2018 | May 01, 2018 | Dec. 31, 2017 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | WHITE MOUNTAINS INSURANCE GROUP LTD | ||
Entity Central Index Key | 776,867 | ||
Document Type | 10-Q | ||
Document Period End Date | Mar. 31, 2018 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 3,753,405 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | Q1 | ||
Common shares, par value per share (in dollars per share) | $ 1 | $ 1 |
CONSOLIDATED BALANCE SHEETS (St
CONSOLIDATED BALANCE SHEETS (Statement) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Goodwill and other intangible assets | $ 59.2 | $ 62.1 |
Total assets | 3,587 | 3,659.2 |
Liabilities | ||
Debt | 21.5 | 23.8 |
Total liabilities | 291.2 | 298.4 |
White Mountains’s common shareholders’ equity | ||
White Mountains’ common shares | 3.8 | 3.8 |
Paid-in surplus | 671.5 | 666.8 |
Retained earnings | 2,765 | 2,823.2 |
Accumulated other comprehensive loss, after tax: | ||
Net unrealized foreign currency translation losses | (1.3) | (1.3) |
Total White Mountains’s common shareholders’ equity | 3,439 | 3,492.5 |
Non-controlling interests | ||
Non-controlling interests | (143.2) | (131.7) |
Total equity | 3,295.8 | 3,360.8 |
Total liabilities and equity | 3,587 | 3,659.2 |
HG Global-BAM | ||
Assets | ||
Fixed maturity investments, at fair value | 622.1 | 623.6 |
Short-term investments, at amortized cost (which approximates fair value) | 88 | 69.8 |
Total investments | 710.1 | 693.4 |
Cash | 9.4 | 25.6 |
Insurance premiums receivable | 5.2 | 4.5 |
Deferred acquisition costs | 15.9 | 14.8 |
Accrued investment income | 4.4 | 3.4 |
Accounts receivable on unsettled investment sales | 0 | 0.1 |
Other assets | 5.1 | 5.6 |
Total assets | 750.1 | 747.4 |
Liabilities | ||
Unearned insurance premiums | 140.2 | 136.8 |
Accrued incentive compensation | 8.4 | 18.2 |
Accounts payable on unsettled investment purchases | 18.8 | 0.6 |
Other liabilities | 12.2 | 11.4 |
Total liabilities | 179.6 | 167 |
MediaAlpha | ||
Assets | ||
Cash | 15.9 | 9.1 |
Goodwill and other intangible assets | 50.8 | 53.7 |
Accounts receivable from publishers and advertisers | 35.4 | 32.4 |
Other assets | 1.6 | 1.3 |
Total assets | 103.7 | 96.5 |
Liabilities | ||
Debt | 21.5 | 23.8 |
Amounts due to publishers and advertisers | 37.4 | 31.6 |
Accrued incentive compensation | 0.9 | 2 |
Other liabilities | 0.9 | 2.4 |
Total liabilities | 60.7 | 59.8 |
Non-controlling interests | ||
Non-controlling interests | 16.2 | 13.1 |
Other Entity | ||
Assets | ||
Fixed maturity investments, at fair value | 711.7 | 1,506.1 |
Short-term investments, at amortized cost (which approximates fair value) | 675 | 106.3 |
Common equity securities, at fair value | 945.6 | 866.1 |
Other long-term investments | 253.1 | 208.8 |
Total investments | 2,585.4 | 2,687.3 |
Cash | 94.9 | 62.4 |
Accrued investment income | 10.7 | 13.9 |
Accounts receivable on unsettled investment sales | 14 | 20.9 |
Goodwill and other intangible assets | 8.4 | 8.4 |
Other assets | 16.5 | 19.1 |
Assets held for sale | 3.3 | 3.3 |
Total assets | 2,733.2 | 2,815.3 |
Liabilities | ||
Accrued incentive compensation | 23.7 | 60.6 |
Accounts payable on unsettled investment purchases | 17.7 | 0 |
Other liabilities | 9.5 | 11 |
Total liabilities | $ 50.9 | $ 71.6 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||||
Cash | $ 0 | $ 0 | $ 0 | $ 0 |
Common shares, par value per share (in dollars per share) | $ 1 | $ 1 | ||
Common shares, authorized shares | 50,000,000 | 50,000,000 | ||
Common shares, issued shares | 3,753,405 | 3,750,171 | ||
Common shares, outstanding shares | 3,753,405 | 3,750,171 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues: | ||
Earned insurance premiums | $ 3 | $ 3 |
Net investment income | 19.7 | 12.8 |
Net realized and unrealized investment gains | (53.7) | 36.3 |
Advertising and commission revenues | 71 | 33.8 |
Other revenue | 2.1 | 2.9 |
Total revenues | 42.1 | 88.8 |
Expenses: | ||
Loss and loss adjustment expenses | 1.1 | |
Insurance acquisition expenses | 1.4 | 1.3 |
Other underwriting expenses | 0.1 | 0.1 |
General and administrative expenses | 47.9 | 60.7 |
Amortization of other intangible assets | 2.9 | 2.3 |
Interest expense | 0.6 | 0.4 |
Total expenses | 108.1 | 92.4 |
Pre-tax income (loss) from continuing operations | (66) | (3.6) |
Income tax benefit | (0.7) | 0.3 |
Net income (loss) from continuing operations | (66.7) | (3.3) |
Gain from sale of other discontinued operations, net of tax | 0.1 | (1) |
Net (loss) income from discontinued operations, net of tax | 0 | 32.3 |
Net income | (66.6) | 28 |
Net loss (income) attributable to non-controlling interests | 18.6 | 1 |
Net income attributable to White Mountains’s common shareholders | (48) | 29 |
HG Global-BAM | ||
Revenues: | ||
Earned insurance premiums | 3 | 2 |
Net investment income | 3.7 | 2.6 |
Net realized and unrealized investment gains | (7.9) | 1.3 |
Other revenue | 0.2 | 0.4 |
Total revenues | (1) | 6.3 |
Expenses: | ||
Insurance acquisition expenses | 1.4 | 1.2 |
Other underwriting expenses | 0.1 | 0.1 |
General and administrative expenses | 11.8 | 10.6 |
Total expenses | 13.3 | 11.9 |
MediaAlpha | ||
Revenues: | ||
Advertising and commission revenues | 70.1 | 32.5 |
Other revenue | 1.6 | 0 |
Total revenues | 71.7 | 32.5 |
Expenses: | ||
Cost of sales | 57.4 | 27.7 |
General and administrative expenses | 11.2 | 3.2 |
Amortization of other intangible assets | 2.9 | 2.4 |
Interest expense | 0.4 | 0.2 |
Total expenses | 71.9 | 33.5 |
Other Entity | ||
Revenues: | ||
Earned insurance premiums | 0 | 1 |
Net investment income | 16 | 10.2 |
Net realized and unrealized investment gains | (45.8) | 35 |
Advertising and commission revenues | 0.9 | 1.3 |
Other revenue | 0.3 | 2.5 |
Total revenues | (28.6) | 50 |
Expenses: | ||
Loss and loss adjustment expenses | 0 | 1.1 |
Insurance acquisition expenses | 0 | 0.1 |
Cost of sales | 0.7 | 1.1 |
General and administrative expenses | 22 | 44.5 |
Interest expense | 0.2 | 0.2 |
Total expenses | $ 22.9 | $ 47 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net (loss) income attributable to White Mountains’s common shareholders | $ (48) | $ 29 |
Other comprehensive income, net of tax: | ||
Other comprehensive income, net of tax | 0 | 0.1 |
Comprehensive income from discontinued operations, net of tax | 0 | 0.1 |
Comprehensive income | (48) | 29.2 |
Other comprehensive income attributable to non-controlling interests | 0 | 0 |
Comprehensive income attributable to White Mountains’s common shareholders | $ (48) | $ 29.2 |
Basic (loss) earnings per share | ||
Continuing operations (in usd per share) | $ (12.85) | $ (0.52) |
Discontinued operations (in usd per share) | 0.03 | 6.86 |
Total consolidated operations (in usd per share) | (12.82) | 6.34 |
Diluted (loss) earnings per share | ||
Continuing operations (in usd per share) | (12.85) | (0.52) |
Discontinued operations (in usd per share) | 0.03 | 6.86 |
Total consolidated operations (in usd per share) | (12.82) | 6.34 |
Dividends declared per White Mountains’s common share | $ 1 | $ 1 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Millions | Total | Common shares and paid-in surplus | Retained earnings | AOCI, after tax | Total | Non-controlling interest | Total Equity | Foreign Currency Gain (Loss)Common shares and paid-in surplus | Foreign Currency Gain (Loss)Retained earnings | Foreign Currency Gain (Loss)AOCI, after tax | Foreign Currency Gain (Loss)Total | Foreign Currency Gain (Loss)Non-controlling interest | Foreign Currency Gain (Loss)Total Equity | OneBeaconCommon shares and paid-in surplus | OneBeaconRetained earnings | OneBeaconAOCI, after tax | OneBeaconTotal | OneBeaconNon-controlling interest | OneBeaconTotal Equity | Sale of TranzactCommon shares and paid-in surplus | Sale of TranzactRetained earnings | Sale of TranzactAOCI, after tax | Sale of TranzactTotal | Sale of TranzactNon-controlling interest | Sale of TranzactTotal Equity |
Beginning Balances at Dec. 31, 2016 | $ 810.7 | $ 2,776.6 | $ (4.6) | $ 3,582.7 | $ 133.3 | $ 3,716 | |||||||||||||||||||
Increase (Decrease) in Shareholders' Equity | |||||||||||||||||||||||||
Net loss (income) | $ 28 | 0 | 29 | 0 | 29 | (1) | 28 | ||||||||||||||||||
Net change in foreign currency translation and benefit plan assets and obligations | $ 0 | $ 0 | $ 0.2 | $ 0.2 | $ 0 | $ 0.2 | |||||||||||||||||||
Total comprehensive income (loss) | 29.2 | 0 | 29 | 0.2 | 29.2 | (1) | 28.2 | ||||||||||||||||||
Dividends declared on common shares | 0 | (4.6) | 0 | (4.6) | 0 | (4.6) | |||||||||||||||||||
Dividends to non-controlling interests | 0 | 0 | 0 | 0 | (6.6) | (6.6) | |||||||||||||||||||
Repurchases and retirements of common shares | (1.4) | (5.1) | 0 | (6.5) | (1.1) | (7.6) | |||||||||||||||||||
Dilution from equity-based units of subsidiary | $ (4.1) | $ 0 | $ 0 | $ (4.1) | $ 4.1 | $ 0 | |||||||||||||||||||
Capital contributions from BAM members, net of tax | (9.6) | 0 | 0 | 0 | 0 | 7 | 7 | ||||||||||||||||||
Amortization of restricted share awards | 2.6 | 0 | 0 | 2.6 | 0.2 | 2.8 | |||||||||||||||||||
Deconsolidation of non-controlling interests associated with the sale of Tranzact | $ 0 | $ 0 | $ 0 | $ 0 | $ (4.4) | $ (4.4) | |||||||||||||||||||
Ending Balances at Mar. 31, 2017 | 3,730.8 | 807.8 | 2,795.9 | (4.4) | 3,599.3 | 131.5 | 3,730.8 | ||||||||||||||||||
Beginning Balances at Dec. 31, 2016 | 810.7 | 2,776.6 | (4.6) | 3,582.7 | 133.3 | 3,716 | |||||||||||||||||||
Increase (Decrease) in Shareholders' Equity | |||||||||||||||||||||||||
Recognition of equity-based units of subsidiary | (2.3) | (6.4) | |||||||||||||||||||||||
Dilution from equity-based units of subsidiary | 0.9 | 0 | |||||||||||||||||||||||
Ending Balances at Dec. 31, 2017 | 3,360.8 | 670.6 | 2,823.2 | (1.3) | 3,492.5 | (131.7) | 3,360.8 | ||||||||||||||||||
Increase (Decrease) in Shareholders' Equity | |||||||||||||||||||||||||
Net loss (income) | (66.6) | 0 | (48) | 0 | (48) | (18.6) | (66.6) | ||||||||||||||||||
Net change in foreign currency translation and benefit plan assets and obligations | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||||||
Total comprehensive income (loss) | (48) | 0 | (48) | 0 | (48) | (18.6) | (66.6) | ||||||||||||||||||
Dividends declared on common shares | 0 | (3.8) | 0 | (3.8) | 0 | (3.8) | |||||||||||||||||||
Dividends to non-controlling interests | 0 | 0 | 0 | 0 | (0.3) | (0.3) | |||||||||||||||||||
Repurchases and retirements of common shares | (1.9) | (6.4) | 0 | (8.3) | 0 | (8.3) | |||||||||||||||||||
Recognition of equity-based units of subsidiary | (4.1) | 0 | 0 | (4.1) | |||||||||||||||||||||
Dilution from equity-based units of subsidiary | (0.9) | 0 | 0 | (0.9) | |||||||||||||||||||||
Capital contributions from BAM members, net of tax | (4.9) | 0 | 0 | 0 | 0 | 4.2 | 4.2 | ||||||||||||||||||
Amortization of restricted share awards | 3.4 | 0 | 0 | 3.4 | 0 | 3.4 | |||||||||||||||||||
Ending Balances at Mar. 31, 2018 | $ 3,295.8 | $ 675.3 | $ 2,765 | $ (1.3) | $ 3,439 | $ (143.2) | $ 3,295.8 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | |||||
Net loss (income) | $ (66.6) | $ 28 | |||
Charges (credits) to reconcile net income to net cash used for operations: | |||||
Net realized and unrealized investment losses | 53.7 | (36.3) | |||
Deferred income benefit | (0.8) | (3) | |||
Net income from discontinued operations | 0 | (32.3) | |||
Net (gain) loss from sale of discontinued operations, net of tax | (0.1) | $ (0.1) | 1 | ||
Amortization of restricted share and option awards | 3.2 | 1.8 | |||
Amortization and depreciation | 4.8 | 5.8 | |||
Net change in unearned insurance premiums | 3.4 | 17.4 | |||
Net change in deferred acquisition costs | (1.1) | (1.3) | |||
Net change in other assets and liabilities, net | (41.3) | (35.9) | |||
Net cash used for operations - continuing operations | (44.8) | (54.8) | |||
Net cash provided from used for operations | (44.7) | (56.1) | |||
Cash flows from investing activities: | |||||
Net change in short-term investments | (587.5) | 36.1 | |||
Sales of fixed maturity and convertible investments | 1,266.5 | 375.4 | |||
Maturities, calls and paydowns of fixed maturity and convertible investments | 40.6 | 70.2 | |||
Sales of common equity securities | 14.4 | 15.9 | |||
Distributions and redemptions of other long-term investments and settlements of forward contracts | (6.9) | 3.2 | |||
Net settlement of investment cash flows and contributions with discontinued operations | 0.1 | 0 | |||
Purchases of other long-term investments | (46) | (21.6) | |||
Purchases of common equity securities | (109.4) | (111.9) | |||
Purchases of fixed maturity and convertible investments | (537.1) | (363.4) | |||
Net change in unsettled investment purchases and sales | 42.9 | 3.1 | |||
Net acquisitions of property and equipment | (0.1) | 0 | |||
Net cash provided from investing activities - continuing operations | 77.5 | 7 | |||
Net cash provided from investing activities | 77.4 | 39.3 | |||
Cash flows from financing activities: | |||||
Repayment of debt and revolving line of credit | (2.3) | (1.2) | |||
Cash dividends paid to the Company’s common shareholders | (3.8) | (4.6) | |||
Distribution to non-controlling interest shareholders | 0 | (0.3) | |||
Contributions from discontinued operations | 0 | 15.1 | |||
Capital contributions from BAM members | 4.9 | 9.6 | |||
Restricted share statutory withholding tax payments | (8.4) | (6.5) | |||
Net cash used for financing activities - continuing operations | (9.6) | 12.1 | |||
Net cash used for financing activities | (9.6) | (8.9) | |||
Net change in cash during the period - continuing operations | 23.1 | (35.7) | |||
Cash balances at beginning of period | 97.1 | 80.2 | $ 80.2 | ||
Add: cash held for sale, excluding discontinued operations, at the beginning of period | 0 | 0 | 0 | 0 | $ 0.9 |
Less: cash held for sale, excluding discontinued operations, at the end of period | 0 | 0 | 0 | 0 | 0.9 |
Cash balances at end of period | 120.2 | 97.1 | 45.4 | 97.1 | 80.2 |
Supplemental cash flows information: | |||||
Interest paid | (0.3) | (0.2) | |||
Net income tax refunds | 0.2 | 0 | |||
Discontinued Operations | |||||
Charges (credits) to reconcile net income to net cash used for operations: | |||||
Net cash provided from (used for) operations - discontinued operations | 0.1 | (1.3) | |||
Cash flows from investing activities: | |||||
Net cash (used for) provided from investing activities - discontinued operations | (0.1) | 32.3 | |||
Cash flows from financing activities: | |||||
Net cash used for financing activities - discontinued operations | 0 | (21) | |||
Cash balances at beginning of period | 0 | 70.5 | 70.5 | ||
Cash balances at end of period | 0 | $ 0 | 79.6 | $ 0 | $ 70.5 |
Supplemental cash flows information: | |||||
Net income tax refunds | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CAS8
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Cash balance | $ 120.2 | $ 97.1 | $ 45.4 | $ 80.2 |
Discontinued Operations | ||||
Cash balance | $ 0 | $ 0 | $ 79.6 | $ 70.5 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accouting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accouting Policies | Basis of Presentation and Significant Accounting Policies Basis of Presentation The Company is an exempted Bermuda limited liability company whose principal businesses are conducted through its insurance subsidiaries and other affiliates. The Company’s headquarters is located at 26 Reid Street, Hamilton, Bermuda HM 11, its principal executive office is located at 80 South Main Street, Hanover, New Hampshire 03755-2053 and its registered office is located at Clarendon House, 2 Church Street, Hamilton, Bermuda HM 11. The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and include the accounts of White Mountains Insurance Group, Ltd. (the “Company” or the “Registrant”), its subsidiaries (collectively with the Company, “White Mountains”) and other entities required to be consolidated under GAAP. Consolidation Principles Under GAAP, the Company is required to consolidate any entity in which it holds a controlling financial interest. A controlling financial interest is usually in the form of an investment representing the majority of the subsidiary’s voting interests. However, a controlling financial interest may also arise from a financial interest in a variable interest entity (“VIE”) through arrangements that do not involve ownership of voting interests. The Company consolidates a VIE if it determines that it is the primary beneficiary. The primary beneficiary is defined as the entity who holds a variable interest that gives it both the power to direct the VIE’s activities that most significantly impact its economic performance and the obligation to absorb losses of, or the right to receive returns from, the VIE that could potentially be significant to the VIE. Intercompany transactions have been eliminated in consolidation. Certain amounts in the prior period financial statements have been reclassified to conform to the current presentation. These interim financial statements include all adjustments considered necessary by management to fairly state the financial position, results of operations and cash flows of White Mountains. These interim financial statements may not be indicative of financial results for the full year and should be read in conjunction with the Company’s 2017 Annual Report on Form 10-K. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reportable Segments White Mountains has determined its reportable segments based on the nature of the underlying businesses, the manner in which the Company’s subsidiaries and affiliates are organized and managed and the organization of the financial information provided to the chief operating decision maker to assess performance and make decisions regarding allocation of resources. White Mountains’s reportable segments are HG Global/BAM, MediaAlpha and Other Operations. See Note 12 — “Segment Information” . The HG Global/BAM segment consists of HG Global Ltd. and its wholly-owned subsidiaries (“HG Global”) and the consolidated results of Build America Mutual Assurance Company (“BAM”) (collectively, “HG Global/BAM”). BAM is the first and only mutual municipal bond insurance company in the United States. By insuring the timely payment of principal and interest, BAM provides market access to, and lowers interest expense for, issuers of municipal bonds used to finance essential public purposes such as schools, utilities and transportation facilities. BAM is owned by and operated for the benefit of its members, the municipalities that purchase BAM’s insurance for their debt issuances. HG Global was established to fund the startup of BAM and, through its wholly-owned subsidiary, HG Re Ltd. (“HG Re”), to provide up to 15% -of-par, first loss reinsurance protection for policies underwritten by BAM. HG Global, together with its subsidiaries, provided the initial capitalization of BAM through the purchase of $503.0 million of surplus notes issued by BAM (the “BAM Surplus Notes”). As of March 31, 2018, $499.0 million of the surplus notes remain outstanding. As of March 31, 2018 and December 31, 2017, White Mountains owned 96.9% of HG Global’s preferred equity and 88.4% of its common equity. White Mountains does not have an ownership interest in BAM. However, White Mountains is required to consolidate BAM’s results in its financial statements because BAM is a VIE for which White Mountains is the primary beneficiary. BAM’s results are attributed to non-controlling interests. The MediaAlpha segment consists of QL Holdings LLC and its wholly-owned subsidiary QuoteLab, LLC (collectively “MediaAlpha”). MediaAlpha is a leading marketing technology company that develops technology that enables the programmatic buying and selling of vertical-specific, performance-based media between advertisers (buyers of advertising inventory) and publishers (sellers of advertising inventory) through cost-per-click, cost-per-call and cost-per-lead pricing models. MediaAlpha's media buying platform enables advertisers to create and automate data-driven bidding strategies designed to improve the efficiency and enhance overall performance of their marketing campaigns that target high-intent consumers at the time and place they are ready to purchase. MediaAlpha’s publisher platform is used by publishers to sell their vertical-specific, performance-based media to advertisers through transparent, programmatic, auction-based marketplaces. MediaAlpha works with 550 advertisers and 325 publishers across a number of insurance (auto, motorcycle, home, renter, health and life) and non-insurance (travel, education, personal finance and home services) verticals. White Mountains’s Other Operations segment consists of the Company, its wholly-owned subsidiary, White Mountains Capital, Inc. (“WM Capital”), its wholly-owned investment management subsidiary, White Mountains Advisors LLC (“WM Advisors”), and its other intermediate holding companies, as well as certain consolidated and unconsolidated private capital and other investments. The consolidated private capital investments include Wobi Insurance Agency Ltd. (“Wobi”) and Removal Stars Ltd. (“Buzzmove”). During 2017, White Mountains revised certain of its previously issued financial statements for amounts relating to Wobi. See Note 17 — “Financial Statement Revisions” . Discontinued Operations and Assets and Liabilities Held for Sale On September 28, 2017, Intact Financial Corporation completed its acquisition of OneBeacon Insurance Group, Ltd. (“OneBeacon”) in an all-cash transaction for $18.10 per share (the “OneBeacon Transaction”). On July 21, 2016, White Mountains completed its sale of Tranzact Holdings, LLC (“Tranzact”) to an affiliate of Clayton, Dubilier & Rice, LLC. On April 18, 2016, White Mountains completed its sale of Sirius International Insurance Group, Ltd. (“Sirius Group”) to CM International Pte. Ltd. and CM Bermuda Limited (collectively “CMI”), the Singapore-based investment arm of China Minsheng Investment Corp., Ltd. White Mountains has presented the results of OneBeacon, Tranzact and Sirius Group as discontinued operations in the statement of operations and comprehensive income and their assets and liabilities as held for sale in the balance sheet for all periods prior to the completion of each transaction. White Mountains has classified its Guilford, Connecticut property, which consists of an office building and adjacent land, as held for sale as of March 31, 2018 and December 31, 2017. See Note 16 — “Held for Sale and Discontinued Operations” . Significant Accounting Policies Refer to the Company’s 2017 Annual Report on Form 10-K for a complete discussion regarding White Mountains’s significant accounting policies. Recently Adopted Changes in Accounting Principles Revenue Recognition On January 1, 2018, White Mountains adopted ASU 2014-09, Revenue from Contracts with Customers (ASC 606), which modifies the guidance for revenue recognition. Under ASU 2014-09, revenue is recognized at an amount that reflects the consideration to which an entity expects to be entitled once it fulfills its performance obligations under the terms of its contract with the customer. The scope of the new guidance includes agent commissions and other non-insurance revenues. Adoption of ASU 2014-09 did not have any impact on White Mountains's financial statements. Share-Based Compensation On January 1, 2018, White Mountains adopted ASU 2017-09, Stock Compensation: Scope of Modification Accounting (ASC 718), which narrows the scope of transactions subject to modification accounting to changes in terms of an award that result in a change in the award’s fair value, vesting conditions or classification. Adoption of ASU 2017-09 did not have any impact on White Mountains’s financial statements. On January 1, 2017, White Mountains adopted ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (ASC 718) which simplifies certain aspects of the accounting for share-based compensation. The new guidance provides an accounting policy election to account for forfeitures by either applying an assumption, as required under existing guidance, or by recognizing forfeitures when they actually occur. At adoption, White Mountains did not change its accounting policy for forfeitures, which is to apply an assumed forfeiture rate. The new guidance has also changed the threshold for partial cash settlement to settle statutory withholding requirements for equity classified awards, increasing the threshold up to the maximum statutory tax rate. As a result of adoption, White Mountains reported $8.4 million and $6.5 million of statutory withholding tax payments made in connection with the settlement of restricted shares as financing cash flows for the three-month periods ended March 31, 2018 and 2017. Such payments were classified as operating cash flows prior to adoption. In addition, the new guidance changed the treatment for excess tax benefits which arise from the difference between the deduction for tax purposes and the compensation costs recognized for financial reporting. Under the new guidance, a reporting entity recognizes excess tax benefits or expense in current period earnings, regardless of whether it is in a taxes payable position. Business Combinations On January 1, 2018, White Mountains adopted ASU 2017-01, Business Combinations: Clarifying the Definition of a Business (ASC 805), which clarifies the definition of a business and affects the determination of whether acquisitions or disposals are accounted for as assets or as a business. Under the new guidance, when substantially all of the fair value of the assets is concentrated in a single identifiable asset or group of similar assets, it is not a business. White Mountains has not had any transactions falling within the scope of ASU 2017-01 during the period ended March 31, 2018 and, accordingly, adoption did not have any impact on White Mountains's financial statements. Cash Flow Statement On January 1, 2018, White Mountains adopted ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (ASC 230), which addresses the classification and presentation of certain items, including debt prepayment and extinguishment costs, contingent consideration payments made after a business combination and distributions received from equity method investees, for which there was diversity in practice prior to the issuance of ASU 2016-15. Also on January 1, 2018, White Mountains adopted ASU 2016-18, Statement of Cash Flows: Restricted Cash (ASC 230), which modifies the guidance for the treatment of restricted cash amounts in the cash flow statement. The new guidance requires restricted cash to be included in the reconciliation of beginning and end-of-period amounts presented on the statement of cash flows and requires a description of the nature of the changes in restricted cash during the periods presented. Adoption of ASU 2016-15 and ASU 2016-18 did not have any impact on White Mountains's statement of cash flows. Financial Instruments - Recognition and Measurement On January 1, 2018, White Mountains adopted ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (ASC 825-10), which modifies the guidance for financial instruments, including investments in equity securities. Under the new guidance, all equity securities with readily determinable fair values are required to be measured at fair value with changes therein recognized through current period earnings. In addition, the new ASU requires a qualitative assessment for equity securities without readily determinable fair values to identify impairment, and for impaired equity securities to be measured at fair value. White Mountains measures its portfolio of investment securities at fair value with changes therein recognized through current period earnings and, accordingly, adoption of ASU 2016-01 did not have any impact on White Mountains's financial statements. Recently Issued Accounting Pronouncements Premium Amortization on Callable Debt Securities In March 2017, the FASB issued ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities (ASC 310-20), which changes the amortization period for certain purchased callable debt securities. Under the new guidance, for investments in callable debt securities held at a premium, the premium will be amortized over the period to the earliest call date. The new guidance does not change the amortization period for callable debt securities held at a discount. ASU 2017-08 is not expected to have any impact on White Mountains's financial statements at adoption but may affect the amortization recognized in future periods. Credit Losses In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (ASC 326), which establishes new guidance for the recognition of credit losses for financial assets measured at amortized cost. The new ASU requires reporting entities to estimate the credit losses expected over the life of a credit exposure using historical information, current information and reasonable and supportable forecasts that affect the collectability of the financial asset. This differs from current GAAP, which delays recognition until it is probable a loss has been incurred. The new guidance is expected to accelerate recognition of credit losses. The types of assets within the scope of the new guidance include premium receivables, reinsurance recoverables and loans. ASU 2016-13 is effective for annual periods beginning after January 1, 2020, including interim periods. White Mountains measures its portfolio of investment securities at fair value with changes therein recognized through current period earnings and, accordingly, does not expect adoption to have any effect on its financial statements. Leases In February 2016, the FASB issued ASU 2016-02, Leases (ASC 842). The new guidance requires lessees to recognize lease assets and liabilities on the balance sheet for both operating and financing leases, with the exception of leases with an original term of 12 months or less. Under existing guidance recognition of lease assets and liabilities is not required for operating leases. The lease assets and liabilities to be recognized are both measured initially based on the present value of the lease payments. Under the new guidance, a sale-leaseback transaction must meet the recognition criteria under ASC 606, Revenues, in order to be accounted for as sale. The new guidance is effective for White Mountains for years beginning after December 15, 2018, including interim periods therein. White Mountains is evaluating the expected impact of this guidance and available adoption methods. |
Significant Transactions
