White Mountains Reports Second Quarter Results
Comprehensive income (loss) attributable to common shareholders was
Ark/WM Outrigger
The Ark/WM Outrigger segment's combined ratio was 87% and 89% in the second quarter and first six months of 2024 compared to 87% and 89% in the second quarter and first six months of 2023. Ark/WM Outrigger reported gross written premiums of
Ark's combined ratio was 89% and 91% in the second quarter and first six months of 2024 compared to 89% and 91% in the second quarter and first six months of 2023. Ark's combined ratio in the second quarter and first six months of 2024 included minimal catastrophe losses compared to five points and three points of catastrophe losses in the second quarter and first six months of 2023. Non-catastrophe losses in the second quarter of 2024 included
Ark reported gross written premiums of
Ark reported pre-tax income of
WM Outrigger Re's combined ratio was 27% and 30% in the second quarter and first six months of 2024 compared to 25% and 24% in the second quarter and first six months of 2023. Catastrophe losses were minimal in all periods. WM Outrigger Re reported gross and net written premiums of
HG Global/BAM
BAM's gross written premiums and member surplus contributions (MSC) collected were
HG Global reported pre-tax income of
White Mountains reported pre-tax loss related to BAM of
BAM is a mutual insurance company that is owned by its members. BAM's results are consolidated into White Mountains's GAAP financial statements and attributed to noncontrolling interests.
Kudu
Kudu reported total revenues of
Kudu reported total revenues of
Bamboo
Bamboo reported commission and fee revenues of
Managed premiums, which represent the total premiums placed by Bamboo, were
MediaAlpha
On
As of
Other Operations
White Mountains's Other Operations reported pre-tax income (loss) of
Investments
The total consolidated portfolio return was -0.1% in the second quarter of 2024. Excluding MediaAlpha, the total consolidated portfolio return was 2.2% in the second quarter of 2024. The total consolidated portfolio return was 0.9% in the second quarter of 2023. Excluding MediaAlpha, the total consolidated portfolio return was 3.0% in the second quarter of 2023.
The total consolidated portfolio return was 4.5% in the first six months of 2024. Excluding MediaAlpha, the total consolidated portfolio return was 3.5% in the first six months of 2024. The total consolidated portfolio return was 5.5% in the first six months of 2023. Excluding MediaAlpha, the total consolidated portfolio return was 6.1% in the first six months of 2023.
Share Repurchases
White Mountains did not repurchase any of its common shares in the second quarter of 2024. In the first six months of 2024, White Mountains repurchased and retired 5,269 of its common shares for
