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Debt (Tables)
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Schedule of debt outstanding
The following table presents White Mountains’s debt outstanding as of March 31, 2022 and December 31, 2021:
$ in MillionsMarch 31,
2022		Effective
  Rate
 (1)
December 31,
2021		Effective
  Rate
 (1)
Ark 2007 Subordinated Notes, carrying value$30.0 $30.0 
Ark 2021 Notes Tranche 142.9 44.2 
Ark 2021 Notes Tranche 247.0 47.0 
Ark 2021 Notes Tranche 370.0 70.0 
Unamortized issuance cost(5.1)(5.3)
Ark 2021 Subordinated Notes, carrying value154.8 155.9 
    Total Ark Subordinated Notes, carrying value184.8 6.6%185.9 6.9%
NSM Bank Facility275.9 7.0%
(2)
277.6 7.3%
(2)
Unamortized issuance cost(5.9)(6.4)
NSM Bank Facility, carrying value270.0 271.2 
Other NSM debt.6 5.8%.9 2.9%
Kudu Credit Facility225.4 5.0%225.4 4.3%
Unamortized issuance cost(7.2)(7.2)
Kudu Credit Facility, carrying value218.2 218.2 
Other Operations debt17.8 7.3%17.1 7.5%
Unamortized issuance cost(.5)(.3)
Other Operations debt, carrying value17.3 16.8 
Total debt$690.9 $693.0 
 (1) Effective rate includes the effect of the amortization of debt issuance costs.
(2) NSM’s effective rate excludes the effect of the interest rate swap and the interest rate cap on the debt. See Note 9 — “Derivatives”. The weighted average interest rate for the quarter ended March 31, 2022 and December 31, 2021, excluding the effect of amortization of debt issuance costs, was 6.1% and 6.5%. The weighted average interest rate for the quarter ended March 31, 2022 and December 31, 2021 on the total NSM Bank Facility including both the effect of the amortization of debt issuance costs and the effect of the interest rate swap and the interest rate cap was 2.9% and 8.2%.
The following table presents the change in debt under the NSM Bank Facility for the three months ended March 31, 2022 and 2021:
MillionsThree Months Ended March 31,
NSM Bank Facility20222021
Beginning balance$277.6 $277.4 
Term loans
Borrowings— — 
Repayments(.7)(.7)
Foreign currency translation(1.5).6 
Revolving credit loan
Borrowings13.0 — 
Repayments(12.5)— 
Ending balance$275.9 $277.3 
The following table presents the change in debt under the Kudu Bank Facility and Kudu Credit Facility for the three months ended March 31, 2022 and 2021:

Three Months Ended March 31,
Millions20222021
Kudu Bank Facility
Beginning balance$— $89.2 
Term loans
Borrowings— 3.0 
Repayments— (92.2)
Ending balance$— $— 
Kudu Credit Facility
Beginning balance$225.4 $— 
Term loans
Borrowings — 102.0 
Repayments— — 
Ending balance$225.4 $102.0 
Schedule of Debt
The following table presents the NSM weighted average interest rate for the three months ended March 31, 2022 and 2021:

$ in MillionsThree Months Ended March 31,
20222021
NSM Weighted Average Interest RateWeighted Average
Interest Expense (1)
Weighted Average Interest rateWeighted Average
Interest Expense (2)
Weighted Average Interest rate
Term loan - hedged$— $— — %$147.6 $3.4 9.2 %
Term loan - unhedged273.52.02.9 %129.82.57.7 %
Total NSM Bank Facility$273.5 $2.0 2.9 %$277.4 $5.9 8.5 %
(1) For the three months ended March 31, 2022, interest expense includes the amortization of debt issuance costs of $0.5 and the effect of the interest rate swap and interest rate cap of $(2.7). For the three months ended March 31, 2022, interest expense excludes $0.1 related to the revolving credit loan.
(2) For the three months ended March 31, 2021, interest expense includes the amortization of debt issuance costs of $0.3 and the effect of the interest rate swap and interest rate cap of $0.6.