white mountains also agreed to contribute up to an additional $ 200 million of equity capital to ark in 2021. in accordance with the ark spa , in the fourth quarter of 2020 white mountains pre-funded/placed in escrow a total of $ 646 million in preparation for closing the transaction , which is reflected on the balance sheet within the other operations segment as of december 31 , 2020. on january 1 , 2021 , white mountains closed the transaction in accordance with the terms of the ark spa . at closing , white mountains owned 72 % of ark on a basic shares outstanding basis ( 63 % on a fully-diluted , fully-converted basis , taking account of management 's equity incentives ) . if the additional $ 200 million is contributed in full , white mountains will own 77 % of ark on a basic shares outstanding basis ( 68 % on a fully-diluted , fully-converted basis ) . management 's equity incentives are subject to an 8 % rate of return threshold with no catch-up . the remaining shares are owned by employees . in the future , management rollover shareholders could earn additional shares in the company if and to the extent that white mountains achieves certain multiple of invested capital return thresholds . these additional shares are generally eligible to vest in three equal tranches at multiple on invested capital ( “ moic ” ) thresholds of 2.0x , 2.5x and 3.0x . if fully earned , these additional shares would represent 13 % of the shares outstanding at closing . in the january 2021 renewal season , ark wrote gross written premiums in excess of $ 270 million . during 2020 , white mountains deployed approximately $ 1.0 billion in new business opportunities , including commitments related to the ark transaction , which closed on january 1 , 2021. also during 2020 , white mountains repurchased and retired 99,087 of its common shares for $ 85 million . as a result , white mountains 's capital base is , for the time being , more or less fully deployed . 31 gross written premiums and msc collected in the hg global/bam segment totaled $ 131 million in 2020 , compared to $ 107 million in 2019. total pricing was 76 basis points in 2020 , compared to 83 basis points in 2019. bam insured municipal bonds with par value of $ 17.3 billion in 2020 , compared to $ 12.8 billion in 2019. during 2020 , bam completed an assumed reinsurance transaction to insure municipal bonds with a par value of $ 37 million and , during 2019 , bam completed an assumed reinsurance transaction to insure municipal bonds with a par value of $ 1.1 billion . in december 2020 , bam made a $ 30 million cash payment of principal and interest on the bam surplus notes held by hg global . in january 2020 , bam made a one-time $ 65 million cash payment of principal and interest on the bam surplus notes held by hg global . bam 's total claims paying resources were $ 987 million as of december 31 , 2020 , compared to $ 938 million as of december 31 , 2019. nsm reported pre-tax loss of $ 13 million , adjusted ebitda of $ 59 million , and commission and other revenues of $ 285 million in 2020 , compared to pre-tax loss of $ 2 million , adjusted ebitda of $ 48 million , and commission and other revenues of $ 233 million in 2019. results for the year ended december 31 , 2020 include the results , from the date of acquisition , of kingsbridge , a leading provider of commercial lines insurance and consulting services for the professional contractor and freelancer markets in the united kingdom , which was acquired on april 7 , 2020 , and embrace , a nationwide provider of pet health insurance for dogs and cats , which nsm acquired on april 1 , 2019. kudu reported pre-tax income of $ 28 million and total revenues of $ 46 million in 2020 , compared to pre-tax income of $ 11 million and total revenues of $ 21 million for the period from april 4 , 2019 , the date of the kudu transaction , through december 31 , 2019. for the twelve months ended december 31 , 2020 , kudu deployed $ 121 million , including transaction costs , in five asset management firms and has now deployed a total of $ 386 million , including transaction costs , in 13 asset management firms with combined assets under management of approximately $ 45 billion , spanning a range of asset classes , including real estate , real assets , wealth management , hedge funds , private equity and alternative credit strategies . white mountains 's pre-tax total return on invested assets was 31.9 % in 2020. this return included $ 746 million of net investment income and net realized and unrealized