In the second quarter of 2023, White Mountains repurchased and retired 5,542 of its common shares for
Additional Information
White Mountains is a
|
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
(millions) |
||||||
(Unaudited) |
||||||
|
|
|
||||
Assets |
||||||
|
||||||
Fixed maturity investments |
$ 1,005.5 |
$ 866.8 |
$ 755.8 |
|||
Common equity securities |
422.3 |
400.6 |
382.6 |
|||
Short-term investments |
904.5 |
962.8 |
640.3 |
|||
Other long-term investments |
491.3 |
440.9 |
410.7 |
|||
Total investments |
2,823.6 |
2,671.1 |
2,189.4 |
|||
Cash (restricted |
156.3 |
90.5 |
101.7 |
|||
Reinsurance recoverables |
863.8 |
442.0 |
669.7 |
|||
Insurance premiums receivable |
1,175.4 |
612.2 |
1,077.2 |
|||
Deferred acquisition costs |
245.3 |
145.3 |
232.1 |
|||
|
292.5 |
292.5 |
292.5 |
|||
Other assets |
147.0 |
125.0 |
69.4 |
|||
|
5,703.9 |
4,378.6 |
4,632.0 |
|||
Financial Guarantee (HG Global/BAM) |
||||||
Fixed maturity investments |
1,039.4 |
1,012.3 |
932.9 |
|||
Short-term investments |
51.3 |
70.6 |
67.5 |
|||
Total investments |
1,090.7 |
1,082.9 |
1,000.4 |
|||
Cash |
5.0 |
6.7 |
2.9 |
|||
Insurance premiums receivable |
6.4 |
5.5 |
6.4 |
|||
Deferred acquisition costs |
41.7 |
40.1 |
37.4 |
|||
Other assets |
36.3 |
36.8 |
25.3 |
|||
Total Financial Guarantee assets |
1,180.1 |
1,172.0 |
1,072.4 |
|||
Asset Management (Kudu) |
||||||
Short-term investments |
37.6 |
29.3 |
4.1 |
|||
Other long-term investments |
907.1 |
896.3 |
737.1 |
|||
Total investments |
944.7 |
925.6 |
741.2 |
|||
Cash (restricted |
1.1 |
1.4 |
25.0 |
|||
Accrued investment income |
15.1 |
17.6 |
13.1 |
|||
|
8.1 |
8.3 |
8.4 |
|||
Other assets |
35.4 |
6.5 |
10.0 |
|||
Total Asset Management assets |
1,004.4 |
959.4 |
797.7 |
|||
P&C Insurance Distribution (Bamboo) |
||||||
Fixed maturity investments |
33.2 |
— |
— |
|||
Short-term investments |
19.8 |
— |
— |
|||
Total investments |
53.0 |
— |
— |
|||
Cash (restricted |
68.9 |
— |
— |
|||
Premiums, commissions and fees receivable |
58.0 |
— |
— |
|||
|
363.0 |
— |
— |
|||
Other assets |
18.8 |
— |
— |
|||
Total P&C Insurance Distribution assets |
561.7 |
— |
— |
|||
Other Operations |
||||||
Fixed maturity investments |
266.7 |
230.2 |
252.0 |
|||
Common equity securities |
208.5 |
137.8 |
272.5 |
|||
Investment in MediaAlpha |
235.2 |
254.9 |
235.7 |
|||
Short-term investments |
192.3 |
425.2 |
274.2 |
|||
Other long-term investments |
624.0 |
661.0 |
667.2 |
|||
Total investments |
1,526.7 |
1,709.1 |
1,701.6 |
|||
Cash |
23.9 |
23.8 |
24.9 |
|||
Insurance premiums receivable |
21.7 |
— |
— |
|||
|
67.4 |
69.8 |
72.7 |
|||
Other assets |
77.1 |
73.2 |
75.0 |
|||
Total Other Operations assets |
1,716.8 |
1,875.9 |
1,874.2 |
|||
Total assets |
$ 10,166.9 |
$ 8,385.9 |
$ 8,376.3 |
|
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) |