Significant Transactions | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Significant Transactions | Significant Transactions Dispositions OneBeacon On September 28, 2017, White Mountains received $1.3 billion in cash proceeds from the OneBeacon Transaction and recorded a gain of $554.6 million , net of transaction costs. As a result of the OneBeacon Transaction, OneBeacon’s results have been reported as discontinued operations within White Mountains’s GAAP financial statements. See Note 16 — “Held for Sale and Discontinued Operations” . Star & Shield On March 7, 2017, White Mountains completed the sale of Star & Shield Services LLC, Star & Shield Risk Management LLC, and Star & Shield Claims Services LLC (collectively “Star & Shield”) and its investment in Star & Shield Insurance Exchange (“SSIE”) surplus notes to K2 Insurance Services, LLC. White Mountains did not recognize any gain or loss on the sale. Through December 31, 2016, Star & Shield’s assets and liabilities are reported as held for sale within White Mountains’s GAAP financial statements. See Note 16 — “Held for Sale and Discontinued Operations” . Acquisitions The following acquisitions are included in White Mountains’s consolidated financial statements from the date of acquisition. The assets acquired and liabilities assumed have been measured at their acquisition date fair values. DavidShield On January 24, 2018, White Mountains acquired 50% of DavidShield Life Insurance Agency (2000) Ltd. (“DavidShield”), its joint venture partner in PassportCard Limited (“PassportCard”). DavidShield is a managing general agency that is the leading provider of expatriate medical insurance in Israel and uses the same card-based delivery system as PassportCard. As part of the transaction, White Mountains restructured its equity stake in PassportCard so that White Mountains and its partner in DavidShield would each own 50% of both businesses. To facilitate the transaction, White Mountains provided financing to its partner in the form of a non-interest bearing loan that is secured by the partner’s equity in PassportCard and DavidShield. The gross purchase price for the 50% of DavidShield was $41.8 million , or $28.3 million net of the financing provided for the restructuring. Kudu On February 5, 2018, White Mountains entered into an agreement to fund up to $127.5 million in Kudu Investment Management, LLC (“Kudu”), a leading capital provider to asset management and wealth management firms. Kudu specializes in providing capital solutions to asset managers and registered investment advisers, including generational ownership transfers, management buyouts, acquisition and growth finance, as well as liquidity for legacy partners. As of March 31, 2018, White Mountains has funded $1.8 million in Kudu. White Mountains has determined that Kudu is a VIE, however White Mountains is not the primary beneficiary. White Mountains has elected to take the fair value option for its investment in Kudu. MediaAlpha On October 5, 2017, MediaAlpha acquired certain assets associated with the Health, Life and Medicare insurance business of Healthplans.com for an aggregate purchase price of $28.0 million . The majority of assets acquired, which are included in other intangible assets, consist of customer relationships, a non-compete agreement from the seller and domain names. See Note 4 — “Goodwill and Other Intangibles Assets” . On October 5, 2017, White Mountains acquired 131,579 newly-issued Class A common units of MediaAlpha for $12.5 million . As of March 31, 2018 and December 31, 2017 White Mountains’s ownership share in MediaAlpha was 62.3% and 64.4% . |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investments Securities White Mountains’s portfolio of investment securities held for general investment purposes consists of fixed maturity investments, short-term investments, common equity securities and other long-term investments, which are all classified as trading securities. Trading securities are reported at fair value as of the balance sheet date. Net realized and unrealized investment gains (losses) on trading securities are reported in pre-tax revenues. White Mountains’s fixed maturity investments are generally valued using industry standard pricing methodologies. Key inputs include benchmark yields, benchmark securities, reported trades, issuer spreads, bids, offers, credit ratings and prepayment speeds. Income on mortgage and asset-backed securities is recognized using an effective yield based on anticipated prepayments and the estimated economic life of the securities. When actual prepayments differ significantly from anticipated prepayments, the estimated economic life is recalculated and the remaining unamortized premium or discount is amortized prospectively over the remaining economic life. Realized investment gains (losses) resulting from sales of investment securities are accounted for using the specific identification method. Premiums and discounts on all fixed maturity investments are amortized or accreted to income over the anticipated life of the investment. Short-term investments consist of interest-bearing money market funds, certificates of deposit and other securities, which at the time of purchase, mature or become available for use within one year. Short-term investments are carried at amortized or accreted cost, which approximated fair value as of March 31, 2018 and December 31, 2017 . Other long-term investments consist primarily of hedge funds, private equity funds and unconsolidated private capital investments. Net Investment Income White Mountains’s net investment income is comprised primarily of interest income associated with White Mountains’s fixed maturity investments and short-term investments and dividend income from its common equity securities and other long-term investments. The following table presents pre-tax net investment income for the three months ended March 31, 2018 and 2017 . Three Months Ended March 31, Millions 2018 2017 Investment income: Fixed maturity investments $ 10.9 $ 11.9 Short-term investments 2.6 .2 Common equity securities 5.0 1.3 Other long-term investments 1.9 (.1 ) Total investment income 20.4 13.3 Third-party investment expenses (.7 ) (.5 ) Net investment income, pre-tax $ 19.7 $ 12.8 Net Realized and Unrealized Investment Gains (Losses) The following table presents net realized and unrealized investment gains (losses) for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, Millions 2018 2017 Net realized investment (losses) gains, pre-tax $ (5.1 ) $ .6 Net unrealized investment (losses) gains, pre-tax (48.6 ) 35.7 Net realized and unrealized investment (losses) gains, pre-tax (53.7 ) 36.3 Income tax benefit (expense) attributable to net realized and unrealized investment (losses) gains 5.7 (3.9 ) Net realized and unrealized investment (losses) gains, after-tax $ (48.0 ) $ 32.4 Net Realized Investment Gains (Losses) The following table presents net realized investment gains (losses) for the three months ended March 31, 2018 and 2017 Three Months Ended Three Months Ended March 31, 2018 March 31, 2017 Millions Net Net Total net realized Net Net Total net realized Fixed maturity investments $ (13.7 ) $ 18.2 $ 4.5 $ (1.0 ) $ .1 $ (.9 ) Short-term investments (.1 ) — (.1 ) — — — Common equity securities 1.2 — 1.2 .8 .1 .9 Other long-term investments (3.5 ) (7.2 ) (10.7 ) .6 — .6 Net realized investment (losses) gains, pre-tax (16.1 ) 11.0 (5.1 ) .4 .2 .6 Income tax expense attributable to net realized investment (losses) gains (.6 ) — (.6 ) (.2 ) — (.2 ) Net realized investment (losses) gains, after-tax $ (16.7 ) $ 11.0 $ (5.7 ) $ .2 $ .2 $ .4 Net Unrealized Investment Gains (Losses) The following tables present net unrealized investment gains (losses) and changes in the carrying value of investments measured at fair value for the three months ended March 31, 2018 and 2017 : Three Months Ended Three Months Ended March 31, 2018 March 31, 2017 Millions Net unrealized losses Net gains Total net unrealized (losses) gains reflected in earnings Net unrealized gains Net Total net unrealized gains reflected in earnings Fixed maturity investments $ (18.6 ) $ (14.8 ) $ (33.4 ) $ 10.2 $ 1.7 $ 11.9 Short-term investments (.7 ) — (.7 ) — — — Common equity securities (16.7 ) — (16.7 ) 19.1 .5 19.6 Other long-term investments (1.9 ) 4.1 2.2 6.9 (2.7 ) 4.2 Net unrealized investment (losses) gains, pre-tax (37.9 ) (10.7 ) (48.6 ) 36.2 (.5 ) 35.7 Income tax benefit (expense) attributable to net unrealized investment gains (losses) 6.3 — 6.3 (3.7 ) — (3.7 ) Net unrealized investment (losses) gains, after-tax $ (31.6 ) $ (10.7 ) $ (42.3 ) $ 32.5 $ (.5 ) $ 32.0 The following table presents total gains (losses) included in earnings attributable to net unrealized investment gains (losses) for Level 3 investments for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, Millions 2018 2017 Other long-term investments $ (5.1 ) $ .2 Total net unrealized investment (losses) gains, pre-tax - Level 3 investments $ (5.1 ) $ .2 Investment Holdings The following tables present the cost or amortized cost, gross unrealized investment gains (losses), net foreign currency gains, and carrying values of White Mountains’s fixed maturity investments as of March 31, 2018 and December 31, 2017 . March 31, 2018 Millions Cost or amortized cost Gross unrealized gains Gross unrealized losses Net foreign currency gains Carrying value U.S. Government and agency obligations $ 199.9 $ — $ (2.2 ) $ — $ 197.7 Debt securities issued by corporations 760.5 .7 (17.5 ) — 743.7 Mortgage and asset-backed securities 132.5 .1 (2.6 ) — 130.0 Municipal obligations 261.8 1.9 (1.3 ) — 262.4 Total fixed maturity investments $ 1,354.7 $ 2.7 $ (23.6 ) $ — $ 1,333.8 December 31, 2017 Millions Cost or amortized cost Gross unrealized gains Gross unrealized losses Net foreign currency gains Carrying value U.S. Government and agency obligations $ 297.8 $ — $ (1.3 ) $ — $ 296.5 Debt securities issued by corporations 867.6 2.9 (4.3 ) 14.7 880.9 Mortgage and asset-backed securities 697.2 1.6 (4.1 ) — 694.7 Municipal obligations 252.0 3.7 (.8 ) — 254.9 Foreign government, agency and provincial obligations 2.6 — — .1 2.7 Total fixed maturity investments $ 2,117.2 $ 8.2 $ (10.5 ) $ 14.8 $ 2,129.7 The following tables present the cost or amortized cost, gross unrealized investment gains (losses), net foreign currency losses, and carrying values of White Mountains’s common equity securities and other long-term investments as of March 31, 2018 and December 31, 2017 : March 31, 2018 Millions Cost or amortized cost Gross unrealized gains Gross unrealized losses Net foreign Carrying value Common equity securities $ 835.9 $ 111.7 $ (2.0 ) $ — $ 945.6 Other long-term investments $ 288.8 $ 10.0 $ (44.8 ) $ (.9 ) $ 253.1 December 31, 2017 Millions Cost or Gross Gross Net foreign Carrying value Common equity securities $ 739.7 $ 129.4 $ (3.0 ) $ — $ 866.1 Other long-term investments $ 246.6 $ 6.8 $ (39.7 ) $ (4.9 ) $ 208.8 Other Long-Term Investments The following table presents the carrying values of White Mountains’s other long-term investments as of March 31, 2018 and December 31, 2017 : Carrying Value at Millions March 31, 2018 December 31, 2017 Hedge funds and private equity funds, at fair value $ 130.6 $ 125.3 Private equity securities, at fair value (1)(2)(3) 108.4 83.2 Foreign currency forward contracts — (3.7 ) Other 14.1 4.0 Total other long-term investments $ 253.1 $ 208.8 (1) See Fair Value Measurements by Level table. (2) Includes non-controlling interests in common equity securities, limited liability companies and private convertible preferred securities. (3) White Mountains holds a 20% ownership interest in OneTitle Holdings LLC (“OneTitle”) and has provided a $ 10.0 million surplus note facility under which OneTitle’s wholly-owned insurance subsidiary, OneTitle National Guaranty Company, Inc., may draw funds under certain circumstances. At March 31, 2018 , no funds had been drawn on the surplus note facility. Hedge Funds and Private Equity Funds White Mountains invests in hedge funds and private equity funds, which are included in other long-term investments. The fair value of these investments is generally estimated using the NAV of the funds. As of March 31, 2018 , White Mountains held investments in one hedge fund and ten private equity funds. The largest investment in a single fund was $56.4 million as of March 31, 2018 and $54.9 million as of December 31, 2017 . The following table presents investments in hedge funds and private equity funds by investment objective and sector as of March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Millions Fair Value Unfunded Commitments Fair Value Unfunded Commitments Hedge funds Long/short banks and financial $ 56.4 $ — $ 54.9 $ — Total hedge funds 56.4 — 54.9 — Private equity funds Manufacturing/Industrial 44.5 10.4 43.3 10.4 Aerospace/Defense/Government 17.0 12.9 15.8 12.9 Direct lending 7.9 22.5 7.1 23.1 Financial services 4.8 11.1 4.2 11.7 Insurance — 41.2 — 41.2 Real estate — 50.0 — — Total private equity funds 74.2 148.1 70.4 99.3 Total hedge funds and private equity funds included in other long-term investments $ 130.6 $ 148.1 $ 125.3 $ 99.3 Redemption of investments in certain hedge funds is subject to restrictions including lock-up periods where no redemptions or withdrawals are allowed, restrictions on redemption frequency and advance notice periods for redemptions. Amounts requested for redemptions remain subject to market fluctuations until the redemption effective date, which generally falls at the end of the defined redemption period. As of March 31, 2018 , White Mountains held one active hedge fund with a fair value of $56.4 million . The hedge fund is subject to a lock-up period that expires on September 1, 2018, with a semi-annual restriction on redemption frequency thereafter and an advance notice period requirement of not less than 45 days. White Mountains redeemed its one investment in a long/short equity REIT hedge fund having a fair value of $20.8 million as of December 31, 2017. The bulk of the redemption proceeds were received early in the first quarter of 2018 with the balance received in April of 2018. Investments in private equity funds are generally subject to a lock-up period during which investors may not request a redemption. Distributions prior to the expected termination date of the fund may be limited to dividends or proceeds arising from the liquidation of the fund’s underlying investments. In addition, certain private equity funds provide an option to extend the lock-up period at either, the sole discretion of the fund manager or upon agreement between the fund and its investors. The following table presents investments in private equity funds that were subject to lock-up periods as of March 31, 2018 : Millions 1 – 3 years 3 – 5 years 5 – 10 years >10 years Total Private equity funds — expected lock-up period remaining $6.1 $6.2 $49.2 $12.7 $74.2 Fair Value Measurements as of March 31, 2018 Fair value measurements are categorized into a hierarchy that distinguishes between inputs based on market data from independent sources (“observable inputs”) and a reporting entity’s internal assumptions based upon the best information available when external market data is limited or unavailable (“unobservable inputs”). Quoted prices in active markets for identical assets or liabilities have the highest priority (“Level 1”), followed by observable inputs other than quoted prices, including prices for similar but not identical assets or liabilities (“Level 2”) and unobservable inputs, including the reporting entity’s estimates of the assumptions that market participants would use, having the lowest priority (“Level 3”). As of March 31, 2018 and December 31, 2017, White Mountains used quoted market prices or other observable inputs to determine fair value for approximately 92% and 94% of the investment portfolio. Fair Value Measurements by Level The following tables present White Mountains’s fair value measurements for investments as of March 31, 2018 and December 31, 2017 by level. The major security types were based on the legal form of the securities. White Mountains has disaggregated its fixed maturity investments based on the issuing entity type, which impacts credit quality, with debt securities issued by U.S. Government entities carrying minimal credit risk, while the credit and other risks associated with other issuers, such as corporations, foreign governments, municipalities or entities issuing mortgage and asset-backed securities vary depending on the nature of the issuing entity type. White Mountains further disaggregates debt securities issued by corporations and common equity securities by industry sector because investors often reference commonly used benchmarks and their subsectors to monitor risk and performance. Accordingly, White Mountains has further disaggregated these asset classes into subclasses based on the similar sectors and industry classifications it uses to evaluate investment risk and performance against commonly used benchmarks, such as the Bloomberg Barclays U.S. Intermediate Aggregate and S&P 500 indices. March 31, 2018 Millions Fair Value Level 1 Level 2 Level 3 Fixed maturity investments: U.S. Government and agency obligations $ 197.7 $ 197.7 $ — $ — Debt securities issued by corporations: Financials 151.0 — 151.0 — Consumer 144.8 — 144.8 — Technology 91.6 — 91.6 — Communications 84.9 — 84.9 — Health care 80.3 — 80.3 — Materials 76.1 — 76.1 — Energy 66.1 — 66.1 — Industrial 33.9 — 33.9 — Utilities 15.0 — 15.0 — Total debt securities issued by corporations: 743.7 — 743.7 — Mortgage and asset-backed securities 130.0 — 130.0 — Municipal obligations 262.4 — 262.4 — Total fixed maturity investments 1,333.8 197.7 1,136.1 — Short-term investments (1) 763.0 737.3 25.7 — Common equity securities: Exchange traded funds (2) 653.2 592.2 61.0 — Technology 18.0 18.0 — — Health care 16.9 16.9 — — Financials 15.9 15.9 — — Industrial 13.3 13.3 — — Consumer 8.6 8.6 — — Energy 6.5 6.5 — — Communications 5.2 5.2 — — Other (3) 208.0 — 208.0 — Total common equity securities 945.6 676.6 269.0 — Other long-term investments (4) 122.5 — — 122.5 Total investments $ 3,164.9 $ 1,611.6 $ 1,430.8 $ 122.5 (1) Short-term investments are measured at amortized cost, which approximates fair value. (2) ETFs traded on foreign exchanges are priced using the fund's published NAV to account for the difference in market close times and are therefore designated a level 2 measurement. (3) Consists of two investments in unit trusts that primarily invest in international equities. (4) Excludes carrying value of $130.6 associated with hedge funds and private equity funds for which fair value is measured at NAV using the practical expedient. December 31, 2017 Millions Fair Value Level 1 Level 2 Level 3 Fixed maturity investments: U.S. Government and agency obligations $ 296.5 $ 296.5 $ — $ — Debt securities issued by corporations: Consumer 185.1 — 185.1 — Communications 127.8 — 127.8 — Financials 114.8 — 114.8 — Utilities 108.9 — 108.9 — Materials 95.5 — 95.5 — Health care 94.3 — 94.3 — Technology 80.5 — 80.5 — Energy 48.1 — 48.1 — Industrial 25.9 — 25.9 — Total debt securities issued by corporations: 880.9 — 880.9 — Mortgage and asset-backed securities 694.7 — 694.7 — Municipal obligations 254.9 — 254.9 — Foreign government, agency and provincial obligations 2.7 — 2.7 — Total fixed maturity investments 2,129.7 296.5 1,833.2 — Short-term investments (1) 176.1 151.0 25.1 — Common equity securities: Exchange traded funds (2) 569.7 508.1 61.6 — Health care 17.1 17.1 — — Financials 16.3 16.3 — — Technology 15.1 15.1 — — Industrial 11.9 11.9 — — Communications 10.9 10.9 — — Consumer 10.7 10.7 — — Energy 3.8 3.8 — — Other (3) 210.6 — 210.6 — Total common equity securities 866.1 593.9 272.2 — Other long-term investments (4)(5) 87.2 — — 87.2 Total investments $ 3,259.1 $ 1,041.4 $ 2,130.5 $ 87.2 (1) Short-term investments are measured at amortized cost, which approximates fair value. (2) ETFs traded on foreign exchanges are priced using the fund’s published NAV to account for the difference in market close times and are therefore designated a level 2 measurement. (3) Consists of two investments in unit trusts that primarily invests in international equities. (4) Excludes carrying value of $(3.7) related to foreign currency forward contracts. (5) Excludes carrying value of $125.3 associated with hedge funds and private equity funds for which fair value is measured at NAV using the practical expedient. Debt Securities Issued by Corporations The following table presents the ratings of debt securities issued by corporations held in White Mountains’s investment portfolio as of March 31, 2018 and December 31, 2017 : Fair Value at Millions March 31, 2018 December 31, 2017 AAA $ 8.9 $ 1.6 AA 79.1 42.6 A 274.6 192.5 BBB 211.5 465.2 BB 151.0 161.7 B 18.6 17.3 Debt securities issued by corporations (1) $ 743.7 $ 880.9 (1) Credit ratings are assigned based on the following hierarchy: (1) Standard & Poor’s Financial Services LLC (“S&P”) and (2) Moody's Investor Service, Inc. (“Moody’s”). Mortgage and Asset-backed Securities White Mountains purchases commercial mortgage-backed securities (“CMBS”) and residential mortgage-backed securities (“RMBS”) with the goal of maximizing risk adjusted returns in the context of a diversified portfolio. White Mountains considers sub-prime mortgage-backed securities as those that have underlying loan pools that exhibit weak credit characteristics, or those that are issued from dedicated sub-prime shelves or dedicated second-lien shelf registrations (i.e., White Mountains considers investments backed primarily by second-liens to be sub-prime risks regardless of credit scores or other metrics). As of March 31, 2018 White Mountains did not hold any RMBS categorized as sub-prime. White Mountains considers mortgage-backed securities as “non-prime” (also called “Alt A” or “A-”) if they are backed by collateral that has overall credit quality between prime and sub-prime based on White Mountains’s review of the characteristics of their underlying mortgage loan pools, such as credit scores and financial ratios. As of March 31, 2018 , White Mountains did not hold any RMBS classified as non-prime. The following table presents the carrying value of White Mountains’s mortgage and asset-backed securities as of March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Millions Fair Value Level 2 Level 3 Fair Value Level 2 Level 3 Mortgage-backed securities: Agency: GNMA $ 27.3 $ 27.3 $ — $ 46.3 $ 46.3 $ — FNMA 53.9 53.9 — 84.5 84.5 — FHLMC 36.1 36.1 — 62.0 62.0 — Total agency (1) 117.3 117.3 — 192.8 192.8 — Non-agency: Commercial — — — 70.5 70.5 — Total non-agency — — — 70.5 70.5 — Total mortgage-backed securities 117.3 117.3 — 263.3 263.3 — Other asset-backed securities: Credit card receivables 8.9 8.9 — 206.0 206.0 — Vehicle receivables 3.8 3.8 — 142.4 142.4 — Other — — — 83.0 83.0 — Total other asset-backed securities 12.7 12.7 — 431.4 431.4 — Total mortgage and asset-backed securities $ 130.0 $ 130.0 $ — $ 694.7 $ 694.7 $ — (1) Represents publicly traded mortgage-backed securities which carry the full faith and credit guaranty of the U.S. Government (i.e., GNMA) or are guaranteed by a government sponsored entity (i.e., FNMA, FHLMC). Rollforward of Fair Value Measurements by Level White Mountains uses quoted market prices where available as the inputs to estimate fair value for its investments in active markets. Such measurements are considered to be either Level 1 or Level 2 measurements, depending on whether the quoted market price inputs are for identical securities (Level 1) or similar securities (Level 2). Level 3 measurements for fixed maturity investments, common equity securities and other long-term investments as of March 31, 2018 and 2017 consist of securities for which the estimated fair value has not been determined based upon quoted market price inputs for identical or similar securities. The following tables present the changes in White Mountains’s fair value measurements by level for the three months ended March 31, 2018 and 2017 : Level 3 Investments Millions Level 1 investments Level 2 investments Fixed maturity investments Other long-term investments Hedge Funds and Private Equity Funds measured at NAV (3) Total Balance at January 1, 2018 $ 890.4 $ 2,105.4 $ — $ 87.2 $ 125.3 $ 3,208.3 (1)(2) Net realized and unrealized (losses) gains (14.3 ) (26.0 ) — (8.7 ) 3.6 (45.4 ) (4) Amortization/Accretion — (1.2 ) — — — (1.2 ) Purchases 238.9 407.7 — 44.0 2.0 692.6 Sales (240.7 ) (1,080.8 ) — — (.3 ) (1,321.8 ) Transfers in — — — — — — Transfers out — — — — — — Balance at March 31, 2018 $ 874.3 $ 1,405.1 $ — $ 122.5 $ 130.6 $ 2,532.5 (2) (1) Excludes carrying value of $(3.7) as of January 1, 2018 associated with foreign currency forward contracts. (2) Excludes carrying value of $ 176.1 and $ 763.0 at January 1, 2018 and March 31, 2018 classified as short-term investments. (3) Investments for which fair value is measured at NAV using the practical expedient are no longer classified within the fair value hierarchy. See Note 1 — “Basis of Presentation and Significant Accounting Policies” . (4) Excludes realized and unrealized losses associated with foreign currency forward contracts, foreign currency on cash and open trades and short-term investments of $3.5 , $4.2 and $0.6 for the three months ended March 31, 2018. Level 3 Investments Millions Level 1 investments Level 2 investments Fixed maturity investments Other long-term investments Hedge Funds and Private Equity Funds measured at NAV (3) Total Balance at January 1, 2017 $ 279.5 $ 2,093.8 $ — $ 91.4 $ 82.6 $ 2,547.3 (1)(2)(4) Net realized and unrealized gains 13.1 18.4 .1 .2 7.3 39.1 (5) Amortization/Accretion — (2.5 ) — — — (2.5 ) Purchases 115.2 351.1 11.0 .2 21.4 498.9 Sales (76.0 ) (387.6 ) — (2.0 ) (1.2 ) (466.8 ) Deconsolidation of SSIE — (5.2 ) — — — (5.2 ) Transfers in — — — — — — Transfers out — — — — — — Balance at March 31, 2017 $ 331.8 $ 2,068.0 $ 11.1 $ 89.8 $ 110.1 $ 2,610.8 (1)(2) (1) Excludes carrying value of $ 175.0 and $ 138.2 at January 1, 2017 and March 31, 2017 classified as short-term investments, of which $0.1 is classified as held for sale at January 1, 2017 . (2) Excludes carrying value of $(1.2) and $(4.1) as of January 1, 2017 and March 31, 2017 associated with foreign currency forward contracts. (3) Investments for which fair value is measured at NAV using the practical expedient are no longer classified within the fair value hierarchy. See Note 1 — “Basis of Presentation and Significant Accounting Policies” . (4) Includes carrying value of $6.6 of fixed maturity investments at January 1, 2017 that is classified as assets held for sale related to SSIE. (5) Excludes realized and unrealized losses associated with foreign currency forward contracts of $2.8 for the three months ended March 31, 2017. Fair Value Measurements — Transfers Between Levels - Three-months ended March 31, 2018 and 2017 Transfers between levels are recorded using the fair value measurement as of the end of the quarterly period in which the event or change in circumstance giving rise to the transfer occurred. During the first three months of 2018 and 2017, there were no fixed maturity investments or other long-term investments classified as Level 3 measurements in the prior period that were transferred to Level 2 measurements. Significant Unobservable Inputs The following tables present significant unobservable inputs used in estimating the fair value of investment securities, other than hedge funds and private equity funds, classified within Level 3 as of March 31, 2018 and December 31, 2017 . The fair value of investments in hedge funds and private equity funds are generally estimated using the NAV of the funds. $ in millions, except share price March 31, 2018 Description Valuation Technique(s) Fair Value (1) Unobservable Input Private equity security Discounted cash flow $21.0 Discount rate - 25.0% Private equity security Discounted cash flow $22.1 Implied share price - $.68 Private convertible preferred security Discounted cash flow $14.5 Implied share price - $2.06 Private equity security Discounted cash flow/ Option pricing method $11.6 Discount rate - 21.0% Time until expiration - 4 years Volatility/Standard deviation - 50.0% Risk free rate - 1.77% Private debt instrument Discounted cash flow $10.5 Discount rate - 9.62% (1) Includes the net unrealized investment gains (losses) associated with foreign currency; foreign currency effects based on observable inputs. $ in millions, except share price December 31, 2017 Description Valuation Technique(s) Fair Value (1) Unobservable Input Private equity security Share price of most recent transaction $21.0 Share price - $1.00 Private equity security Discounted cash flow $22.1 Implied share price - $.68 Private convertible preferred security Discounted cash flow $14.5 Implied share price - $2.06 Private equity security Discounted cash flow/ Option pricing method $11.3 Discount rate - 21.0% Time until expiration - 4 years Volatility/Standard deviation - 50.0% Risk free rate - 1.77% Private equity security Share price of most recent transaction $3.6 Share price - $2.52 Private convertible preferred security Multiple of EBITDA $0.6 EBITDA multiple - 6.00 (1) Includes the net unrealized investment gains (losses) associated with foreign currency; foreign currency effects based on observable inputs. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets White Mountains has recognized goodwill and other intangible assets at the acquisition date fair values in connection with its purchases of subsidiaries. The following table presents the change in goodwill and other intangible assets: Three Months Ended March 31, 2018 2017 Millions Goodwill Other intangible assets Total Goodwill Other intangible assets Total Beginning balance $ 25.9 $ 36.2 $ 62.1 $ 25.9 $ 19.3 $ 45.2 Amortization, including foreign currency translation — (2.9 ) (2.9 ) — (2.3 ) (2.3 ) Ending balance $ 25.9 $ 33.3 $ 59.2 $ 25.9 $ 17.0 $ 42.9 The following table presents the goodwill and other intangible assets as of March 31, 2018 and December 31, 2017 : Millions March 31, 2018 December 31, 2017 Goodwill MediaAlpha $ 18.3 $ 18.3 Other 7.6 7.6 Total goodwill 25.9 25.9 Other intangible assets MediaAlpha 32.5 35.4 Other .8 .8 Total other intangible assets 33.3 36.2 Total goodwill and other intangible assets 59.2 62.1 Goodwill and other intangible assets attributed to non-controlling interests (21.1 ) (21.1 ) Goodwill and other intangible assets included in White Mountains’s $ 38.1 $ 41.0 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table presents White Mountains’s debt outstanding as of March 31, 2018 and December 31, 2017 : Millions March 31, Effective Rate (1) December 31, Effective Rate (1) WTM Bank Facility $ — N/A $ — N/A Unamortized issue costs — — WTM Bank Facility, carrying value — — MediaAlpha Bank Facility 21.6 6.2% 23.9 5.6% Unamortized issuance cost (.1 ) (.1 ) MediaAlpha Bank Facility, carrying value 21.5 23.8 Total debt $ 21.5 $ 23.8 (1) Effective rate considers the effect of the debt issuance costs. WTM Bank Facility On August 14, 2013, the Company entered into a revolving credit facility with a syndicate of lenders administered by Wells Fargo Bank, N.A., which has a total commitment of $425.0 million and has a maturity date of August 14, 2018 (the “WTM Bank Facility”). As of March 31, 2018 , the WTM Bank Facility was undrawn. The WTM Bank Facility contains various affirmative, negative and financial covenants which White Mountains considers to be customary for such borrowings, including certain minimum net worth and maximum debt to capitalization standards. MediaAlpha Bank Facility On May 12, 2017, MediaAlpha entered into a secured credit facility (the “MediaAlpha Bank Facility”) with Western Alliance Bank, which has a total commitment of $20.0 million and has a maturity date of May 12, 2020. On October 5, 2017, MediaAlpha refinanced the MediaAlpha Bank Facility in order to fund the acquisition of certain assets associated with the Health, Life and Medicare insurance business of Healthplans.com. The total commitment of the MediaAlpha Bank Facility was increased to $28.4 million and has a maturity date of October 6, 2020. The MediaAlpha Bank Facility consists of a $18.4 million term loan facility, which has an outstanding balance of $16.6 million as of March 31, 2018 , and a revolving loan facility for $10.0 million , which has an outstanding balance of $5.0 million as of March 31, 2018 . The MediaAlpha Bank Facility carries a variable interest rate that is based on the Prime Rate, as published by the Wall Street Journal, plus a spread of 1.5% on the term loan facility and 0.25% on the revolving credit facility as of March 31, 2018 . During the three months ended March 31, 2018 , MediaAlpha repaid $1.3 million on the term loan and $1.0 million on the revolving loan under the MediaAlpha Bank Facility. The MediaAlpha Bank Facility is secured by intellectual property and the common stock of MediaAlpha’s subsidiaries, and contains various affirmative, negative and financial covenants that White Mountains considers to be customary for such borrowings, including a fixed charge coverage ratio and an asset coverage ratio. Compliance At March 31, 2018 , White Mountains was in compliance with the covenants under all of its debt instruments. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company and its Bermuda domiciled subsidiaries are not subject to Bermuda income tax under current Bermuda law. If there is a change in the current law such that taxes are imposed, the Company and its Bermuda domiciled subsidiaries would be exempt from such tax until March 31, 2035, pursuant to the Bermuda Exempted Undertakings Tax Protection Act of 1966. The Company has subsidiaries and branches that operate in various other jurisdictions around the world that are subject to tax in the jurisdictions in which they operate. The jurisdictions in which the Company’s subsidiaries and branches are subject to tax are Barbados, Gibraltar, Ireland, Israel, Luxembourg, the United Kingdom and the United States. White Mountains’s income tax expense related to pre-tax loss from continuing operations for the three months ended March 31, 2018 represented an effective tax rate of (1.1)% . The effective tax rate was different from the U.S. statutory rate of 21% , primarily due to a full valuation allowance on all net deferred tax assets at U.S. operations, withholding taxes and a tax benefit recorded at BAM. For BAM, member surplus contributions (“MSC”) and the related taxes thereon are recorded directly to non-controlling interest equity, while the valuation allowance on such taxes is recorded through the income statement. For the three months ended March 31, 2018, BAM recorded a tax benefit of $0.6 million associated with the valuation allowance on taxes related to MSC that is included in the effective tax rate. White Mountains’s income tax benefit related to pre-tax loss from continuing operations for the three months ended March 31, 2017 represented an effective tax rate of 8.3% . The effective tax rate was different from the U.S. statutory rate of 35% , primarily due to a full valuation allowance on all net deferred tax assets at U.S. operations and a tax benefit recorded at BAM. For BAM, MSC and the related taxes thereon are recorded directly to non-controlling interest equity, while the valuation allowance on such taxes is recorded through the income statement. For the three months ended March 31, 2017, BAM recorded a tax benefit of $2.7 million associated with the valuation allowance on taxes related to MSC that is included in the effective tax rate. In arriving at the effective tax rate for the three months ended March 31, 2018 and 2017, White Mountains forecasted all income and expense items including the change in unrealized investment gains (losses) and realized investment gains (losses) for the years ending December 31, 2018 and 2017. White Mountains records a valuation allowance against deferred tax assets if it becomes more likely than not that all or a portion of a deferred tax asset will not be realized. Changes in valuation allowances from period to period are included in income tax expense in the period of change. In determining whether or not a valuation allowance, or change therein, is warranted, White Mountains considers factors such as prior earnings history, expected future earnings, carryback and carryforward periods and strategies that if executed would result in the realization of a deferred tax asset. With few exceptions, White Mountains is no longer subject to U.S. federal, state, or non-U.S. income tax examinations by tax authorities for years before 2013. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives White Mountains’s investment portfolio includes investments denominated in Japanese Yen, Euros, GBP and other foreign currencies. White Mountains previously entered into foreign currency forward contracts to manage its foreign currency exposure related to these investments. In the first quarter of 2018, in conjunction with the liquidation of the GBP investment grade corporate bond mandate, White Mountains closed the associated foreign currency forward contract. White Mountains no longer has any open foreign currency forward contracts. As of December 31, 2017, White Mountains held $206.3 million total gross notional value of a foreign currency forward contract with a carrying value of $(3.7) million . The derivative (losses) gains recognized in net realized and unrealized investment gains (losses) for the three months ended March 31, 2018 and 2017 were $(3.5) million and $3.0 million . |