investment gains from mediaalpha . excluding mediaalpha , the total return on invested assets was 4.6 % in 2020. white mountains 's pre-tax total return on invested assets was 20.4 % in 2019. this return included $ 188 million of net investment income and net unrealized investment gains from mediaalpha . excluding mediaalpha , the total return on invested assets was 13.0 % in 2019. investment returns in 2020 were impacted by white mountains 's decision to sell its portfolio of common equity securities during the third and fourth quarter of 2020 in preparation of funding the ark transaction as equity markets were up strongly in the fourth quarter . story_separator_special_tag all bam-insured bond payments due through february 15 , 2021 have been made by insureds . bam currently has no insured bonds on its insured credit watchlist . hg global/bam results—year ended december 31 , 2019 versus year ended december 31 , 2018 gross written premiums and msc collected in the hg global/bam segment totaled $ 107 million in both 2019 and 2018. bam insured $ 12.8 billion of municipal bonds , $ 10.4 billion of which were in the primary market , in 2019 , compared to $ 12 billion of municipal bonds , $ 8.8 billion of which were in the primary market , in 2018. during 2019 and 2018 , bam completed assumed reinsurance transactions to insure municipal bonds with a par value of $ 1.1 billion and $ 2.2 billion , respectively . total pricing , which reflects both gross written premiums and msc from new business , decreased to 83 basis points in 2019 , compared to 93 basis points in 2018. see “ non-gaap financial measures ” on page 63. the decrease in total pricing was driven primarily by a decrease in pricing in the primary market . pricing in the primary market decreased to 51 basis points in 2019 , compared to 71 basis points in 2018 , driven primarily by lower interest rates and tighter credit spreads . pricing in the assumed reinsurance and secondary markets , which is more transaction-specific than pricing in the primary market , increased to 219 basis points in 2019 , compared to 150 basis points in 2018 , partially offsetting the decline in pricing in the primary market . 39 the following table presents the gross par value of primary and secondary market policies issued , the gross par value of assumed reinsurance , the gross written premiums and msc collected and total pricing for the twelve months ended december 31 , 2019 and 2018 : replace_table_token_16_th ( 1 ) see “ non-gaap financial measures ” on page 63 . ( 2 ) during 2019 , bam issued policy endorsements for certain policies issued in periods prior to the second quarter of 2018. the impact of the policy endorsements for the year ended december 31 , 2019 was a decrease to bam 's gross written premiums of $ 13.4 and an increase to msc collected of $ 13.4. hg global reported gaap pre-tax income of $ 54 million in 2019 , compared to $ 32 million in 2018. the increase in pre- tax income was driven primarily by higher returns in hg global 's investment portfolio . hg global 's results in 2019 included $ 27 million of interest income on the bam surplus notes , compared to $ 23 million in 2018. 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 non-controlling interests . white mountains reported gaap pre-tax losses from bam of $ 44 million in 2019 , compared to $ 61 million in 2018. the decrease in the pre-tax loss was driven primarily by higher returns in bam 's investment portfolio . bam 's results included $ 27 million of interest expense on the bam surplus notes and $ 49 million of general and administrative expenses in 2019 , compared to $ 23 million of interest expense on the bam surplus notes and $ 47 million of general and administrative expenses in 2018. in december 2019 , bam made a $ 32 million cash payment ( which included a one-time $ 10 million cash payment ) of principal and interest on the bam surplus notes held by hg global . of this payment , $ 24 million was a repayment of principal held in the supplemental trust and $ 8 million was a payment of accrued interest held outside the supplemental trust . in december 2018 , bam made a $ 23 million cash payment of principal and interest on the bam surplus notes held by hg global . of this payment , $ 18 million was a repayment of principal held in the supplemental trust , $ 1 million was a payment of accrued interest held in the supplemental trust and $ 4 million was a payment of accrued interest held outside the supplemental trust . in january 2020 , white mountains updated its debt