2022 Q1 Form 10-Q Financial Statement

#000077686722000005 Filed on May 06, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $348.9M $178.2M
YoY Change 95.79% -401.01%
Cost Of Revenue $21.40M $4.000M
YoY Change 435.0% 100.0%
Gross Profit $327.5M $174.2M
YoY Change 88.0% -384.64%
Gross Profit Margin 93.87% 97.76%
Selling, General & Admin $92.40M $150.1M
YoY Change -38.44% 58.67%
% of Gross Profit 28.21% 86.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.00M $12.80M
YoY Change 25.0% 80.28%
% of Gross Profit 4.89% 7.35%
Operating Expenses $268.3M $275.1M
YoY Change -2.47% 171.3%
Operating Profit $59.20M -$100.9M
YoY Change -158.67% -37.95%
Interest Expense -$6.900M -$13.10M
YoY Change -47.33% 142.59%
% of Operating Profit -11.66%
Other Income/Expense, Net
YoY Change
Pretax Income -$12.20M -$138.7M
YoY Change -91.2% -16.45%
Income Tax -$3.800M -$9.500M
% Of Pretax Income
Net Earnings $33.40M -$75.30M
YoY Change -144.36% -41.54%
Net Earnings / Revenue 9.57% -42.26%
Basic Earnings Per Share $11.10 -$24.30
Diluted Earnings Per Share $11.10 -$24.30
COMMON SHARES
Basic Shares Outstanding 2.977M shares 3.068M shares
Diluted Shares Outstanding 2.977M shares 3.068M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $327.1M $488.5M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $4.000M
YoY Change -93.1%
LONG-TERM ASSETS
Property, Plant & Equipment $41.60M $40.00M
YoY Change 4.0% 73.91%
Goodwill $641.4M $613.4M
YoY Change 4.56% 56.32%
Intangibles
YoY Change
Long-Term Investments $4.136B $3.858B
YoY Change 7.21% 44.01%
Other Assets $15.90M $1.000M
YoY Change 1490.0% -66.67%
Total Long-Term Assets $6.897B
YoY Change 87.32%
TOTAL ASSETS
Total Short-Term Assets $4.000M
Total Long-Term Assets $6.897B
Total Assets $7.357B $6.901B
YoY Change 6.61% 84.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $81.30M $92.00M
YoY Change -11.63% 104.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $81.30M $154.0M
YoY Change -47.21% 234.78%
LONG-TERM LIABILITIES
Long-Term Debt $690.9M $430.0M
YoY Change 60.67% 45.76%
Other Long-Term Liabilities $270.3M $217.0M
YoY Change 24.56% 70.87%
Total Long-Term Liabilities $961.2M $647.0M
YoY Change 48.56% 53.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $81.30M $154.0M
Total Long-Term Liabilities $961.2M $647.0M
Total Liabilities $3.687B $2.965B
YoY Change 24.37% 279.81%
SHAREHOLDERS EQUITY
Retained Earnings $2.956B $3.227B
YoY Change -8.38% 29.17%
Common Stock $3.000M $3.100M
YoY Change -3.23% -99.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.542B $3.826B
YoY Change
Total Liabilities & Shareholders Equity $7.357B $6.901B
YoY Change 6.61% 84.53%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $33.40M -$75.30M
YoY Change -144.36% -41.54%
Depreciation, Depletion And Amortization $16.00M $12.80M
YoY Change 25.0% 80.28%
Cash From Operating Activities -$41.50M -$92.80M
YoY Change -55.28% 55.18%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$4.400M -$60.90M
YoY Change -92.78% -219.65%
Cash From Investing Activities $139.8M $363.9M
YoY Change -61.58% 352.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $34.80M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$31.10M $6.500M
YoY Change -578.46% -114.71%
NET CHANGE
Cash From Operating Activities -$41.50M -$92.80M
Cash From Investing Activities $139.8M $363.9M
Cash From Financing Activities -$31.10M $6.500M
Net Change In Cash $67.80M $277.3M
YoY Change -75.55% -1227.24%
FREE CASH FLOW
Cash From Operating Activities -$41.50M -$92.80M
Capital Expenditures
Free Cash Flow
YoY Change

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PaymentForContingentConsiderationLiabilityFinancingActivities
6700000 USD
CY2022Q1 wtm Members Capital Contribution
MembersCapitalContribution
12300000 USD
CY2021Q1 wtm Members Capital Contribution
MembersCapitalContribution
13800000 USD
CY2022Q1 wtm Fidus Re Premium Payment
FidusRePremiumPayment
1900000 USD
CY2021Q1 wtm Fidus Re Premium Payment
FidusRePremiumPayment
3200000 USD
CY2022Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-4200000 USD
CY2021Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-4600000 USD
CY2021Q1 us-gaap Interest And Dividend Income Operating
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21000000.0 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
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-31100000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
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6500000 USD
CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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600000 USD
CY2021Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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-300000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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67800000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
277300000 USD
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents
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89200000 USD
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents
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78400000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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259300000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
211200000 USD
CY2022Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
94700000 USD
CY2021Q1 us-gaap Restricted Cash And Cash Equivalents
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83200000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
327100000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
488500000 USD
CY2022Q1 us-gaap Interest Paid Net
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8400000 USD
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
7500000 USD
CY2022Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
300000 USD
CY2021Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1400000 USD
CY2022Q1 wtm Investment Owned Increase Decrease In Value Book Value Per Share