Municipal Bond Guarantee
Municipal Bond Guarantee | 3 Months Ended |
Mar. 31, 2018 | |
Guarantees [Abstract] | |
Municipal Bond Guarantee Insurance | Municipal Bond Guarantee Insurance In 2012, HG Global was capitalized with $594.5 million from White Mountains and $14.5 million from non-controlling interests to fund BAM, a newly formed mutual municipal bond insurer. As of March 31, 2018 , White Mountains owned 96.9% of HG Global’s preferred equity and 88.4% of its common equity. HG Global, together with its subsidiaries, provided the initial capitalization of BAM through the purchase of $503.0 million of BAM Surplus Notes. At inception, BAM and HG Re also entered into a first loss reinsurance treaty (“FLRT”). HG Re provides first loss reinsurance protection up to 15% of par outstanding on each municipal bond insured by BAM. In return, BAM cedes 60% of the risk premium charged for insuring the municipal bond, net of a ceding commission. During 2017, HG Global and BAM made certain changes to the ceding commission arrangements under the FLRT. These changes serve to accelerate growth in BAM's statutory capital but do not impact the net risk premium ceded from BAM to HG Re. HG Re’s obligations to BAM are collateralized in trusts, and there is an aggregate loss limit that is equal to the total assets in the collateral trusts at any point in time. The interest rate on the BAM Surplus Notes for the five years ending December 31, 2018 is a variable rate equal to the one -year U.S. treasury rate plus 300 basis points, set annually, which is 4.60% for 2018 and was 3.54% for 2017. Prior to the end of 2018, BAM has the option to extend the variable rate period for an additional three years. At the end of the variable rate period, the interest rate will be fixed at the higher of the then current variable rate or 8.0% . No payment of interest or principal on the BAM Surplus Notes may be made without the approval of the New York State Department of Financial Services (“NYDFS”). BAM has stated its intention to seek regulatory approval to pay interest and principal on its surplus notes only to the extent that its remaining qualified statutory capital and other capital resources continue to support its outstanding obligations, business plan and its AA stable rating from S&P. BAM repaid $4.0 million of the BAM Surplus Notes and $1.0 million of the related accrued interest during the year ended December 31, 2017. There were no repayments for the three months ended March 31, 2018. In order to further support BAM’s long-term capital position and business prospects, in 2017 HG Global agreed to contribute the $203.0 million of Series A BAM Surplus Notes (“Series A Notes”) into the supplemental collateral trust (the “Supplemental Trust”) at HG Re. The Supplemental Trust already held the $300.0 million of Series B BAM Surplus Notes (“Series B Notes”). Assets held in the Supplemental Trust serve to collateralize HG Re’s obligations to BAM under the FLRT. HG Global and BAM also changed the payment terms of the Series B Notes, so that payments will reduce principal and accrued interest on a pro rata basis, consistent with the payment terms on the Series A Notes. The terms of the Series B Notes had previously stipulated that payments would first reduce interest owed, then reduce principal owed once all accrued interest had been paid. The Supplemental Trust target balance is equal to approximately $603.0 million . As the BAM Surplus Notes are repaid over time, the BAM Surplus Notes will be replaced in the Supplemental Trust by cash and fixed income securities. The collateral trust balances must be at target levels before capital can be distributed out of the Supplemental Trust. In connection with the contribution, the Series A Notes were merged with the Series B Notes. As of March 31, 2018 and December 31, 2017, the collateral trusts held assets of $721.9 million and $715.1 million , which both included $499.0 million of BAM Surplus Notes. As of March 31, 2018 and December 31, 2017, HG Global has accrued $131.7 million and $126.0 million of interest receivable on the BAM Surplus Notes. The following table presents a schedule of BAM’s insured obligations: March 31, 2018 December 31, 2017 Contracts outstanding 6,541 6,371 Remaining weighted average contract period outstanding (in years) 10.8 10.9 Contractual debt service outstanding (in millions): Principal $ 43,139.2 $ 42,090.6 Interest 21,420.6 21,057.1 Total debt service outstanding $ 64,559.8 $ 63,147.7 Gross unearned insurance premiums $ 140.2 $ 136.8 The following table presents a schedule of BAM’s future premium revenues as of March 31, 2018 : Millions March 31, 2018 April 1, 2018 - December 31, 2018 $ 8.9 January 1, 2019 - March 31, 2019 2.9 April 1, 2019 - June 30, 2019 2.9 July 1, 2019 - September 30, 2019 2.9 October 1, 2019 - December 31, 2019 2.9 11.6 2020 11.1 2021 10.6 2022 10.1 2023 and thereafter 87.9 Total gross unearned insurance premiums $ 140.2 The following table presents a schedule of net written premiums included in White Mountains’s HG Global/BAM segment for the three months years ended March 31, 2018 and 2017 : Three Months Ended March 31, Millions 2018 2017 Gross written premiums $ 6.4 $ 18.7 Assumed (ceded) written premiums — — Net written premiums $ 6.4 $ 18.7 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share White Mountains calculates earnings per share using the two-class method, which allocates earnings between common shares and unvested restricted common shares. Both classes of shares participate equally in dividends and earnings on a per share basis. Basic earnings per share amounts are based on the weighted average number of common shares outstanding adjusted for unvested restricted common shares. The following table presents the Company’s computation of earnings per share from continuing operations for the three months ended March 31, 2018 and 2017 . See Note 16 — “Held for Sale and Discontinued Operations” . Three Months Ended March 31, 2018 2017 Basic and diluted earnings per share numerators (in millions): Net (loss) income attributable to White Mountains’s common shareholders $ (48.0 ) $ 29.0 Less: total income from discontinued operations, net of tax .1 31.3 Net loss from continuing operations attributable to White Mountains’s common shareholders $ (48.1 ) $ (2.3 ) Allocation of earnings to participating restricted common shares (1) .4 — Basic and diluted earnings per share numerators $ (47.7 ) $ (2.3 ) Basic earnings per share denominators (in thousands): Total average common shares outstanding during the period 3,746.1 4,564.6 Average unvested restricted common shares (2) (35.9 ) (52.5 ) Basic earnings per share denominator 3,710.2 4,512.1 Diluted earnings per share denominator (in thousands): Total average common shares outstanding during the period 3,746.1 4,564.6 Average unvested restricted common shares (2) (35.9 ) (52.5 ) Diluted earnings per share denominator 3,710.2 4,512.1 Basic and diluted earnings per share (in dollars) - continuing operations: Distributed earnings - dividends declared and paid $ 1.00 $ 1.00 Undistributed earnings (losses) (13.85 ) (1.52 ) Basic and diluted earnings per share $ (12.85 ) $ (.52 ) (1) Restricted shares issued by White Mountains receive dividends, and therefore, are considered participating securities. (2) Restricted shares outstanding vest either in equal annual installments or upon a stated date. See Note 10 — “Employee Share-Based Incentive Compensation Plans” The following table presents the undistributed net earnings (losses) from continuing operations for the three months ended March 31, 2018 and 2017 . See Note 16 — “Held for Sale and Discontinued Operations” . Three Months Ended March 31, Millions 2018 2017 Undistributed net losses - continuing operations: Net loss attributable to White Mountains’s common shareholders, net of restricted common share amounts $ (47.7 ) $ (2.3 ) Dividends declared net of restricted common share amounts (1) (3.7 ) (4.5 ) Total undistributed net losses, net of restricted common share amounts $ (51.4 ) $ (6.8 ) (1) Restricted shares issued by White Mountains receive dividends, and therefore, are considered participating securities. |
Employee Share-Based Incentive
Employee Share-Based Incentive Compensation Plans | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Share-Based Incentive Compensation Plans | Employee Share-Based Incentive Compensation Plans White Mountains’s Long-Term Incentive Plan (the “WTM Incentive Plan”) provides for grants of various types of share-based and non share-based incentive awards to key employees of White Mountains. As of March 31, 2018 , White Mountains’s share-based compensation incentive awards consist of performance shares and restricted shares. Performance Shares Performance shares are conditional grants of a specified maximum number of common shares or an equivalent amount of cash. Awards generally vest at the end of a three -year period, are subject to the attainment of pre-specified performance goals, and are valued based on the market value of common shares at the time awards are approved for payment. The following table presents the performance share activity for the three months ended March 31, 2018 and 2017 for performance shares granted under the WTM Incentive Plan: Three Months Ended March 31, 2018 2017 Millions, except share amounts Target Performance Accrued Expense Target Performance Accrued Expense Beginning of period 50,515 $ 45.8 80,353 $ 42.4 Shares paid (1) (23,186 ) (28.4 ) (30,167 ) (20.8 ) New grants 14,105 — 16,460 — Forfeitures and cancellations (2) (818 ) .3 (9,841 ) (5.7 ) Expense recognized — 3.3 — 8.1 End of period (3) 40,616 $ 21.0 56,805 $ 24.0 (1) WTM performance share payments in 2018 for the 2015-2017 performance cycle, which were paid in March 2018, ranged from 145% to 147% of target. WTM performance share payments in 2017 for the 2014-2016 performance cycle, which were paid in March 2017, ranged from 34% to 76% of target. (2) Amounts include changes in assumed forfeitures, as required under GAAP. (3) Outstanding performance share awards as of March 31, 2017 excludes 2,195 performance share awards granted to employees of Sirius Group. For performance shares earned in the 2015-2017 and 2014-2016 performance cycles, all performance shares earned were settled in cash. If all the outstanding WTM performance shares had vested on March 31, 2018 , the total additional compensation cost to be recognized would have been $26.1 million , based on accrual factors (common share price and payout assumptions) at March 31, 2018 . The following table presents performance shares outstanding and accrued expense for performance shares awarded under the WTM Incentive Plan at March 31, 2018 for each performance cycle: Three Months Ended March 31, 2018 Millions, except share amounts Target Performance Shares Outstanding Accrued Expense Performance cycle: 2016 – 2018 13,715 $ 12.7 2017 – 2019 14,070 7.7 2018 – 2020 13,450 .9 Sub-total 41,235 21.3 Assumed forfeitures (619 ) (.3 ) March 31, 2018 40,616 $ 21.0 Restricted Shares The following table presents the unrecognized compensation cost associated with the outstanding restricted share awards for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, 2018 2017 Millions, except share amounts Restricted Unamortized Restricted Unamortized Non-vested, Beginning of period 53,755 $ 14.3 70,620 $ 19.7 Issued 14,105 11.4 16,735 15.8 Vested (25,381 ) — (22,015 ) — Forfeited (969 ) (.2 ) (5,200 ) (2.8 ) Expense recognized — (3.3 ) — (3.6 ) End of period (1) 41,510 $ 22.2 60,140 $ 29.1 (1) Restricted share awards outstanding as of March 31, 2017 includes 2,195 restricted shares issued to employees of Sirius Group, which was accounted for as discontinued operations. During the first quarter of 2018, White Mountains issued 13,450 restricted shares that vest on January 1, 2021, 290 restricted shares that vest on January 1, 2020 and 365 restricted shares that vest on January 1, 2019. During the first quarter of 2017, White Mountains issued 16,735 restricted shares that vest on January 1, 2020. The unamortized issue date fair value at March 31, 2018 is expected to be recognized ratably over the remaining vesting periods. Non-Qualified Options As of January 20, 2017, the 125,000 Non-Qualified options issued to the Company’s former Chairman and CEO were exercised. During the first quarter of 2017, 40,000 Non-Qualified Options, with an intrinsic value of $4.4 million , were exercised in exchange for 5,142 common shares with an equal total market value. The intrinsic value represents the difference between the market price of the Company’s common shares at the date of exercise and the fixed strike price of $742 per common share. The Non-Qualified Options were fully amortized as of 2011. MediaAlpha Class B Unit Awards MediaAlpha has issued Class B unit awards to certain employees. The units entitle the award recipient to participate in distributions from MediaAlpha, subject to a cumulative distribution threshold, which is a performance condition, and a service period. The grant date fair value of the awards is determined when it is deemed probable that the distribution threshold will be met. The service period ranges from 36 months to 48 months. For the three months ended March 31, 2018, MediaAlpha recognized $6.4 million of compensation expense for the vested portion of the awards for which achievement of the performance award is now probable, and $0.6 million of unearned compensation expense for unvested awards, which will be recognized over the remaining service periods of the awards. |
Non-controlling Interest
Non-controlling Interest | 3 Months Ended |
Mar. 31, 2018 | |
Noncontrolling Interest [Abstract] | |
Non-controlling Interests | Non-controlling Interests Non-controlling interests consist of the ownership interests of non-controlling shareholders in consolidated entities and are presented separately on the balance sheet. The following table presents the balance of non-controlling interests included in White Mountains’s total equity and the related percentage of each consolidated entity’s total equity owned by non-controlling shareholders as of March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 $ in millions Non-controlling Percentage Non-controlling Equity Non-controlling Percentage Non-controlling Equity Other, excluding mutuals HG Global 3.1 % $ 15.7 3.1 % $ 15.9 MediaAlpha 37.7 16.2 35.7 13.1 Buzzmove 22.9 2.4 22.9 2.5 Total other, excluding mutuals 34.3 31.5 Mutuals BAM 100.0 (177.5 ) 100.0 (163.2 ) Total non-controlling interests $ (143.2 ) $ (131.7 ) |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Informartion | Segment Information White Mountains has determined that its reportable segments are HG Global/BAM, MediaAlpha and Other Operations. As a result of OneBeacon Transaction, the results of operations for OneBeacon, previously reported in its own segment has been classified as discontinued operations and is now presented, net of related income taxes, as such in the statement of operations and comprehensive income. Prior year amounts have been reclassified to conform to the current period’s presentation. See Note 16 — “Held for Sale and Discontinued Operations” . Beginning in the second quarter of 2017, MediaAlpha’s results have been presented as a separate segment within White Mountains’s consolidated financial statements. Amounts for MediaAlpha for the three months ended March 31, 2017 have been reclassified to conform to the current period’s presentation. White Mountains has made its segment determination based on consideration of the following criteria: (i) the nature of the business activities of each of the Company’s subsidiaries and affiliates; (ii) the manner in which the Company’s subsidiaries and affiliates are organized; (iii) the existence of primary managers responsible for specific subsidiaries and affiliates; and (iv) the organization of information provided to the chief operating decision makers and the Board of Directors. Significant intercompany transactions among White Mountains’s segments have been eliminated herein. The following table presents the financial information for White Mountains’s segments: Millions HG Global/BAM MediaAlpha Other Operations Total Three Months Ended March 31, 2018 Earned insurance premiums $ 3.0 $ — $ — $ 3.0 Net investment income 3.7 — 16.0 19.7 Net realized and unrealized investment losses (7.9 ) — (45.8 ) (53.7 ) Advertising and commission revenues (1) — 70.1 .9 71.0 Other revenue .2 1.6 .3 2.1 Total revenues (1.0 ) 71.7 (28.6 ) 42.1 Insurance acquisition expenses 1.4 — — 1.4 Other underwriting expenses .1 — — .1 Cost of sales — 57.4 .7 58.1 General and administrative expenses 11.8 14.1 22.0 47.9 Interest expense — .4 .2 .6 Total expenses 13.3 71.9 22.9 108.1 Pre-tax loss $ (14.3 ) $ (.2 ) $ (51.5 ) $ (66.0 ) (1) Approximately 31% of MediaAlpha’s advertising revenue was associated with one customer for the three months ended March 31, 2018. Millions HG Global/BAM MediaAlpha Other Operations Total Three Months Ended March 31, 2017 Earned insurance premiums $ 2.0 $ — $ 1.0 $ 3.0 Net investment income 2.6 — 10.2 12.8 Net realized and unrealized investment gains 1.3 — 35.0 36.3 Advertising and commission revenues (1) — 32.5 1.3 33.8 Other revenue .4 — 2.5 2.9 Total revenues 6.3 32.5 50.0 88.8 Losses and loss adjustment expenses — — 1.1 1.1 Insurance acquisition expenses 1.2 — .1 1.3 Other underwriting expenses .1 — — .1 Cost of sales — 27.7 1.1 28.8 General and administrative expenses 10.6 5.6 44.5 60.7 Interest expense — .2 .2 .4 Total expenses 11.9 33.5 47.0 92.4 Pre-tax (loss) income $ (5.6 ) $ (1.0 ) $ 3.0 $ (3.6 ) (1) Approximately 27% of MediaAlpha’s advertising revenue was associated with one customer for the three months ended March 31, 2017. |
Investments in Unconsolidated E
Investments in Unconsolidated Entities | 3 Months Ended |
Mar. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Entities | White Mountains’s investments in unconsolidated entities are included within other long-term investments and consist of investments in common equity securities or similar instruments, which give White Mountains the ability to exert significant influence over the investee’s operating and financial policies (“equity method eligible unconsolidated entities”). Such investments may be accounted for under either the equity method or, alternatively, White Mountains may elect to account for them under the fair value option. The following table presents the carrying values of investments in equity method eligible unconsolidated entities recorded within other long-term investments: Millions March 31, 2018 December31, 2017 Equity method eligible private equity securities, at fair value $ 84.7 $ 58.0 Investments, accounted for under the equity method 5.7 4.6 Total investments in equity method eligible unconsolidated entities 90.4 62.6 Other unconsolidated investments (1) 162.7 146.2 Total other long-term investments $ 253.1 $ 208.8 (1) Consists of other long-term investments that are not equity method eligible. The following table presents White Mountains’s investments in equity method eligible unconsolidated entities as of March 31, 2018 and December 31, 2017: Investee Ownership Interest Instrument Held March 31, 2018 December 31, 2017 Compare.com 22% 22% Common shares DavidShield (1) 50% — Common shares durchblicker 45% 45% Common shares Kudu 50% — Units OneTitle 20% 20% Common shares PassportCard (1) 50% 50% Common shares Tuckerman Capital Fund III 21% 21% Units (1) At March 31, 2018, White Mountains's ownership interest in PassportCard comprised a 25% direct ownership interest and a 25% indirect interest through DavidShield. At December 31, 2017, White Mountains's ownership interest was a 50% direct ownership interest. See Note 2 — “Significant Transactions”. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments White Mountains accounts for all its financial instruments at fair value with the exception of the WTM Bank Facility, which was undrawn at March 31, 2018 and December 31, 2017 , and the MediaAlpha Bank Facility, which is recorded as debt at face value less unamortized original issue discount. The following table presents the fair value and carrying value of this financial instrument as of March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Millions Fair Value Carrying Value Fair Value Carrying Value MediaAlpha Bank Facility $ 21.8 $ 21.6 $ 23.9 $ 23.8 The fair value estimate for the MediaAlpha Bank Facility has been determined based on a discounted cash flows approach and is considered to be a Level 3 measurement. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Legal Contingencies White Mountains is subject to litigation and arbitration in the normal course of business. White Mountains considers the requirements of ASC 450 when evaluating its exposure to litigation and arbitration. ASC 450 requires that accruals be established for litigation and arbitration if it is probable that a loss has been incurred and it can be reasonably estimated. ASC 450 also requires that litigation and arbitration be disclosed if it is probable that a loss has been incurred or if there is a reasonable possibility that a loss may have been incurred. White Mountains does not have any current litigation that may have a material adverse effect on White Mountains’s financial condition, results of operations or cash flows. The following description presents significant legal contingencies, ongoing non-claims related litigation or arbitration as of March 31, 2018 : Sirius Tax Contingencies A subsidiary of Sirius Group, which was sold by White Mountains in 2016, has been denied interest deductions by the Swedish Tax Authority (“STA”) for tax years 2013-2016. The Swedish subsidiary has filed an appeal in the Swedish Administrative Court for tax year 2013 and will preserve its right to contest the STA’s decision for later years if needed. Sirius Group believes it is more likely than not that it will prevail in the court proceedings. However, if the ultimate decision in the Swedish courts is unfavorable, White Mountains would be required to indemnify Sirius Group for the tax effect of the interest deductions, which is approximately $18.5 million . |
Held for Sale and Discontinued
Held for Sale and Discontinued Operations | 3 Months Ended |
Mar. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Held for Sale and Discontinued Operations | Held for Sale and Discontinued Operations OneBeacon On September 28, 2017, Intact Financial Corporation completed its acquisition of OneBeacon in an all-cash transaction for $18.10 per share. White Mountains received total proceeds of $1.3 billion and recorded a gain of $554.6 million , net of transaction costs. Net income from discontinued operations related to OneBeacon was $32.3 million for the three months ended March 31, 2017. Tranzact On July 21, 2016, White Mountains completed its sale of Tranzact to Clayton, Dubilier & Rice, LLC and received net proceeds of $221.3 million at closing. On October 5, 2016, White Mountains received additional proceeds of $1.2 million following the release of the post-closing purchase price adjustment escrow. During 2016, White Mountains recorded a $51.9 million gain from the sale of Tranzact in discontinued operations, which included a $30.2 million tax expense for the reversal of a tax valuation allowance that is offset by a tax benefit recorded in continuing operations. During the three months ended March 31, 2017, White Mountains recorded a $1.0 million reduction to the gain from sale of Tranzact in discontinued operations as a result of 2016 state tax payments. Sirius Group On April 18, 2016, White Mountains completed the sale of Sirius Group to CMI for $2.6 billion . During 2016, White Mountains recorded a $363.2 million gain from the sale of Sirius Group in discontinued operations in the statement of operations and $113.3 million in other comprehensive income from discontinued operations. During the three months ended March 31, 2018, White Mountains recorded a $0.1 million gain from sale of Sirius Group as a result of a change to the valuation of the accrued incentive compensation payable to Sirius Group employees. Other As of December 31, 2017, White Mountains has classified its Guilford, Connecticut property, which consists of an office building and adjacent land, as held for sale. The property has been measured at its estimated fair value net of costs of disposal, of $3.3 million as of March 31, 2018 and December 31, 2017. |
Discontinued Operations | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Held for Sale and Discontinued Operations | Net Income (Loss) from Discontinued Operations The following table presents the results of operations, including related income taxes, associated with the business classified as discontinued operations. For the three months ended March 31, 2018 , the amounts presented relate to Sirius Group. For the three months ended March 31, 2017 , the amounts presented relate to OneBeacon and Tranzact. The results of discontinued operations from Sirius Group and Tranzact up to the closing date of the transaction inured to White Mountains. Given the fixed price nature of the OneBeacon Transaction, OneBeacon’s results were economically transferred to the buyer at signing. Three Months Ended Three Months Ended March 31, 2018 March 31, 2017 Millions Sirius Group Total OneBeacon Tranzact Total Revenues Earned insurance premiums $ — $ — $ 261.8 $ — $ 261.8 Net investment income — — 12.2 — 12.2 Net realized and unrealized gains — — 15.0 — 15.0 Other revenue — — 3.4 — 3.4 Total revenues — — 292.4 — 292.4 Expenses Loss and loss adjustment expenses — — 150.6 — 150.6 Insurance and reinsurance acquisition expenses — — 45.3 — 45.3 Other underwriting expenses — — 51.7 — 51.7 General and administrative expenses — — 5.0 — 5.0 Interest expense — — 3.3 — 3.3 Total expenses — — 255.9 — 255.9 Pre-tax income — — 36.5 — 36.5 Income tax expense — — (4.2 ) — (4.2 ) Net income from discontinued operations — — 32.3 — 32.3 Net gain (loss) from sale of discontinued operations .1 .1 — (1.0 ) (1.0 ) Total income (loss) from discontinued operations .1 .1 32.3 (1.0 ) 31.3 Change in foreign currency translation and other from discontinued operations — — (.1 ) — (.1 ) Comprehensive income (loss) from discontinued operations $ .1 $ .1 $ 32.2 $ (1.0 ) $ 31.2 Net Change in Cash from Discontinued Operations The following tables presents the net change in cash, including income tax payments to national governments and interest paid associated with the business classified as discontinued operations: Three Months Ended March 31, Millions 2018 2017 Net cash provided from (used for) operations $ .1 $ (1.3 ) Net cash (used for) provided from investing activities (.1 ) 32.3 Net cash used for financing activities — (21.0 ) Net change in cash during the period — 10.0 Cash balances at beginning of period — 70.5 Net change in cash held for sale, excluding discontinued operations — (.9 ) Cash balances at end of period $ — $ 79.6 Supplemental cash flows information: Interest paid $ — $ — Net income tax payment to national governments $ — $ — Earnings Per Share from Discontinued Operations White Mountains calculates earnings per share using the two-class method, which allocates earnings between common and unvested restricted common shares. Both classes of shares participate equally in earnings on a per share basis. Basic earnings per share amounts are based on the weighted average number of common shares outstanding adjusted for unvested restricted common shares. Diluted earnings per share amounts are also impacted by the net effect of potentially dilutive common shares outstanding. The following table presents the Company’s computation of earnings per share for discontinued operations for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, 2018 2017 Basic and diluted earnings per share numerators (in millions): Net income attributable to White Mountains’s common shareholders $ (48.0 ) $ 29.0 Less total loss from continuing operations, net of tax 48.1 2.3 Net income from discontinued operations attributable to White Mountains’s common shareholders $ .1 $ 31.3 Allocation of earnings to participating restricted common shares (1) — (.4 ) Basic and diluted earnings per share numerators $ .1 $ 30.9 Basic earnings per share denominators (in thousands): Total average common shares outstanding during the period 3,746.1 4,564.6 Average unvested restricted common shares (3) (35.9 ) (52.5 ) Basic earnings per share denominator 3,710.2 4,512.1 Diluted earnings per share denominator (in thousands): Total average common shares outstanding during the period 3,746.1 4,564.6 Average unvested restricted common shares (3) (35.9 ) (52.5 ) Diluted earnings per share denominator 3,710.2 4,512.1 Basic earnings per share (in dollars) - discontinued operations: $ .03 $ 6.86 Diluted earnings per share (in dollars) - discontinued operations: $ .03 $ 6.86 (1) Restricted shares issued by White Mountains contain dividend participation features, and therefore, are considered participating securities. (2) Net earnings attributable to White Mountains’s common shareholders, net of restricted share amounts, is equal to undistributed earnings for the three months ended March 31, 2018 and 2017 . (3) Restricted common shares outstanding vest either in equal annual installments or upon a stated date. See Note 10 — “Employee Share-Based Incentive Compensation Plans” . |
Financial Statement Revisions