service model for the bam surplus notes to reflect ( i ) the cash payments of principal and interest on the bam surplus notes made in december 2019 and january 2020 , ( ii ) the amendments made to the terms of the bam surplus notes in january 2020 , including the extension of the variable interest rate period and ( iii ) in light of the current interest rate environment , a more conservative forecast of future operating results for bam . the changes to the debt service model resulted in slower modeled future payments on the bam surplus notes and , in turn , a $ 20 million increase to the time value of money discount on the bam surplus notes as reflected in adjusted book value per share as of december 31 , 2019. claims paying resources bam 's claims paying resources represent the capital and other financial resources bam has available to pay claims and , as such , is a key indication of bam 's financial strength . bam 's claims paying resources were $ 987 million as of december 31 , 2020 , compared to $ 938 million as of december 31 , 2019 and $ 871 million as of december 31 , 2018. the increase in claims paying resources was driven primarily by increases in the statutory value of the collateral trusts resulting from positive cash flow from operations , partially offset by the portion of cash payments on the bam surplus notes related to accrued interest held outside the supplemental trust . 40 the following table presents bam 's total

cash flows detailed information concerning white mountains 's cash flows during 2020 , 2019 and 2018 follows : cash flows from operations for the years ended 2020 , 2019 and 2018 net cash flows used for operations was $ 61 million , $ 121 million and $ 31 million for the years ended 2020 , 2019 and 2018. cash used for operations was lower in 2020 compared to 2019 , which was driven primarily by $ 55 million of net investment income received in 2020 from a dividend recapitalization at mediaalpha . cash used for operations was higher in 2019 compared to 2018 , driven primarily by kudu 's deployments in asset management firms . white mountains does not believe these trends will have a meaningful impact on its future liquidity or its ability to meet its future cash requirements . as of december 31 , 2020 , the company and its intermediate holding companies had $ 464 million of net unrestricted cash , short-term investments and fixed maturity investments , $ 802 million of mediaalpha common stock , and $ 173 million of private equity funds and the ils funds . acquisitions and dispositions during 2020 , kudu deployed $ 121 million ( including approximately $ 3 million of transaction costs ) in four asset management firms and has now deployed a total of $ 386 million in 13 asset management firms . during 2019 , kudu deployed $ 203 million in six asset management firms , of which $ 121 million ( including approximately $ 3 million of transaction costs ) was funded subsequent to the date of the kudu transaction .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```cash flows detailed information concerning white mountains 's cash flows during 2020 , 2019 and 2018 follows : cash flows from operations for the years ended 2020 , 2019 and 2018 net cash flows used for operations was $ 61 million , $ 121 million and $ 31 million for the years ended 2020 , 2019 and 2018. cash used for operations was lower in 2020 compared to 2019 , which was driven primarily by $ 55 million of net investment income received in 2020 from a dividend recapitalization at mediaalpha . cash used for operations was higher in 2019 compared to 2018 , driven primarily by kudu 's deployments in asset management firms . white mountains does not believe these trends will have a meaningful impact on its future liquidity or its ability to meet its future cash requirements . as of december 31 , 2020 , the company and its intermediate holding companies had $ 464 million of net unrestricted cash , short-term investments and fixed maturity investments , $ 802 million of mediaalpha common stock , and $ 173 million of private equity funds and the ils funds . acquisitions and dispositions during 2020 , kudu deployed $ 121 million ( including approximately $ 3 million of transaction costs ) in four asset management firms and has now deployed a total of $ 386 million in 13 asset management firms . during 2019 , kudu deployed $ 203 million in six asset management firms , of which $ 121 million ( including approximately $ 3 million of transaction costs ) was funded subsequent to the date of the kudu transaction .
