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Goodwill and Other Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Recognized Identified Assets Acquired
The following presents additional details of the assets acquired and liabilities assumed as of the January 1, 2021 acquisition date:
MillionsAs of January 1, 2021
Investments$594.3
Cash52.0
(1)
Reinsurance recoverables433.4
Insurance premiums receivable236.7
Ceded unearned premiums170.2
Value of in-force business acquired71.7
Other assets88.9
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 acquired24.5
Goodwill 116.8
Other intangible assets - syndicate underwriting capacity175.7
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 the economic lives, acquisition date fair values, accumulated amortization and net carrying values for other intangible assets and goodwill, by company as of December 31, 2022 and 2021:
$ in MillionsWeighted Average Economic
 Life
(in years)
December 31, 2022December 31, 2021
Acquisition Date Fair ValueAccumulated AmortizationNet Carrying ValueAcquisition Date Fair ValueAccumulated AmortizationNet Carrying Value
Goodwill:
ArkN/A$116.8 $ $116.8 $116.8 $— $116.8 
KuduN/A7.6  7.6 7.6 — 7.6 
Other OperationsN/A52.1  52.1 17.9 — 17.9 
Total goodwill176.5  176.5 142.3 — 142.3 
Other intangible assets:
Ark
Underwriting capacityN/A175.7  175.7 175.7 — 175.7 
Kudu
   Trade names72.2 1.2 1.0 2.2 .9 1.3 
Other Operations
   Trade names15.917.9 3.0 14.9 8.2 1.5 6.7 
Customer relationships12.429.5 7.5 22.0 18.8 4.5 14.3 
Other12.12.8 .5 2.3 .3 .1 .2 
Subtotal50.2 11.0 39.2 27.3 6.1 21.2 
Total other intangible assets228.1 12.2 215.9 205.2 7.0 198.2 
Total goodwill and other intangible assets
$404.6 $12.2 392.4 $347.5 7.0 340.5 
Goodwill and other intangible assets attributed to non-controlling interests(102.7)(91.8)
Goodwill and other intangible assets included in White Mountains’s common
   shareholders’ equity
$289.7 $248.7 
Schedule of Goodwill and Intangible Assets Rollforward
The following table presents the change in goodwill and other intangible assets:
December 31, 2022December 31, 2021
MillionsGoodwillOther Intangible AssetsTotal Goodwill and Other Intangible AssetsGoodwillOther Intangible AssetsTotal Goodwill and Other Intangible Assets
Beginning balance$142.3 $198.2 $340.5 $19.2 $26.4 $45.6 
Acquisition of businesses (1)
59.5  59.5 15.8 — 15.8 
Ark Transaction   116.8 175.7 292.5 
Attribution of acquisition date fair value
   estimates between goodwill and other
   intangible assets
(22.9)22.9  (9.3)9.3 — 
Measurement period adjustments (2)
(2.4) (2.4)(.2)— (.2)
Assets held for sale (3)
   — (8.6)(8.6)
Amortization (5.2)(5.2)— (4.6)(4.6)
Ending balance$176.5 $215.9 $392.4 $142.3 $198.2 $340.5 
(1) Relates to acquisitions within Other Operations.
(2) Measurement period adjustments relate to updated information about acquisition date fair values of assets acquired and liabilities assumed. During 2022 and 2021, adjustments relate to acquisitions within Other Operations.
(3) As of December 31, 2021, White Mountains has classified one of its Other Operating Businesses as held for sale, which includes of $8.6 of insurance licenses. See Note. 21 — “Held for Sale and Discontinued Operations.”
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
White Mountains expects to recognize amortization expense in each of the next five years as the following table presents:
MillionsAmortization Expense
2023$7.1 
20246.6 
20255.7 
20264.8 
2027 and years after16.0 
Total (1)
$40.2 
(1) Excludes Ark’s indefinite-lived intangible assets of $175.7.