||||||
(millions) |
||||||
(Unaudited) |
||||||
|
|
|
||||
Liabilities |
||||||
|
||||||
Loss and loss adjustment expense reserves |
$ 1,890.1 |
$ 1,605.1 |
$ 1,421.0 |
|||
Unearned insurance premiums |
1,526.1 |
743.6 |
1,376.5 |
|||
Debt |
155.0 |
185.5 |
185.1 |
|||
Reinsurance payable |
367.3 |
81.1 |
247.0 |
|||
Contingent consideration |
107.3 |
94.0 |
45.1 |
|||
Other liabilities |
157.2 |
166.8 |
116.6 |
|||
|
4,203.0 |
2,876.1 |
3,391.3 |
|||
Financial Guarantee (HG Global/BAM) |
||||||
Unearned insurance premiums |
333.2 |
325.8 |
303.7 |
|||
Debt |
147.2 |
146.9 |
146.7 |
|||
Accrued incentive compensation |
17.3 |
27.2 |
14.7 |
|||
Other liabilities |
34.8 |
31.8 |
34.6 |
|||
Total Financial Guarantee liabilities |
532.5 |
531.7 |
499.7 |
|||
Asset Management (Kudu) |
||||||
Debt |
203.3 |
203.8 |
203.7 |
|||
Other liabilities |
67.9 |
71.6 |
51.0 |
|||
Total Asset Management liabilities |
271.2 |
275.4 |
254.7 |
|||
P&C Insurance Distribution (Bamboo) |
||||||
Loss and loss adjustment expense reserves |
16.6 |
— |
— |
|||
Unearned insurance premiums |
23.6 |
— |
— |
|||
Premiums and commissions payable |
78.8 |
— |
— |
|||
Other liabilities |
28.2 |
— |
— |
|||
Total P&C Insurance Distribution liabilities |
147.2 |
— |
— |
|||
Other Operations |
||||||
Loss and loss adjustment expense reserves |
3.9 |
— |
— |
|||
Unearned insurance premiums |
22.6 |
— |
— |
|||
Debt |
24.7 |
28.4 |
30.6 |
|||
Accrued incentive compensation |
58.5 |
87.7 |
51.0 |
|||
Other liabilities |
31.1 |
25.0 |
23.1 |
|||
Total Other Operations liabilities |
140.8 |
141.1 |
104.7 |
|||
Total liabilities |
5,294.7 |
3,824.3 |
4,250.4 |
|||
Equity |
||||||
White Mountains's common shareholder's equity |
||||||
White Mountains's common shares and paid-in surplus |
561.3 |
551.3 |
543.2 |
|||
Retained earnings |
3,863.1 |
3,690.8 |
3,380.7 |
|||
Accumulated other comprehensive income (loss), after tax: |
||||||
Net unrealized gains (losses) from foreign currency translation |
(1.8) |
(1.6) |
(1.7) |
|||
|
4,422.6 |
4,240.5 |
3,922.2 |
|||
Noncontrolling interests |
449.6 |
321.1 |
203.7 |
|||
Total equity |
4,872.2 |
4,561.6 |
4,125.9 |
|||
Total liabilities and equity |
$ 10,166.9 |
$ 8,385.9 |
$ 8,376.3 |
|
||||||||
BOOK VALUE AND ADJUSTED BOOK VALUE PER SHARE |
||||||||
(Unaudited) |
||||||||
|
|
|
|
|||||
Book value per share numerators (in millions): |
||||||||
White Mountains's common shareholders' equity - GAAP book value per share numerator |
$ 4,422.6 |
$ 4,470.4 |
$ 4,240.5 |
$ 3,922.2 |
||||
HG Global's unearned premium reserve (1) |
271.7 |
267.7 |
265.4 |
246.8 |
||||
HG Global's net deferred acquisition costs (1) |
(78.5) |
(77.3) |
(76.5) |
(70.7) |
||||
Time value of money discount on expected future payments on the BAM surplus notes (1) |
(84.7) |
(86.3) |
(87.9) |
(91.8) |
