2021 Q1 Form 10-Q Financial Statement

#000077686721000008 Filed on May 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $178.2M -$59.20M
YoY Change -401.01% -113.65%
Cost Of Revenue $4.000M $2.000M
YoY Change 100.0%
Gross Profit $174.2M -$61.20M
YoY Change -384.64%
Gross Profit Margin 97.76%
Selling, General & Admin $150.1M $94.60M
YoY Change 58.67% -31.84%
% of Gross Profit 86.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.80M $7.100M
YoY Change 80.28% -14.46%
% of Gross Profit 7.35%
Operating Expenses $275.1M $101.4M
YoY Change 171.3% -30.88%
Operating Profit -$100.9M -$162.6M
YoY Change -37.95%
Interest Expense -$13.10M -$5.400M
YoY Change 142.59% 3.85%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$138.7M -$166.0M
YoY Change -16.45% -158.93%
Income Tax -$9.500M -$25.50M
% Of Pretax Income
Net Earnings -$75.30M -$128.8M
YoY Change -41.54% -147.32%
Net Earnings / Revenue -42.26%
Basic Earnings Per Share -$24.30 -$40.54
Diluted Earnings Per Share -$24.30 -$40.54
COMMON SHARES
Basic Shares Outstanding 3.068M shares 3.144M shares
Diluted Shares Outstanding 3.068M shares 3.144M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $488.5M $136.4M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $4.000M $58.00M
YoY Change -93.1%
LONG-TERM ASSETS
Property, Plant & Equipment $40.00M $23.00M
YoY Change 73.91% 4.55%
Goodwill $613.4M $392.4M
YoY Change 56.32% 12.21%
Intangibles
YoY Change
Long-Term Investments $3.858B $2.679B
YoY Change 44.01% -4.46%
Other Assets $1.000M $3.000M
YoY Change -66.67% 0.0%
Total Long-Term Assets $6.897B $3.682B
YoY Change 87.32%
TOTAL ASSETS
Total Short-Term Assets $4.000M $58.00M
Total Long-Term Assets $6.897B $3.682B
Total Assets $6.901B $3.740B
YoY Change 84.53% 3.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $92.00M $45.00M
YoY Change 104.44% -22.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $154.0M $46.00M
YoY Change 234.78% -28.13%
LONG-TERM LIABILITIES
Long-Term Debt $430.0M $295.0M
YoY Change 45.76% 51.28%
Other Long-Term Liabilities $217.0M $127.0M
YoY Change 70.87% 6.72%
Total Long-Term Liabilities $647.0M $422.0M
YoY Change 53.32% 34.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $154.0M $46.00M
Total Long-Term Liabilities $647.0M $422.0M
Total Liabilities $2.965B $780.6M
YoY Change 279.81% 19.83%
SHAREHOLDERS EQUITY
Retained Earnings $3.227B $2.498B
YoY Change 29.17% -1.74%
Common Stock $3.100M $589.3M
YoY Change -99.47% 0.6%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.826B $3.077B
YoY Change
Total Liabilities & Shareholders Equity $6.901B $3.740B
YoY Change 84.53% 3.03%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$75.30M -$128.8M
YoY Change -41.54% -147.32%
Depreciation, Depletion And Amortization $12.80M $7.100M
YoY Change 80.28% -14.46%
Cash From Operating Activities -$92.80M -$59.80M
YoY Change 55.18% 45.5%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$60.90M $50.90M
YoY Change -219.65% 192.53%
Cash From Investing Activities $363.9M $80.50M
YoY Change 352.05% -288.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $47.80M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $6.500M -$44.20M
YoY Change -114.71% -141.9%
NET CHANGE
Cash From Operating Activities -$92.80M -$59.80M
Cash From Investing Activities $363.9M $80.50M
Cash From Financing Activities $6.500M -$44.20M
Net Change In Cash $277.3M -$24.60M
YoY Change -1227.24% -213.89%
FREE CASH FLOW
Cash From Operating Activities -$92.80M -$59.80M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2021Q1 us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
6700000 USD
CY2020Q1 us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
6400000 USD
CY2021Q1 us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
-400000 USD
CY2020Q1 us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
400000 USD
CY2021Q1 wtm Members Capital Contribution
MembersCapitalContribution
13800000 USD
CY2020Q1 wtm Members Capital Contribution
MembersCapitalContribution
10000000.0 USD
CY2021Q1 wtm Fidus Re Premium Payment
FidusRePremiumPayment
3200000 USD
CY2020Q1 wtm Fidus Re Premium Payment
FidusRePremiumPayment
800000 USD
CY2021Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-4600000 USD
CY2020Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-6700000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6500000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-44200000 USD
CY2021Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-300000 USD
CY2020Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-1100000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
277300000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-24600000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
211200000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
161000000.0 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
488500000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
136400000 USD
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
7500000 USD
CY2020Q1 us-gaap Interest Paid Net
InterestPaidNet
5200000 USD
CY2021Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1400000 USD
CY2020Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 USD
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
CY2021Q1 wtm Disposal Group Held For Sale Remeasurement Loss
DisposalGroupHeldForSaleRemeasurementLoss
28700000 USD
CY2021Q1 wtm Change In Fair Value Of Contingent Earnout Liability Expense Revenue Recognized
ChangeInFairValueOfContingentEarnoutLiabilityExpenseRevenueRecognized
0 USD
CY2020Q1 wtm Change In Fair Value Of Contingent Earnout Liability Expense Revenue Recognized
ChangeInFairValueOfContingentEarnoutLiabilityExpenseRevenueRecognized
-600000 USD
CY2021Q1 us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
