Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill

The following tables present the change in goodwill and other intangible assets for the three and nine months ended September 30, 2020 and 2019:



	Three Months Ended September 30,
	2020									2019
Millions	Goodwill			Other Intangible Assets			Total Goodwill and Other Intangible Assets			Goodwill			Other Intangible Assets			Total Goodwill and Other Intangible Assets
Beginning balance	$	518.2		$	241.7		$	759.9		$	428.6		$	239.0		$	667.6
Attribution of acquisition date fair value estimates between goodwill and other intangible assets	—			—			—			$	(2.2	)	$	2.2		—
Acquisitions of businesses	14.9		⁽¹⁾	—			14.9			—			—			—
Acquisition of renewal rights	—			—			—			—			—			—
Foreign currency translation	7.0			(.1		)	6.9			(1.6		)	(.5		)	(2.1		)
Amortization	—			(5.4		)	(5.4		)	—			(4.6		)	(4.6		)
Ending balance	$	540.1		$	236.2		$	776.3		$	424.8		$	236.1		$	660.9

⁽¹⁾ The relative fair values of goodwill and other intangible assets recognized in connection with the acquisition of Other Operations had not yet been finalized at September 30, 2020.



	Nine Months Ended September 30,
	2020									2019
Millions	Goodwill			Other Intangible Assets			Total Goodwill and Other Intangible Assets			Goodwill				Other Intangible Assets			Total Goodwill and Other Intangible Assets
Beginning balance	$	394.7		$	260.0		$	654.7		$	379.9			$	157.6		$	537.5
Deconsolidation of MediaAlpha	—			—			—			(18.3		)		(23.5		)	(41.8		)
Attribution of acquisition date fair value estimates between goodwill and other intangible assets	—			—			—			(29.0		)		29.0			—
Acquisitions of businesses	140.0		⁽¹⁾	—			140.0			93.8			⁽²⁾	—			93.8
Acquisition of renewal rights	—			—			—			—				82.5			82.5
Foreign currency translation	5.2			(.5		)	4.7			(1.6		)		—			(1.6		)
Adjustments to reflect acquisition date fair value	.2			—			.2			—				5.9			5.9
Impairments	—			(6.2		)	(6.2		)	—				—			—
Amortization	—			(17.1		)	(17.1		)	—				(15.4		)	(15.4		)
Ending balance	$	540.1		$	236.2		$	776.3		$	424.8			$	236.1		$	660.9

⁽¹⁾ The relative fair values of goodwill and other intangible assets recognized in connection with the acquisition of Kingsbridge and Other Operations had not yet been finalized at September 30, 2020.

⁽²⁾ The relative fair values of goodwill and other intangible assets recognized in connection with the acquisitions of Embrace and Other Operations had not yet been finalized at September 30, 2019.

The following table presents the acquisition date fair values, accumulated amortization and net carrying values for other intangible assets and goodwill, by company as of September 30, 2020 and December 31, 2019:



$ in Millions	Weighted Average Economic Life (in years)	September 30, 2020									December 31, 2019
		Acquisition Date Fair Value		Accumulated Amortization		Impairments		Net Carrying Value			Acquisition Date Fair Value		Accumulated Amortization		Impairments		Net Carrying Value
Goodwill:
NSM ⁽¹⁾	N/A	$	511.8	$	—	$	—	$	511.8		$	381.6	$	—	$	—	$	381.6
Kudu	N/A	7.6		—		—		7.6			7.6		—		—		7.6
Other Operations	N/A	20.7		—		—		20.7			13.1		—		7.6		5.5
Total goodwill		540.1		—		—		540.1			402.3		—		7.6		394.7

Other intangible assets:
NSM ⁽¹⁾
Customer relationships	9	118.4		28.4		3.5		86.5			121.7		19.8		1.4		100.5
Trade names	19	60.8		7.1		1.0		52.7			61.9		5.3		.4		56.2
Information technology platform	0	3.1		1.4		1.7		—			3.9		1.4		.6		1.9
Renewal rights	12	82.5		3.9		—		78.6			82.5		.7		—		81.8
Other	3	1.7		1.0		—		.7			1.7		.7		—		1.0
Subtotal		266.5		41.8		6.2		218.5			271.7		27.9		2.4		241.4

Kudu
Trade names	7	2.2		.5		—		1.7			2.2		.2		—		2.0

Other Operations
Trade names	10	1.0		.1		—		.9			1.7		.5		.2		1.0
Customer relationships	11	7.2		.8		—		6.4			7.2		.4		—		6.8
Information technology platform	5	—		—		—		—			.5		.3		.2		—
Insurance Licenses	N/A	8.6		—		—		8.6			8.6		—		—		8.6
Other	5	.2		.1		—		.1			.2		—		—		.2
Subtotal		17.0		1.0		—		16.0			18.2		1.2		.4		16.6

Total other intangible assets		285.7		43.3		6.2		236.2			292.1		29.3		2.8		260.0

Total goodwill and other intangible assets		$	825.8	$	43.3	$	6.2	776.3			$	694.4	$	29.3	10.4		654.7

Goodwill and other intangible assets attributed to non-controlling interests								(27.1		)							(23.4		)

Goodwill and other intangible assets included in White Mountains’s common shareholders’ equity								$	749.2								$	631.3

⁽¹⁾As of September 30, 2020, NSM’s goodwill and intangible assets included $5.2 and $(0.5) of the effect of foreign currency translation. As of December 31, 2019, NSM’s goodwill and intangible assets included $1.4 and $0.7 of the effect of foreign currency translation.

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table presents a summary of the acquisition date fair values of goodwill and other intangible assets for

acquisitions completed from January 1, 2019 through September 30, 2020:



$ in Millions
Acquisition of subsidiary/ asset	Goodwill and Other intangible asset ⁽¹⁾		Acquisition Date
Embrace ⁽²⁾	$	67.6	April 1, 2019
Renewal Rights ⁽³⁾	82.5		June 28, 2019
Kingsbridge ⁽⁴⁾	125.1		April 7, 2020
Total NSM segment	$	275.2
Kudu Transaction	$	9.8	April 4, 2019
Other Operations ⁽⁴⁾	$	37.5	Various

⁽¹⁾ Acquisition date fair values include the effect of adjustments during the measurement period and excludes the effect of foreign currency translation subsequent to the acquisition date.

⁽²⁾Excludes $3.4 of software classified within other assets.

⁽³⁾ NSM’s purchase of the Renewal Rights from AIG was an asset acquisition.

⁽⁴⁾ The determination of the relative fair values of goodwill and other intangible assets had not yet been finalized as of September 30, 2020.