InvestmentOwnedIncreaseDecreaseInValueBookValuePerShare
5.65
CY2022Q1 wtm Change In Fair Value Of Contingent Earnout Liability Expense Revenue Recognized
ChangeInFairValueOfContingentEarnoutLiabilityExpenseRevenueRecognized
100000 USD
CY2022Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
21000000.0 USD
CY2022Q1 us-gaap Unrealized Gain Loss On Investments
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-9100000 USD
CY2022Q1 us-gaap Investment Income Investment Expense
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400000 USD
CY2021Q1 us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
400000 USD
CY2022Q1 us-gaap Net Investment Income
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20600000 USD
CY2021Q1 us-gaap Net Investment Income
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20600000 USD
CY2022Q1 us-gaap Realized Investment Gains Losses
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17400000 USD
CY2021Q1 us-gaap Realized Investment Gains Losses
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143000000.0 USD
CY2021Q1 us-gaap Unrealized Gain Loss On Investments
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-182300000 USD
CY2022Q1 wtm Gain Loss On Investments Exchange Rate Effect
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2600000 USD
CY2021Q1 wtm Gain Loss On Investments Exchange Rate Effect
GainLossOnInvestmentsExchangeRateEffect
-200000 USD
CY2022Q1 us-gaap Sublease Income
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200000 USD
CY2022Q1 us-gaap Held To Maturity Securities Debt Maturities Single Maturity Date Amortized Cost Basis
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1881700000 USD
CY2022Q1 us-gaap Held To Maturity Securities Debt Maturities Single Maturity Date Fair Value
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1815500000 USD
CY2022Q1 wtm Percentage Of Investments Recorded At Fair Value
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0.66
CY2021 wtm Percentage Of Investments Recorded At Fair Value
PercentageOfInvestmentsRecordedAtFairValue
0.68
CY2022Q1 wtm Investments Held In Trusts
InvestmentsHeldInTrusts
463700000 USD
CY2021Q4 wtm Investments Held In Trusts
InvestmentsHeldInTrusts
479500000 USD
CY2022Q1 us-gaap Assets Held By Insurance Regulators
AssetsHeldByInsuranceRegulators
4800000 USD
CY2021Q4 us-gaap Assets Held By Insurance Regulators
AssetsHeldByInsuranceRegulators
4800000 USD
CY2022Q1 us-gaap Other Long Term Investments
OtherLongTermInvestments
1428500000 USD
CY2021Q4 us-gaap Other Long Term Investments
OtherLongTermInvestments
1377800000 USD
CY2022Q1 us-gaap Goodwill Fair Value Disclosure
GoodwillFairValueDisclosure
671600000 USD
CY2022Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
30200000 USD
CY2022Q1 us-gaap Goodwill
Goodwill
641400000 USD
CY2021Q4 us-gaap Goodwill Fair Value Disclosure
GoodwillFairValueDisclosure
675700000 USD
CY2021 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
30200000 USD
CY2021Q4 us-gaap Goodwill
Goodwill
645500000 USD
CY2021Q1 wtm Disposal Group Held For Sale Remeasurement Loss
DisposalGroupHeldForSaleRemeasurementLoss
28700000 USD
CY2022Q1 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 activity of Ark’s insurance and reinsurance subsidiaries for the three months ended March 31, 2022 and 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:87.426%"><tr><td style="width:1.0%"/><td style="width:64.953%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.636%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.120%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.468%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.123%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="9" 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,</span></td></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:8pt;font-weight:700;line-height:100%">Millions</span></td><td colspan="3" style="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:10pt;font-weight:700;line-height:100%">2022</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:10pt;font-weight:700;line-height:100%">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</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%">$</span></td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">894.7</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</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:400;line-height:100%">696.0 </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"><div><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><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></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%">(428.9)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><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:400;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 loss adjustment expense 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%">465.8</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"/><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:400;line-height:100%">262.6 </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><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 loss adjustment expenses incurred relating to:</span></td><td colspan="3" style="padding:0 1pt"/><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 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%">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%">125.7</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"/><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:400;line-height:100%">65.5 </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%">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%">(3.7)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><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:400;line-height:100%">.5 </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%">Net incurred losses and loss adjustment