Financial Statement Revisions | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Financial Statement Revisions | Financial Statement Revisions In October 2017, White Mountains discovered that the former CEO of Wobi, one of its overseas portfolio companies, had been reporting overstated commission revenues and related receivables to White Mountains. Upon discovery of the overstatements, White Mountains initiated an investigation, conducted by outside counsel, of the reporting of these overstatements by Wobi to White Mountains. As a result of this investigation, White Mountains has revised certain of its previously issued financial statements. The revisions resulted in reductions to commission revenues (included in advertising and commission revenues) and commissions receivable (included in other assets). In addition, the overstatements led White Mountains to write down the goodwill and other intangible assets related to Wobi to zero. Wobi also conducted a separate investigation with the assistance of Israeli counsel to support the preparation of Wobi’s standalone financial statements. That separate investigation has been completed and its results did not materially impact White Mountains’s financial statements. White Mountains evaluated the impact of the misstatements resulting from the overstatements at Wobi on prior periods’ financial statements in accordance with SEC Staff Accounting Bulletin (“SAB”) Topic 1.M, Materiality , and concluded the misstatements were not material to any previously reported financial statements. However, while not material to any previously reported annual or quarterly period, the aggregate amount of prior period misstatements could be material to White Mountains's results for the full fiscal year ended December 31, 2017. White Mountains has therefore revised all periods impacted including its consolidated balance sheet as of March 31, 2017 and its consolidated statements of operations and comprehensive income, consolidated statements of changes in equity, cash flows and earnings per share for the three months March 31, 2017. The impact of these revisions to each of the previously reported consolidated statements are disclosed below. Amounts previously reported reflect the reclassification of OneBeacon to discontinued operations for all applicable periods presented. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) Three months ended March 31, 2017 Millions, except for per share amounts As previously reported Adjustments As revised Revenues: Financial Guarantee (HG Global/BAM) Financial Guarantee revenues $ 6.3 $ — $ 6.3 Marketing Technology (MediaAlpha) Marketing Technology revenues 32.5 — 32.5 Other Advertising & commission revenues 6.0 (4.7 ) 1.3 Other revenues (1) 48.7 — 48.7 Total revenues 93.5 (4.7 ) 88.8 Expenses: Financial Guarantee (HG Global/BAM) Financial Guarantee expenses 11.9 — 11.9 Marketing Technology (MediaAlpha) Marketing Technology expenses 33.5 — 33.5 Other Other expenses (2)(3) 46.8 .2 47.0 Total expenses 92.2 .2 92.4 Pre-tax income (loss) 1.3 (4.9 ) (3.6 ) Income tax benefit .3 — .3 Net income (loss) from continuing operations 1.6 (4.9 ) (3.3 ) Loss on sale of discontinued operations (1.0 ) — (1.0 ) Net income from discontinued operations 32.3 — 32.3 Net income (loss) (4) 32.9 (4.9 ) 28.0 Net loss (income) attributable to non-controlling interests 1.3 (.3 ) 1.0 Net income (loss) attributable to White Mountains’s common shareholders 34.2 (5.2 ) 29.0 Other comprehensive income (loss), net of tax .9 (.7 ) .2 Comprehensive income (loss) 35.1 (5.9 ) 29.2 Comprehensive loss attributable to non-controlling interests — — — Comprehensive income (loss) attributable to White Mountains’s common shareholders $ 35.1 $ (5.9 ) $ 29.2 Basic and diluted earnings per share - continuing operations $ 7.49 $ (1.15 ) $ 6.34 (1) Total other revenues include earned insurance premiums, net investment income, net realized and unrealized losses, and other revenues. (2) Total other expenses include loss and loss adjustment expenses, insurance acquisition expenses, cost of sales, general and administrative expenses, and interest expense. (3) The adjustments to other expenses is primarily related to the write-off of goodwill and intangible assets for Wobi. (4) The adjustment to net income resulted in a corresponding adjustment in the statement of cash flows, with an offsetting adjustment to the change in other assets and liabilities within the operating cash flows section. There was no change to cash flows from operations, cash flows from investing activities or cash flows from financing activities. CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY Three months ended March 31, 2017 Millions As previously reported Adjustments As revised Common shares and paid-in surplus $ 807.1 $ .7 $ 807.8 Retained earnings, beginning of year 2,797.2 (20.6 ) 2,776.6 Share repurchases (5.1 ) — (5.1 ) Net income (loss) 34.2 (5.2 ) 29.0 Dividends (4.6 ) — (4.6 ) Retained earnings, end of period 2,821.7 (25.8 ) 2,795.9 Accumulated other comprehensive loss, after tax, beginning of year (4.6 ) — (4.6 ) Net change in foreign currency translation .9 (.7 ) .2 Accumulated other comprehensive income, after tax, end of period (3.7 ) (.7 ) (4.4 ) White Mountains’s common shareholders’ equity 3,625.1 (25.8 ) 3,599.3 Non-controlling interests, beginning of year 133.9 (.6 ) 133.3 Net loss (1.3 ) .3 (1.0 ) Other changes in non-controlling interests (.2 ) (.6 ) (.8 ) Non-controlling interests, end of period 132.4 (.9 ) 131.5 Total equity $ 3,757.5 $ (26.7 ) $ 3,730.8 CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2017 Millions As previously reported Adjustments As revised Assets Financial Guarantee (HG Global/BAM) Financial Guarantee assets $ 699.1 $ — $ 699.1 Marketing Technology (MediaAlpha) Marketing Technology assets 53.2 — 53.2 Other Goodwill 13.4 (5.8 ) 7.6 Other intangible assets 4.5 (3.4 ) 1.1 Other assets — commissions receivable 21.4 (17.2 ) 4.2 Other assets 2,146.3 — 2,146.3 Assets held for sale 3,578.9 — 3,578.9 Total assets $ 6,516.8 $ (26.4 ) $ 6,490.4 Liabilities Financial Guarantee (HG Global/BAM) Financial Guarantee liabilities $ 126.4 $ — $ 126.4 Marketing Technology (MediaAlpha) Marketing Technology liabilities 25.6 — 25.6 Other Liabilities held for sale 2,535.2 — 2,535.2 Other liabilities 72.1 .3 72.4 Total liabilities 2,759.3 .3 2,759.6 Equity White Mountains’s common shares 4.6 — 4.6 Paid in surplus 802.5 .7 803.2 Retained earnings 2,821.7 (25.8 ) 2,795.9 Accumulated other comprehensive income, net of tax (3.7 ) (.7 ) (4.4 ) White Mountains’s common shareholders’ equity 3,625.1 (25.8 ) 3,599.3 Non-controlling interests 132.4 (.9 ) 131.5 Total equity 3,757.5 (26.7 ) 3,730.8 Total liabilities and equity $ 6,516.8 $ (26.4 ) $ 6,490.4 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events NSM On April 2, 2018, White Mountains announced it had entered into an agreement to acquire 95% of NSM Insurance Group (“NSM”) for cash in an amount equal to $368.3 million , subject to certain adjustments. NSM expects to borrow approximately $100.0 million of third party indebtedness in conjunction with the acquisition which will reduce White Mountains’s net investment to approximately $273.3 million . The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close by the end of the second quarter of 2018. Fidus Re In April 2018, BAM expanded its claims paying resources by $100.0 million through a collateralized reinsurance agreement with Fidus Re Ltd., a special-purpose insurer created solely to provide collateralized reinsurance protection to BAM. Tender Offer On April 10, 2018, White Mountains commenced a modified Dutch tender offer for up to 500,000 White Mountains common shares that will expire on May 7, 2018 . |
Basis of Presentation and Sig27
Basis of Presentation and Significant Accouting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company is an exempted Bermuda limited liability company whose principal businesses are conducted through its insurance subsidiaries and other affiliates. The Company’s headquarters is located at 26 Reid Street, Hamilton, Bermuda HM 11, its principal executive office is located at 80 South Main Street, Hanover, New Hampshire 03755-2053 and its registered office is located at Clarendon House, 2 Church Street, Hamilton, Bermuda HM 11. The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and include the accounts of White Mountains Insurance Group, Ltd. (the “Company” or the “Registrant”), its subsidiaries (collectively with the Company, “White Mountains”) and other entities required to be consolidated under GAAP. Consolidation Principles Under GAAP, the Company is required to consolidate any entity in which it holds a controlling financial interest. A controlling financial interest is usually in the form of an investment representing the majority of the subsidiary’s voting interests. However, a controlling financial interest may also arise from a financial interest in a variable interest entity (“VIE”) through arrangements that do not involve ownership of voting interests. The Company consolidates a VIE if it determines that it is the primary beneficiary. The primary beneficiary is defined as the entity who holds a variable interest that gives it both the power to direct the VIE’s activities that most significantly impact its economic performance and the obligation to absorb losses of, or the right to receive returns from, the VIE that could potentially be significant to the VIE. Intercompany transactions have been eliminated in consolidation. Certain amounts in the prior period financial statements have been reclassified to conform to the current presentation. These interim financial statements include all adjustments considered necessary by management to fairly state the financial position, results of operations and cash flows of White Mountains. These interim financial statements may not be indicative of financial results for the full year and should be read in conjunction with the Company’s 2017 Annual Report on Form 10-K. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Reportable Segments | Reportable Segments White Mountains has determined its reportable segments based on the nature of the underlying businesses, the manner in which the Company’s subsidiaries and affiliates are organized and managed and the organization of the financial information provided to the chief operating decision maker to assess performance and make decisions regarding allocation of resources. White Mountains’s reportable segments are HG Global/BAM, MediaAlpha and Other Operations. See Note 12 — “Segment Information” . The HG Global/BAM segment consists of HG Global Ltd. and its wholly-owned subsidiaries (“HG Global”) and the consolidated results of Build America Mutual Assurance Company (“BAM”) (collectively, “HG Global/BAM”). BAM is the first and only mutual municipal bond insurance company in the United States. By insuring the timely payment of principal and interest, BAM provides market access to, and lowers interest expense for, issuers of municipal bonds used to finance essential public purposes such as schools, utilities and transportation facilities. BAM is owned by and operated for the benefit of its members, the municipalities that purchase BAM’s insurance for their debt issuances. HG Global was established to fund the startup of BAM and, through its wholly-owned subsidiary, HG Re Ltd. (“HG Re”), to provide up to 15% -of-par, first loss reinsurance protection for policies underwritten by BAM. HG Global, together with its subsidiaries, provided the initial capitalization of BAM through the purchase of $503.0 million of surplus notes issued by BAM (the “BAM Surplus Notes”). As of March 31, 2018, $499.0 million of the surplus notes remain outstanding. As of March 31, 2018 and December 31, 2017, White Mountains owned 96.9% of HG Global’s preferred equity and 88.4% of its common equity. White Mountains does not have an ownership interest in BAM. However, White Mountains is required to consolidate BAM’s results in its financial statements because BAM is a VIE for which White Mountains is the primary beneficiary. BAM’s results are attributed to non-controlling interests. The MediaAlpha segment consists of QL Holdings LLC and its wholly-owned subsidiary QuoteLab, LLC (collectively “MediaAlpha”). MediaAlpha is a leading marketing technology company that develops technology that enables the programmatic buying and selling of vertical-specific, performance-based media between advertisers (buyers of advertising inventory) and publishers (sellers of advertising inventory) through cost-per-click, cost-per-call and cost-per-lead pricing models. MediaAlpha's media buying platform enables advertisers to create and automate data-driven bidding strategies designed to improve the efficiency and enhance overall performance of their marketing campaigns that target high-intent consumers at the time and place they are ready to purchase. MediaAlpha’s publisher platform is used by publishers to sell their vertical-specific, performance-based media to advertisers through transparent, programmatic, auction-based marketplaces. MediaAlpha works with 550 advertisers and 325 publishers across a number of insurance (auto, motorcycle, home, renter, health and life) and non-insurance (travel, education, personal finance and home services) verticals. White Mountains’s Other Operations segment consists of the Company, its wholly-owned subsidiary, White Mountains Capital, Inc. (“WM Capital”), its wholly-owned investment management subsidiary, White Mountains Advisors LLC (“WM Advisors”), and its other intermediate holding companies, as well as certain consolidated and unconsolidated private capital and other investments. The consolidated private capital investments include Wobi Insurance Agency Ltd. (“Wobi”) and Removal Stars Ltd. (“Buzzmove”). During 2017, White Mountains revised certain of its previously issued financial statements for amounts relating to Wobi. See Note 17 — “Financial Statement Revisions” . |
Discontinued Operations and Assets and Liabilities Held for Sale | Discontinued Operations and Assets and Liabilities Held for Sale On September 28, 2017, Intact Financial Corporation completed its acquisition of OneBeacon Insurance Group, Ltd. (“OneBeacon”) in an all-cash transaction for $18.10 per share (the “OneBeacon Transaction”). On July 21, 2016, White Mountains completed its sale of Tranzact Holdings, LLC (“Tranzact”) to an affiliate of Clayton, Dubilier & Rice, LLC. On April 18, 2016, White Mountains completed its sale of Sirius International Insurance Group, Ltd. (“Sirius Group”) to CM International Pte. Ltd. and CM Bermuda Limited (collectively “CMI”), the Singapore-based investment arm of China Minsheng Investment Corp., Ltd. White Mountains has presented the results of OneBeacon, Tranzact and Sirius Group as discontinued operations in the statement of operations and comprehensive income and their assets and liabilities as held for sale in the balance sheet for all periods prior to the completion of each transaction. White Mountains has classified its Guilford, Connecticut property, which consists of an office building and adjacent land, as held for sale as of March 31, 2018 and December 31, 2017. |
Recently Adopted Changes in Accounting Principles and Recently Issued Accounting Pronouncements | Recently Adopted Changes in Accounting Principles Revenue Recognition On January 1, 2018, White Mountains adopted ASU 2014-09, Revenue from Contracts with Customers (ASC 606), which modifies the guidance for revenue recognition. Under ASU 2014-09, revenue is recognized at an amount that reflects the consideration to which an entity expects to be entitled once it fulfills its performance obligations under the terms of its contract with the customer. The scope of the new guidance includes agent commissions and other non-insurance revenues. Adoption of ASU 2014-09 did not have any impact on White Mountains's financial statements. Share-Based Compensation On January 1, 2018, White Mountains adopted ASU 2017-09, Stock Compensation: Scope of Modification Accounting (ASC 718), which narrows the scope of transactions subject to modification accounting to changes in terms of an award that result in a change in the award’s fair value, vesting conditions or classification. Adoption of ASU 2017-09 did not have any impact on White Mountains’s financial statements. On January 1, 2017, White Mountains adopted ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (ASC 718) which simplifies certain aspects of the accounting for share-based compensation. The new guidance provides an accounting policy election to account for forfeitures by either applying an assumption, as required under existing guidance, or by recognizing forfeitures when they actually occur. At adoption, White Mountains did not change its accounting policy for forfeitures, which is to apply an assumed forfeiture rate. The new guidance has also changed the threshold for partial cash settlement to settle statutory withholding requirements for equity classified awards, increasing the threshold up to the maximum statutory tax rate. As a result of adoption, White Mountains reported $8.4 million and $6.5 million of statutory withholding tax payments made in connection with the settlement of restricted shares as financing cash flows for the three-month periods ended March 31, 2018 and 2017. Such payments were classified as operating cash flows prior to adoption. In addition, the new guidance changed the treatment for excess tax benefits which arise from the difference between the deduction for tax purposes and the compensation costs recognized for financial reporting. Under the new guidance, a reporting entity recognizes excess tax benefits or expense in current period earnings, regardless of whether it is in a taxes payable position. Business Combinations On January 1, 2018, White Mountains adopted ASU 2017-01, Business Combinations: Clarifying the Definition of a Business (ASC 805), which clarifies the definition of a business and affects the determination of whether acquisitions or disposals are accounted for as assets or as a business. Under the new guidance, when substantially all of the fair value of the assets is concentrated in a single identifiable asset or group of similar assets, it is not a business. White Mountains has not had any transactions falling within the scope of ASU 2017-01 during the period ended March 31, 2018 and, accordingly, adoption did not have any impact on White Mountains's financial statements. Cash Flow Statement On January 1, 2018, White Mountains adopted ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (ASC 230), which addresses the classification and presentation of certain items, including debt prepayment and extinguishment costs, contingent consideration payments made after a business combination and distributions received from equity method investees, for which there was diversity in practice prior to the issuance of ASU 2016-15. Also on January 1, 2018, White Mountains adopted ASU 2016-18, Statement of Cash Flows: Restricted Cash (ASC 230), which modifies the guidance for the treatment of restricted cash amounts in the cash flow statement. The new guidance requires restricted cash to be included in the reconciliation of beginning and end-of-period amounts presented on the statement of cash flows and requires a description of the nature of the changes in restricted cash during the periods presented. Adoption of ASU 2016-15 and ASU 2016-18 did not have any impact on White Mountains's statement of cash flows. Financial Instruments - Recognition and Measurement On January 1, 2018, White Mountains adopted ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (ASC 825-10), which modifies the guidance for financial instruments, including investments in equity securities. Under the new guidance, all equity securities with readily determinable fair values are required to be measured at fair value with changes therein recognized through current period earnings. In addition, the new ASU requires a qualitative assessment for equity securities without readily determinable fair values to identify impairment, and for impaired equity securities to be measured at fair value. White Mountains measures its portfolio of investment securities at fair value with changes therein recognized through current period earnings and, accordingly, adoption of ASU 2016-01 did not have any impact on White Mountains's financial statements. Recently Issued Accounting Pronouncements Premium Amortization on Callable Debt Securities In March 2017, the FASB issued ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities (ASC 310-20), which changes the amortization period for certain purchased callable debt securities. Under the new guidance, for investments in callable debt securities held at a premium, the premium will be amortized over the period to the earliest call date. The new guidance does not change the amortization period for callable debt securities held at a discount. ASU 2017-08 is not expected to have any impact on White Mountains's financial statements at adoption but may affect the amortization recognized in future periods. Credit Losses In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (ASC 326), which establishes new guidance for the recognition of credit losses for financial assets measured at amortized cost. The new ASU requires reporting entities to estimate the credit losses expected over the life of a credit exposure using historical information, current information and reasonable and supportable forecasts that affect the collectability of the financial asset. This differs from current GAAP, which delays recognition until it is probable a loss has been incurred. The new guidance is expected to accelerate recognition of credit losses. The types of assets within the scope of the new guidance include premium receivables, reinsurance recoverables and loans. ASU 2016-13 is effective for annual periods beginning after January 1, 2020, including interim periods. White Mountains measures its portfolio of investment securities at fair value with changes therein recognized through current period earnings and, accordingly, does not expect adoption to have any effect on its financial statements. Leases In February 2016, the FASB issued ASU 2016-02, Leases (ASC 842). The new guidance requires lessees to recognize lease assets and liabilities on the balance sheet for both operating and financing leases, with the exception of leases with an original term of 12 months or less. Under existing guidance recognition of lease assets and liabilities is not required for operating leases. The lease assets and liabilities to be recognized are both measured initially based on the present value of the lease payments. Under the new guidance, a sale-leaseback transaction must meet the recognition criteria under ASC 606, Revenues, in order to be accounted for as sale. The new guidance is effective for White Mountains for years beginning after December 15, 2018, including interim periods therein. White Mountains is evaluating the expected impact of this guidance and available adoption methods. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Pre-tax net investment income | The following table presents pre-tax net investment income for the three months ended March 31, 2018 and 2017 . Three Months Ended March 31, Millions 2018 2017 Investment income: Fixed maturity investments $ 10.9 $ 11.9 Short-term investments 2.6 .2 Common equity securities 5.0 1.3 Other long-term investments 1.9 (.1 ) Total investment income 20.4 13.3 Third-party investment expenses (.7 ) (.5 ) Net investment income, pre-tax $ 19.7 $ 12.8 |
Schedule of Realized and Unrealized Gain (Loss) on Investments | The following table presents net realized and unrealized investment gains (losses) for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, Millions 2018 2017 Net realized investment (losses) gains, pre-tax $ (5.1 ) $ .6 Net unrealized investment (losses) gains, pre-tax (48.6 ) 35.7 Net realized and unrealized investment (losses) gains, pre-tax (53.7 ) 36.3 Income tax benefit (expense) attributable to net realized and unrealized investment (losses) gains 5.7 (3.9 ) Net realized and unrealized investment (losses) gains, after-tax $ (48.0 ) $ 32.4 |
Schedule of realized gain (loss) on investments | The following table presents net realized investment gains (losses) for the three months ended March 31, 2018 and 2017 Three Months Ended Three Months Ended March 31, 2018 March 31, 2017 Millions Net Net Total net realized Net Net Total net realized Fixed maturity investments $ (13.7 ) $ 18.2 $ 4.5 $ (1.0 ) $ .1 $ (.9 ) Short-term investments (.1 ) — (.1 ) — — — Common equity securities 1.2 — 1.2 .8 .1 .9 Other long-term investments (3.5 ) (7.2 ) (10.7 ) .6 — .6 Net realized investment (losses) gains, pre-tax (16.1 ) 11.0 (5.1 ) .4 .2 .6 Income tax expense attributable to net realized investment (losses) gains (.6 ) — (.6 ) (.2 ) — (.2 ) Net realized investment (losses) gains, after-tax $ (16.7 ) $ 11.0 $ (5.7 ) $ .2 $ .2 $ .4 |
Schedule of unrealized gain (loss) on investments | The following tables present net unrealized investment gains (losses) and changes in the carrying value of investments measured at fair value for the three months ended March 31, 2018 and 2017 : Three Months Ended Three Months Ended March 31, 2018 March 31, 2017 Millions Net unrealized losses Net gains Total net unrealized (losses) gains reflected in earnings Net unrealized gains Net Total net unrealized gains reflected in earnings Fixed maturity investments $ (18.6 ) $ (14.8 ) $ (33.4 ) $ 10.2 $ 1.7 $ 11.9 Short-term investments (.7 ) — (.7 ) — — — Common equity securities (16.7 ) — (16.7 ) 19.1 .5 19.6 Other long-term investments (1.9 ) 4.1 2.2 6.9 (2.7 ) 4.2 Net unrealized investment (losses) gains, pre-tax (37.9 ) (10.7 ) (48.6 ) 36.2 (.5 ) 35.7 Income tax benefit (expense) attributable to net unrealized investment gains (losses) 6.3 — 6.3 (3.7 ) — (3.7 ) Net unrealized investment (losses) gains, after-tax $ (31.6 ) $ (10.7 ) $ (42.3 ) $ 32.5 $ (.5 ) $ 32.0 |
Net unrealized investment gains (losses) for Level 3 investments | The following table presents total gains (losses) included in earnings attributable to net unrealized investment gains (losses) for Level 3 investments for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, Millions 2018 2017 Other long-term investments $ (5.1 ) $ .2 Total net unrealized investment (losses) gains, pre-tax - Level 3 investments $ (5.1 ) $ .2 |
Investment holdings, equity securities, convertible fixed maturities and other long-term investments | The following tables present the cost or amortized cost, gross unrealized investment gains (losses), net foreign currency gains, and carrying values of White Mountains’s fixed maturity investments as of March 31, 2018 and December 31, 2017 . March 31, 2018 Millions Cost or amortized cost Gross unrealized gains Gross unrealized losses Net foreign currency gains Carrying value U.S. Government and agency obligations $ 199.9 $ — $ (2.2 ) $ — $ 197.7 Debt securities issued by corporations 760.5 .7 (17.5 ) — 743.7 Mortgage and asset-backed securities 132.5 .1 (2.6 ) — 130.0 Municipal obligations 261.8 1.9 (1.3 ) — 262.4 Total fixed maturity investments $ 1,354.7 $ 2.7 $ (23.6 ) $ — $ 1,333.8 December 31, 2017 Millions Cost or amortized cost Gross unrealized gains Gross unrealized losses Net foreign currency gains Carrying value U.S. Government and agency obligations $ 297.8 $ — $ (1.3 ) $ — $ 296.5 Debt securities issued by corporations 867.6 2.9 (4.3 ) 14.7 880.9 Mortgage and asset-backed securities 697.2 1.6 (4.1 ) — 694.7 Municipal obligations 252.0 3.7 (.8 ) — 254.9 Foreign government, agency and provincial obligations 2.6 — — .1 2.7 Total fixed maturity investments $ 2,117.2 $ 8.2 $ (10.5 ) $ 14.8 $ 2,129.7 The following tables present the cost or amortized cost, gross unrealized investment gains (losses), net foreign currency losses, and carrying values of White Mountains’s common equity securities and other long-term investments as of March 31, 2018 and December 31, 2017 : March 31, 2018 Millions Cost or amortized cost Gross unrealized gains Gross unrealized losses Net foreign Carrying value Common equity securities $ 835.9 $ 111.7 $ (2.0 ) $ — $ 945.6 Other long-term investments $ 288.8 $ 10.0 $ (44.8 ) $ (.9 ) $ 253.1 December 31, 2017 Millions Cost or Gross Gross Net foreign Carrying value Common equity securities $ 739.7 $ 129.4 $ (3.0 ) $ — $ 866.1 Other long-term investments $ 246.6 $ 6.8 $ (39.7 ) $ (4.9 ) $ 208.8 Other Long-Term Investments The following table presents the carrying values of White Mountains’s other long-term investments as of March 31, 2018 and December 31, 2017 : Carrying Value at Millions March 31, 2018 December 31, 2017 Hedge funds and private equity funds, at fair value $ 130.6 $ 125.3 Private equity securities, at fair value (1)(2)(3) 108.4 83.2 Foreign currency forward contracts — (3.7 ) Other 14.1 4.0 Total other long-term investments $ 253.1 $ 208.8 (1) See Fair Value Measurements by Level table. (2) Includes non-controlling interests in common equity securities, limited liability companies and private convertible preferred securities. (3) White Mountains holds a 20% ownership interest in OneTitle Holdings LLC (“OneTitle”) and has provided a $ 10.0 million surplus note facility under which OneTitle’s wholly-owned insurance subsidiary, OneTitle National Guaranty Company, Inc., may draw funds under certain circumstances. At March 31, 2018 , no funds had been drawn on the surplus note facility. |
Other long-term investments | The following table presents investments in hedge funds and private equity funds by investment objective and sector as of March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Millions Fair Value Unfunded Commitments Fair Value Unfunded Commitments Hedge funds Long/short banks and financial $ 56.4 $ — $ 54.9 $ — Total hedge funds 56.4 — 54.9 — Private equity funds Manufacturing/Industrial 44.5 10.4 43.3 10.4 Aerospace/Defense/Government 17.0 12.9 15.8 12.9 Direct lending 7.9 22.5 7.1 23.1 Financial services 4.8 11.1 4.2 11.7 Insurance — 41.2 — 41.2 Real estate — 50.0 — — Total private equity funds 74.2 148.1 70.4 99.3 Total hedge funds and private equity funds included in other long-term investments $ 130.6 $ 148.1 $ 125.3 $ 99.3 |
Fair Value of private equity funds subject to lock-up periods | The following table presents investments in private equity funds that were subject to lock-up periods as of March 31, 2018 : Millions 1 – 3 years 3 – 5 years 5 – 10 years >10 years Total Private equity funds — expected lock-up period remaining $6.1 $6.2 $49.2 $12.7 $74.2 |
Fair value measurements by level, investment securities | The following tables present White Mountains’s fair value measurements for investments as of March 31, 2018 and December 31, 2017 by level. The major security types were based on the legal form of the securities. White Mountains has disaggregated its fixed maturity investments based on the issuing entity type, which impacts credit quality, with debt securities issued by U.S. Government entities carrying minimal credit risk, while the credit and other risks associated with other issuers, such as corporations, foreign governments, municipalities or entities issuing mortgage and asset-backed securities vary depending on the nature of the issuing entity type. White Mountains further disaggregates debt securities issued by corporations and common equity securities by industry sector because investors often reference commonly used benchmarks and their subsectors to monitor risk and performance. Accordingly, White Mountains has further disaggregated these asset classes into subclasses based on the similar sectors and industry classifications it uses to evaluate investment risk and performance against commonly used benchmarks, such as the Bloomberg Barclays U.S. Intermediate Aggregate and S&P 500 indices. March 31, 2018 Millions Fair Value Level 1 Level 2 Level 3 Fixed maturity investments: U.S. Government and agency obligations $ 197.7 $ 197.7 $ — $ — Debt securities issued by corporations: Financials 151.0 — 151.0 — Consumer 144.8 — 144.8 — Technology 91.6 — 91.6 — Communications 84.9 — 84.9 — Health care 80.3 — 80.3 — Materials 76.1 — 76.1 — Energy 66.1 — 66.1 — Industrial 33.9 — 33.9 — Utilities 15.0 — 15.0 — Total debt securities issued by corporations: 743.7 — 743.7 — Mortgage and asset-backed securities 130.0 — 130.0 — Municipal obligations 262.4 — 262.4 — Total fixed maturity investments 1,333.8 197.7 1,136.1 — Short-term investments (1) 763.0 737.3 25.7 — Common equity securities: Exchange traded funds (2) 653.2 592.2 61.0 — Technology 18.0 18.0 — — Health care 16.9 16.9 — — Financials 15.9 15.9 — — Industrial 13.3 13.3 — — Consumer 8.6 8.6 — — Energy 6.5 6.5 — — Communications 5.2 5.2 — — Other (3) 208.0 — 208.0 — Total common equity securities 945.6 676.6 269.0 — Other long-term investments (4) 122.5 — — 122.5 Total investments $ 3,164.9 $ 1,611.6 $ 1,430.8 $ 122.5 (1) Short-term investments are measured at amortized cost, which approximates fair value. (2) ETFs traded on foreign exchanges are priced using the fund's published NAV to account for the difference in market close times and are therefore designated a level 2 measurement. (3) Consists of two investments in unit trusts that primarily invest in international equities. (4) Excludes carrying value of $130.6 associated with hedge funds and private equity funds for which fair value is measured at NAV using the practical expedient. December 31, 2017 Millions Fair Value Level 1 Level 2 Level 3 Fixed maturity investments: U.S. Government and agency obligations $ 296.5 $ 296.5 $ — $ — Debt securities issued by corporations: Consumer 185.1 — 185.1 — Communications 127.8 — 127.8 — Financials 114.8 — 114.8 — Utilities 108.9 — 108.9 — Materials 95.5 — 95.5 — Health care 94.3 — 94.3 — Technology 80.5 — 80.5 — Energy 48.1 — 48.1 — Industrial 25.9 — 25.9 — Total debt securities issued by corporations: 880.9 — 880.9 — Mortgage and asset-backed securities 694.7 — 694.7 — Municipal obligations 254.9 — 254.9 — Foreign government, agency and provincial obligations 2.7 — 2.7 — Total fixed maturity investments 2,129.7 296.5 1,833.2 — Short-term investments (1) 176.1 151.0 25.1 — Common equity securities: Exchange traded funds (2) 569.7 508.1 61.6 — Health care 17.1 17.1 — — Financials 16.3 16.3 — — Technology 15.1 15.1 — — Industrial 11.9 11.9 — — Communications 10.9 10.9 — — Consumer 10.7 10.7 — — Energy 3.8 3.8 — — Other (3) 210.6 — 210.6 — Total common equity securities 866.1 593.9 272.2 — Other long-term investments (4)(5) 87.2 — — 87.2 Total investments $ 3,259.1 $ 1,041.4 $ 2,130.5 $ 87.2 (1) Short-term investments are measured at amortized cost, which approximates fair value. (2) ETFs traded on foreign exchanges are priced using the fund’s published NAV to account for the difference in market close times and are therefore designated a level 2 measurement. (3) Consists of two investments in unit trusts that primarily invests in international equities. (4) Excludes carrying value of $(3.7) related to foreign currency forward contracts. (5) Excludes carrying value of $125.3 associated with hedge funds and private equity funds for which fair value is measured at NAV using the practical expedient. |