||||
Adjusted book value per share numerator |
$ 4,531.1 |
$ 4,574.5 |
$ 4,341.5 |
$ 4,006.5 |
||||
Book value per share denominators (in thousands of shares): |
||||||||
Common shares outstanding - GAAP book value per share denominator |
2,568.3 |
2,565.7 |
2,560.5 |
2,560.5 |
||||
Unearned restricted common shares |
(18.3) |
(20.3) |
(12.4) |
(19.1) |
||||
Adjusted book value per share denominator |
2,550.0 |
2,545.4 |
2,548.1 |
2,541.4 |
||||
GAAP book value per share |
$ 1,722.02 |
$ 1,742.33 |
$ 1,656.14 |
$ 1,531.84 |
||||
Adjusted book value per share |
$ 1,776.89 |
$ 1,797.17 |
$ 1,703.82 |
$ 1,576.46 |
||||
(1) Amount reflects White Mountains's preferred share ownership in HG Global of 96.9%. |
||||||||
|
|
|
|
|||||
Quarter-to-date change in GAAP book value per share, including dividends: |
(1.2) % |
5.3 % |
7.4 % |
0.7 % |
||||
Quarter-to-date change in adjusted book value per share, including dividends: |
(1.1) % |
5.5 % |
7.3 % |
0.6 % |
||||
Year-to-date change in GAAP book value per share, including dividends: |
4.0 % |
5.3 % |
13.8 % |
5.2 % |
||||
Year-to-date change in adjusted book value per share, including dividends: |
4.3 % |
5.5 % |
14.0 % |
5.5 % |
||||
Year-to-date dividends per share |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||
(millions) |
||||||||
(Unaudited) |
||||||||
Three Months Ended |
Six Months Ended |
|||||||
2024 |
2023 |
2024 |
2023 |
|||||
Revenues: |
||||||||
|
||||||||
Earned insurance premiums |
$ 318.3 |
$ 293.3 |
$ 621.1 |
$ 548.4 |
||||
Net investment income |
22.3 |
13.7 |
42.2 |
24.3 |
||||
Net realized and unrealized investment gains (losses) |
20.3 |
18.0 |
30.9 |
42.5 |
||||
Other revenues |
2.4 |
(2.0) |
5.9 |
(4.7) |
||||
|
363.3 |
323.0 |
700.1 |
610.5 |
||||
Financial Guarantee (HG Global/BAM) |
||||||||
Earned insurance premiums |
9.0 |
7.7 |
16.8 |
15.4 |
||||
Net investment income |
10.4 |
7.6 |
20.1 |
14.8 |
||||
Net realized and unrealized investment gains (losses) |
(4.3) |
(9.9) |
(14.4) |
7.1 |
||||
Other revenues |
.6 |
.5 |
1.1 |
1.3 |
||||
Total Financial Guarantee revenues |
15.7 |
5.9 |
23.6 |
38.6 |
||||
Asset Management (Kudu) |
||||||||
Net investment income |
15.7 |
14.7 |
32.9 |
28.9 |
||||
Net realized and unrealized investment gains (losses) |
54.5 |
4.6 |
48.0 |
34.2 |
||||
Total Asset Management revenues |
70.2 |
19.3 |
80.9 |
63.1 |
||||
P&C Insurance Distribution (Bamboo) |
||||||||
Commission and fee revenues |
32.7 |
— |
54.6 |
— |
||||
Earned insurance premiums |
8.0 |
— |
16.4 |
— |
||||
Other revenues |
1.3 |
— |
2.1 |
— |
||||
Total P&C Insurance Distribution revenues |
42.0 |
— |
73.1 |
— |
||||
Other Operations |
||||||||
Earned insurance premiums |
8.6 |
— |
8.6 |
— |
||||
Net investment income |
8.4 |
7.0 |
18.3 |
14.0 |
||||
Net realized and unrealized investment gains (losses) |