<div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the loss and LAE reserve activities of Ark’s insurance and reinsurance subsidiaries for the three months ended March 31, 2021:</span></div><div><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:79.093%"><tr><td style="width:1.0%"/><td style="width:72.837%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.724%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:24.039%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended March 31, 2021</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Gross beginning balance as of January 1, 2021</span></td><td colspan="3" style="padding:0 1pt"/><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$</span></td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">696.0</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Less: beginning reinsurance recoverable on unpaid losses</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(433.4)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net loss and LAE reserves</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">262.6</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:8pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Loss and LAE incurred relating to:</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Current year losses</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">65.5</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prior year losses</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">.5</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total incurred losses and LAE</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">66.0</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:8pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Foreign currency translation adjustment to loss and LAE reserves</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">.7</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:6pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Loss and LAE paid relating to:</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Current year losses</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(5.2)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prior year losses</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(19.7)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total loss and LAE payments</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(24.9)</span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:6pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net ending balance</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">304.4</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Plus: ending reinsurance recoverable on unpaid losses</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">447.5</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:3pt double #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Gross ending balance as of March 31, 2021</span></td><td colspan="3" style="border-bottom:3pt double #000;padding:0 1pt"/><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">751.9</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div>
CY2020Q4 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
696000000.0 USD
CY2020Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Opening Balance Adjustments
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseOpeningBalanceAdjustments
433400000 USD
CY2020Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
262600000 USD
CY2021Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Current Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersCurrentYearClaimsAndClaimsAdjustmentExpense
65500000 USD
CY2021Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
500000 USD
CY2021Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
66000000.0 USD
CY2021Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Foreign Currency Translation Gain Loss
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseForeignCurrencyTranslationGainLoss
700000 USD
CY2021Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear1
5200000 USD
CY2021Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears1
19700000 USD
CY2021Q1 us-gaap Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
24900000 USD
CY2021Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
304400000 USD
CY2021Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Opening Balance Adjustments
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseOpeningBalanceAdjustments
447500000 USD
CY2021Q1 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
751900000 USD
CY2021Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
21000000.0 USD
CY2021Q1 us-gaap Reinsurance Recoverables On Unpaid Losses Gross
ReinsuranceRecoverablesOnUnpaidLossesGross
447500000 USD
CY2021Q1 us-gaap Reinsurance Recoverables On Paid Losses Gross
ReinsuranceRecoverablesOnPaidLossesGross
1500000 USD
CY2021Q1 us-gaap Reinsurance Recoverables On Unpaid Losses Gross
ReinsuranceRecoverablesOnUnpaidLossesGross
447500000 USD
CY2021Q1 wtm Percentage Of Reinsurance Recoverables From Insurers With A Excellent Of Higher Credit Ratings
PercentageOfReinsuranceRecoverablesFromInsurersWithAExcellentOfHigherCreditRatings
0.90
CY2020Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
23200000 USD
CY2021Q1 us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
400000 USD
CY2020Q1 us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
300000 USD
CY2021Q1 us-gaap Net Investment Income
NetInvestmentIncome
20600000 USD
CY2020Q1 us-gaap Net Investment Income
NetInvestmentIncome
22900000 USD
CY2021Q1 us-gaap Gain Loss On Investments
GainLossOnInvestments
-40600000 USD
CY2020Q1 us-gaap Gain Loss On Investments
GainLossOnInvestments
-156700000 USD
CY2021Q1 us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
200000 USD
CY2020Q1 us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
