Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2022 and December 31, 2021:

$ in Millions	Weighted Average Economic  Life (in years)	June 30, 2022						December 31, 2021
		Acquisition Date Fair Value		Accumulated Amortization		Net Carrying Value		Acquisition Date Fair Value		Accumulated Amortization		Net Carrying Value
Goodwill:
Ark	N/A	$	116.8	$	—	$	116.8	$	116.8	$	—	$	116.8
Kudu	N/A	7.6		—		7.6		7.6				7.6
Other Operations (1)	N/A	77.4		—		77.4		17.9		—		17.9
Total goodwill		201.8		—		201.8		142.3		—		142.3
Other intangible assets:
Ark
Underwriting Capacity	N/A	175.7		—		175.7		175.7		—		175.7
Kudu
Trade names	7	2.2		1.1		1.1		2.2		.9		1.3
Other Operations
Trade names	17.5	8.2		2.0		6.2		8.2		1.5		6.7
Customer relationships	13.0	18.8		5.7		13.1		18.8		4.5		14.3
Other	5.3	.3		.2		.1		.3		.1		.2
Subtotal		27.3		7.9		19.4		27.3		6.1		21.2
Total other intangible assets		205.2		9.0		196.2		205.2		7.0		198.2
Total goodwill and other intangible assets		$	407.0	$	9.0	398.0		$	347.5	$	7.0	340.5
Goodwill and other intangible assets attributed to    non-controlling interests						(103.4)						(91.8)
Goodwill and other intangible assets included in White Mountains’s    common shareholders’ equity						$	294.6					$	248.7

(1) The relative fair values of goodwill and other intangible assets recognized in connection with recent acquisitions within Other Operations had not yet been finalized as of June 30, 2022.

The following tables present the change in goodwill and other intangible assets for the three and six months ended June 30, 2022 and 2021:

	Three Months Ended June 30,
	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	$	142.3		$	197.2	$	339.5	$	135.7		$	201.6	$	337.3
Acquisition of businesses	59.5		(1)	—		59.5		15.8		(1)	—		15.8
Amortization	—			(1.0)		(1.0)		—			(.5)		(.5)
Ending balance	$	201.8		$	196.2	$	398.0	$	151.5		$	201.1	$	352.6

(1) The relative fair values of goodwill and other intangible assets recognized in connection with recent acquisitions within Other Operations had not yet been finalized.

	Six Months Ended June 30,
	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	$	142.3		$	198.2	$	340.5	$	19.2		$	26.4	$	45.6
Ark Transaction	—			—		—		116.8			175.7		292.5
Acquisition of businesses	59.5		(2)	—		59.5		15.8		(2)	—		15.8
Measurement period adjustments (1)	—			—		—		(.3)			.1		(.2)
Amortization	—			(2.0)		(2.0)		—			(1.1)		(1.1)
Ending balance	$	201.8		$	196.2	$	398.0	$	151.5		$	201.1	$	352.6

(1) Measurement period adjustments relate to updated information about acquisition date fair values of assets acquired and liabilities assumed. During the six months ended June 30, 2021, adjustments primarily relate to goodwill and other intangible assets of $0.2 in connection with the acquisition in the Other Operations segment.

(2) The relative fair values of goodwill and other intangible assets recognized in connection with recent acquisitions within Other Operations had not yet been finalized.

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 June 30, 2022:

$ in Millions
Acquisition of subsidiary/ asset	Goodwill and Other intangible asset (1)		Acquisition Date
Ark	$	292.5	January 1, 2021
Other Operations	$	90.5	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.