Debt securities issued by corporations, credit ratings | The following table presents the ratings of debt securities issued by corporations held in White Mountains’s investment portfolio as of March 31, 2018 and December 31, 2017 : Fair Value at Millions March 31, 2018 December 31, 2017 AAA $ 8.9 $ 1.6 AA 79.1 42.6 A 274.6 192.5 BBB 211.5 465.2 BB 151.0 161.7 B 18.6 17.3 Debt securities issued by corporations (1) $ 743.7 $ 880.9 (1) Credit ratings are assigned based on the following hierarchy: (1) Standard & Poor’s Financial Services LLC (“S&P”) and (2) Moody's Investor Service, Inc. (“Moody’s”). |
Mortgage-backed, asset-backed securities | The following table presents the carrying value of White Mountains’s mortgage and asset-backed securities as of March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Millions Fair Value Level 2 Level 3 Fair Value Level 2 Level 3 Mortgage-backed securities: Agency: GNMA $ 27.3 $ 27.3 $ — $ 46.3 $ 46.3 $ — FNMA 53.9 53.9 — 84.5 84.5 — FHLMC 36.1 36.1 — 62.0 62.0 — Total agency (1) 117.3 117.3 — 192.8 192.8 — Non-agency: Commercial — — — 70.5 70.5 — Total non-agency — — — 70.5 70.5 — Total mortgage-backed securities 117.3 117.3 — 263.3 263.3 — Other asset-backed securities: Credit card receivables 8.9 8.9 — 206.0 206.0 — Vehicle receivables 3.8 3.8 — 142.4 142.4 — Other — — — 83.0 83.0 — Total other asset-backed securities 12.7 12.7 — 431.4 431.4 — Total mortgage and asset-backed securities $ 130.0 $ 130.0 $ — $ 694.7 $ 694.7 $ — (1) Represents publicly traded mortgage-backed securities which carry the full faith and credit guaranty of the U.S. Government (i.e., GNMA) or are guaranteed by a government sponsored entity (i.e., FNMA, FHLMC). |
Non-agency commercial mortgage securities, type of interest rate and tranche levels | |
Rollforward of fair value investments by level | The following tables present the changes in White Mountains’s fair value measurements by level for the three months ended March 31, 2018 and 2017 : Level 3 Investments Millions Level 1 investments Level 2 investments Fixed maturity investments Other long-term investments Hedge Funds and Private Equity Funds measured at NAV (3) Total Balance at January 1, 2018 $ 890.4 $ 2,105.4 $ — $ 87.2 $ 125.3 $ 3,208.3 (1)(2) Net realized and unrealized (losses) gains (14.3 ) (26.0 ) — (8.7 ) 3.6 (45.4 ) (4) Amortization/Accretion — (1.2 ) — — — (1.2 ) Purchases 238.9 407.7 — 44.0 2.0 692.6 Sales (240.7 ) (1,080.8 ) — — (.3 ) (1,321.8 ) Transfers in — — — — — — Transfers out — — — — — — Balance at March 31, 2018 $ 874.3 $ 1,405.1 $ — $ 122.5 $ 130.6 $ 2,532.5 (2) (1) Excludes carrying value of $(3.7) as of January 1, 2018 associated with foreign currency forward contracts. (2) Excludes carrying value of $ 176.1 and $ 763.0 at January 1, 2018 and March 31, 2018 classified as short-term investments. (3) Investments for which fair value is measured at NAV using the practical expedient are no longer classified within the fair value hierarchy. See Note 1 — “Basis of Presentation and Significant Accounting Policies” . (4) Excludes realized and unrealized losses associated with foreign currency forward contracts, foreign currency on cash and open trades and short-term investments of $3.5 , $4.2 and $0.6 for the three months ended March 31, 2018. Level 3 Investments Millions Level 1 investments Level 2 investments Fixed maturity investments Other long-term investments Hedge Funds and Private Equity Funds measured at NAV (3) Total Balance at January 1, 2017 $ 279.5 $ 2,093.8 $ — $ 91.4 $ 82.6 $ 2,547.3 (1)(2)(4) Net realized and unrealized gains 13.1 18.4 .1 .2 7.3 39.1 (5) Amortization/Accretion — (2.5 ) — — — (2.5 ) Purchases 115.2 351.1 11.0 .2 21.4 498.9 Sales (76.0 ) (387.6 ) — (2.0 ) (1.2 ) (466.8 ) Deconsolidation of SSIE — (5.2 ) — — — (5.2 ) Transfers in — — — — — — Transfers out — — — — — — Balance at March 31, 2017 $ 331.8 $ 2,068.0 $ 11.1 $ 89.8 $ 110.1 $ 2,610.8 (1)(2) (1) Excludes carrying value of $ 175.0 and $ 138.2 at January 1, 2017 and March 31, 2017 classified as short-term investments, of which $0.1 is classified as held for sale at January 1, 2017 . (2) Excludes carrying value of $(1.2) and $(4.1) as of January 1, 2017 and March 31, 2017 associated with foreign currency forward contracts. (3) Investments for which fair value is measured at NAV using the practical expedient are no longer classified within the fair value hierarchy. See Note 1 — “Basis of Presentation and Significant Accounting Policies” . (4) Includes carrying value of $6.6 of fixed maturity investments at January 1, 2017 that is classified as assets held for sale related to SSIE. (5) Excludes realized and unrealized losses associated with foreign currency forward contracts of $2.8 for the three months ended March 31, 2017. |
Schedule of significant unobservable inputs used in estimating the fair value of investment securities | The following tables present significant unobservable inputs used in estimating the fair value of investment securities, other than hedge funds and private equity funds, classified within Level 3 as of March 31, 2018 and December 31, 2017 . The fair value of investments in hedge funds and private equity funds are generally estimated using the NAV of the funds. $ in millions, except share price March 31, 2018 Description Valuation Technique(s) Fair Value (1) Unobservable Input Private equity security Discounted cash flow $21.0 Discount rate - 25.0% Private equity security Discounted cash flow $22.1 Implied share price - $.68 Private convertible preferred security Discounted cash flow $14.5 Implied share price - $2.06 Private equity security Discounted cash flow/ Option pricing method $11.6 Discount rate - 21.0% Time until expiration - 4 years Volatility/Standard deviation - 50.0% Risk free rate - 1.77% Private debt instrument Discounted cash flow $10.5 Discount rate - 9.62% (1) Includes the net unrealized investment gains (losses) associated with foreign currency; foreign currency effects based on observable inputs. $ in millions, except share price December 31, 2017 Description Valuation Technique(s) Fair Value (1) Unobservable Input Private equity security Share price of most recent transaction $21.0 Share price - $1.00 Private equity security Discounted cash flow $22.1 Implied share price - $.68 Private convertible preferred security Discounted cash flow $14.5 Implied share price - $2.06 Private equity security Discounted cash flow/ Option pricing method $11.3 Discount rate - 21.0% Time until expiration - 4 years Volatility/Standard deviation - 50.0% Risk free rate - 1.77% Private equity security Share price of most recent transaction $3.6 Share price - $2.52 Private convertible preferred security Multiple of EBITDA $0.6 EBITDA multiple - 6.00 (1) Includes the net unrealized investment gains (losses) associated with foreign currency; foreign currency effects based on observable inputs. |
Goodwill and Other Intangible29
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill and Intangible Assets | The following table presents the change in goodwill and other intangible assets: Three Months Ended March 31, 2018 2017 Millions Goodwill Other intangible assets Total Goodwill Other intangible assets Total Beginning balance $ 25.9 $ 36.2 $ 62.1 $ 25.9 $ 19.3 $ 45.2 Amortization, including foreign currency translation — (2.9 ) (2.9 ) — (2.3 ) (2.3 ) Ending balance $ 25.9 $ 33.3 $ 59.2 $ 25.9 $ 17.0 $ 42.9 |
Schedule of Intangible Assets and Goodwill | The following table presents the goodwill and other intangible assets as of March 31, 2018 and December 31, 2017 : Millions March 31, 2018 December 31, 2017 Goodwill MediaAlpha $ 18.3 $ 18.3 Other 7.6 7.6 Total goodwill 25.9 25.9 Other intangible assets MediaAlpha 32.5 35.4 Other .8 .8 Total other intangible assets 33.3 36.2 Total goodwill and other intangible assets 59.2 62.1 Goodwill and other intangible assets attributed to non-controlling interests (21.1 ) (21.1 ) Goodwill and other intangible assets included in White Mountains’s $ 38.1 $ 41.0 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of debt outstanding | The following table presents White Mountains’s debt outstanding as of March 31, 2018 and December 31, 2017 : Millions March 31, Effective Rate (1) December 31, Effective Rate (1) WTM Bank Facility $ — N/A $ — N/A Unamortized issue costs — — WTM Bank Facility, carrying value — — MediaAlpha Bank Facility 21.6 6.2% 23.9 5.6% Unamortized issuance cost (.1 ) (.1 ) MediaAlpha Bank Facility, carrying value 21.5 23.8 Total debt $ 21.5 $ 23.8 (1) Effective rate considers the effect of the debt issuance costs. |
Municipal Bond Guarantee (Table
Municipal Bond Guarantee (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Guarantees [Abstract] | |
Schedule of Municipal Bond Guarantee Insured Obligations | The following table presents a schedule of BAM’s insured obligations: March 31, 2018 December 31, 2017 Contracts outstanding 6,541 6,371 Remaining weighted average contract period outstanding (in years) 10.8 10.9 Contractual debt service outstanding (in millions): Principal $ 43,139.2 $ 42,090.6 Interest 21,420.6 21,057.1 Total debt service outstanding $ 64,559.8 $ 63,147.7 Gross unearned insurance premiums $ 140.2 $ 136.8 |
Financial Guarantee Insurance Contracts, Premium Received over Contract Period | The following table presents a schedule of BAM’s future premium revenues as of March 31, 2018 : Millions March 31, 2018 April 1, 2018 - December 31, 2018 $ 8.9 January 1, 2019 - March 31, 2019 2.9 April 1, 2019 - June 30, 2019 2.9 July 1, 2019 - September 30, 2019 2.9 October 1, 2019 - December 31, 2019 2.9 11.6 2020 11.1 2021 10.6 2022 10.1 2023 and thereafter 87.9 Total gross unearned insurance premiums $ 140.2 |
Schedule of Net Written Premiums | The following table presents a schedule of net written premiums included in White Mountains’s HG Global/BAM segment for the three months years ended March 31, 2018 and 2017 : Three Months Ended March 31, Millions 2018 2017 Gross written premiums $ 6.4 $ 18.7 Assumed (ceded) written premiums — — Net written premiums $ 6.4 $ 18.7 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Computation of earnings per share | The following table presents the Company’s computation of earnings per share from continuing operations for the three months ended March 31, 2018 and 2017 . See Note 16 — “Held for Sale and Discontinued Operations” . Three Months Ended March 31, 2018 2017 Basic and diluted earnings per share numerators (in millions): Net (loss) income attributable to White Mountains’s common shareholders $ (48.0 ) $ 29.0 Less: total income from discontinued operations, net of tax .1 31.3 Net loss from continuing operations attributable to White Mountains’s common shareholders $ (48.1 ) $ (2.3 ) Allocation of earnings to participating restricted common shares (1) .4 — Basic and diluted earnings per share numerators $ (47.7 ) $ (2.3 ) Basic earnings per share denominators (in thousands): Total average common shares outstanding during the period 3,746.1 4,564.6 Average unvested restricted common shares (2) (35.9 ) (52.5 ) Basic earnings per share denominator 3,710.2 4,512.1 Diluted earnings per share denominator (in thousands): Total average common shares outstanding during the period 3,746.1 4,564.6 Average unvested restricted common shares (2) (35.9 ) (52.5 ) Diluted earnings per share denominator 3,710.2 4,512.1 Basic and diluted earnings per share (in dollars) - continuing operations: Distributed earnings - dividends declared and paid $ 1.00 $ 1.00 Undistributed earnings (losses) (13.85 ) (1.52 ) Basic and diluted earnings per share $ (12.85 ) $ (.52 ) (1) Restricted shares issued by White Mountains receive dividends, and therefore, are considered participating securities. (2) Restricted shares outstanding vest either in equal annual installments or upon a stated date. See Note 10 — “Employee Share-Based Incentive Compensation Plans” |
Disposal Groups, Including Discontinued Operations | The following table presents the undistributed net earnings (losses) from continuing operations for the three months ended March 31, 2018 and 2017 . See Note 16 — “Held for Sale and Discontinued Operations” . Three Months Ended March 31, Millions 2018 2017 Undistributed net losses - continuing operations: Net loss attributable to White Mountains’s common shareholders, net of restricted common share amounts $ (47.7 ) $ (2.3 ) Dividends declared net of restricted common share amounts (1) (3.7 ) (4.5 ) Total undistributed net losses, net of restricted common share amounts $ (51.4 ) $ (6.8 ) (1) Restricted shares issued by White Mountains receive dividends, and therefore, are considered participating securities. Net Income (Loss) from Discontinued Operations The following table presents the results of operations, including related income taxes, associated with the business classified as discontinued operations. For the three months ended March 31, 2018 , the amounts presented relate to Sirius Group. For the three months ended March 31, 2017 , the amounts presented relate to OneBeacon and Tranzact. The results of discontinued operations from Sirius Group and Tranzact up to the closing date of the transaction inured to White Mountains. Given the fixed price nature of the OneBeacon Transaction, OneBeacon’s results were economically transferred to the buyer at signing. Three Months Ended Three Months Ended March 31, 2018 March 31, 2017 Millions Sirius Group Total OneBeacon Tranzact Total Revenues Earned insurance premiums $ — $ — $ 261.8 $ — $ 261.8 Net investment income — — 12.2 — 12.2 Net realized and unrealized gains — — 15.0 — 15.0 Other revenue — — 3.4 — 3.4 Total revenues — — 292.4 — 292.4 Expenses Loss and loss adjustment expenses — — 150.6 — 150.6 Insurance and reinsurance acquisition expenses — — 45.3 — 45.3 Other underwriting expenses — — 51.7 — 51.7 General and administrative expenses — — 5.0 — 5.0 Interest expense — — 3.3 — 3.3 Total expenses — — 255.9 — 255.9 Pre-tax income — — 36.5 — 36.5 Income tax expense — — (4.2 ) — (4.2 ) Net income from discontinued operations — — 32.3 — 32.3 Net gain (loss) from sale of discontinued operations .1 .1 — (1.0 ) (1.0 ) Total income (loss) from discontinued operations .1 .1 32.3 (1.0 ) 31.3 Change in foreign currency translation and other from discontinued operations — — (.1 ) — (.1 ) Comprehensive income (loss) from discontinued operations $ .1 $ .1 $ 32.2 $ (1.0 ) $ 31.2 Net Change in Cash from Discontinued Operations The following tables presents the net change in cash, including income tax payments to national governments and interest paid associated with the business classified as discontinued operations: Three Months Ended March 31, Millions 2018 2017 Net cash provided from (used for) operations $ .1 $ (1.3 ) Net cash (used for) provided from investing activities (.1 ) 32.3 Net cash used for financing activities — (21.0 ) Net change in cash during the period — 10.0 Cash balances at beginning of period — 70.5 Net change in cash held for sale, excluding discontinued operations — (.9 ) Cash balances at end of period $ — $ 79.6 Supplemental cash flows information: Interest paid $ — $ — Net income tax payment to national governments $ — $ — Earnings Per Share from Discontinued Operations White Mountains calculates earnings per share using the two-class method, which allocates earnings between common and unvested restricted common shares. Both classes of shares participate equally in earnings on a per share basis. Basic earnings per share amounts are based on the weighted average number of common shares outstanding adjusted for unvested restricted common shares. Diluted earnings per share amounts are also impacted by the net effect of potentially dilutive common shares outstanding. The following table presents the Company’s computation of earnings per share for discontinued operations for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, 2018 2017 Basic and diluted earnings per share numerators (in millions): Net income attributable to White Mountains’s common shareholders $ (48.0 ) $ 29.0 Less total loss from continuing operations, net of tax 48.1 2.3 Net income from discontinued operations attributable to White Mountains’s common shareholders $ .1 $ 31.3 Allocation of earnings to participating restricted common shares (1) — (.4 ) Basic and diluted earnings per share numerators $ .1 $ 30.9 Basic earnings per share denominators (in thousands): Total average common shares outstanding during the period 3,746.1 4,564.6 Average unvested restricted common shares (3) (35.9 ) (52.5 ) Basic earnings per share denominator 3,710.2 4,512.1 Diluted earnings per share denominator (in thousands): Total average common shares outstanding during the period 3,746.1 4,564.6 Average unvested restricted common shares (3) (35.9 ) (52.5 ) Diluted earnings per share denominator 3,710.2 4,512.1 Basic earnings per share (in dollars) - discontinued operations: $ .03 $ 6.86 Diluted earnings per share (in dollars) - discontinued operations: $ .03 $ 6.86 (1) Restricted shares issued by White Mountains contain dividend participation features, and therefore, are considered participating securities. (2) Net earnings attributable to White Mountains’s common shareholders, net of restricted share amounts, is equal to undistributed earnings for the three months ended March 31, 2018 and 2017 . (3) Restricted common shares outstanding vest either in equal annual installments or upon a stated date. See Note 10 — “Employee Share-Based Incentive Compensation Plans” . |
Employee Share-Based Incentiv33
Employee Share-Based Incentive Compensation Plans (Tables) - White Mountains | 3 Months Ended |
Mar. 31, 2018 | |
Share-based compensation arrangement by share-based payment award | |
Summary of performance shares outstanding and accrued expense for performance shares awarded under the WTM Incentive Plan | The following table presents the performance share activity for the three months ended March 31, 2018 and 2017 for performance shares granted under the WTM Incentive Plan: Three Months Ended March 31, 2018 2017 Millions, except share amounts Target Performance Accrued Expense Target Performance Accrued Expense Beginning of period 50,515 $ 45.8 80,353 $ 42.4 Shares paid (1) (23,186 ) (28.4 ) (30,167 ) (20.8 ) New grants 14,105 — 16,460 — Forfeitures and cancellations (2) (818 ) .3 (9,841 ) (5.7 ) Expense recognized — 3.3 — 8.1 End of period (3) 40,616 $ 21.0 56,805 $ 24.0 (1) WTM performance share payments in 2018 for the 2015-2017 performance cycle, which were paid in March 2018, ranged from 145% to 147% of target. WTM performance share payments in 2017 for the 2014-2016 performance cycle, which were paid in March 2017, ranged from 34% to 76% of target. (2) Amounts include changes in assumed forfeitures, as required under GAAP. (3) Outstanding performance share awards as of March 31, 2017 excludes 2,195 performance share awards granted to employees of Sirius Group. |
Share-based Compensation, Performance Shares Award Outstanding Activity | The following table presents performance shares outstanding and accrued expense for performance shares awarded under the WTM Incentive Plan at March 31, 2018 for each performance cycle: Three Months Ended March 31, 2018 Millions, except share amounts Target Performance Shares Outstanding Accrued Expense Performance cycle: 2016 – 2018 13,715 $ 12.7 2017 – 2019 14,070 7.7 2018 – 2020 13,450 .9 Sub-total 41,235 21.3 Assumed forfeitures (619 ) (.3 ) March 31, 2018 40,616 $ 21.0 |
Summary of restricted shares activity | The following table presents the unrecognized compensation cost associated with the outstanding restricted share awards for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, 2018 2017 Millions, except share amounts Restricted Unamortized Restricted Unamortized Non-vested, Beginning of period 53,755 $ 14.3 70,620 $ 19.7 Issued 14,105 11.4 16,735 15.8 Vested (25,381 ) — (22,015 ) — Forfeited (969 ) (.2 ) (5,200 ) (2.8 ) Expense recognized — (3.3 ) — (3.6 ) End of period (1) 41,510 $ 22.2 60,140 $ 29.1 (1) Restricted share awards outstanding as of March 31, 2017 includes 2,195 restricted shares issued to employees of Sirius Group, which was accounted for as discontinued operations. |
Non-controlling Interest (Table
Non-controlling Interest (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Noncontrolling Interest [Abstract] | |
Non-controlling Interests | The following table presents the balance of non-controlling interests included in White Mountains’s total equity and the related percentage of each consolidated entity’s total equity owned by non-controlling shareholders as of March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 $ in millions Non-controlling Percentage Non-controlling Equity Non-controlling Percentage Non-controlling Equity Other, excluding mutuals HG Global 3.1 % $ 15.7 3.1 % $ 15.9 MediaAlpha 37.7 16.2 35.7 13.1 Buzzmove 22.9 2.4 22.9 2.5 Total other, excluding mutuals 34.3 31.5 Mutuals BAM 100.0 (177.5 ) 100.0 (163.2 ) Total non-controlling interests $ (143.2 ) $ (131.7 ) |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Financial information for White Mountains' segments | The following table presents the financial information for White Mountains’s segments: Millions HG Global/BAM MediaAlpha Other Operations Total Three Months Ended March 31, 2018 Earned insurance premiums $ 3.0 $ — $ — $ 3.0 Net investment income 3.7 — 16.0 19.7 Net realized and unrealized investment losses (7.9 ) — (45.8 ) (53.7 ) Advertising and commission revenues (1) — 70.1 .9 71.0 Other revenue .2 1.6 .3 2.1 Total revenues (1.0 ) 71.7 (28.6 ) 42.1 Insurance acquisition expenses 1.4 — — 1.4 Other underwriting expenses .1 — — .1 Cost of sales — 57.4 .7 58.1 General and administrative expenses 11.8 14.1 22.0 47.9 Interest expense — .4 .2 .6 Total expenses 13.3 71.9 22.9 108.1 Pre-tax loss $ (14.3 ) $ (.2 ) $ (51.5 ) $ (66.0 ) (1) Approximately 31% of MediaAlpha’s advertising revenue was associated with one customer for the three months ended March 31, 2018. Millions HG Global/BAM MediaAlpha Other Operations Total Three Months Ended March 31, 2017 Earned insurance premiums $ 2.0 $ — $ 1.0 $ 3.0 Net investment income 2.6 — 10.2 12.8 Net realized and unrealized investment gains 1.3 — 35.0 36.3 Advertising and commission revenues (1) — 32.5 1.3 33.8 Other revenue .4 — 2.5 2.9 Total revenues 6.3 32.5 50.0 88.8 Losses and loss adjustment expenses — — 1.1 1.1 Insurance acquisition expenses 1.2 — .1 1.3 Other underwriting expenses .1 — — .1 Cost of sales — 27.7 1.1 28.8 General and administrative expenses 10.6 5.6 44.5 60.7 Interest expense — .2 .2 .4 Total expenses 11.9 33.5 47.0 92.4 Pre-tax (loss) income $ (5.6 ) $ (1.0 ) $ 3.0 $ (3.6 ) (1) Approximately 27% of MediaAlpha’s advertising revenue was associated with one customer for the three months ended March 31, 2017. |
Investments in Unconsolidated36
Investments in Unconsolidated Entities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |
Investments in and Advances to Affiliates | The following table presents the carrying values of investments in equity method eligible unconsolidated entities recorded within other long-term investments: Millions March 31, 2018 December31, 2017 Equity method eligible private equity securities, at fair value $ 84.7 $ 58.0 Investments, accounted for under the equity method 5.7 4.6 Total investments in equity method eligible unconsolidated entities 90.4 62.6 Other unconsolidated investments (1) 162.7 146.2 Total other long-term investments $ 253.1 $ 208.8 (1) Consists of other long-term investments that are not equity method eligible. |
Affiliated Entity | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investments | The following table presents White Mountains’s investments in equity method eligible unconsolidated entities as of March 31, 2018 and December 31, 2017: Investee Ownership Interest Instrument Held March 31, 2018 December 31, 2017 Compare.com 22% 22% Common shares DavidShield (1) 50% — Common shares durchblicker 45% 45% Common shares Kudu 50% — Units OneTitle 20% 20% Common shares PassportCard (1) 50% 50% Common shares Tuckerman Capital Fund III 21% 21% Units |
Fair Value of Financial Instr37
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Summary of the fair value and carrying value of financial instruments | The following table presents the fair value and carrying value of this financial instrument as of March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Millions Fair Value Carrying Value Fair Value Carrying Value MediaAlpha Bank Facility $ 21.8 $ 21.6 $ 23.9 $ 23.8 |
Held for Sale and Discontinue38
Held for Sale and Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table presents the undistributed net earnings (losses) from continuing operations for the three months ended March 31, 2018 and 2017 . See Note 16 — “Held for Sale and Discontinued Operations” . Three Months Ended March 31, Millions 2018 2017 Undistributed net losses - continuing operations: Net loss attributable to White Mountains’s common shareholders, net of restricted common share amounts $ (47.7 ) $ (2.3 ) Dividends declared net of restricted common share amounts (1) (3.7 ) (4.5 ) Total undistributed net losses, net of restricted common share amounts $ (51.4 ) $ (6.8 ) (1) Restricted shares issued by White Mountains receive dividends, and therefore, are considered participating securities. Net Income (Loss) from Discontinued Operations The following table presents the results of operations, including related income taxes, associated with the business classified as discontinued operations. For the three months ended March 31, 2018 , the amounts presented relate to Sirius Group. For the three months ended March 31, 2017 , the amounts presented relate to OneBeacon and Tranzact. The results of discontinued operations from Sirius Group and Tranzact up to the closing date of the transaction inured to White Mountains. Given the fixed price nature of the OneBeacon Transaction, OneBeacon’s results were economically transferred to the buyer at signing. Three Months Ended Three Months Ended March 31, 2018 March 31, 2017 Millions Sirius Group Total OneBeacon Tranzact Total Revenues Earned insurance premiums $ — $ — $ 261.8 $ — $ 261.8 Net investment income — — 12.2 — 12.2 Net realized and unrealized gains — — 15.0 — 15.0 Other revenue — — 3.4 — 3.4 Total revenues — — 292.4 — 292.4 Expenses Loss and loss adjustment expenses — — 150.6 — 150.6 Insurance and reinsurance acquisition expenses — — 45.3 — 45.3 Other underwriting expenses — — 51.7 — 51.7 General and administrative expenses — — 5.0 — 5.0 Interest expense — — 3.3 — 3.3 Total expenses — — 255.9 — 255.9 Pre-tax income — — 36.5 — 36.5 Income tax expense — — (4.2 ) — (4.2 ) Net income from discontinued operations — — 32.3 — 32.3 Net gain (loss) from sale of discontinued operations .1 .1 — (1.0 ) (1.0 ) Total income (loss) from discontinued operations .1 .1 32.3 (1.0 ) 31.3 Change in foreign currency translation and other from discontinued operations — — (.1 ) — (.1 ) Comprehensive income (loss) from discontinued operations $ .1 $ .1 $ 32.2 $ (1.0 ) $ 31.2 Net Change in Cash from Discontinued Operations The following tables presents the net change in cash, including income tax payments to national governments and interest paid associated with the business classified as discontinued operations: Three Months Ended March 31, Millions 2018 2017 Net cash provided from (used for) operations $ .1 $ (1.3 ) Net cash (used for) provided from investing activities (.1 ) 32.3 Net cash used for financing activities — (21.0 ) Net change in cash during the period — 10.0 Cash balances at beginning of period — 70.5 Net change in cash held for sale, excluding discontinued operations — (.9 ) Cash balances at end of period $ — $ 79.6 Supplemental cash flows information: Interest paid $ — $ — Net income tax payment to national governments $ — $ — Earnings Per Share from Discontinued Operations White Mountains calculates earnings per share using the two-class method, which allocates earnings between common and unvested restricted common shares. Both classes of shares participate equally in earnings on a per share basis. Basic earnings per share amounts are based on the weighted average number of common shares outstanding adjusted for unvested restricted common shares. Diluted earnings per share amounts are also impacted by the net effect of potentially dilutive common shares outstanding. The following table presents the Company’s computation of earnings per share for discontinued operations for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, 2018 2017 Basic and diluted earnings per share numerators (in millions): Net income attributable to White Mountains’s common shareholders $ (48.0 ) $ 29.0 Less total loss from continuing operations, net of tax 48.1 2.3 Net income from discontinued operations attributable to White Mountains’s common shareholders $ .1 $ 31.3 Allocation of earnings to participating restricted common shares (1) — (.4 ) Basic and diluted earnings per share numerators $ .1 $ 30.9 Basic earnings per share denominators (in thousands): Total average common shares outstanding during the period 3,746.1 4,564.6 Average unvested restricted common shares (3) (35.9 ) (52.5 ) Basic earnings per share denominator 3,710.2 4,512.1 Diluted earnings per share denominator (in thousands): Total average common shares outstanding during the period 3,746.1 4,564.6 Average unvested restricted common shares (3) (35.9 ) (52.5 ) Diluted earnings per share denominator 3,710.2 4,512.1 Basic earnings per share (in dollars) - discontinued operations: $ .03 $ 6.86 Diluted earnings per share (in dollars) - discontinued operations: $ .03 $ 6.86 (1) Restricted shares issued by White Mountains contain dividend participation features, and therefore, are considered participating securities. (2) Net earnings attributable to White Mountains’s common shareholders, net of restricted share amounts, is equal to undistributed earnings for the three months ended March 31, 2018 and 2017 . (3) Restricted common shares outstanding vest either in equal annual installments or upon a stated date. See Note 10 — “Employee Share-Based Incentive Compensation Plans” . |
Financial Statement Revisions (