expenses</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%">122.0</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"/><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:400;line-height:100%">66.0 </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="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><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 loss adjustment expenses paid relating to:</span></td><td colspan="3" style="padding:0 1pt"/><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 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%">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%">(0.6)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><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:400;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 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%">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%">(39.4)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><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:400;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;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 loss adjustment expenses</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%">(40.0)</span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><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:400;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:3pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><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%">Change in TPC Providers’ participation</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%">57.5</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"/><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:400;line-height:100%">(2.2)</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%">Foreign currency translation and other adjustments<br/>to loss and loss adjustment expense 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%">(1.7)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><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:400;line-height:100%">2.9 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><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%">603.6</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="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><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:400;line-height:100%">304.4 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><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><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(2)</span></div></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%">396.0</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="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><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:400;line-height:100%">447.5 </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</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%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">999.6</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-bottom:3pt double #000;padding:0 1pt"/><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</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:400;line-height:100%">751.9 </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><div style="margin-top:3pt;padding-left:40.5pt;padding-right:31.5pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> The beginning reinsurance recoverable on unpaid losses includes amounts attributable to TPC Providers of $276.8 and $319.2.</span></div><div style="padding-left:40.5pt;padding-right:31.5pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> The ending reinsurance recoverable on unpaid losses includes amounts attributable to TPC Providers of $207.3 and $331.0.</span></div>
CY2021Q4 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
894700000 USD
CY2020Q4 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
696000000.0 USD
CY2021Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Opening Balance Adjustments
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseOpeningBalanceAdjustments
428900000 USD
CY2020Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Opening Balance Adjustments
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseOpeningBalanceAdjustments
433400000 USD
CY2021Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
465800000 USD
CY2020Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
262600000 USD
CY2022Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Current Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersCurrentYearClaimsAndClaimsAdjustmentExpense
125700000 USD
CY2021Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Current Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersCurrentYearClaimsAndClaimsAdjustmentExpense
65500000 USD
CY2022Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
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CY2021Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
500000 USD
CY2022Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
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122000000.0 USD
CY2021Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
66000000.0 USD
CY2022Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year1
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600000 USD
CY2021Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year1
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5200000 USD
CY2022Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears1
39400000 USD
CY2021Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears1
19700000 USD
CY2022Q1 us-gaap Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
40000000.0 USD
CY2021Q1 us-gaap Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
24900000 USD
CY2022Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Period Increase Decrease
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpensePeriodIncreaseDecrease
57500000 USD
CY2021Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Period Increase Decrease
