Common Shareholders’ Equity and Non-controlling Interests

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Common Shareholders’ Equity and Non-controlling Interests

Common Shareholders’ Equity and Non-controlling Interests

Common Shares Repurchased and Retired

During the past several years, White Mountains’s board of directors authorized the Company to repurchase its common shares, from time to time, subject to market conditions. Shares may be repurchased on the open market or through privately negotiated transactions. The repurchase authorizations do not have a stated expiration date. As of December 31, 2022, White Mountains may repurchase an additional 320,550 shares under these board authorizations. In addition, from time to time White Mountains has also repurchased its common shares through tender offers that were separately authorized by its board of directors.

During 2022, the Company repurchased 461,256 common shares for $615.8 million at an average share price of $1,335.11, which included 129,450 common shares repurchased under the board authorizations for $150.9 million at an average share price of $1,165.84 and 4,011 to satisfy employee income tax withholding pursuant to employee benefit plans. In addition, on September 26, 2022, the Company completed a self-tender offer, through which it repurchased 327,795 of its common shares at a purchase price of $1,400.00 per share for a total cost of approximately $460.8 million, including expenses.

During 2021, the Company repurchased 98,511 common shares for $107.5 million at an average share price of $1,091.29, which was comprised of 91,293 common shares repurchased under the board authorizations for $100.0 million at an average share price of $1,095.37 and 7,218 common shares repurchased to satisfy employee income tax withholding pursuant to employee benefit plans.

During 2020, the Company repurchased 99,087 common shares for $85.1 million at an average share price of $858.81, which was comprised of 93,188 common shares repurchased under the board authorizations for $78.5 million at an average share price of $1,115.51 and 5,899 common shares repurchased to satisfy employee income tax withholding pursuant to employee benefit plans.

Common Shares Issued

During 2022, the Company issued a total of 15,640 common shares, which consisted of 13,225 restricted shares issued to key personnel and 2,415 shares issued to directors of the Company.

During 2021, the Company issued a total of 15,066 common shares, which consisted of 13,475 restricted shares issued to key personnel and 1,591 shares issued to directors of the Company.

During 2020, the Company issued a total of 15,745 common shares, which consisted of 14,055 restricted shares issued to key personnel, 1,440 shares issued to directors of the Company and 250 shares issued to MediaAlpha’s management.

Dividends on Common Shares

For the years ended December 31, 2022, 2021 and 2020, the Company declared and paid cash dividends totaling $3.0 million, $3.1 million and $3.2 million (or $1.00 per common share).

Non-controlling Interests

Non-controlling interests consist of the ownership interests of non-controlling shareholders in consolidated entities and are presented separately on the balance sheet.

The following table presents the balance of non-controlling interests included in White Mountains’s total equity and the related percentage of each consolidated entity’s total equity owned by non-controlling shareholders as of December 31, 2022 and 2021:

	December 31, 2022				December 31, 2021
$ in Millions	Non-controlling Percentage (1)		Non-controlling Equity		Non-controlling Percentage (1)		Non-controlling Equity
Non-controlling interests, excluding BAM
HG Global	3.1	%	$	(.6)	3.1	%	$	8.9
Ark	28.0	%	247.9		28.0	%	230.7
Kudu	10.8	%	75.1		2.5	%	12.4
NSM (2)	—	%	—		3.5	%	16.7
Other	various		20.4		various		11.9
Total, excluding BAM			342.8				280.6
BAM	100.0	%	(154.7)		100.0	%	(124.0)
Total non-controlling interests			$	188.1			$	156.6

(1) The non-controlling percentage represents the basic ownership interests held by non-controlling shareholders with the exception of HG Global, for which the non-controlling percentage represents the preferred share ownership held by non-controlling shareholders.

(2) As a result of the NSM Transaction, NSM has been classified as discontinued operations through the closing of the transaction. See Note 21 — “Held for Sale and Discontinued Operations.”