Financial Statement Revisions (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) Three months ended March 31, 2017 Millions, except for per share amounts As previously reported Adjustments As revised Revenues: Financial Guarantee (HG Global/BAM) Financial Guarantee revenues $ 6.3 $ — $ 6.3 Marketing Technology (MediaAlpha) Marketing Technology revenues 32.5 — 32.5 Other Advertising & commission revenues 6.0 (4.7 ) 1.3 Other revenues (1) 48.7 — 48.7 Total revenues 93.5 (4.7 ) 88.8 Expenses: Financial Guarantee (HG Global/BAM) Financial Guarantee expenses 11.9 — 11.9 Marketing Technology (MediaAlpha) Marketing Technology expenses 33.5 — 33.5 Other Other expenses (2)(3) 46.8 .2 47.0 Total expenses 92.2 .2 92.4 Pre-tax income (loss) 1.3 (4.9 ) (3.6 ) Income tax benefit .3 — .3 Net income (loss) from continuing operations 1.6 (4.9 ) (3.3 ) Loss on sale of discontinued operations (1.0 ) — (1.0 ) Net income from discontinued operations 32.3 — 32.3 Net income (loss) (4) 32.9 (4.9 ) 28.0 Net loss (income) attributable to non-controlling interests 1.3 (.3 ) 1.0 Net income (loss) attributable to White Mountains’s common shareholders 34.2 (5.2 ) 29.0 Other comprehensive income (loss), net of tax .9 (.7 ) .2 Comprehensive income (loss) 35.1 (5.9 ) 29.2 Comprehensive loss attributable to non-controlling interests — — — Comprehensive income (loss) attributable to White Mountains’s common shareholders $ 35.1 $ (5.9 ) $ 29.2 Basic and diluted earnings per share - continuing operations $ 7.49 $ (1.15 ) $ 6.34 (1) Total other revenues include earned insurance premiums, net investment income, net realized and unrealized losses, and other revenues. (2) Total other expenses include loss and loss adjustment expenses, insurance acquisition expenses, cost of sales, general and administrative expenses, and interest expense. (3) The adjustments to other expenses is primarily related to the write-off of goodwill and intangible assets for Wobi. (4) The adjustment to net income resulted in a corresponding adjustment in the statement of cash flows, with an offsetting adjustment to the change in other assets and liabilities within the operating cash flows section. There was no change to cash flows from operations, cash flows from investing activities or cash flows from financing activities. CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY Three months ended March 31, 2017 Millions As previously reported Adjustments As revised Common shares and paid-in surplus $ 807.1 $ .7 $ 807.8 Retained earnings, beginning of year 2,797.2 (20.6 ) 2,776.6 Share repurchases (5.1 ) — (5.1 ) Net income (loss) 34.2 (5.2 ) 29.0 Dividends (4.6 ) — (4.6 ) Retained earnings, end of period 2,821.7 (25.8 ) 2,795.9 Accumulated other comprehensive loss, after tax, beginning of year (4.6 ) — (4.6 ) Net change in foreign currency translation .9 (.7 ) .2 Accumulated other comprehensive income, after tax, end of period (3.7 ) (.7 ) (4.4 ) White Mountains’s common shareholders’ equity 3,625.1 (25.8 ) 3,599.3 Non-controlling interests, beginning of year 133.9 (.6 ) 133.3 Net loss (1.3 ) .3 (1.0 ) Other changes in non-controlling interests (.2 ) (.6 ) (.8 ) Non-controlling interests, end of period 132.4 (.9 ) 131.5 Total equity $ 3,757.5 $ (26.7 ) $ 3,730.8 CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2017 Millions As previously reported Adjustments As revised Assets Financial Guarantee (HG Global/BAM) Financial Guarantee assets $ 699.1 $ — $ 699.1 Marketing Technology (MediaAlpha) Marketing Technology assets 53.2 — 53.2 Other Goodwill 13.4 (5.8 ) 7.6 Other intangible assets 4.5 (3.4 ) 1.1 Other assets — commissions receivable 21.4 (17.2 ) 4.2 Other assets 2,146.3 — 2,146.3 Assets held for sale 3,578.9 — 3,578.9 Total assets $ 6,516.8 $ (26.4 ) $ 6,490.4 Liabilities Financial Guarantee (HG Global/BAM) Financial Guarantee liabilities $ 126.4 $ — $ 126.4 Marketing Technology (MediaAlpha) Marketing Technology liabilities 25.6 — 25.6 Other Liabilities held for sale 2,535.2 — 2,535.2 Other liabilities 72.1 .3 72.4 Total liabilities 2,759.3 .3 2,759.6 Equity White Mountains’s common shares 4.6 — 4.6 Paid in surplus 802.5 .7 803.2 Retained earnings 2,821.7 (25.8 ) 2,795.9 Accumulated other comprehensive income, net of tax (3.7 ) (.7 ) (4.4 ) White Mountains’s common shareholders’ equity 3,625.1 (25.8 ) 3,599.3 Non-controlling interests 132.4 (.9 ) 131.5 Total equity 3,757.5 (26.7 ) 3,730.8 Total liabilities and equity $ 6,516.8 $ (26.4 ) $ 6,490.4 |
Basis of Presentation and Sig40
Basis of Presentation and Significant Accouting Policies (Basis of Presentation) (Details) $ / shares in Units, $ in Millions | 3 Months Ended | ||||
Mar. 31, 2018USD ($)publisheradvertiser | Mar. 31, 2017USD ($) | Dec. 31, 2017 | Sep. 28, 2017$ / shares | Jul. 31, 2012USD ($) | |
HG Global | |||||
Basis of Presentation | |||||
Percentage of par value of policy reinsured | 15.00% | ||||
Surplus notes | $ 499 | $ 503 | |||
MediaAlpha | |||||
Basis of Presentation | |||||
Ownership interest (as a percent) | 62.30% | 64.40% | |||
Number of advertisers | advertiser | 550 | ||||
Number of publishers | publisher | 325 | ||||
Preferred Stock | HG Global | |||||
Basis of Presentation | |||||
Ownership interest (as a percent) | 96.90% | 96.90% | |||
Common Stock | HG Global | |||||
Basis of Presentation | |||||
Ownership interest (as a percent) | 88.40% | 88.40% | |||
Restricted Stock | |||||
Basis of Presentation | |||||
Payments related to tax withholding for share-based compensation | $ 8.4 | $ 6.5 | |||
OneBeacon | |||||
Basis of Presentation | |||||
Business acquisition, share price | $ / shares | $ 18.10 |
Significant Transactions (Detai
Significant Transactions (Details) - USD ($) $ in Millions | Jan. 24, 2018 | Oct. 05, 2017 | Sep. 28, 2017 | Oct. 05, 2016 | Jul. 21, 2016 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Feb. 05, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Gain from sale of other discontinued operations, net of tax | $ 0.1 | $ 0.1 | $ (1) | |||||||
Healthplans.com | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Payments to acquire businesses and interest in affiliates | $ 28 | |||||||||
MediaAlpha | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Ownership interest (as a percent) | 62.30% | 64.40% | ||||||||
OneBeacon | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Sales of unconsolidated affiliates and consolidated subsidiaries, net of cash sold | $ 1,300 | |||||||||
Gain from sale of other discontinued operations, net of tax | $ 554.6 | |||||||||
Tranzact | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Sales of unconsolidated affiliates and consolidated subsidiaries, net of cash sold | $ 1.2 | $ 221.3 | ||||||||
Gain from sale of other discontinued operations, net of tax | $ 51.9 | |||||||||
DavidShield & PassportCard | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Equity method investment, aggregate cost | $ 42 | |||||||||
Payments to acquire business, net | $ 28 | |||||||||
Ownership interest (as a percent) | 50.00% | |||||||||
Kudu Investment Management, LLC | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Equity method investment, aggregate cost | $ 1.8 | $ 127.5 | ||||||||
Ownership interest (as a percent) | 50.00% | 0.00% | ||||||||
Capital Unit, Class A | MediaAlpha | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Capital units, purchased | 131,579 | |||||||||
Capital units, value | $ 12.5 |
Investment Securities (Net Inve
Investment Securities (Net Investment Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Investment income | ||
Total investment income | $ 20.4 | $ 13.3 |
Third-party investment expenses | (0.7) | (0.5) |
Net investment income, pre-tax | 19.7 | 12.8 |
Fixed maturity investments | ||
Investment income | ||
Total investment income | 10.9 | 11.9 |
Short-term investments | ||
Investment income | ||
Total investment income | 2.6 | 0.2 |
Common Stock | ||
Investment income | ||
Total investment income | 5 | 1.3 |
Other long-term investments | ||
Investment income | ||
Total investment income | $ 1.9 | $ (0.1) |
Investment Securities (Net Real
Investment Securities (Net Realized and Unrealized Investment Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | ||
Net realized investment (losses) gains, pre-tax | $ (5.1) | $ 0.6 |
Net unrealized investment (losses) gains, pre-tax | (48.6) | 35.7 |
Net realized and unrealized investment (losses) gains, pre-tax | (53.7) | 36.3 |
Income tax benefit (expense) attributable to net realized and unrealized investment (losses) gains | 5.7 | (3.9) |
Net realized and unrealized investment (losses) gains, after-tax | $ (48) | $ 32.4 |
Investment Securities (Net Re44
Investment Securities (Net Realized Investment Gains (Losses)) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading Securities, Realized Gain (Loss) | $ (16.1) | $ 0.4 |
Trading securities, Tax on Realized Holding Gain (Loss) on Investments | (0.6) | (0.2) |
Trading securities realized holding gain (loss) on investments after tax | (16.7) | 0.2 |
Foreign Currency Transaction Gain (Loss), Realized | 11 | 0.2 |
Trading Securities, Tax on Realized Foreign Currency Transaction Gain (Loss) Tax | 0 | 0 |
Trading securities, realized foreign currency gain (loss) net of tax | 11 | 0.2 |
Net realized investment (losses) gains, pre-tax | (5.1) | 0.6 |
Tax on Net Realized Gain (Loss) and Foreign Currency Gain (Loss) on Trading Securities | (0.6) | (0.2) |
Net Realized Gain (Loss) and Foreign Currency Gain (Loss) on Trading Securities Net of Tax | (5.7) | 0.4 |
Fixed maturity investments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading Securities, Realized Gain (Loss) | (13.7) | (1) |
Foreign Currency Transaction Gain (Loss), Realized | 18.2 | 0.1 |
Net realized investment (losses) gains, pre-tax | 4.5 | (0.9) |
Short-term investments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading Securities, Realized Gain (Loss) | (0.1) | 0 |
Foreign Currency Transaction Gain (Loss), Realized | 0 | 0 |
Net realized investment (losses) gains, pre-tax | (0.1) | 0 |
Common equity securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading Securities, Realized Gain (Loss) | 1.2 | 0.8 |
Foreign Currency Transaction Gain (Loss), Realized | 0 | 0.1 |
Net realized investment (losses) gains, pre-tax | 1.2 | 0.9 |
Other long-term investments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading Securities, Realized Gain (Loss) | (3.5) | 0.6 |
Foreign Currency Transaction Gain (Loss), Realized | (7.2) | 0 |
Net realized investment (losses) gains, pre-tax | $ (10.7) | $ 0.6 |
Investment Securities (Net Unre
Investment Securities (Net Unrealized Investment Gains (Losses)) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Unrealized gains (losses) on investments | $ (37.9) | $ 36.2 |
Trading Securities, Tax on Unrealized Holding Gain (Loss) on Investments | 6.3 | (3.7) |
Trading Securities Unrealized Holding Gain (Loss) on Investments after Tax | (31.6) | 32.5 |
Foreign Currency Transaction Gain (Loss), Unrealized | (10.7) | (0.5) |
Trading Securities, Unrealized Foreign Currency Transaction Gain (Loss) Tax | 0 | 0 |
Trading Securities, Unrealized Foreign Currency Gain (Loss) Net of Tax | (10.7) | (0.5) |
Net unrealized investment (losses) gains, pre-tax | (48.6) | 35.7 |
Net Unrealized Gain (Loss) and Foreign Currency Gain (Loss) on Trading Securities Tax | 6.3 | (3.7) |
Net Unrealized Gain (Loss) and Foreign Currency Gain (Loss) on Trading Securities Net of Tax | (42.3) | 32 |
Fixed maturity investments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Unrealized gains (losses) on investments | (18.6) | 10.2 |
Foreign Currency Transaction Gain (Loss), Unrealized | (14.8) | 1.7 |
Net unrealized investment (losses) gains, pre-tax | (33.4) | 11.9 |
Short-term investments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Unrealized gains (losses) on investments | (0.7) | 0 |
Foreign Currency Transaction Gain (Loss), Unrealized | 0 | 0 |
Net unrealized investment (losses) gains, pre-tax | (0.7) | 0 |
Common equity securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Unrealized gains (losses) on investments | (16.7) | 19.1 |
Foreign Currency Transaction Gain (Loss), Unrealized | 0 | 0.5 |
Net unrealized investment (losses) gains, pre-tax | (16.7) | 19.6 |
Other long-term investments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Unrealized gains (losses) on investments | (1.9) | 6.9 |
Foreign Currency Transaction Gain (Loss), Unrealized | 4.1 | (2.7) |
Net unrealized investment (losses) gains, pre-tax | $ 2.2 | $ 4.2 |
Investment Securities (Investme
Investment Securities (Investment gains (losses) for Level 3) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Unrealized gains (losses) on investments | $ (37.9) | $ 36.2 |
Other long-term investments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Unrealized gains (losses) on investments | (1.9) | 6.9 |
Level 3 Inputs | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Unrealized gains (losses) on investments | (5.1) | 0.2 |
Level 3 Inputs | Other long-term investments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Unrealized gains (losses) on investments | $ (5.1) | $ 0.2 |
Investment Securities (Invest47
Investment Securities (Investment Holdings Fixed Maturity Table) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
U.S. Government and agency obligations | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or amortized cost | $ 199.9 | $ 297.8 |
Trading Securities, Unrealized Holding Gain | 0 | 0 |
Trading Securities, Unrealized Holding Loss | (2.2) | (1.3) |
Net foreign currency gains (losses) | 0 | 0 |
Fixed maturity investments, at fair value | 197.7 | 296.5 |
Debt securities issued by corporations | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or amortized cost | 760.5 | 867.6 |
Trading Securities, Unrealized Holding Gain | 0.7 | 2.9 |
Trading Securities, Unrealized Holding Loss | (17.5) | (4.3) |
Net foreign currency gains (losses) | 0 | 14.7 |
Fixed maturity investments, at fair value | 743.7 | 880.9 |
Municipal obligations | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or amortized cost | 261.8 | 252 |
Trading Securities, Unrealized Holding Gain | 1.9 | 3.7 |
Trading Securities, Unrealized Holding Loss | (1.3) | (0.8) |
Net foreign currency gains (losses) | 0 | 0 |
Fixed maturity investments, at fair value | 262.4 | 254.9 |
Mortgage-backed and asset-backed securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or amortized cost | 132.5 | 697.2 |
Trading Securities, Unrealized Holding Gain | 0.1 | 1.6 |
Trading Securities, Unrealized Holding Loss | (2.6) | (4.1) |
Net foreign currency gains (losses) | 0 | 0 |
Fixed maturity investments, at fair value | 130 | 694.7 |
Foreign government, agency and provincial obligations | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or amortized cost | 2.6 | |
Trading Securities, Unrealized Holding Gain | 0 | |
Trading Securities, Unrealized Holding Loss | 0 | |
Net foreign currency gains (losses) | 0.1 | |
Fixed maturity investments, at fair value | 2.7 | |
Fixed Income Investments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or amortized cost | 1,354.7 | 2,117.2 |
Trading Securities, Unrealized Holding Gain | 2.7 | 8.2 |
Trading Securities, Unrealized Holding Loss | (23.6) | (10.5) |
Net foreign currency gains (losses) | 0 | 14.8 |
Total fixed maturity investments including assets held for sale | $ 1,333.8 | $ 2,129.7 |
Investment Securities (Invest48
Investment Securities (Investment Holding Common Equities/ Other Investments) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Common Stock | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or amortized cost | $ 835.9 | $ 739.7 |
Trading Securities, Unrealized Holding Gain | 111.7 | 129.4 |
Trading Securities, Unrealized Holding Loss | (2) | (3) |
Net foreign currency gains (losses) | 0 | 0 |
Fixed maturity investments, at fair value | 945.6 | 866.1 |
Other long-term investments. | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or amortized cost | 288.8 | 246.6 |
Trading Securities, Unrealized Holding Gain | 10 | 6.8 |
Trading Securities, Unrealized Holding Loss | (44.8) | (39.7) |
Net foreign currency gains (losses) | (0.9) | (4.9) |
Fixed maturity investments, at fair value | $ 253.1 | $ 208.8 |
Investment Securities (Other lo
Investment Securities (Other long-term investments) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Hedge and private equity funds included in other long-term investments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other Investments | $ 130.6 | $ 125.3 |
Equity method eligible private equity securities, at fair value | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other Investments | 108.4 | 83.2 |
Forward Contracts | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other Investments | 0 | (3.7) |
Other long-term investments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other Investments | 14.1 | 4 |
White Mountains | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other Investments | 253.1 | 208.8 |
White Mountains | Equity method eligible private equity securities, at fair value | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other Investments | $ 84.7 | $ 58 |
OneTitle | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Ownership interest (as a percent) | 20.00% | |
Surplus notes | $ 10 |
Investment Securities (Hedge Fu
Investment Securities (Hedge Funds and Private Equity Funds) (Details) $ in Millions | Mar. 31, 2018USD ($)fund | Dec. 31, 2017USD ($) |
Hedge funds | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Number of investments | 1 | |
Private equity funds | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Number of investments | 10 | |
Hedge and private equity funds included in other long-term investments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Largest single fund investment | $ | $ 56.4 | $ 54.9 |
Investment Securities (Fair Val
Investment Securities (Fair Value of Hedge Funds and Private Equity Funds) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Private equity funds | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | $ 74.2 | |
Hedge and private equity funds included in other long-term investments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 130.6 | $ 125.3 |
Unfunded Commitments | 148.1 | 99.3 |
Hedge funds | Hedge Fund, Long/ Short Equity Banks and Financial | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 56.4 | 54.9 |
Unfunded Commitments | 0 | 0 |
Hedge funds | Hedge funds | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 56.4 | 54.9 |
Unfunded Commitments | 0 | 0 |
Private equity funds | Industrial | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 44.5 | 43.3 |
Unfunded Commitments | 10.4 | 10.4 |
Private equity funds | Aerospace Defense Government | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 17 | 15.8 |
Unfunded Commitments | 12.9 | 12.9 |
Private equity funds | Direct Lending | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 7.9 | 7.1 |
Unfunded Commitments | 22.5 | 23.1 |
Private equity funds | Financial Services Sector | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 4.8 | 4.2 |
Unfunded Commitments | 11.1 | 11.7 |
Private equity funds | Private Equity Insurance | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 0 | 0 |
Unfunded Commitments | 41.2 | 41.2 |
Private equity funds | Private equity funds | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 74.2 | 70.4 |
Unfunded Commitments | 148.1 | 99.3 |
Private equity funds | Real estate | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 0 | 0 |
Unfunded Commitments | $ 50 | $ 0 |
Investment Securities (Restrict
Investment Securities (Restrictions on Redemption Frequency and Advance Notice Requirements) (Details) $ in Millions | Mar. 31, 2018USD ($)fund | Dec. 31, 2017USD ($)fund |
Hedge funds | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Number of investments | fund | 1 | |
Hedge Funds Equity R E I T | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | $ 20.8 | |
September 2018 | Hedge funds | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Number of hedge funds | 1 | |
Other long-term investments | $ 56.4 | |
Hedge funds | Hedge funds | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 56.4 | 54.9 |
Hedge funds | Hedge Fund, Long/ Short Equity Banks and Financial | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | $ 56.4 | $ 54.9 |
Number of investments | fund | 1 |
Investment Securities (Invest53
Investment Securities (Investments In Private Equity Funds Subject to Lock-Up Periods) (Details) - Private equity funds $ in Millions | Mar. 31, 2018USD ($) |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Other long-term investments | $ 74.2 |
1-3 years | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Other long-term investments | 6.1 |
3-5 years | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Other long-term investments | 6.2 |
5-10 years | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Other long-term investments | 49.2 |
Greater than 10 years | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Other long-term investments | $ 12.7 |
Investment Securities (Fair V54
Investment Securities (Fair Value Measurements) (Details) (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Percentage of investments recorded at fair value | 92.00% | 94.00% |
Investment Securities (Fair V55
Investment Securities (Fair Value Measurement by Level) (Details) $ in Millions | Mar. 31, 2018USD ($)Investment | Dec. 31, 2017USD ($)Investment | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | $ 2,532.5 | $ 3,208.3 | $ 2,610.8 | $ 2,547.3 |
Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 874.3 | 890.4 | 331.8 | 279.5 |
Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | $ 1,405.1 | $ 2,105.4 | 2,068 | 2,093.8 |
Common Stock | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Number of hedge funds | Investment | 2 | 2 | ||
Debt securities issued by corporations | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | $ 743.7 | $ 880.9 | ||
Mortgage-backed and asset-backed securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 130 | 694.7 | ||
Mortgage-backed and asset-backed securities | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 130 | 694.7 | ||
Mortgage-backed and asset-backed securities | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fixed maturity investments | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | 11.1 | 0 |
Other long-term investments | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 122.5 | 87.2 | 89.8 | 91.4 |
Hedge and private equity funds included in other long-term investments | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Other long-term investments | 130.6 | 125.3 | ||
Hedge and private equity funds included in other long-term investments | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 130.6 | 125.3 | 110.1 | 82.6 |
Fair value measured on a recurring basis | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 3,164.9 | 3,259.1 | ||
Fair value measured on a recurring basis | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 1,611.6 | 1,041.4 | ||
Fair value measured on a recurring basis | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 1,430.8 | 2,130.5 | ||
Fair value measured on a recurring basis | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 122.5 | 87.2 | ||
Fair value measured on a recurring basis | U.S. Government and agency obligations | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 197.7 | 296.5 | ||
Fair value measured on a recurring basis | U.S. Government and agency obligations | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 197.7 | 296.5 | ||
Fair value measured on a recurring basis | U.S. Government and agency obligations | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | U.S. Government and agency obligations | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 743.7 | 880.9 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 743.7 | 880.9 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Consumer | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 144.8 | 185.1 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Consumer | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Consumer | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 144.8 | 185.1 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Consumer | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Utilities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 15 | 108.9 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Utilities | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Utilities | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 15 | 108.9 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Utilities | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Health Care | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 80.3 | 94.3 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Health Care | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Health Care | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 80.3 | 94.3 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Health Care | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Communications | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 84.9 | 127.8 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Communications | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Communications | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 84.9 | 127.8 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Communications | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Materials | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 76.1 | 95.5 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Materials | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Materials | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 76.1 | 95.5 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Materials | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Financials | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 151 | 114.8 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Financials | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Financials | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 151 | 114.8 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Financials | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | |||
Fair value measured on a recurring basis | Debt securities issued by corporations | Technology | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 91.6 | 80.5 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Technology | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Technology | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 91.6 | 80.5 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Technology | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Industrial | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 33.9 | 25.9 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Industrial | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Industrial | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 33.9 | 25.9 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Industrial | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Energy | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 66.1 | 48.1 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Energy | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Energy | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 66.1 | 48.1 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Energy | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Mortgage-backed and asset-backed securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 130 | 694.7 | ||
Fair value measured on a recurring basis | Mortgage-backed and asset-backed securities | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Mortgage-backed and asset-backed securities | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 130 | 694.7 | ||
Fair value measured on a recurring basis | Mortgage-backed and asset-backed securities | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Municipal obligations | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 262.4 | 254.9 | ||
Fair value measured on a recurring basis | Municipal obligations | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Municipal obligations | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 262.4 | 254.9 | ||
Fair value measured on a recurring basis | Municipal obligations | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Foreign government, agency and provincial obligations | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 2.7 | |||
Fair value measured on a recurring basis | Foreign government, agency and provincial obligations | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | |||
Fair value measured on a recurring basis | Foreign government, agency and provincial obligations | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 2.7 | |||
Fair value measured on a recurring basis | Foreign government, agency and provincial obligations | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | |||
Fair value measured on a recurring basis | Fixed maturity investments | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 1,333.8 | 2,129.7 | ||
Fair value measured on a recurring basis | Fixed maturity investments | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 197.7 | 296.5 | ||
Fair value measured on a recurring basis | Fixed maturity investments | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 1,136.1 | 1,833.2 | ||
Fair value measured on a recurring basis | Fixed maturity investments | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Short-term investments | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 176.1 | |||
Short-term investments, at amortized cost (which approximates fair value) | 763 | |||
Fair value measured on a recurring basis | Short-term investments | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 737.3 | 151 | ||
Short-term investments, at amortized cost (which approximates fair value) | 176.1 | 138.2 | 175 | |
Fair value measured on a recurring basis | Short-term investments | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 25.7 | 25.1 | ||
Fair value measured on a recurring basis | Short-term investments | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Consumer | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 8.6 | 10.7 | ||
Fair value measured on a recurring basis | Common equity securities | Consumer | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 8.6 | 10.7 | ||
Fair value measured on a recurring basis | Common equity securities | Consumer | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Consumer | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Health Care | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 16.9 | 17.1 | ||
Fair value measured on a recurring basis | Common equity securities | Health Care | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 16.9 | 17.1 | ||
Fair value measured on a recurring basis | Common equity securities | Health Care | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Health Care | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Communications | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 5.2 | 10.9 | ||
Fair value measured on a recurring basis | Common equity securities | Communications | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 5.2 | 10.9 | ||
Fair value measured on a recurring basis | Common equity securities | Communications | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Communications | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Financials | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 15.9 | 16.3 | ||
Fair value measured on a recurring basis | Common equity securities | Financials | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 15.9 | 16.3 | ||
Fair value measured on a recurring basis | Common equity securities | Financials | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Financials | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Technology | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 18 | 15.1 | ||
Fair value measured on a recurring basis | Common equity securities | Technology | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 18 | 15.1 | ||
Fair value measured on a recurring basis | Common equity securities | Technology | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Technology | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Industrial | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 13.3 | 11.9 | ||
Fair value measured on a recurring basis | Common equity securities | Industrial | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 13.3 | 11.9 | ||
Fair value measured on a recurring basis | Common equity securities | Industrial | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Industrial | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Energy | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 6.5 | 3.8 | ||
Fair value measured on a recurring basis | Common equity securities | Energy | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 6.5 | 3.8 | ||
Fair value measured on a recurring basis | Common equity securities | Energy | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Energy | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Exchange traded funds | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 653.2 | 569.7 | ||
Fair value measured on a recurring basis | Common equity securities | Exchange traded funds | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 592.2 | 508.1 | ||
Fair value measured on a recurring basis | Common equity securities | Exchange traded funds | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 61 | 61.6 | ||