8.5 |
76.0 |
30.7 |
117.8 |
||||
Net realized and unrealized investment gains (losses) from investment in MediaAlpha |
(139.2) |
(77.3) |
71.5 |
7.9 |
||||
Commission and fee revenues |
3.4 |
3.2 |
7.0 |
6.5 |
||||
Other revenues |
14.5 |
21.3 |
28.9 |
51.9 |
||||
Total Other Operations revenues |
(95.8) |
30.2 |
165.0 |
198.1 |
||||
Total revenues |
$ 395.4 |
$ 378.4 |
$ 1,042.7 |
$ 910.3 |
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED) |
||||||||
(millions) |
||||||||
(Unaudited) |
||||||||
Three Months Ended |
Six Months Ended |
|||||||
2024 |
2023 |
2024 |
2023 |
|||||
Expenses: |
||||||||
|
||||||||
Loss and loss adjustment expenses |
$ 175.7 |
$ 167.5 |
$ 355.7 |
$ 315.3 |
||||
Acquisition expenses |
68.2 |
61.4 |
134.5 |
121.2 |
||||
General and administrative expenses |
42.9 |
34.9 |
85.1 |
70.1 |
||||
Change in fair value of contingent consideration |
13.3 |
2.2 |
13.3 |
(.2) |
||||
Interest expense |
4.7 |
5.2 |
10.1 |
10.2 |
||||
|
304.8 |
271.2 |
598.7 |
516.6 |
||||
Financial Guarantee (HG Global/BAM) |
||||||||
Acquisition expenses |
2.2 |
1.5 |
4.4 |
4.2 |
||||
General and administrative expenses |
17.2 |
14.9 |
34.5 |
32.2 |
||||
Interest expense |
4.1 |
2.5 |
7.6 |
7.0 |
||||
Total Financial Guarantee expenses |
23.5 |
18.9 |
46.5 |
43.4 |
||||
Asset Management (Kudu) |
||||||||
General and administrative expenses |
3.5 |
4.0 |
6.9 |
7.8 |
||||
Interest expense |
5.4 |
5.3 |
11.0 |
10.0 |
||||
Total Asset Management expenses |
8.9 |
9.3 |
17.9 |
17.8 |
||||
P&C Insurance Distribution (Bamboo) |
||||||||
Broker commission expenses |
12.7 |
— |
22.0 |
— |
||||
Loss and loss adjustment expenses |
4.3 |
— |
10.1 |
— |
||||
Acquisition expenses |
2.9 |
— |
6.0 |
— |
||||
General and administrative expenses |
15.7 |
— |
27.7 |
— |
||||
Total P&C Insurance Distribution expenses |
35.6 |
— |
65.8 |
— |
||||
Other Operations |
||||||||
Loss and loss adjustment expenses |
3.9 |
— |
3.9 |
— |
||||
Acquisition expenses |
2.6 |
— |
2.6 |
— |
||||
Cost of sales |
7.0 |
11.6 |
14.6 |
25.5 |
||||
General and administrative expenses |
43.2 |
48.8 |
93.5 |
88.5 |
||||
Interest expense |
.6 |
1.2 |
1.3 |
2.0 |
||||
Total Other Operations expenses |
57.3 |
61.6 |
115.9 |
116.0 |
||||
Total expenses |
430.1 |
361.0 |
844.8 |
693.8 |
||||
Pre-tax income (loss) |
(34.7) |
17.4 |
197.9 |
216.5 |
||||
Income tax (expense) benefit |
(6.5) |
(.2) |
(17.3) |
(12.1) |
||||
Net income (loss) |
(41.2) |
17.2 |
180.6 |
204.4 |
||||
Net (income) loss attributable to noncontrolling interests |
(13.4) |
2.4 |
1.2 |
(5.3) |
||||
Net income (loss) attributable to White Mountains's common shareholders |
$ (54.6) |
$ 19.6 |
$ 181.8 |
$ 199.1 |
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
||||||||
(millions) |
||||||||
(Unaudited) |
||||||||
Three Months Ended |
Six Months Ended |