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpensePeriodIncreaseDecrease
-2200000 USD
CY2022Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Foreign Currency Translation Gain Loss
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CY2021Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Foreign Currency Translation Gain Loss
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseForeignCurrencyTranslationGainLoss
2900000 USD
CY2022Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
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603600000 USD
CY2021Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
304400000 USD
CY2022Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Opening Balance Adjustments
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396000000.0 USD
CY2021Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Opening Balance Adjustments
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447500000 USD
CY2022Q1 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
999600000 USD
CY2021Q1 us-gaap Liability For Claims And Claims Adjustment Expense
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751900000 USD
CY2022Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
-3700000 USD
CY2022Q1 us-gaap Reinsurance Recoverables On Unpaid Losses Gross
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396000000 USD
CY2022Q1 us-gaap Reinsurance Recoverables On Paid Losses Gross
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16700000 USD
CY2022Q1 us-gaap Long Term Debt
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690900000 USD
CY2021Q4 us-gaap Long Term Debt
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693000000.0 USD
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CY2021 wtm Debt Weighted Average Interest Rate Excluding Amortization Of Debt Issuance Costs
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DebtCovenantLoanToValueMaximumPercentPeriodOne
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DebtCovenantLoanToValueMaximumPercentPeriodTwo
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DebtCovenantLoanToValueMaximumPercentPeriodThree
0.25
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DebtCovenantLoanToValueMaximumPercentPeriodFour
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CY2021Q1 us-gaap Income Loss From Continuing Operations
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CY2022Q1 wtm Debt Covenant Loan To Value Maximum Percent Period Five
DebtCovenantLoanToValueMaximumPercentPeriodFive
0
CY2022Q1 wtm Debt Covenant Loan To Value Maximum Percent
DebtCovenantLoanToValueMaximumPercent
0.33
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
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0.069
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CY2018Q2 wtm Insurance Linked Securities Term
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P12Y
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CY2021Q1 wtm Insurance Linked Securities Term
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P12Y
CY2021Q1 wtm Insurance Linked Securities Callable Term
InsuranceLinkedSecuritiesCallableTerm
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CY2022Q1 wtm Income Loss Allocated To Participating Unvested Restricted Common Shares
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CY2021Q1 wtm Income Loss Allocated To Participating Unvested Restricted Common Shares
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900000 USD
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2021Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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18700000 USD
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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3100200 shares
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33100000 USD
CY2021Q1 wtm Net Income Loss Attributableto Parent Basicand Diluted Earnings Per Share Numerators
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CY2021Q1 us-gaap Weighted Average Number Of Shares Issued Basic
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CY2021Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
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CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q1 us-gaap Common Stock Dividends Per Share Declared
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CY2021Q1 us-gaap Earnings Per Share Diluted Undistributed
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CY2022Q1 us-gaap Earnings Per Share Basic And Diluted
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CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
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CY2022Q1 wtm Net Income Loss Attributableto Parent Netof Restricted Common Share Amounts
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33100000 USD
CY2021Q1 wtm Net Income Loss Attributableto Parent Netof Restricted Common Share Amounts
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CY2021Q1 us-gaap Dividends
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CY2021Q1 us-gaap Undistributed Earnings
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73000000.0 USD
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42100000 USD
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41600000 USD
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
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44800000 USD
CY2021Q4 us-gaap Operating Lease Liability
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45200000 USD
CY2022Q1 us-gaap Operating Lease Cost
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2800000 USD
CY2021Q1 us-gaap Operating Lease Cost
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1900000 USD
CY2021Q1 us-gaap Sublease Income
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100000 USD
CY2022Q1 us-gaap Lease Cost
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2600000 USD
CY2021Q1 us-gaap Lease Cost