8700000 USD
CY2021Q1 wtm Debt Securities Held To Maturity Net Foreign Currency Gains
DebtSecuritiesHeldToMaturityNetForeignCurrencyGains
100000 USD
CY2021Q1 wtm Percentage Of Investments Recorded At Fair Value
PercentageOfInvestmentsRecordedAtFairValue
0.73
CY2021Q1 us-gaap Other Long Term Investments
OtherLongTermInvestments
1032200000 USD
CY2020Q4 us-gaap Other Long Term Investments
OtherLongTermInvestments
786800000 USD
CY2020Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
2796200000 USD
CY2021Q1 wtm Fair Value Assets Measured On Recurring Basis Gain Loss Included In Earnings
FairValueAssetsMeasuredOnRecurringBasisGainLossIncludedInEarnings
38000000.0 USD
CY2021Q1 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
1400000 USD
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
591800000 USD
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales
329600000 USD
CY2021Q1 wtm Fair Value Assets Measured On Recurring Basis Transfers In
FairValueAssetsMeasuredOnRecurringBasisTransfersIn
0 USD
CY2021Q1 wtm Fair Value Assets Measured On Recurring Basis Transfers Out
FairValueAssetsMeasuredOnRecurringBasisTransfersOut
0 USD
CY2021Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
3232600000 USD
CY2019Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
2746000000.0 USD
CY2020Q1 wtm Fair Value Assets Measured On Recurring Basis Gain Loss Included In Earnings
FairValueAssetsMeasuredOnRecurringBasisGainLossIncludedInEarnings
157100000 USD
CY2020Q1 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
800000 USD
CY2020Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
232900000 USD
CY2020Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales
279400000 USD
CY2020Q1 wtm Fair Value Assets Measured On Recurring Basis Transfers In
FairValueAssetsMeasuredOnRecurringBasisTransfersIn
0 USD
CY2020Q1 wtm Fair Value Assets Measured On Recurring Basis Transfers Out
FairValueAssetsMeasuredOnRecurringBasisTransfersOut
0 USD
CY2020Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
2541600000 USD
CY2021Q1 us-gaap Goodwill Fair Value Disclosure
GoodwillFairValueDisclosure
643600000 USD
CY2021Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
30200000 USD
CY2021Q1 us-gaap Goodwill
Goodwill
613400000 USD
CY2020Q4 us-gaap Goodwill Fair Value Disclosure
GoodwillFairValueDisclosure
525500000 USD
CY2020 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2020Q4 us-gaap Goodwill
Goodwill
525500000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Fair Value Disclosure
FiniteLivedIntangibleAssetsFairValueDisclosure
493700000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
63900000 USD
CY2021Q1 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
6200000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
423600000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Fair Value Disclosure
FiniteLivedIntangibleAssetsFairValueDisclosure
317800000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
54700000 USD
CY2020 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
6200000 USD
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7100000 USD
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5400000 USD
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12200000 USD
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22900000 USD
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55100000 USD
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CY2021Q1 us-gaap Loss Contingency Disclosures
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Commitments and Contingencies<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Legal Contingencies</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following description presents significant legal contingencies, ongoing non-claims related litigation or arbitration as of March 31, 2021: </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Esurance</span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 7, 2011, the Company completed the sale of its Esurance Holdings, Inc. and its subsidiaries and Answer Financial Inc. and its subsidiaries (collectively, “Esurance”) to The Allstate Corporation (“Allstate”) pursuant to a Stock Purchase Agreement dated as of May 17, 2011. Subject to specified thresholds and limits, the Company remains contingently liable to Allstate for specified matters related to the pre-closing period, including (a) losses of Esurance arising from extra-contractual claims and claims in excess of policy limits, (b) certain corporate reorganizations effected to remove entities from Esurance that were not being sold in the transaction, and (c) certain tax matters, including certain net operating losses being less than stated levels. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Sirius Group Tax Contingency</span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the first quarter of 2021, White Mountains recorded a $17.6 million gain within discontinued operations as a result of reversing a liability arising from the tax indemnification provided in connection with the sale of Sirius International Insurance Group, Ltd. (“Sirius Group”) in 2016. The liability related to certain interest deductions claimed by Sirius Group that had been disputed by the Swedish Tax Agency (STA). In April 2021, the STA informed the Swedish Administrative Court of Appeal that, as a result of the Swedish Supreme Administrative Court having ruled that the Swedish interest disallowance rules violate the European Union’s freedom of establishment principle, Sirius Group should prevail in its appeal (and that the interest deductions should not be disallowed).</span></div>
CY2021Q1 wtm Disposal Group Held For Sale Remeasurement Loss
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28700000 USD

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