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 Suspicious Activity Report : white mountains also agreed to contribute up to an additional $ 200 million of equity capital to ark in 2021. in accordance with the ark spa , in the fourth quarter of 2020 white mountains pre-funded/placed in escrow a total of $ 646 million in preparation for closing the transaction , which is reflected on the balance sheet within the other operations segment as of december 31 , 2020. on january 1 , 2021 , white mountains closed the transaction in accordance with the terms of the ark spa . at closing , white mountains owned 72 % of ark on a basic shares outstanding basis ( 63 % on a fully-diluted , fully-converted basis , taking account of management 's equity incentives ) . if the additional $ 200 million is contributed in full , white mountains will own 77 % of ark on a basic shares outstanding basis ( 68 % on a fully-diluted , fully-converted basis ) . management 's equity incentives are subject to an 8 % rate of return threshold with no catch-up . the remaining shares are owned by employees . in the future , management rollover shareholders could earn additional shares in the company if and to the extent that white mountains achieves certain multiple of invested capital return thresholds . these additional shares are generally eligible to vest in three equal tranches at multiple on invested capital ( “ moic ” ) thresholds of 2.0x , 2.5x and 3.0x . if fully earned , these additional shares would represent 13 % of the shares outstanding at closing . in the january 2021 renewal season , ark wrote gross written premiums in excess of $ 270 million . during 2020 , white mountains deployed approximately $ 1.0 billion in new business opportunities , including commitments related to the ark transaction , which closed on january 1 , 2021. also during 2020 , white mountains repurchased and retired 99,087 of its common shares for $ 85 million . as a result , white mountains 's capital base is , for the time being , more or less fully deployed . 31 gross written premiums and msc collected in the hg global/bam segment totaled $ 131 million in 2020 , compared to $ 107 million in 2019. total pricing was 76 basis points in 2020 , compared to 83 basis points in 2019. bam insured municipal bonds with par value of $ 17.3 billion in 2020 , compared to $ 12.8 billion in 2019. during 2020 , bam completed an assumed reinsurance transaction to insure municipal bonds with a par value of $ 37 million and , during 2019 , bam completed an assumed reinsurance transaction to insure municipal bonds with a par value of $ 1.1 billion . in december 2020 , bam made a $ 30 million cash payment of principal and interest on the bam surplus notes held by hg global . in january 2020 , bam made a one-time $ 65 million cash payment of principal and interest on the bam surplus notes held by hg global . bam 's total claims paying resources were $ 987 million as of december 31 , 2020 , compared to $ 938 million as of december 31 , 2019. nsm reported pre-tax loss of $ 13 million , adjusted ebitda of $ 59 million , and commission and other revenues of $ 285 million in 2020 , compared to pre-tax loss of $ 2 million , adjusted ebitda of $ 48 million , and commission and other revenues of $ 233 million in 2019. results for the year ended december 31 , 2020 include the results , from the date of acquisition , of kingsbridge , a leading provider of commercial lines insurance and consulting services for the professional contractor and freelancer markets in the united kingdom , which was acquired on april 7 , 2020 , and embrace , a nationwide provider of pet health insurance for dogs and cats , which nsm acquired on april 1 , 2019. kudu reported pre-tax income of $ 28 million and total revenues of $ 46 million in 2020 , compared to pre-tax income of $ 11 million and total revenues of $ 21 million for the period from april 4 , 2019 , the date of the kudu transaction , through december 31 , 2019. for the twelve months ended december 31 , 2020 , kudu deployed $ 121 million , including transaction costs , in five asset management firms and has now deployed a total of $ 386 million , including transaction costs , in 13 asset management firms with combined assets under management of approximately $ 45 billion , spanning a range of asset classes , including real estate , real assets , wealth management , hedge funds , private equity and alternative credit strategies . white mountains 's pre-tax total return on invested assets was 31.9 % in 2020. this return included $ 746 million of net investment income and net realized and unrealized investment gains from mediaalpha . excluding mediaalpha , the total return on invested assets was 4.6 % in 2020. white mountains 's pre-tax total return on invested assets was 20.4 % in 2019. this return included $ 188 million of net investment income and net unrealized investment gains from mediaalpha . excluding mediaalpha , the total return on invested assets was 13.0 % in 2019. investment returns in 2020 were impacted by white mountains 's decision to sell its portfolio of common equity securities during the third and fourth quarter of 2020 in preparation of funding the ark transaction as equity markets were up strongly in the fourth quarter . story_separator_special_tag all