Common Shareholders’ Equity and Non-controlling Interests

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Common Shareholders’ Equity and Non-controlling Interests

Common Shareholders’ Equity and Non-controlling Interests

Common Shares Repurchased and Retired

During the past several years, White Mountains’s board of directors authorized the Company to repurchase its common shares, from time to time, subject to market conditions. Shares may be repurchased on the open market or through privately negotiated transactions. The repurchase authorizations do not have a stated expiration date. As of December 31, 2021, White Mountains may repurchase an additional 451,224 shares under these board authorizations. In addition, from time to time White Mountains has also repurchased its common shares through tender offers that were separately authorized by its board of directors.

During 2021, the Company repurchased 98,511 common shares for $107.5 million at an average share price of $1,091, which were comprised of 91,293 common shares repurchased under the board authorizations for $100.0 million at an average share price of $1095 and 7,218 common shares repurchased pursuant to employee benefit plans.

During 2020, the Company repurchased 99,087 common shares for $85.1 million at an average share price of $859 pursuant to employee benefit plans.

During 2019, the Company repurchased 5,679 common shares for $4.9 million at an average share price of $858 pursuant to employee benefit plans.

Common Shares Issued

During 2021, the Company issued a total of 15,066 common shares, which consisted of 13,475 restricted shares issued to key personnel, 1,591 shares issued to directors of the Company.

During 2020, the Company issued a total of 15,745 common shares, which consisted of 14,055 restricted shares issued to key personnel and 1,440 shares issued to directors of the Company and 250 shares issued to MediaAlpha’s management.

During 2019, the Company issued a total of 17,917 common shares, which consisted of 15,600 restricted shares issued to key personnel, 2,317 shares issued to directors of the Company.

Dividends on Common Shares

For the years ended December 31, 2021, 2020 and 2019, the Company declared and paid cash dividends totaling $3.1 million, $3.2 million and $3.2 million (or $1.00 per common share).

Non-controlling Interests

Non-controlling interests consist of the ownership interests of non-controlling shareholders in consolidated entities and are presented separately on the balance sheet.

The following table presents the balance of non-controlling interests included in White Mountains’s total equity and the related percentage of each consolidated entity’s total equity owned by non-controlling shareholders as of December 31, 2021 and 2020:

	December 31, 2021				December 31, 2020
$ in Millions	Non-controlling Percentage		Non-controlling Equity		Non-controlling Percentage		Non-controlling Equity
Non-controlling interests, excluding BAM
HG Global	3.1	%	$	8.9	3.1	%	$	13.5
Ark	28.0	%	230.7		—	%	—
NSM	3.5	%	16.7		3.4	%	17.0
Kudu	2.5	%	12.4		.7	%	2.3
Other	various		11.9		various		2.4
Total, excluding BAM			280.6				35.2
BAM	100.0	%	(124.0)		100.0	%	(123.3)
Total non-controlling interests			$	156.6			$	(88.1)