|||||||
2024 |
2023 |
2024 |
2023 |
|||||
Net income (loss) attributable to White Mountains's common shareholders |
$ (54.6) |
$ 19.6 |
$ 181.8 |
$ 199.1 |
||||
Other comprehensive income (loss), net of tax |
.1 |
1.4 |
(.2) |
2.6 |
||||
Comprehensive income (loss) |
(54.5) |
21.0 |
181.6 |
201.7 |
||||
Other comprehensive (income) loss attributable to noncontrolling interests |
(.1) |
(.4) |
— |
(.8) |
||||
Comprehensive income (loss) attributable to White Mountains's common shareholders |
$ (54.6) |
$ 20.6 |
$ 181.6 |
$ 200.9 |
|
||||||||
EARNINGS PER SHARE |
||||||||
(Unaudited) |
||||||||
Earnings (loss) per share attributable to White Mountains's common shareholders |
Three Months Ended |
Six Months Ended |
||||||
2024 |
2023 |
2024 |
2023 |
|||||
Basic earnings (loss) per share |
||||||||
Continuing operations |
$ (21.24) |
$ 7.65 |
$ 70.93 |
$ 77.57 |
||||
Discontinued operations |
— |
— |
— |
— |
||||
Total consolidated operations |
$ (21.24) |
$ 7.65 |
$ 70.93 |
$ 77.57 |
||||
Diluted earnings (loss) per share |
||||||||
Continuing operations |
$ (21.24) |
$ 7.65 |
$ 70.93 |
$ 77.57 |
||||
Discontinued operations |
— |
— |
— |
— |
||||
Total consolidated operations |
$ (21.24) |
$ 7.65 |
$ 70.93 |
$ 77.57 |
||||
Dividends declared per White Mountains's common share |
$ — |
$ — |
$ 1.00 |
$ 1.00 |
|
||||||||||||||||
QTD SEGMENT STATEMENTS OF PRE-TAX INCOME (LOSS) |
||||||||||||||||
(millions) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
For the Three Months Ended |
Ark/WM Outrigger |
HG Global/BAM |
||||||||||||||
Ark |
WM |
HG |
BAM |
Kudu |
Bamboo |
Other |
Total |
|||||||||
Revenues: |
||||||||||||||||
Earned insurance premiums |
$ 310.8 |
$ 7.5 |
$ 7.5 |
$ 1.5 |
$ — |
$ 8.0 |
$ 8.6 |
$ 343.9 |
||||||||
Net investment income (1) |
19.3 |
3.0 |
5.9 |
4.5 |
15.7 |
.6 |
8.4 |
57.4 |
||||||||
Net investment income (expense) - BAM surplus note interest |
— |
— |
6.6 |
(6.6) |
— |
— |
— |
— |
||||||||
Net realized and unrealized |
20.3 |
— |
(2.0) |
(2.3) |
54.5 |
— |
8.5 |
79.0 |
||||||||
Net realized and unrealized |
— |
— |
— |
— |
— |
— |
(139.2) |
(139.2) |
||||||||
Commission and fee revenues |
— |
— |
— |
— |
— |
32.7 |
3.4 |
36.1 |
||||||||
Other revenues |
2.4 |
— |
— |
.6 |
— |
.7 |
14.5 |
18.2 |
||||||||
Total revenues |
352.8 |
10.5 |
18.0 |
(2.3) |
70.2 |
42.0 |
(95.8) |
395.4 |
||||||||
Expenses: |
||||||||||||||||
Loss and loss adjustment expenses |
176.0 |
(.3) |
— |
— |
— |
4.3 |
3.9 |
183.9 |
||||||||
Acquisition expenses |
65.9 |
2.3 |
2.2 |
— |
— |
2.9 |
2.6 |
75.9 |
||||||||
Cost of sales |
— |
— |
— |
— |
— |
— |
7.0 |
7.0 |
||||||||
Broker commission expenses |
— |
— |
— |
— |
— |
12.7 |
— |
12.7 |
||||||||
General and administrative expenses |
42.8 |
.1 |
.6 |
16.6 |
3.5 |
15.7 |
43.2 |
122.5 |
||||||||
Change in fair value of contingent consideration |
