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Debt (Tables)
9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Schedule of debt outstanding
The following table presents White Mountains’s debt outstanding as of September 30, 2022 and December 31, 2021:
$ in MillionsSeptember 30,
2022
Effective
  Rate
 (1)
December 31,
2021
Effective
  Rate
 (1)
HG Global Senior Notes$150.0 8.6%$— N/A
Unamortized discount and issuance cost(3.6)— 
HG Global Senior Notes, carrying value146.4 — 
Ark 2007 Subordinated Notes, carrying value30.0 30.0 
Ark 2021 Notes Tranche 137.6 44.2 
Ark 2021 Notes Tranche 247.0 47.0 
Ark 2021 Notes Tranche 370.0 70.0 
Unamortized issuance cost(4.6)(5.3)
Ark 2021 Subordinated Notes, carrying value150.0 155.9 
    Total Ark Subordinated Notes, carrying value180.0 7.3%185.9 6.9%
Kudu Credit Facility260.4 5.6%225.4 4.3%
Unamortized issuance cost(6.9)(7.2)
Kudu Credit Facility, carrying value253.5 218.2 
Other Operations debt36.4 7.1%17.1 7.5%
Unamortized issuance cost(.8)(.3)
Other Operations debt, carrying value35.6 16.8 
Total debt$615.5 $420.9 
 (1) Effective rate includes the effect of the amortization of debt issuance costs.
The following table presents the change in debt under the Kudu Bank Facility and Kudu Credit Facility for the three and nine months ended September 30, 2022 and 2021:

Three Months Ended September 30,Nine Months Ended September 30,
Millions2022202120222021
Kudu Bank Facility
Beginning balance$ $— $— $89.2 
Term loans
Borrowings — — 3.0 
Repayments — — (92.2)
Ending balance$ $ $— $— 
Kudu Credit Facility
Beginning balance$260.4 $203.0 $225.4 $— 
Term loans
Borrowings  — 35.0 203.0 
Repayments —  — 
Ending balance$260.4 $203.0 $260.4 $203.0