Significant Transactions (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Recognized Identified Assets Acquired

The following presents additional details of the assets acquired and liabilities assumed as of the January 1, 2021 acquisition date:


Millions	As of January 1, 2021
Investments	$	594.3
Cash	52.0		(1)
Reinsurance recoverables	433.4
Insurance premiums receivable	236.7
Ceded unearned premiums	170.2
Value of in-force business acquired	71.7
Other assets	88.9
Loss and loss adjustment expense reserves	(696.0)
Unearned insurance premiums	(326.1)
Debt	(46.4)

Ceded reinsurance payable	(528.3)
Other liabilities	(25.9)
Net tangible assets acquired	24.5
Goodwill	116.8
Other intangible assets - syndicate underwriting capacity	175.7
Deferred tax liability on other intangible assets	(33.4)
Net assets acquired	$	283.6

(1) Cash excludes the White Mountains cash contribution of $605.4 as part of the Ark Transaction.

The following table presents the economic lives, acquisition date fair values, accumulated amortization and net carrying values for other intangible assets and goodwill, by company as of December 31, 2021 and 2020:


$ in Millions	Weighted Average Economic Life (in years)	December 31, 2021								December 31, 2020
		Acquisition Date Fair Value		Accumulated Amortization		Impairments and Amounts Allocated to Held for Sale		Net Carrying Value		Acquisition Date Fair Value		Accumulated Amortization		Impairments		Net Carrying Value
Goodwill:
Ark	N/A	$	116.8	$	—	$	—	$	116.8	$	—	$	—	$	—	$	—
NSM (1)	N/A	533.4		—		30.2		503.2		506.4		—		—		506.4
Kudu	N/A	7.6		—		—		7.6		7.6		—		—		7.6


Other Operations	N/A	17.9		—		—		17.9		11.5		—		—		11.5
Total goodwill		675.7		—		30.2		645.5		525.5		—		—		525.5
Other intangible assets:
Ark
Underwriting Capacity	N/A	175.7		—		—		175.7		—		—		—		—
NSM (1)
Customer relationships	9.0	159.9		57.0		3.5		99.4		136.2		36.7		3.5		96.0
Trade names	18	68.6		11.9		1.0		55.7		65.4		8.3		1.0		56.1
Information technology platform	0	3.1		1.4		1.7		—		3.1		1.4		1.7		—
Renewal rights	12	82.5		15.8		—		66.7		82.5		4.9		—		77.6
Other	3.3	1.1		.7		—		.4		1.7		1.0		—		.7
Subtotal		315.2		86.8		6.2		222.2		288.9		52.3		6.2		230.4
Kudu
Trade names	7	2.2		.9		—		1.3		2.2		.6		—		1.6





Other Operations
Trade names	17.5	8.2		1.5		—		6.7		3.6		.3		—		3.3
Customer relationships	13.0	18.8		4.5		—		14.3		14.2		1.4		—		12.8

Insurance licenses (2)	N/A	—		—		—		—		8.6		—		—		8.6
Other	5.3	.3		.1		—		.2		.3		.1		—		.2
Subtotal		27.3		6.1		—		21.2		26.7		1.8				24.9
Total other intangible assets		520.4		93.8		6.2		420.4		317.8		54.7		6.2		256.9
Total goodwill and other intangible assets		$	1,196.1	$	93.8	$	36.4	1,065.9		$	843.3	$	54.7	$	6.2	782.4
Goodwill and other intangible assets attributed to non-controlling interests								(117.6)								(28.1)
Goodwill and other intangible assets included in White Mountains’s common shareholders’ equity								$	948.3							$	754.3

(1) During 2021, NSM’s goodwill and intangible assets includes $(1.5) and $(0.3) of the effect of foreign currency translation. During 2020, NSM’s goodwill and intangible assets includes $13.4 and $1.6 of the effect of foreign currency translation.

(2) As of December 31, 2021, White Mountains has classified one of its Other Operating Businesses as held for sale, which includes of $8.6 of insurance licenses. See Note. 21 — “Held for Sale and Discontinued Operations”.

The following table presents a summary of the acquisition date fair values of goodwill and other intangible assets for acquisitions completed during 2021 and 2020:


$ in Millions
Acquisition of Subsidiary/ Asset	Goodwill and Other Intangible Assets (1)		Acquisition Date
Kingsbridge	$	131.7	April 7, 2020
J.C. Taylor	55.7		August 6, 2021
Total NSM segment	$	187.4
Ark	$	292.5	January 1, 2021
Other Operations	$	31.1	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.