Fair value measured on a recurring basis | Common equity securities | Exchange traded funds | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Other | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 208 | 210.6 | ||
Fair value measured on a recurring basis | Common equity securities | Other | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Other | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 208 | 210.6 | ||
Fair value measured on a recurring basis | Common equity securities | Other | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Common equity securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 945.6 | 866.1 | ||
Fair value measured on a recurring basis | Common equity securities | Common equity securities | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 676.6 | 593.9 | ||
Fair value measured on a recurring basis | Common equity securities | Common equity securities | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 269 | 272.2 | ||
Fair value measured on a recurring basis | Common equity securities | Common equity securities | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Other long-term investments | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 122.5 | 87.2 | ||
Fair value measured on a recurring basis | Other long-term investments | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Other long-term investments | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Other long-term investments | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | $ 122.5 | 87.2 | ||
Forward Contracts | Fair value measured on a recurring basis | Other long-term investments | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Derivative, fair value, net | $ (3.7) | $ (4.1) | $ (1.2) |
Investment Securities (Debt sec
Investment Securities (Debt securities issued by corporation) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | $ 2,532.5 | $ 3,208.3 | $ 2,610.8 | $ 2,547.3 |
Debt securities issued by corporations | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fixed maturity investments, at fair value | 743.7 | 880.9 | ||
Fair value investments | 743.7 | 880.9 | ||
AAA | Debt securities issued by corporations | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 8.9 | 1.6 | ||
AA | Debt securities issued by corporations | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 79.1 | 42.6 | ||
A | Debt securities issued by corporations | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 274.6 | 192.5 | ||
BBB | Debt securities issued by corporations | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 211.5 | 465.2 | ||
BB | Debt securities issued by corporations | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 151 | 161.7 | ||
B | Debt securities issued by corporations | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | $ 18.6 | $ 17.3 |
Investment Securities (Mortgage
Investment Securities (Mortgage-backed, Asset-backed Securities) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Investments, Debt and Equity Securities [Abstract] | ||||
Fair value investments | $ 2,532.5 | $ 3,208.3 | $ 2,610.8 | $ 2,547.3 |
Investment Securities (Mortga58
Investment Securities (Mortgage-backed Asset Securities Table) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | $ 2,532.5 | $ 3,208.3 | $ 2,610.8 | $ 2,547.3 |
Government National Mortgage Association Certificates and Obligations (GNMA) | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 27.3 | 46.3 | ||
Federal National Mortgage Association Certificates and Obligations (FNMA) | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 53.9 | 84.5 | ||
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 36.1 | 62 | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 117.3 | 192.8 | ||
Commercial Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 70.5 | ||
Private debt instrument | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 70.5 | ||
Collateralized Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 117.3 | 263.3 | ||
Collateralized Credit Card Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 8.9 | 206 | ||
Collateralized Auto Loans | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 3.8 | 142.4 | ||
Collateralized Securities, Other | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 83 | ||
Asset-backed Securities, Securitized Loans and Receivables | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 12.7 | 431.4 | ||
Mortgage-backed and asset-backed securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 130 | 694.7 | ||
Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 1,405.1 | 2,105.4 | $ 2,068 | $ 2,093.8 |
Level 2 Inputs | Government National Mortgage Association Certificates and Obligations (GNMA) | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 27.3 | 46.3 | ||
Level 2 Inputs | Federal National Mortgage Association Certificates and Obligations (FNMA) | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 53.9 | 84.5 | ||
Level 2 Inputs | Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 36.1 | 62 | ||
Level 2 Inputs | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 117.3 | 192.8 | ||
Level 2 Inputs | Commercial Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 70.5 | ||
Level 2 Inputs | Private debt instrument | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 70.5 | ||
Level 2 Inputs | Collateralized Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 117.3 | 263.3 | ||
Level 2 Inputs | Collateralized Credit Card Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 8.9 | 206 | ||
Level 2 Inputs | Collateralized Auto Loans | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 3.8 | 142.4 | ||
Level 2 Inputs | Collateralized Securities, Other | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 83 | ||
Level 2 Inputs | Asset-backed Securities, Securitized Loans and Receivables | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 12.7 | 431.4 | ||
Level 2 Inputs | Mortgage-backed and asset-backed securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 130 | 694.7 | ||
Level 3 Inputs | Government National Mortgage Association Certificates and Obligations (GNMA) | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Level 3 Inputs | Federal National Mortgage Association Certificates and Obligations (FNMA) | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Level 3 Inputs | Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Level 3 Inputs | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Level 3 Inputs | Commercial Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Level 3 Inputs | Private debt instrument | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Level 3 Inputs | Collateralized Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Level 3 Inputs | Collateralized Credit Card Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Level 3 Inputs | Collateralized Auto Loans | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Level 3 Inputs | Collateralized Securities, Other | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Level 3 Inputs | Asset-backed Securities, Securitized Loans and Receivables | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Level 3 Inputs | Mortgage-backed and asset-backed securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | $ 0 | $ 0 |
Investment Securities (Rollforw
Investment Securities (Rollforward of Fair Value Measurements by Level) (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Beginning balance | $ 3,208,300,000 | $ 2,547,300,000 | ||
Net realized and unrealized (losses) gains | (45,400,000) | 39,100,000 | ||
Amortization/Accretion | (1,200,000) | (2,500,000) | ||
Purchases | 692,600,000 | 498,900,000 | ||
Sales | (1,321,800,000) | (466,800,000) | ||
Transfers in | 0 | 0 | ||
Transfers out | 0 | 0 | ||
Ending balance | 2,532,500,000 | 2,610,800,000 | ||
Net realized and unrealized investment (losses) gains | (53,700,000) | 36,300,000 | ||
Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Beginning balance | 890,400,000 | 279,500,000 | ||
Net realized and unrealized (losses) gains | (14,300,000) | 13,100,000 | ||
Amortization/Accretion | 0 | 0 | ||
Purchases | 238,900,000 | 115,200,000 | ||
Sales | (240,700,000) | (76,000,000) | ||
Transfers in | 0 | 0 | ||
Transfers out | 0 | 0 | ||
Ending balance | 874,300,000 | 331,800,000 | ||
Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Beginning balance | 2,105,400,000 | 2,093,800,000 | ||
Net realized and unrealized (losses) gains | (26,000,000) | 18,400,000 | ||
Amortization/Accretion | (1,200,000) | (2,500,000) | ||
Purchases | 407,700,000 | 351,100,000 | ||
Sales | (1,080,800,000) | (387,600,000) | ||
Transfers in | 0 | 0 | ||
Transfers out | 0 | 0 | ||
Ending balance | 1,405,100,000 | 2,068,000,000 | ||
Fixed maturity investments | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Beginning balance | 0 | 0 | ||
Net realized and unrealized (losses) gains | 0 | 100,000 | ||
Amortization/Accretion | 0 | 0 | ||
Purchases | 0 | 11,000,000 | ||
Sales | 0 | |||
Transfers in | 0 | 0 | ||
Transfers out | 0 | 0 | ||
Ending balance | 0 | 11,100,000 | ||
Other long-term investments | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Beginning balance | 87,200,000 | 91,400,000 | ||
Net realized and unrealized (losses) gains | (8,700,000) | 200,000 | ||
Amortization/Accretion | 0 | 0 | ||
Purchases | 44,000,000 | 200,000 | ||
Sales | 0 | (2,000,000) | ||
Transfers in | 0 | 0 | ||
Transfers out | 0 | 0 | ||
Ending balance | 122,500,000 | 89,800,000 | ||
Hedge and private equity funds included in other long-term investments | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Beginning balance | 125,300,000 | 82,600,000 | ||
Net realized and unrealized (losses) gains | 3,600,000 | 7,300,000 | ||
Amortization/Accretion | 0 | 0 | ||
Purchases | 2,000,000 | 21,400,000 | ||
Sales | (300,000) | (1,200,000) | ||
Transfers in | 0 | 0 | ||
Transfers out | 0 | 0 | ||
Ending balance | 130,600,000 | 110,100,000 | ||
Short-term investments | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Net realized and unrealized investment (losses) gains | 600,000 | |||
Foreign Exchange Forward | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Net realized and unrealized investment (losses) gains | 3,500,000 | 2,800,000 | ||
Foreign Currency on Cash and Open Trades | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Net realized and unrealized investment (losses) gains | 4,200,000 | |||
Fair value measured on a recurring basis | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Beginning balance | 3,259,100,000 | |||
Ending balance | 3,164,900,000 | |||
Fair value measured on a recurring basis | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Beginning balance | 1,041,400,000 | |||
Ending balance | 1,611,600,000 | |||
Fair value measured on a recurring basis | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Beginning balance | 2,130,500,000 | |||
Ending balance | 1,430,800,000 | |||
Fair value measured on a recurring basis | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Beginning balance | 87,200,000 | |||
Ending balance | 122,500,000 | |||
Fair value measured on a recurring basis | Fixed maturity investments | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Beginning balance | 2,129,700,000 | |||
Ending balance | 1,333,800,000 | |||
Fair value measured on a recurring basis | Fixed maturity investments | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Beginning balance | 296,500,000 | |||
Ending balance | 197,700,000 | |||
Fair value measured on a recurring basis | Fixed maturity investments | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Beginning balance | 1,833,200,000 | |||
Ending balance | 1,136,100,000 | |||
Fair value measured on a recurring basis | Fixed maturity investments | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Beginning balance | 0 | |||
Ending balance | 0 | |||
Fair value measured on a recurring basis | Other long-term investments | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Beginning balance | 87,200,000 | |||
Ending balance | 122,500,000 | |||
Fair value measured on a recurring basis | Other long-term investments | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Beginning balance | 0 | |||
Ending balance | 0 | |||
Fair value measured on a recurring basis | Other long-term investments | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Beginning balance | 0 | |||
Ending balance | 0 | |||
Fair value measured on a recurring basis | Other long-term investments | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Beginning balance | 87,200,000 | |||
Ending balance | 122,500,000 | |||
Fair value measured on a recurring basis | Short-term investments | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Beginning balance | 176,100,000 | |||
Short-term investments, at amortized cost (which approximates fair value) | $ 763,000,000 | |||
Fair value measured on a recurring basis | Short-term investments | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Beginning balance | 151,000,000 | |||
Ending balance | 737,300,000 | |||
Short-term investments, at amortized cost (which approximates fair value) | 138,200,000 | 176,100,000 | $ 175,000,000 | |
Fair value measured on a recurring basis | Short-term investments | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Beginning balance | 25,100,000 | |||
Ending balance | 25,700,000 | |||
Fair value measured on a recurring basis | Short-term investments | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Beginning balance | 0 | |||
Ending balance | $ 0 | |||
Forward Contracts | Fair value measured on a recurring basis | Other long-term investments | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Derivative, fair value, net | (4,100,000) | $ (3,700,000) | (1,200,000) | |
Star & Shield Insurance Exchange | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Deconsolidation of SSIE | 5,200,000 | |||
Star & Shield Insurance Exchange | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Deconsolidation of SSIE | 0 | |||
Star & Shield Insurance Exchange | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Deconsolidation of SSIE | 5,200,000 | |||
Star & Shield Insurance Exchange | Fixed maturity investments | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Deconsolidation of SSIE | 0 | |||
Star & Shield Insurance Exchange | Other long-term investments | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Deconsolidation of SSIE | 0 | |||
Star & Shield Insurance Exchange | Hedge and private equity funds included in other long-term investments | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Deconsolidation of SSIE | $ 0 | |||
Star & Shield Insurance Exchange | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Trading securities debt reclassified to assets held-for-sale | 6,600,000 | |||
Star & Shield Insurance Exchange | Fair value measured on a recurring basis | Short-term investments | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Short-term investments, at amortized cost (which approximates fair value) | $ 100,000 |
Investment Securities (Signific
Investment Securities (Significant Unobservable Inputs) (Details) - NR - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Private equity funds | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Time until expiration of security | 4 years | 4 years |
Volatility rate | 50.00% | 50.00% |
Risk free rate | 1.77% | 1.77% |
Private equity funds | Discounted cash flows | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Assets, Fair Value Disclosure | $ 22.1 | |
Valuation techniques | .68 | |
Private equity funds | Recent transaction | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Assets, Fair Value Disclosure | $ 21 | |
Valuation techniques | 1 | |
Private equity funds | Option pricing method | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Assets, Fair Value Disclosure | $ 11.6 | $ 11.3 |
Valuation techniques | 0.21 | 0.21 |
Private debt instrument | Discounted cash flows | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Assets, Fair Value Disclosure | $ 10.5 | |
Valuation techniques | 0.0962 | |
Convertible Preferred Stock | Discounted cash flows | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Assets, Fair Value Disclosure | $ 14.5 | $ 14.5 |
Valuation techniques | 2.06 | 2.06 |
Convertible Preferred Stock | Multiple of EBITDA | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Assets, Fair Value Disclosure | $ 0.6 | |
Valuation techniques | 6 | |
Investment B | Private equity funds | Discounted cash flows | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Assets, Fair Value Disclosure | $ 21 | |
Valuation techniques | 0.25 | |
Investment E | Private equity funds | Discounted cash flows | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Assets, Fair Value Disclosure | $ 22.1 | |
Valuation techniques | .68 | |
Investment A | Private equity funds | Recent transaction | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Assets, Fair Value Disclosure | $ 3.6 | |
Valuation techniques | 2.521 |
Goodwill and Other Intangible61
Goodwill and Other Intangible Assets - Goodwill Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 25.9 | $ 25.9 |
Intangible assets, net (including Goodwill), beginning balance | 62.1 | 45.2 |
Amortization, including foreign currency translation | (2.9) | (2.3) |
Goodwill, ending balance | 25.9 | 25.9 |
Intangible assets, net (including Goodwill), ending balance | 59.2 | 42.9 |
Other Intangible Assets | ||
Goodwill [Roll Forward] | ||
Other intangible assets, beginning balance | 36.2 | 19.3 |
Amortization, including foreign currency translation | (2.9) | (2.3) |
Other intangible assets, ending balance | $ 33.3 | $ 17 |
Goodwill and Other Intangible62
Goodwill and Other Intangible Assets - Goodwill and Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 25.9 | $ 25.9 | $ 25.9 | $ 25.9 |
Goodwill and other intangible assets | 59.2 | 62.1 | 42.9 | 45.2 |
MediaAlpha | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | 18.3 | 18.3 | ||
Other | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | 7.6 | 7.6 | ||
Other Intangible Assets | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Intangible Assets, Net (Excluding Goodwill) | 33.3 | 36.2 | $ 17 | $ 19.3 |
Other Intangible Assets | MediaAlpha | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Intangible Assets, Net (Excluding Goodwill) | 32.5 | 35.4 | ||
Other Intangible Assets | Other | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Intangible Assets, Net (Excluding Goodwill) | 0.8 | 0.8 | ||
Non-controlling interest | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill and other intangible assets | (21.1) | (21.1) | ||
Total | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill and other intangible assets | $ 38.1 | $ 41 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | 3 Months Ended | |||||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Oct. 05, 2017 | May 12, 2017 | Aug. 14, 2013 | |
Debt Instrument | ||||||
Total debt | $ 21.5 | $ 23.8 | ||||
Repayments of debt | 2.3 | $ 1.2 | ||||
WTM Bank Facility | ||||||
Debt Instrument | ||||||
Total commitment under revolving credit facility | $ 425 | |||||
White Mountains | WTM Bank Facility | ||||||
Debt Instrument | ||||||
Total debt | 0 | 0 | ||||
Unamortized issuance cost | 0 | 0 | ||||
MediaAlpha | ||||||
Debt Instrument | ||||||
Total debt | 21.5 | 23.8 | ||||
MediaAlpha | MediaAlpha Bank Facility | ||||||
Debt Instrument | ||||||
Debt Instrument, Face Amount | 21.6 | 23.9 | ||||
Unamortized issuance cost | $ (0.1) | $ (0.1) | ||||
Debt instrument, interest rate, effective percentage | 6.20% | 5.60% | ||||
Total commitment under revolving credit facility | $ 28.4 | $ 20 | ||||
Long-term line of credit | $ 21.5 | $ 23.8 | ||||
Repayment of lines of credit | $ 1 | |||||
Term Loan | MediaAlpha Bank Facility | ||||||
Debt Instrument | ||||||
Basis points | 1.50% | |||||
Term Loan | MediaAlpha | MediaAlpha Bank Facility | ||||||
Debt Instrument | ||||||
Total commitment under revolving credit facility | $ 18.4 | |||||
Long-term line of credit | 16.6 | |||||
Repayments of debt | 1.3 | |||||
Revolving Credit Facility | MediaAlpha | MediaAlpha Bank Facility | ||||||
Debt Instrument | ||||||
Total commitment under revolving credit facility | 10 | |||||
Long-term line of credit | $ 5 | |||||
Line of Credit | MediaAlpha Bank Facility | ||||||
Debt Instrument | ||||||
Basis points | 0.25% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Contingency [Line Items] | ||
Effective income tax rate reconciliation, percent | (1.10%) | (8.30%) |
U.S. statutory rate (as a percent) | 21.00% | 35.00% |
Income tax expense (benefit) | $ 0.7 | $ (0.3) |
Continuing Operations | BAM | ||
Income Tax Contingency [Line Items] | ||
Income tax expense (benefit) | $ (0.6) | $ (2.7) |
Derivatives Forward Contracts (
Derivatives Forward Contracts (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | ||||
Fair value investments | $ 2,532.5 | $ 2,610.8 | $ 3,208.3 | $ 2,547.3 |
Forward Contracts | ||||
Derivative [Line Items] | ||||
Notional amount | 206.3 | |||
Fair value investments | $ (3.7) | |||
Realized and unrealized gains (losses) | $ (3.5) | $ 3 |
Municipal Bond Guarantee (Detai
Municipal Bond Guarantee (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018USD ($)Contractyr | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($)Contract | Dec. 31, 2012USD ($) | Jul. 31, 2012USD ($) | |
Guarantor Obligations [Line Items] | |||||
Repayments of debt | $ 2.3 | $ 1.2 | |||
Interest paid | 0.3 | $ 0.2 | |||
Total gross unearned insurance premiums | 140.2 | $ 136.8 | |||
HG Global | |||||
Guarantor Obligations [Line Items] | |||||
Partners capital contribution | $ 594.5 | ||||
Surplus notes | $ 499 | $ 503 | |||
Assets held-in-trust | $ 603 | ||||
HG Global | Preferred Stock | |||||
Guarantor Obligations [Line Items] | |||||
Ownership interest (as a percent) | 96.90% | 96.90% | |||
HG Global | Common Stock | |||||
Guarantor Obligations [Line Items] | |||||
Ownership interest (as a percent) | 88.40% | 88.40% | |||
BAM | |||||
Guarantor Obligations [Line Items] | |||||
Percentage of Risk Premium Ceded | 60.00% | ||||
Year of U.S. Treasury rate | yr | 1 | ||||
Contracts outstanding | Contract | 6,541 | 6,371 | |||
Remaining weighted average contract period outstanding (in years) | 10 years 10 months | 10 years 11 months | |||
Municipal bond outstanding principal | $ 43,139.2 | $ 42,090.6 | |||
Municipal bond outstanding interest | 21,420.6 | 21,057.1 | |||
Municipal bond debt service outstanding | 64,559.8 | 63,147.7 | |||
April 1, 2018 - December 31, 2018 | 8.9 | ||||
2,019 | 11.6 | ||||
2,020 | 11.1 | ||||
2,021 | 10.6 | ||||
2,022 | 10.1 | ||||
2023 and thereafter | 87.9 | ||||
Total gross unearned insurance premiums | 140.2 | ||||
HG Global | |||||
Guarantor Obligations [Line Items] | |||||
Collateral held in supplement trust | 721.9 | 715.1 | |||
Interest receivable | $ 131.7 | 126 | |||
HG Re | |||||
Guarantor Obligations [Line Items] | |||||
Percentage of par value of policy reinsured | 15.00% | ||||
BAM | |||||
Guarantor Obligations [Line Items] | |||||
Surplus notes | $ 499 | $ 499 | |||
BAM Management | |||||
Guarantor Obligations [Line Items] | |||||
Partners capital contribution | $ 14.5 | ||||
Surplus Note | BAM | |||||
Guarantor Obligations [Line Items] | |||||
Derivative, fixed interest rate (as a percent) | 4.60% | 3.54% | |||
Surplus Note | BAM | |||||
Guarantor Obligations [Line Items] | |||||
Repayments of debt | $ 4 | ||||
Interest paid | 1 | ||||
Combination One | Surplus Note | BAM | |||||
Guarantor Obligations [Line Items] | |||||
Number of years of change in interest rate | yr | 5 | ||||
Combination Two | Surplus Note | BAM | |||||
Guarantor Obligations [Line Items] | |||||
Number of years of change in interest rate | yr | 3 | ||||
US Treasury Rate | Surplus Note | BAM | |||||
Guarantor Obligations [Line Items] | |||||
Basis points | 3.00% | ||||
Fixed interest rate | Surplus Note | BAM | |||||
Guarantor Obligations [Line Items] | |||||
Derivative, fixed interest rate (as a percent) | 8.00% | ||||
First Quarter, year two | BAM | |||||
Guarantor Obligations [Line Items] | |||||
2,019 | $ 2.9 | ||||
Second Quarter, year two | BAM | |||||
Guarantor Obligations [Line Items] | |||||
2,019 | 2.9 | ||||
Third Quarter, year two | BAM | |||||
Guarantor Obligations [Line Items] | |||||
2,019 | 2.9 | ||||
Fourth Quarter, year two | BAM | |||||
Guarantor Obligations [Line Items] | |||||
2,019 | $ 2.9 | ||||
Series A BAM Surplus Note | HG Global | |||||
Guarantor Obligations [Line Items] | |||||
Surplus notes | 203 | ||||
Series B BAM Surplus Note | HG Global | |||||
Guarantor Obligations [Line Items] | |||||
Surplus notes | $ 300 |
Municipal Bond Guarantee - Sche
Municipal Bond Guarantee - Schedule of Net Written Premiums (Details) - HG/BAM - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule of Insured Financial Obligations with Credit Deterioration [Line Items] | ||
Gross written premiums | $ 6.4 | $ 18.7 |
Assumed (ceded) written premiums | 0 | 0 |
Net written premiums | $ 6.4 | $ 18.7 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Basic and diluted earnings per share numerators (in millions): | ||
Net (loss) income attributable to White Mountains’s common shareholders | $ (48) | $ 29 |
Total income (loss) from discontinued operations | 0.1 | 31.3 |
Net loss from continuing operations attributable to White Mountains’s common shareholders | (48.1) | (2.3) |
Allocation of earnings to participating restricted common shares | 0.4 | 0 |
Basic and diluted earnings per share numerators | $ (47.7) | $ (2.3) |
Basic earnings per share denominators (in thousands): | ||
Total average common shares outstanding during the period | 3,746,100 | 4,564,600 |
Average unvested restricted common shares | (35,900) | (52,500) |
Basic earnings per share denominator | 3,710,200 | 4,512,100 |
Diluted earnings per share denominator (in thousands): | ||
Total average common shares outstanding during the period | 3,746,100 | 4,564,600 |
Average unvested restricted common shares | (35,900) | (52,500) |
Diluted earnings per share denominator | 3,710,200 | 4,512,100 |
Basic earnings per share (in dollars) - continuing operations: | ||
Distributed earnings - dividends declared and paid | $ (1) | $ (1) |
Undistributed earnings (losses) | (13.85) | (1.52) |
Basic and diluted earnings per share | $ (12.85) | $ (0.52) |
Earnings Per Share - Undistribu
Earnings Per Share - Undistributed Net Earnings (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Undistributed net losses - continuing operations: | $ (47.7) | $ (2.3) |
Dividends declared net of restricted common share amounts | (3.7) | (4.5) |
Total undistributed net losses, net of restricted common share amounts | $ (51.4) | $ (6.8) |
Employee Share-Based Incentiv70
Employee Share-Based Incentive Compensation Plans (Performance Shares) (Details) - Performance Share - W T M Incentive Plan - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Range Of Performance Cycle From 2014-2016 | |||
Accrued Expense | |||
Percentage of target payout - minimum actual | 34.00% | ||
Percentage of target payout - maximum actual | 76.00% | ||
Performance Cycle 2015 to 2017 | |||
Accrued Expense | |||
Percentage of target payout - minimum actual | 145.00% | ||
Percentage of target payout - maximum actual | 147.00% | ||
White Mountains | |||
Share-based compensation arrangement by share-based payment award | |||
Vesting Period | 3 years | ||
Target Performance Share Activity | |||
Beginning of period (in shares) | 50,515 | 80,353 | 80,353 |
Shares paid or expired (in shares) | (23,186) | (30,167) | |
New grants (in shares) | 14,105 | 16,460 | |
Assumed forfeitures and cancellations | (818) | (9,841) | |
Ending of period (in shares) | 40,616 | 56,805 | 50,515 |
Accrued Expense | |||
Accrued expense at the beginning of period | $ 45.8 | $ 42.4 | $ 42.4 |
Payments and deferrals | (28.4) | (20.8) | |
Assumed forfeitures and cancellations | 0.3 | (5.7) | |
Expense recognized | 3.3 | 8.1 | |
Accrued expense at the end of the period | 21 | $ 24 | $ 45.8 |
Additional compensation cost that would be recognized if all outstanding performance shares vested | $ 26.1 | ||
Sirius Group | |||
Target Performance Share Activity | |||
Ending of period (in shares) | 2,195 |
Employee Share-Based Incentiv71
Employee Share-Based Incentive Compensation Plans (Performance Shares Granted Under the WTM Incentive Plan) (Details) - White Mountains - Performance Share - W T M Incentive Plan - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Share-based compensation arrangement by share-based payment award | ||||
Target Performance Shares Outstanding | 41,235 | |||
Accrued Expense | $ 21.3 | |||
Target Performance Shares Outstanding, Assumed forfeitures | (619) | |||
Accrued Expense, Assumed forfeitures | (0.3) | |||
Total Target Performance Shares Outstanding | 40,616 | 50,515 | 56,805 | 80,353 |
Total Accrued Expense | $ 21 | $ 45.8 | $ 24 | $ 42.4 |
Performance Cycle 2016 to 2018 | ||||
Share-based compensation arrangement by share-based payment award | ||||
Target Performance Shares Outstanding | 13,715 | |||
Accrued Expense | $ 12.7 | |||
Performance Cycle 2017 to 2019 | ||||
Share-based compensation arrangement by share-based payment award | ||||
Target Performance Shares Outstanding | 14,070 | |||
Accrued Expense | $ 7.7 | |||
Performance Cycle 2018 to 2020 | ||||
Share-based compensation arrangement by share-based payment award | ||||
Target Performance Shares Outstanding | 13,450 | |||
Accrued Expense | $ 0.9 |
Employee Share-Based Incentiv72
Employee Share-Based Incentive Compensation Plans (Restricted Shares) (Details) - W T M Incentive Plan - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
White Mountains | Restricted Share Cliff Vesting in January 2021 | ||
Target Restricted Share Activity | ||
Issued (in shares) | 13,450 | |
White Mountains | Restricted Stock | ||
Target Restricted Share Activity | ||
Beginning of period (in shares) | 53,755 | 70,620 |
Issued (in shares) | 14,105 | 16,735 |
Vested (in shares) | (25,381) | (22,015) |
Assumed forfeitures and cancellations | (969) | (5,200) |
Ending of period (in shares) | 41,510 | 60,140 |
Unamortized grant date fair value | ||
Unamortized grant date fair value, beginning balance | $ 14.3 | $ 19.7 |
Issued | 11.4 | 15.8 |
Assumed forfeitures and cancellations | (0.2) | (2.8) |
Expense recognized | (3.3) | (3.6) |
Unamortized grant date fair value, ending balance | $ 22.2 | $ 29.1 |
White Mountains | Restricted Share Cliff Vesting in January 2019 | ||
Target Restricted Share Activity | ||
Issued (in shares) | 365 | |
White Mountains | Restricted Share Cliff Vesting in January 2020 | ||
Target Restricted Share Activity | ||
Issued (in shares) | 290 | 16,735 |
Sirius Group | Restricted Stock | ||
Target Restricted Share Activity | ||
Ending of period (in shares) | 2,195 |
Employee Share-Based Incentiv73
Employee Share-Based Incentive Compensation Plans (Non-Qualified Options & MediaAlpha Class B Share Awards) (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 20, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2016 |
Share-based compensation arrangement by share-based payment award | ||||
Shares issued, price per share | $ 742 | |||
Common Stock | ||||
Share-based compensation arrangement by share-based payment award | ||||
Conversion of stock, shares converted | 5,142 | |||
Chief Executive Officer | Employee Stock Option | ||||
Share-based compensation arrangement by share-based payment award | ||||
Non-option equity instruments, exercised | 125,000 | 40,000 | ||
Options, exercises in period, intrinsic value | $ 4.4 | |||
MediaAlpha | Class B | ||||
Share-based compensation arrangement by share-based payment award | ||||
Expense recognized | $ 6.4 | |||
Compensation cost not yet recognized | $ 0.6 | |||
Minimum | MediaAlpha | Class B | ||||
Share-based compensation arrangement by share-based payment award | ||||
Service period | 36 months | |||
Maximum | MediaAlpha | Class B | ||||
Share-based compensation arrangement by share-based payment award | ||||
Service period | 48 months |
Non-controlling Interest (Detai
Non-controlling Interest (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Noncontrolling Interest [Line Items] | |||
Total non-controlling interests | $ (143.2) | $ (131.7) | $ 131.5 |
Total Non-Controlling Excluding Reciprocals | |||
Noncontrolling Interest [Line Items] | |||
Total non-controlling interests | $ 34.3 | $ 31.5 | |
HG Global | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling equity percentage | 3.10% | 3.10% | |
Total non-controlling interests | $ 15.7 | $ 15.9 | |
MediaAlpha | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling equity percentage | 37.70% | 35.70% | |
Total non-controlling interests | $ 16.2 | $ 13.1 | |
Buzzmove | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling equity percentage | 22.90% | 22.90% | |
Total non-controlling interests | $ 2.4 | $ 2.5 | |