13.3 |
— |
— |
— |
— |
— |
— |
13.3 |
||||||||
Interest expense |
4.7 |
— |
4.1 |
— |
5.4 |
— |
.6 |
14.8 |
||||||||
Total expenses |
302.7 |
2.1 |
6.9 |
16.6 |
8.9 |
35.6 |
57.3 |
430.1 |
||||||||
Pre-tax income (loss) |
$ 50.1 |
$ 8.4 |
$ 11.1 |
$ (18.9) |
$ 61.3 |
$ 6.4 |
$ (153.1) |
$ (34.7) |
(1) |
Bamboo's net investment income and net realized and unrealized investment gains (losses) are included in other revenues in the consolidated statement of operations. |
|
||||||||||||||
QTD SEGMENT STATEMENTS OF PRE-TAX INCOME (LOSS) (CONTINUED) |
||||||||||||||
(millions) |
||||||||||||||
(Unaudited) |
||||||||||||||
For the Three Months Ended |
Ark/WM Outrigger |
HG Global/BAM |
||||||||||||
Ark |
WM |
HG Global |
BAM |
Kudu |
Other |
Total |
||||||||
Revenues: |
||||||||||||||
Earned insurance premiums |
$ 283.7 |
$ 9.6 |
$ 6.4 |
$ 1.3 |
$ — |
$ — |
$ 301.0 |
|||||||
Net investment income |
11.2 |
2.5 |
4.1 |
3.5 |
14.7 |
7.0 |
43.0 |
|||||||
Net investment income (expense) - BAM surplus note interest |
— |
— |
6.5 |
(6.5) |
— |
— |
— |
|||||||
Net realized and unrealized investment gains (losses) |
18.0 |
— |
(5.7) |
(4.2) |
4.6 |
76.0 |
88.7 |
|||||||
Net realized and unrealized investment gains (losses) from investment in MediaAlpha |
— |
— |
— |
— |
— |
(77.3) |
(77.3) |
|||||||
Commission and fee revenues |
— |
— |
— |
— |
— |
3.2 |
3.2 |
|||||||
Other revenues |
(2.0) |
— |
— |
.5 |
— |
21.3 |
19.8 |
|||||||
Total revenues |
310.9 |
12.1 |
11.3 |
(5.4) |
19.3 |
30.2 |
378.4 |
|||||||
Expenses: |
||||||||||||||
Loss and loss adjustment expenses |
167.1 |
.4 |
— |
— |
— |
— |
167.5 |
|||||||
Acquisition expenses |
59.4 |
2.0 |
1.8 |
(.3) |
— |
— |
62.9 |
|||||||
Cost of sales |
— |
— |
— |
— |
— |
11.6 |
11.6 |
|||||||
General and administrative expenses |
34.9 |
— |
.3 |
14.6 |
4.0 |
48.8 |
102.6 |
|||||||
Change in fair value of contingent |
2.2 |
— |
— |
— |
— |
— |
2.2 |
|||||||
Interest expense |
5.2 |
— |
2.5 |
— |
5.3 |
1.2 |
14.2 |
|||||||
Total expenses |
268.8 |
2.4 |
4.6 |
14.3 |
9.3 |
61.6 |
361.0 |
|||||||
Pre-tax income (loss) |
$ 42.1 |
$ 9.7 |
$ 6.7 |
$ (19.7) |
$ 10.0 |
$ (31.4) |
$ 17.4 |
|
||||||||||||||||
YTD SEGMENT STATEMENTS OF PRE-TAX INCOME (LOSS) |
||||||||||||||||
(millions) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
For the Six Months Ended |
Ark/WM Outrigger |
HG Global/BAM |
||||||||||||||
Ark |
WM |
HG |
BAM |
Kudu |
Bamboo |
Other |
Total |
|||||||||
Revenues: |
||||||||||||||||
Earned insurance premiums |
$ 603.3 |
$ 17.8 |
$ 14.0 |
$ 2.8 |
$ — |
$ 16.4 |
$ 8.6 |
$ 662.9 |
||||||||
Net investment income (1) |
36.3 |
5.9 |
11.3 |
8.8 |
32.9 |
.9 |
18.3 |
114.4 |
||||||||
Net investment income (expense) - BAM surplus note interest |
— |
— |
13.2 |
(13.2) |
— |
— |
— |
— |
||||||||
Net realized and unrealized investment gains (losses) (1) |