bam-insured bond payments due through february 15 , 2021 have been made by insureds . bam currently has no insured bonds on its insured credit watchlist . hg global/bam results—year ended december 31 , 2019 versus year ended december 31 , 2018 gross written premiums and msc collected in the hg global/bam segment totaled $ 107 million in both 2019 and 2018. bam insured $ 12.8 billion of municipal bonds , $ 10.4 billion of which were in the primary market , in 2019 , compared to $ 12 billion of municipal bonds , $ 8.8 billion of which were in the primary market , in 2018. during 2019 and 2018 , bam completed assumed reinsurance transactions to insure municipal bonds with a par value of $ 1.1 billion and $ 2.2 billion , respectively . total pricing , which reflects both gross written premiums and msc from new business , decreased to 83 basis points in 2019 , compared to 93 basis points in 2018. see “ non-gaap financial measures ” on page 63. the decrease in total pricing was driven primarily by a decrease in pricing in the primary market . pricing in the primary market decreased to 51 basis points in 2019 , compared to 71 basis points in 2018 , driven primarily by lower interest rates and tighter credit spreads . pricing in the assumed reinsurance and secondary markets , which is more transaction-specific than pricing in the primary market , increased to 219 basis points in 2019 , compared to 150 basis points in 2018 , partially offsetting the decline in pricing in the primary market . 39 the following table presents the gross par value of primary and secondary market policies issued , the gross par value of assumed reinsurance , the gross written premiums and msc collected and total pricing for the twelve months ended december 31 , 2019 and 2018 : replace_table_token_16_th ( 1 ) see “ non-gaap financial measures ” on page 63 . ( 2 ) during 2019 , bam issued policy endorsements for certain policies issued in periods prior to the second quarter of 2018. the impact of the policy endorsements for the year ended december 31 , 2019 was a decrease to bam 's gross written premiums of $ 13.4 and an increase to msc collected of $ 13.4. hg global reported gaap pre-tax income of $ 54 million in 2019 , compared to $ 32 million in 2018. the increase in pre- tax income was driven primarily by higher returns in hg global 's investment portfolio . hg global 's results in 2019 included $ 27 million of interest income on the bam surplus notes , compared to $ 23 million in 2018. 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 non-controlling interests . white mountains reported gaap pre-tax losses from bam of $ 44 million in 2019 , compared to $ 61 million in 2018. the decrease in the pre-tax loss was driven primarily by higher returns in bam 's investment portfolio . bam 's results included $ 27 million of interest expense on the bam surplus notes and $ 49 million of general and administrative expenses in 2019 , compared to $ 23 million of interest expense on the bam surplus notes and $ 47 million of general and administrative expenses in 2018. in december 2019 , bam made a $ 32 million cash payment ( which included a one-time $ 10 million cash payment ) of principal and interest on the bam surplus notes held by hg global . of this payment , $ 24 million was a repayment of principal held in the supplemental trust and $ 8 million was a payment of accrued interest held outside the supplemental trust . in december 2018 , bam made a $ 23 million cash payment of principal and interest on the bam surplus notes held by hg global . of this payment , $ 18 million was a repayment of principal held in the supplemental trust , $ 1 million was a payment of accrued interest held in the supplemental trust and $ 4 million was a payment of accrued interest held outside the supplemental trust . in january 2020 , white mountains updated its debt service model for the bam surplus notes to reflect ( i ) the cash payments of principal and interest on the bam surplus notes made in december 2019 and january 2020 , ( ii ) the amendments made to the terms of the bam surplus notes in january 2020 , including the extension of the variable interest rate period and ( iii ) in light of the current interest rate environment , a more conservative forecast of future operating results for bam . the changes to the debt service model resulted in slower modeled future payments on the bam surplus notes and , in turn , a $ 20 million increase to the time value of money discount on the bam surplus notes as reflected in adjusted book value per share as of december 31 , 2019. claims paying resources bam 's claims paying resources represent the capital and other financial resources bam has available to pay claims and , as such , is a key indication of bam 's financial strength . bam 's claims paying resources were $ 987 million as of december 31 , 2020 , compared to $ 938 million as of december 31 , 2019 and $ 871 million as of december 31 , 2018. the increase in claims paying resources was driven primarily by increases in the statutory value of the collateral trusts resulting from positive cash flow from operations , partially offset by the portion of cash payments on the bam surplus notes related to accrued interest held outside the supplemental trust . 40 the following table presents bam 's total

