Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill

The following table presents the economic lives, acquisition date fair values, accumulated amortization and net carrying values for other intangible assets and goodwill, by reportable segment as of March 31, 2022 and December 31, 2021:

$ in Millions	Weighted Average Economic  Life (in years)	March 31, 2022								December 31, 2021
		Acquisition Date Fair Value		Accumulated Amortization		Impairments and Amounts Allocated to Held for Sale		Net Carrying Value		Acquisition Date Fair Value		Accumulated Amortization		Impairments and Amounts Allocated to Held for Sale		Net Carrying Value
Goodwill:
Ark	N/A	$	116.8	$	—	$	—	$	116.8	$	116.8	$	—	$	—	$	116.8
NSM (1)	N/A	529.3		—		30.2		499.1		533.4		—		30.2		503.2
Kudu	N/A	7.6		—		—		7.6		7.6		—		—		7.6
Other Operations	N/A	17.9		—		—		17.9		17.9		—		—		17.9
Total goodwill		671.6		—		30.2		641.4		675.7		—		30.2		645.5
Other intangible assets:
Ark
Underwriting    Capacity	N/A	175.7		—		—		175.7		175.7		—		—		175.7
NSM (1)
Customer    relationships	9.2	159.4		62.3		3.5		93.6		159.9		57.0		3.5		99.4
Trade names	18	68.5		12.9		1.0		54.6		68.6		11.9		1.0		55.7
Information       technology       platform	0	3.1		1.4		1.7		—		3.1		1.4		1.7		—
Renewal    rights	12	82.5		18.3		—		64.2		82.5		15.8		—		66.7
Other	3.3	1.2		.7		—		.5		1.1		.7		—		.4
Subtotal		314.7		95.6		6.2		212.9		315.2		86.8		6.2		222.2
Kudu
Trade names	7	2.2		.9		—		1.3		2.2		.9		—		1.3
Other Operations
Trade names	17.5	8.2		1.7		—		6.5		8.2		1.5		—		6.7
Customer    relationships	13.0	18.8		5.2		—		13.6		18.8		4.5		—		14.3
Other	5.3	.3		.2		—		.1		.3		.1		—		.2
Subtotal		27.3		7.1		—		20.2		27.3		6.1		—		21.2
Total other intangible assets		519.9		103.6		6.2		410.1		520.4		93.8		6.2		420.4
Total goodwill and other    intangible assets		$	1,191.5	$	103.6	$	36.4	1,051.5		$	1,196.1	$	93.8	$	36.4	1,065.9
Goodwill and other intangible assets attributed to non-controlling interests								(117.1)								(117.6)
Goodwill and other intangible assets included in White Mountains’s    common shareholders’ equity								$	934.4							$	948.3

(1) During the three months ended March 31, 2022, NSM’s goodwill included $(4.1) of the effect of foreign currency translation. During the three months ended March 31, 2022, NSM’s intangible assets included $(0.5) and 0.3 of the effect of foreign currency translation on the acquisition date fair value and accumulated amortization.

The following table present the change in goodwill and other intangible assets for the three months ended March 31, 2022 and 2021:

	Three Months Ended March 31,
	2022						2021
Millions	Goodwill		Other Intangible Assets		Total Goodwill and Other Intangible Assets		Goodwill		Other Intangible Assets		Total Goodwill and Other Intangible Assets
Beginning balance	$	645.5	$	420.4	$	1,065.9	$	525.5	$	256.9	$	782.4
Ark Transaction	—		—		—		116.8		175.7		292.5
Measurement period adjustments (1)	—		—		—		(.2)		—		(.2)
Amortization	—		(10.1)		(10.1)		—		(9.2)		(9.2)
Loss on assets held for sale (2)	—		—		—		(30.2)		—		(30.2)
Foreign currency translation	(4.1)		(.2)		(4.3)		1.5		.2		1.7
Ending balance	$	641.4	$	410.1	$	1,051.5	$	613.4	$	423.6	$	1,037.0

(1) Measurement period adjustments relate to updated information about acquisition date fair values of assets acquired and liabilities assumed. During the three months ended March 31, 2021, adjustments primarily relate to goodwill of $0.2 in connection with the acquisition in the Other Operations segment.

(2) Relates to the sale of Fresh Insurance’s motor business recorded in the first quarter of 2021. This amount excludes $1.5 of net proceeds related to the sale.

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

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 a summary of the acquisition date fair values of goodwill and other intangible assets for acquisitions completed from January 1, 2021 through March 31, 2022:

$ in Millions
Acquisition of subsidiary/ asset	Goodwill and Other intangible asset (1)		Acquisition Date
Ark	$	292.5	January 1, 2021
J.C. Taylor	$	55.7	August 6, 2021
Other Operations	$	15.9	April 27, 2021

(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.