30.9 |
— |
(9.3) |
(5.1) |
48.0 |
(.1) |
30.7 |
95.1 |
||||||||
Net realized and unrealized investment gains (losses) from investment in MediaAlpha |
— |
— |
— |
— |
— |
— |
71.5 |
71.5 |
||||||||
Commission and fee revenues |
— |
— |
— |
— |
— |
54.6 |
7.0 |
61.6 |
||||||||
Other revenues |
5.9 |
— |
— |
1.1 |
— |
1.3 |
28.9 |
37.2 |
||||||||
Total revenues |
676.4 |
23.7 |
29.2 |
(5.6) |
80.9 |
73.1 |
165.0 |
1,042.7 |
||||||||
Expenses: |
||||||||||||||||
Loss and loss adjustment expenses |
355.3 |
.4 |
— |
— |
— |
10.1 |
3.9 |
369.7 |
||||||||
Acquisition expenses |
129.6 |
4.9 |
4.0 |
.4 |
— |
6.0 |
2.6 |
147.5 |
||||||||
Cost of sales |
— |
— |
— |
— |
— |
— |
14.6 |
14.6 |
||||||||
Broker commission expenses |
— |
— |
— |
— |
— |
22.0 |
— |
22.0 |
||||||||
General and administrative expenses |
85.0 |
.1 |
1.0 |
33.5 |
6.9 |
27.7 |
93.5 |
247.7 |
||||||||
Change in fair value of contingent consideration |
13.3 |
— |
— |
— |
— |
— |
— |
13.3 |
||||||||
Interest expense |
10.1 |
— |
7.6 |
— |
11.0 |
— |
1.3 |
30.0 |
||||||||
Total expenses |
593.3 |
5.4 |
12.6 |
33.9 |
17.9 |
65.8 |
115.9 |
844.8 |
||||||||
Pre-tax income (loss) |
$ 83.1 |
$ 18.3 |
$ 16.6 |
$ (39.5) |
$ 63.0 |
$ 7.3 |
$ 49.1 |
$ 197.9 |
(1) |
Bamboo's net investment income and net realized and unrealized investment gains (losses) are included in other revenues in the consolidated statement of operations. |
|
||||||||||||||
YTD SEGMENT STATEMENTS OF PRE-TAX INCOME (LOSS) (CONTINUED) |
||||||||||||||
(millions) |
||||||||||||||
(Unaudited) |
||||||||||||||
For the Six Months Ended |
Ark/WM Outrigger |
HG Global/BAM |
||||||||||||
Ark |
WM |
HG |
BAM |
Kudu |
Other |
Total |
||||||||
Revenues: |
||||||||||||||
Earned insurance premiums |
$ 533.6 |
$ 14.8 |
$ 12.8 |
$ 2.6 |
$ — |
$ — |
$ 563.8 |
|||||||
Net investment income |
19.6 |
4.7 |
8.1 |
6.7 |
28.9 |
14.0 |
82.0 |
|||||||
Net investment income (expense) - BAM surplus note interest |
— |
— |
13.1 |
(13.1) |
— |
— |
— |
|||||||
Net realized and unrealized investment gains (losses) |
42.5 |
— |
2.2 |
4.9 |
34.2 |
117.8 |
201.6 |
|||||||
Net realized and unrealized investment gains (losses) from investment in MediaAlpha |
— |
— |
— |
— |
— |
7.9 |
7.9 |
|||||||
Commission and fee revenues |
— |
— |
— |
— |
— |
6.5 |
6.5 |
|||||||
Other revenues |
(4.7) |
— |
— |
1.3 |
— |
51.9 |
48.5 |
|||||||
Total revenues |
591.0 |
19.5 |
36.2 |
2.4 |
63.1 |
198.1 |
910.3 |
|||||||
Expenses: |
||||||||||||||
Loss and loss adjustment expenses |
314.7 |
.6 |
— |
— |
— |
— |
315.3 |
|||||||
Acquisition expenses |
118.3 |
2.9 |
3.6 |
.6 |
— |
— |
125.4 |
|||||||
Cost of sales |
— |
— |
— |
— |
— |
25.5 |
25.5 |
|||||||
General and administrative expenses |
70.0 |
.1 |
1.4 |
30.8 |
7.8 |
88.5 |
198.6 |
|||||||
Change in fair value of contingent |