Build America Mutual | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling equity percentage | 100.00% | 100.00% | |
Total non-controlling interests | $ (177.5) | $ (163.2) |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment reporting information | ||
Earned insurance premiums | $ 3 | $ 3 |
Net investment income | 19.7 | 12.8 |
Net realized and unrealized investment gains | (53.7) | 36.3 |
Advertising and commission revenues | 71 | 33.8 |
Other revenue | 2.1 | 2.9 |
Total revenues | 42.1 | 88.8 |
Loss and loss adjustment expenses | 1.1 | |
Insurance acquisition expenses | 1.4 | 1.3 |
Other underwriting expenses | 0.1 | 0.1 |
Cost of sales | 58.1 | 28.8 |
General and administrative expenses | 47.9 | 60.7 |
Interest expense | 0.6 | 0.4 |
Total expenses | 108.1 | 92.4 |
Pre-tax income (loss) | (66) | (3.6) |
HG Global-BAM | ||
Segment reporting information | ||
Advertising and commission revenues | 0 | 0 |
Loss and loss adjustment expenses | 0 | |
Cost of sales | 0 | 0 |
Interest expense | 0 | 0 |
Pre-tax income (loss) | (14.3) | (5.6) |
MediaAlpha | ||
Segment reporting information | ||
Earned insurance premiums | 0 | 0 |
Net investment income | 0 | 0 |
Net realized and unrealized investment gains | 0 | 0 |
Advertising and commission revenues | 70.1 | 32.5 |
Other revenue | 1.6 | 0 |
Total revenues | 71.7 | 32.5 |
Insurance acquisition expenses | 0 | 0 |
Other underwriting expenses | 0 | 0 |
Cost of sales | 57.4 | 27.7 |
General and administrative expenses | 14.1 | 5.6 |
Interest expense | 0.4 | 0.2 |
Total expenses | 71.9 | 33.5 |
Pre-tax income (loss) | $ (0.2) | $ (1) |
Percentage of advertising revenue | 31.00% | 27.00% |
Other Operations | ||
Segment reporting information | ||
Earned insurance premiums | $ 0 | $ 1 |
Net investment income | 16 | 10.2 |
Net realized and unrealized investment gains | (45.8) | 35 |
Advertising and commission revenues | 0.9 | 1.3 |
Other revenue | 0.3 | 2.5 |
Total revenues | (28.6) | 50 |
Loss and loss adjustment expenses | 1.1 | |
Insurance acquisition expenses | 0 | 0.1 |
Other underwriting expenses | 0 | 0 |
Cost of sales | 0.7 | 1.1 |
General and administrative expenses | 22 | 44.5 |
Interest expense | 0.2 | 0.2 |
Total expenses | 22.9 | 47 |
Pre-tax income (loss) | $ (51.5) | $ 3 |
Investments in Unconsolidated76
Investments in Unconsolidated Entities (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
White Mountains | ||
Investments in unconsolidated affiliates | ||
Total other long-term investments | $ 253.1 | $ 208.8 |
Equity method eligible private equity securities, at fair value | ||
Investments in unconsolidated affiliates | ||
Total other long-term investments | 108.4 | 83.2 |
Equity method eligible private equity securities, at fair value | White Mountains | ||
Investments in unconsolidated affiliates | ||
Total other long-term investments | 84.7 | 58 |
Investments, accounted for under the equity method | White Mountains | ||
Investments in unconsolidated affiliates | ||
Total other long-term investments | 5.7 | 4.6 |
Total investments in equity method eligible unconsolidated entities | White Mountains | ||
Investments in unconsolidated affiliates | ||
Total other long-term investments | 90.4 | 62.6 |
Other unconsolidated investments | White Mountains | ||
Investments in unconsolidated affiliates | ||
Total other long-term investments | $ 162.7 | $ 146.2 |
Investments in Unconsolidated77
Investments in Unconsolidated Entities - White Mountain's Investments (Details) | Mar. 31, 2018 | Dec. 31, 2017 |
Compare.com | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest (as a percent) | 22.00% | 22.00% |
DavidShield | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest (as a percent) | 50.00% | 0.00% |
durchblicker | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest (as a percent) | 45.00% | 45.00% |
Kudu | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest (as a percent) | 50.00% | 0.00% |
OneTitle | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest (as a percent) | 20.00% | 20.00% |
PassportCard | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest (as a percent) | 50.00% | 50.00% |
Tuckerman Capital Fund III | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest (as a percent) | 21.00% | 21.00% |
White Mountains | PassportCard | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest (as a percent) | 25.00% | |
DavidShield | PassportCard | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest (as a percent) | 25.00% |
Fair Value of Financial Instr78
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Debt | $ 21.5 | $ 23.8 |
MediaAlpha | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Debt | 21.5 | 23.8 |
MediaAlpha | Book Value | MediaAlpha Bank Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Debt | 21.6 | 23.8 |
MediaAlpha | Estimate of Fair Value Measurement | MediaAlpha Bank Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Debt instrument, fair value disclosure | $ 21.8 | $ 23.9 |
Contingencies (Details)
Contingencies (Details) $ in Millions | Mar. 31, 2018USD ($) |
Swedish Tax Authority | Sirius Group | |
Loss Contingencies [Line Items] | |
Loss contingency, estimate of possible loss | $ 18.5 |
Held for Sale and Discontinue80
Held for Sale and Discontinued Operations - (Details) - USD ($) $ / shares in Units, $ in Millions | Sep. 28, 2017 | Oct. 05, 2016 | Jul. 21, 2016 | Apr. 18, 2016 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Discontinued Operations [Line Items} | ||||||||
Gain from sale of other discontinued operations, net of tax | $ 0.1 | $ 0.1 | $ (1) | |||||
Net (loss) income from discontinued operations | 0 | 32.3 | ||||||
OneBeacon | ||||||||
Discontinued Operations [Line Items} | ||||||||
Sales of unconsolidated affiliates and consolidated subsidiaries, net of cash sold | $ 1,300 | |||||||
Gain from sale of other discontinued operations, net of tax | $ 554.6 | |||||||
Net (loss) income from discontinued operations | 32.3 | |||||||
Tranzact | ||||||||
Discontinued Operations [Line Items} | ||||||||
Sales of unconsolidated affiliates and consolidated subsidiaries, net of cash sold | $ 1.2 | $ 221.3 | ||||||
Gain from sale of other discontinued operations, net of tax | $ 51.9 | |||||||
Net (loss) income from discontinued operations | 0 | |||||||
Discontinued operation, tax effect of discontinued operation | 0 | 30.2 | ||||||
Sirius Group | ||||||||
Discontinued Operations [Line Items} | ||||||||
Sales of unconsolidated affiliates and consolidated subsidiaries, net of cash sold | $ 2,600 | |||||||
Gain from sale of other discontinued operations, net of tax | 363.2 | |||||||
Sale of Sirius Group | ||||||||
Discontinued Operations [Line Items} | ||||||||
Recognition of foreign currency translation and other accumulated comprehensive items from the sale of subsidiary | $ 113.3 | |||||||
Discontinued Operations | OneBeacon | ||||||||
Discontinued Operations [Line Items} | ||||||||
Net (loss) income from discontinued operations | 32.3 | |||||||
Discontinued operation, tax effect of discontinued operation | (4.2) | |||||||
Discontinued Operations | Tranzact | ||||||||
Discontinued Operations [Line Items} | ||||||||
Gain from sale of other discontinued operations, net of tax | $ (1) | |||||||
Discontinued Operations | Sirius Group | ||||||||
Discontinued Operations [Line Items} | ||||||||
Gain from sale of other discontinued operations, net of tax | 0.1 | |||||||
Net (loss) income from discontinued operations | 0 | |||||||
Discontinued operation, tax effect of discontinued operation | 0 | |||||||
Intact Financial Corporation | OneBeacon | ||||||||
Discontinued Operations [Line Items} | ||||||||
Sale of stock, price per share | $ 18.10 | |||||||
Connecticut | Discontinued Operations, Held-for-sale | ||||||||
Discontinued Operations [Line Items} | ||||||||
Assets held for sale | $ 3.3 | $ 3.3 |
Held for Sale and Discontinue81
Held for Sale and Discontinued Operations - Financial Statement Disclosures (Details) - USD ($) $ in Millions | Sep. 28, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||
Earned insurance premiums | $ 3 | $ 3 | |||
Net investment income | 19.7 | 12.8 | |||
Net realized and unrealized investment gains | (53.7) | 36.3 | |||
Total revenues | 42.1 | 88.8 | |||
Loss and loss adjustment expenses | 1.1 | ||||
Insurance acquisition expenses | 1.4 | 1.3 | |||
Other underwriting expenses | 0.1 | 0.1 | |||
General and administrative expenses | 47.9 | 60.7 | |||
Interest expense | 0.6 | 0.4 | |||
Total expenses | 108.1 | 92.4 | |||
Net (loss) income from discontinued operations, net of tax | 0 | 32.3 | |||
Gain from sale of other discontinued operations, net of tax | 0.1 | $ 0.1 | (1) | ||
Total income (loss) from discontinued operations | 0.1 | 31.3 | |||
Total comprehensive income (loss) | (48) | 29.2 | |||
Sirius Group | |||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||
Gain from sale of other discontinued operations, net of tax | $ 363.2 | ||||
OneBeacon | |||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||
Net (loss) income from discontinued operations, net of tax | 32.3 | ||||
Gain from sale of other discontinued operations, net of tax | $ 554.6 | ||||
Tranzact | |||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||
Earned insurance premiums | 0 | ||||
Net investment income | 0 | ||||
Net realized and unrealized investment gains | 0 | ||||
Other revenue | 0 | ||||
Total revenues | 0 | ||||
Loss and loss adjustment expenses | 0 | ||||
Insurance acquisition expenses | 0 | ||||
Other underwriting expenses | 0 | ||||
General and administrative expenses | 0 | ||||
Interest expense | 0 | ||||
Total expenses | 0 | ||||
Pre-tax income | 0 | ||||
Income tax expense | 0 | 30.2 | |||
Net (loss) income from discontinued operations, net of tax | 0 | ||||
Gain from sale of other discontinued operations, net of tax | $ 51.9 | ||||
Total comprehensive income (loss) | (1) | ||||
Discontinued Operations | |||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||
Total income (loss) from discontinued operations | 0.1 | 31.3 | |||
Discontinued Operations | Sirius Group | |||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||
Earned insurance premiums | 0 | ||||
Net investment income | 0 | ||||
Net realized and unrealized investment gains | 0 | ||||
Other revenue | 0 | ||||
Total revenues | 0 | ||||
Loss and loss adjustment expenses | 0 | ||||
Insurance acquisition expenses | 0 | ||||
Other underwriting expenses | 0 | ||||
General and administrative expenses | 0 | ||||
Interest expense | 0 | ||||
Total expenses | 0 | ||||
Pre-tax income | 0 | ||||
Income tax expense | 0 | ||||
Net (loss) income from discontinued operations, net of tax | 0 | ||||
Gain from sale of other discontinued operations, net of tax | 0.1 | ||||
Total income (loss) from discontinued operations | 0.1 | ||||
Total comprehensive income (loss) | 0.1 | ||||
Discontinued Operations | Sirius Group | Net gain (loss) from sale of discontinued operations | |||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||
Gain from sale of other discontinued operations, net of tax | 0.1 | ||||
Discontinued Operations | OneBeacon | |||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||
Earned insurance premiums | 261.8 | ||||
Net investment income | 12.2 | ||||
Net realized and unrealized investment gains | 15 | ||||
Other revenue | 3.4 | ||||
Total revenues | 292.4 | ||||
Loss and loss adjustment expenses | 150.6 | ||||
Insurance acquisition expenses | 45.3 | ||||
Other underwriting expenses | 51.7 | ||||
General and administrative expenses | 5 | ||||
Interest expense | 3.3 | ||||
Total expenses | 255.9 | ||||
Pre-tax income | 36.5 | ||||
Income tax expense | (4.2) | ||||
Net (loss) income from discontinued operations, net of tax | 32.3 | ||||
Total income (loss) from discontinued operations | 32.3 | ||||
Net change in foreign currency translation and benefit plan assets and obligations | (0.1) | ||||
Total comprehensive income (loss) | 32.2 | ||||
Discontinued Operations | Total | |||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||
Earned insurance premiums | 0 | 261.8 | |||
Net investment income | 0 | 12.2 | |||
Net realized and unrealized investment gains | 0 | 15 | |||
Other revenue | 0 | 3.4 | |||
Total revenues | 0 | 292.4 | |||
Loss and loss adjustment expenses | 0 | 150.6 | |||
Insurance acquisition expenses | 0 | 45.3 | |||
Other underwriting expenses | 0 | 51.7 | |||
General and administrative expenses | 0 | 5 | |||
Interest expense | 0 | 3.3 | |||
Total expenses | 0 | 255.9 | |||
Pre-tax income | 0 | 36.5 | |||
Income tax expense | 0 | (4.2) | |||
Net (loss) income from discontinued operations, net of tax | 0 | 32.3 | |||
Total income (loss) from discontinued operations | 0.1 | 31.3 | |||
Net change in foreign currency translation and benefit plan assets and obligations | 0 | (0.1) | |||
Total comprehensive income (loss) | 0.1 | 31.2 | |||
Discontinued Operations | Total | Net gain (loss) from sale of discontinued operations | |||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||
Gain from sale of other discontinued operations, net of tax | $ 0.1 | (1) | |||
Discontinued Operations | Tranzact | |||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||
Gain from sale of other discontinued operations, net of tax | (1) | ||||
Total income (loss) from discontinued operations | (1) | ||||
Discontinued Operations | Tranzact | Net gain (loss) from sale of discontinued operations | |||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||
Gain from sale of other discontinued operations, net of tax | $ (1) |
Held for Sale and Discontinue82
Held for Sale and Discontinued Operations - Net Change Cash From Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net Cash Provided by (Used in) Discontinued Operations [Abstract] | ||
Cash balances at beginning of period | $ 97.1 | $ 80.2 |
Cash balances at end of period | 120.2 | 45.4 |
Net income tax payment to national governments | (0.2) | 0 |
Discontinued Operations | ||
Net Cash Provided by (Used in) Discontinued Operations [Abstract] | ||
Net cash provided from (used for) operations - discontinued operations | 0.1 | (1.3) |
Net cash (used for) provided from investing activities - discontinued operations | (0.1) | 32.3 |
Net cash used for financing activities - discontinued operations | 0 | (21) |
Net change in cash during the period | 0 | 10 |
Cash balances at beginning of period | 0 | 70.5 |
Cash balances at end of period | 0 | 79.6 |
Interest paid | 0 | 0 |
Net income tax payment to national governments | 0 | 0 |
Discontinued Operations, Held-for-sale | ||
Net Cash Provided by (Used in) Discontinued Operations [Abstract] | ||
Cash balances at beginning of period | 0 | 70.5 |
Cash balances at end of period | 0 | 79.6 |
Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Net Cash Provided by (Used in) Discontinued Operations [Abstract] | ||
Net change in cash held for sale, excluding discontinued operations | $ 0 | $ (0.9) |
Held for Sale and Discontinue83
Held for Sale and Discontinued Operations - EPS (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Basic and diluted earnings per share numerators (in millions): | ||
Net (loss) income attributable to White Mountains’s common shareholders | $ (48) | $ 29 |
Less total loss from continuing operations, net of tax | (48.1) | (2.3) |
Net income from discontinued operations attributable to White Mountains’s common shareholders | 0.1 | 31.3 |
Basic and diluted earnings per share numerators | $ (47.7) | $ (2.3) |
Basic earnings per share denominators (in thousands): | ||
Total average common shares outstanding during the period | 3,746,100 | 4,564,600 |
Average unvested restricted common shares | (35,900) | (52,500) |
Basic earnings per share denominator | 3,710,200 | 4,512,100 |
Diluted earnings per share denominator (in thousands): | ||
Total average common shares outstanding during the period | 3,746,100 | 4,564,600 |
Average unvested restricted common shares | (35,900) | (52,500) |
Diluted earnings per share denominator | 3,710,200 | 4,512,100 |
Basic earnings per share (in dollars) | $ (12.82) | $ 6.34 |
Diluted earnings per share (in dollars) | $ (12.82) | $ 6.34 |
Discontinued Operations | ||
Basic and diluted earnings per share numerators (in millions): | ||
Net (loss) income attributable to White Mountains’s common shareholders | $ (48) | $ 29 |
Less total loss from continuing operations, net of tax | 48.1 | 2.3 |
Net income from discontinued operations attributable to White Mountains’s common shareholders | 0.1 | 31.3 |
Allocation of income for participating unvested restricted common shares | 0 | (0.4) |
Basic and diluted earnings per share numerators | $ 0.1 | $ 30.9 |
Basic earnings per share denominators (in thousands): | ||
Total average common shares outstanding during the period | 3,746,100 | 4,564,600 |
Average unvested restricted common shares | (35,900) | (52,500) |
Basic earnings per share denominator | 3,710,200 | 4,512,100 |
Diluted earnings per share denominator (in thousands): | ||
Total average common shares outstanding during the period | 3,746,100 | 4,564,600 |
Average unvested restricted common shares | (35,900) | (52,500) |
Diluted earnings per share denominator | 3,710,200 | 4,512,100 |
Basic earnings per share (in dollars) | $ 0.03 | $ 6.86 |
Diluted earnings per share (in dollars) | $ 0.03 | $ 6.86 |
Financial Statement Revisions -
Financial Statement Revisions - Statement of Operations and Comprehensive Income (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Revenues: | ||||
Advertising and commission revenues | $ 71 | $ 33.8 | ||
Total revenues | 42.1 | 88.8 | ||
Expenses: | ||||
Total expenses | 108.1 | 92.4 | ||
Pre-tax income (loss) from continuing operations | (66) | (3.6) | ||
Income tax benefit | (0.7) | 0.3 | ||
Net income (loss) from continuing operations | (66.7) | (3.3) | ||
Gain from sale of other discontinued operations, net of tax | 0.1 | $ 0.1 | (1) | |
Net (loss) income from discontinued operations, net of tax | 0 | 32.3 | ||
Net income | (66.6) | 28 | ||
Net loss (income) attributable to non-controlling interests | 18.6 | 1 | ||
Net income attributable to White Mountains’s common shareholders | (48) | 29 | ||
Other comprehensive income, net of tax: | ||||
Other comprehensive income (loss), net of tax | 0.2 | |||
Comprehensive income | (48) | 29.2 | ||
Other comprehensive income attributable to non-controlling interests | 0 | 0 | ||
Comprehensive income attributable to White Mountains’s common shareholders | (48) | $ 29.2 | ||
Continuing operations (in usd per share) | $ 6.34 | |||
As previously reported | ||||
Revenues: | ||||
Total revenues | $ 93.5 | |||
Expenses: | ||||
Total expenses | 92.2 | |||
Pre-tax income (loss) from continuing operations | 1.3 | |||
Income tax benefit | 0.3 | |||
Net income (loss) from continuing operations | 1.6 | |||
Gain from sale of other discontinued operations, net of tax | (1) | |||
Net (loss) income from discontinued operations, net of tax | 32.3 | |||
Net income | 32.9 | |||
Net loss (income) attributable to non-controlling interests | 1.3 | |||
Net income attributable to White Mountains’s common shareholders | 34.2 | |||
Other comprehensive income, net of tax: | ||||
Other comprehensive income (loss), net of tax | 0.9 | |||
Comprehensive income | 35.1 | |||
Other comprehensive income attributable to non-controlling interests | 0 | |||
Comprehensive income attributable to White Mountains’s common shareholders | $ 35.1 | |||
Continuing operations (in usd per share) | $ 7.49 | |||
Adjustments | ||||
Revenues: | ||||
Total revenues | $ (4.7) | |||
Expenses: | ||||
Total expenses | 0.2 | |||
Pre-tax income (loss) from continuing operations | (4.9) | |||
Income tax benefit | 0 | |||
Net income (loss) from continuing operations | (4.9) | |||
Gain from sale of other discontinued operations, net of tax | 0 | |||
Net (loss) income from discontinued operations, net of tax | 0 | |||
Net income | (4.9) | |||
Net loss (income) attributable to non-controlling interests | (0.3) | |||
Net income attributable to White Mountains’s common shareholders | (5.2) | $ (5.2) | ||
Other comprehensive income, net of tax: | ||||
Other comprehensive income (loss), net of tax | (0.7) | |||
Comprehensive income | (5.9) | |||
Other comprehensive income attributable to non-controlling interests | 0 | |||
Comprehensive income attributable to White Mountains’s common shareholders | $ (5.9) | |||
Continuing operations (in usd per share) | $ (1.15) | |||
HG Global-BAM | ||||
Revenues: | ||||
Total revenues | (1) | $ 6.3 | ||
Expenses: | ||||
Total expenses | 13.3 | 11.9 | ||
HG Global-BAM | Adjustments | ||||
Revenues: | ||||
Total revenues | 0 | |||
Expenses: | ||||
Total expenses | 0 | |||
MediaAlpha | ||||
Revenues: | ||||
Advertising and commission revenues | 70.1 | 32.5 | ||
Total revenues | 71.7 | 32.5 | ||
Expenses: | ||||
Total expenses | 71.9 | 33.5 | ||
MediaAlpha | As previously reported | ||||
Revenues: | ||||
Total revenues | 32.5 | |||
Expenses: | ||||
Total expenses | 33.5 | |||
MediaAlpha | Adjustments | ||||
Revenues: | ||||
Total revenues | 0 | |||
Expenses: | ||||
Total expenses | 0 | |||
Other Entity | ||||
Revenues: | ||||
Advertising and commission revenues | 0.9 | 1.3 | ||
Other revenues | 48.7 | |||
Total revenues | (28.6) | 50 | ||
Expenses: | ||||
Total expenses | 22.9 | 47 | ||
Other Entity | As previously reported | ||||
Revenues: | ||||
Advertising and commission revenues | 6 | |||
Expenses: | ||||
Total expenses | 46.8 | |||
Other Entity | Adjustments | ||||
Revenues: | ||||
Advertising and commission revenues | (4.7) | |||
Other revenues | 0 | |||
Expenses: | ||||
Total expenses | 0.2 | |||
HG Global-BAM | ||||
Revenues: | ||||
Advertising and commission revenues | 0 | 0 | ||
Expenses: | ||||
Pre-tax income (loss) from continuing operations | $ (14.3) | (5.6) | ||
HG Global-BAM | As previously reported | ||||
Revenues: | ||||
Total revenues | 6.3 | |||
Expenses: | ||||
Total expenses | $ 11.9 |
Financial Statement Revisions85
Financial Statement Revisions - Statements of Changes in Equity (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2016 | |
Increase (Decrease) in Shareholders' Equity | |||
Beginning Balances | $ 3,360.8 | ||
Net loss (income) | (66.6) | $ 28 | |
Net (loss) income attributable to White Mountains’s common shareholders | (48) | 29 | |
Ending Balances | 3,295.8 | 3,730.8 | |
As previously reported | |||
Increase (Decrease) in Shareholders' Equity | |||
Net loss (income) | 32.9 | ||
Net (loss) income attributable to White Mountains’s common shareholders | 34.2 | ||
Ending Balances | 3,757.5 | ||
Adjustments | |||
Increase (Decrease) in Shareholders' Equity | |||
Net loss (income) | (4.9) | ||
Net (loss) income attributable to White Mountains’s common shareholders | (5.2) | $ (5.2) | |
Ending Balances | (26.7) | ||
Common shares and paid-in surplus | |||
Increase (Decrease) in Shareholders' Equity | |||
Beginning Balances | 670.6 | 810.7 | |
Repurchases and retirements of common shares | (1.9) | (1.4) | |
Net loss (income) | 0 | 0 | |
Dividends declared on common shares | 0 | 0 | |
Ending Balances | 675.3 | 807.8 | 810.7 |
Common shares and paid-in surplus | As previously reported | |||
Increase (Decrease) in Shareholders' Equity | |||
Ending Balances | 807.1 | ||
Common shares and paid-in surplus | Adjustments | |||
Increase (Decrease) in Shareholders' Equity | |||
Ending Balances | 0.7 | ||
Retained earnings | |||
Increase (Decrease) in Shareholders' Equity | |||
Beginning Balances | 2,823.2 | 2,776.6 | |
Repurchases and retirements of common shares | (6.4) | (5.1) | |
Net loss (income) | (48) | 29 | |
Dividends declared on common shares | (3.8) | (4.6) | |
Ending Balances | 2,765 | 2,795.9 | 2,776.6 |
Retained earnings | As previously reported | |||
Increase (Decrease) in Shareholders' Equity | |||
Beginning Balances | 2,797.2 | ||
Repurchases and retirements of common shares | (5.1) | ||
Net loss (income) | 34.2 | ||
Dividends declared on common shares | (4.6) | ||
Ending Balances | 2,821.7 | 2,797.2 | |
Retained earnings | Adjustments | |||
Increase (Decrease) in Shareholders' Equity | |||
Beginning Balances | (20.6) | ||
Repurchases and retirements of common shares | 0 | ||
Dividends declared on common shares | 0 | ||
Ending Balances | (25.8) | (20.6) | |
AOCI, after tax | |||
Increase (Decrease) in Shareholders' Equity | |||
Beginning Balances | (1.3) | (4.6) | |
Repurchases and retirements of common shares | 0 | 0 | |
Net loss (income) | 0 | 0 | |
Dividends declared on common shares | 0 | 0 | |
Ending Balances | (1.3) | (4.4) | (4.6) |
AOCI, after tax | As previously reported | |||
Increase (Decrease) in Shareholders' Equity | |||
Beginning Balances | (4.6) | ||
Ending Balances | (3.7) | (4.6) | |
AOCI, after tax | Adjustments | |||
Increase (Decrease) in Shareholders' Equity | |||
Beginning Balances | 0 | ||
Ending Balances | (0.7) | 0 | |
Total | |||
Increase (Decrease) in Shareholders' Equity | |||
Beginning Balances | 3,492.5 | 3,582.7 | |
Repurchases and retirements of common shares | (8.3) | (6.5) | |
Net loss (income) | (48) | 29 | |
Dividends declared on common shares | (3.8) | (4.6) | |
Ending Balances | 3,439 | 3,599.3 | 3,582.7 |
Total | As previously reported | |||
Increase (Decrease) in Shareholders' Equity | |||
Ending Balances | 3,625.1 | ||
Total | Adjustments | |||
Increase (Decrease) in Shareholders' Equity | |||
Ending Balances | (25.8) | ||
Non-controlling interest | |||
Increase (Decrease) in Shareholders' Equity | |||
Beginning Balances | (131.7) | 133.3 | |
Repurchases and retirements of common shares | 0 | (1.1) | |
Net loss (income) | (18.6) | (1) | |
Dividends declared on common shares | 0 | 0 | |
Other changes in non-controlling interests | (0.8) | ||
Ending Balances | (143.2) | 131.5 | 133.3 |
Non-controlling interest | As previously reported | |||
Increase (Decrease) in Shareholders' Equity | |||
Beginning Balances | 133.9 | ||
Net loss (income) | (1.3) | ||
Other changes in non-controlling interests | (0.2) | ||
Ending Balances | 132.4 | 133.9 | |
Non-controlling interest | Adjustments | |||
Increase (Decrease) in Shareholders' Equity | |||
Beginning Balances | (0.6) | ||
Net loss (income) | 0.3 | ||
Other changes in non-controlling interests | (0.6) | ||
Ending Balances | (0.9) | (0.6) | |
Total Equity | |||
Increase (Decrease) in Shareholders' Equity | |||
Beginning Balances | 3,360.8 | 3,716 | |
Repurchases and retirements of common shares | (8.3) | (7.6) | |
Net loss (income) | (66.6) | 28 | |
Dividends declared on common shares | (3.8) | (4.6) | |
Ending Balances | 3,295.8 | 3,730.8 | $ 3,716 |
Total Equity | As previously reported | |||
Increase (Decrease) in Shareholders' Equity | |||
Ending Balances | 3,757.5 | ||
Total Equity | Adjustments | |||
Increase (Decrease) in Shareholders' Equity | |||
Ending Balances | (26.7) | ||
Foreign Currency Gain (Loss) | Common shares and paid-in surplus | |||
Increase (Decrease) in Shareholders' Equity | |||
Change in foreign currency translation, net of tax | 0 | 0 | |
Foreign Currency Gain (Loss) | Retained earnings | |||
Increase (Decrease) in Shareholders' Equity | |||
Change in foreign currency translation, net of tax | 0 | 0 | |
Foreign Currency Gain (Loss) | AOCI, after tax | |||
Increase (Decrease) in Shareholders' Equity | |||
Change in foreign currency translation, net of tax | 0 | 0.2 | |
Foreign Currency Gain (Loss) | AOCI, after tax | As previously reported | |||
Increase (Decrease) in Shareholders' Equity | |||
Change in foreign currency translation, net of tax | 0.9 | ||
Foreign Currency Gain (Loss) | AOCI, after tax | Adjustments | |||
Increase (Decrease) in Shareholders' Equity | |||
Change in foreign currency translation, net of tax | (0.7) | ||
Foreign Currency Gain (Loss) | Total | |||
Increase (Decrease) in Shareholders' Equity | |||
Change in foreign currency translation, net of tax | 0 | 0.2 | |
Foreign Currency Gain (Loss) | Non-controlling interest | |||
Increase (Decrease) in Shareholders' Equity | |||
Change in foreign currency translation, net of tax | 0 | 0 | |
Foreign Currency Gain (Loss) | Total Equity | |||
Increase (Decrease) in Shareholders' Equity | |||
Change in foreign currency translation, net of tax | $ 0 | $ 0.2 |
Financial Statement Revisions86
Financial Statement Revisions - Balance Sheet (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Assets | ||||
Goodwill | $ 25.9 | $ 25.9 | $ 25.9 | $ 25.9 |
Total assets | 3,587 | 3,659.2 | 6,490.4 | |
Liabilities | ||||
Total liabilities | 291.2 | 298.4 | 2,759.6 | |
White Mountains’s common shareholders’ equity | ||||
White Mountains’ common shares | 3.8 | 3.8 | 4.6 | |
Paid-in surplus | 671.5 | 666.8 | 803.2 | |
Retained earnings | 2,765 | 2,823.2 | 2,795.9 | |
Accumulated other comprehensive loss, after tax: | ||||
Accumulated other comprehensive loss from net change in benefit plan assets and obligations | (4.4) | |||
Total White Mountains’s common shareholders’ equity | 3,439 | 3,492.5 | 3,599.3 | |
Non-controlling interests | (143.2) | (131.7) | 131.5 | |
Total equity | 3,295.8 | 3,360.8 | 3,730.8 | |
Total liabilities and equity | 3,587 | 3,659.2 | 6,490.4 | |
As previously reported | ||||
Assets | ||||
Total assets | 6,516.8 | |||
Liabilities | ||||
Total liabilities | 2,759.3 | |||
White Mountains’s common shareholders’ equity | ||||
White Mountains’ common shares | 4.6 | |||
Paid-in surplus | 802.5 | |||
Retained earnings | 2,821.7 | |||
Accumulated other comprehensive loss, after tax: | ||||
Accumulated other comprehensive loss from net change in benefit plan assets and obligations | (3.7) | |||
Total White Mountains’s common shareholders’ equity | 3,625.1 | |||
Non-controlling interests | 132.4 | |||
Total equity | 3,757.5 | |||
Total liabilities and equity | 6,516.8 | |||
Adjustments | ||||
Assets | ||||
Total assets | (26.4) | |||
Liabilities | ||||
Total liabilities | 0.3 | |||
White Mountains’s common shareholders’ equity | ||||
White Mountains’ common shares | 0 | |||
Paid-in surplus | 0.7 | |||
Retained earnings | (25.8) | |||
Accumulated other comprehensive loss, after tax: | ||||
Accumulated other comprehensive loss from net change in benefit plan assets and obligations | (0.7) | |||
Total White Mountains’s common shareholders’ equity | (25.8) | |||
Non-controlling interests | (0.9) | |||
Total equity | (26.7) | |||
Total liabilities and equity | (26.4) | |||
HG Global-BAM | ||||
Assets | ||||
Other assets | 5.1 | 5.6 | ||
Total assets | 750.1 | 747.4 | 699.1 | |
Liabilities | ||||
Other liabilities | 12.2 | 11.4 | ||
Total liabilities | 179.6 | 167 | 126.4 | |
HG Global-BAM | As previously reported | ||||
Assets | ||||
Total assets | 699.1 | |||
Liabilities | ||||
Total liabilities | 126.4 | |||
HG Global-BAM | Adjustments | ||||
Assets | ||||
Total assets | 0 | |||
Liabilities | ||||
Total liabilities | 0 | |||
MediaAlpha | ||||
Assets | ||||
Other assets | 1.6 | 1.3 | ||
Total assets | 103.7 | 96.5 | 53.2 | |
Liabilities | ||||
Other liabilities | 0.9 | 2.4 | ||
Total liabilities | 60.7 | 59.8 | 25.6 | |
Accumulated other comprehensive loss, after tax: | ||||
Non-controlling interests | 16.2 | 13.1 | ||
MediaAlpha | As previously reported | ||||
Assets | ||||
Total assets | 53.2 | |||
Liabilities | ||||
Total liabilities | 25.6 | |||
MediaAlpha | Adjustments | ||||
Assets | ||||
Total assets | 0 | |||
Liabilities | ||||
Total liabilities | 0 | |||
Other Entity | ||||
Assets | ||||
Goodwill | 7.6 | |||
Other intangible assets | 1.1 | |||
Other assets — commissions receivable | 4.2 | |||
Assets held for sale | 3.3 | 3.3 | 3,578.9 | |
Other assets | 16.5 | 19.1 | 2,146.3 | |
Total assets | 2,733.2 | 2,815.3 | ||
Liabilities | ||||
Other liabilities | 2,535.2 | |||
Other liabilities | 9.5 | 11 | 72.4 | |
Total liabilities | $ 50.9 | $ 71.6 | ||
Other Entity | As previously reported | ||||
Assets | ||||
Goodwill | 13.4 | |||
Other intangible assets | 4.5 | |||
Other assets — commissions receivable | 21.4 | |||
Assets held for sale | 3,578.9 | |||
Other assets | 2,146.3 | |||
Liabilities | ||||
Other liabilities | 2,535.2 | |||
Other liabilities | 72.1 | |||
Other Entity | Adjustments | ||||
Assets | ||||
Goodwill | (5.8) | |||
Other intangible assets | (3.4) | |||
Other assets — commissions receivable | (17.2) | |||
Assets held for sale | 0 | |||
Other assets | 0 | |||
Liabilities | ||||
Other liabilities | 0 | |||
Other liabilities | $ 0.3 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - USD ($) $ in Millions | Apr. 02, 2018 | Apr. 30, 2018 | Apr. 16, 2018 |
Subsequent Event [Line Items] | |||
Tender offer, shares (up to) | 500,000 | ||
NSM Insurance Group | |||
Subsequent Event [Line Items] | |||
Business acquisition, percentage of voting interests acquired | 95.00% | ||
Business combination, consideration transferred | $ 368.3 | ||
Expected borrowings | 100 | ||
Business combination, net consideration transferred | $ 273.3 | ||
Fidus Re Ltd. | |||
Subsequent Event [Line Items] | |||
Reinsurance payable | $ 100 |