Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 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 September 30, 2022 and December 31, 2021:

$ in Millions	Weighted Average Economic  Life (in years)	September 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	N/A	51.1		—		51.1		17.9		—		17.9
Total goodwill		175.5		—		175.5		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	15.9	17.9		2.4		15.5		8.2		1.5		6.7
Customer relationships	12.4	29.5		6.6		22.9		18.8		4.5		14.3
Other	12.1	2.8		.3		2.5		.3		.1		.2
Subtotal		50.2		9.3		40.9		27.3		6.1		21.2
Total other intangible assets		228.1		10.4		217.7		205.2		7.0		198.2
Total goodwill and other intangible assets		$	403.6	$	10.4	393.2		$	347.5	$	7.0	340.5
Goodwill and other intangible assets attributed to    non-controlling interests						(103.1)						(91.8)
Goodwill and other intangible assets included in White Mountains’s    common shareholders’ equity						$	290.1					$	248.7

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

	Three Months Ended September 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	$	201.8	$	196.2	$	398.0	$	151.5	$	201.1	$	352.6
Attribution of acquisition date fair value estimates    between goodwill and other intangible assets (1)	(22.9)		22.9		—		(9.3)		9.3		—
Measurement period adjustments (2)	(3.4)		—		(3.4)		(.4)		—		(.4)
Amortization	—		(1.4)		(1.4)		—		(2.0)		(2.0)
Ending balance	$	175.5	$	217.7	$	393.2	$	141.8	$	208.4	$	350.2

(1) Relates to acquisitions within Other Operations. The relative fair values of goodwill and other intangible assets recognized in connection with acquisitions during 2022 had not yet been finalized as of the end of the period.

(2) Measurement period adjustments relate to updated information about acquisition date fair values of assets acquired and liabilities assumed. During the three months ended September 30, 2022 and 2021, adjustments relate to acquisitions within Other Operations.

	Nine Months Ended September 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 (1)	59.5		—		59.5		15.8		—		15.8
Attribution of acquisition date fair value estimates    between goodwill and other intangible assets (1)	(22.9)		22.9		—		(9.3)		9.3		—
Measurement period adjustments (2)	(3.4)				(3.4)		(.7)		.1		(.6)
Amortization	—		(3.4)		(3.4)		—		(3.1)		(3.1)
Ending balance	$	175.5	$	217.7	$	393.2	$	141.8	$	208.4	$	350.2

(1) Relates to acquisitions within Other Operations. The relative fair values of goodwill and other intangible assets recognized in connection with acquisitions during 2022 had not yet been finalized as of the end of the period.

(2) Measurement period adjustments relate to updated information about acquisition date fair values of assets acquired and liabilities assumed. During the nine

months ended September 30, 2022 and 2021, adjustments relate to acquisitions within Other Operations.

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 September 30, 2022:

$ in Millions	Goodwill and Other intangible asset (1)		Acquisition Date
Acquisition of subsidiary/ asset
Ark	$	292.5	January 1, 2021
Other Operations	$	86.6	Various

(1) Acquisition date fair values include the effect of adjustments during the measurement period and exclude the effect of foreign currency translation subsequent to the acquisition date.