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1800000 USD
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11500000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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10000000.0 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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6800000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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4300000 USD
CY2022Q1 wtm Lessee Operating Lease Liabilitytobe Paid After Year Four
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11800000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
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52000000.0 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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7200000 USD
CY2022Q1 us-gaap Operating Lease Liability
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44800000 USD
CY2022Q1 us-gaap Operating Lease Liability
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44800000 USD
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
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42200000 USD
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83600000 USD
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0.050
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.050
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41600000 USD
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.051
CY2021Q4 us-gaap Operating Lease Liability
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45200000 USD
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CY2021Q4 us-gaap Minority Interest
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156600000 USD
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202800000 USD
CY2022Q1 us-gaap Net Investment Income
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20600000 USD
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-8400000 USD
CY2022Q1 us-gaap Revenues
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348900000 USD
CY2022Q1 wtm Insurance Loss And Loss Adjustments Expense
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122000000.0 USD
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52900000 USD
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21400000 USD
CY2022Q1 us-gaap General And Administrative Expense
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125000000.0 USD
CY2022Q1 wtm Broker Commission Expense
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20600000 USD
CY2022Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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100000 USD
CY2022Q1 us-gaap Amortization Of Intangible Assets
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10100000 USD
CY2022Q1 us-gaap Gain Loss On Disposition Of Assets1
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0 USD
CY2022Q1 us-gaap Interest Expense Debt
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9000000.0 USD
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CY2021Q1 us-gaap Premiums Earned Net
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111000000.0 USD
CY2021Q1 us-gaap Net Investment Income
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20600000 USD
CY2021Q1 wtm Gain Loss On Investments Net Of Tax
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1100000 USD
CY2021Q1 wtm Commission Revenue
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61900000 USD
CY2021Q1 us-gaap Other Income
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25300000 USD
CY2021Q1 us-gaap Revenues
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178200000 USD
CY2021Q1 wtm Insurance Loss And Loss Adjustments Expense
InsuranceLossAndLossAdjustmentsExpense
66000000.0 USD
CY2021Q1 wtm Insurance And Reinsurance Acquisition Expenses
InsuranceAndReinsuranceAcquisitionExpenses
38600000 USD
CY2021Q1 us-gaap Cost Of Goods And Services Sold
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4000000.0 USD
CY2021Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
138400000 USD
CY2021Q1 wtm Broker Commission Expense
BrokerCommissionExpense
18900000 USD
CY2021Q1 us-gaap Amortization Of Intangible Assets
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9200000 USD
CY2021Q1 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-28700000 USD
CY2021Q1 us-gaap Interest Expense Debt
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13100000 USD
CY2021Q1 us-gaap Benefits Losses And Expenses
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316900000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-138700000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
117800000 USD
CY2022Q1 wtm Other Revenue
OtherRevenue
231100000 USD
CY2022Q1 us-gaap Revenues
Revenues
348900000 USD
CY2021Q1 wtm Other Revenue
OtherRevenue
94600000 USD
CY2021Q1 us-gaap Revenues
Revenues
178200000 USD
CY2022Q1 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
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, and the insurance industry in general, is routinely subject to claims related litigation and arbitration in the normal course of business, as well as litigation and arbitration that do not arise from, nor are directly related to, claims activity. White Mountains’s estimates of the costs of settling matters routinely encountered in claims activity are reflected in the reserves for unpaid loss and LAE. See </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Note 5 — “Losses and Loss Adjustment Expense Reserves”</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. </span></div>White Mountains considers the requirements of ASC 450 when evaluating its exposure to non-claims related 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 non-claims related litigation that may have a material adverse effect on White Mountains’s financial condition, results of operations or cash flows.

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