Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of debt outstanding

The following table presents White Mountains’s debt outstanding as of March 31, 2023 and December 31, 2022:

$ in Millions	March 31, 2023		Effective   Rate	(1)	December 31, 2022		Effective   Rate	(1)
HG Global Senior Notes	$	150.0	11.0%		$	150.0	8.9%
Unamortized discount and issuance cost	(3.4)				(3.5)
HG Global Senior Notes, carrying value	146.6				146.5
Ark 2007 Subordinated Notes, carrying value	30.0				30.0
Ark 2021 Subordinated Notes Tranche 1	42.0				41.3
Ark 2021 Subordinated Notes Tranche 2	47.0				47.0
Ark 2021 Subordinated Notes Tranche 3	70.0				70.0
Unamortized issuance cost	(4.5)				(4.6)
Ark 2021 Subordinated Notes, carrying value	154.5				153.7
Total Ark Subordinated Notes, carrying value	184.5		10.3%		183.7		7.6%
Kudu Credit Facility	198.3		8.7%		215.2		6.1%
Unamortized issuance cost	(6.7)				(6.9)
Kudu Credit Facility, carrying value	191.6				208.3
Other Operations debt	34.3		8.5%		37.4		6.6%
Unamortized issuance cost	(.7)				(.7)
Other Operations debt, carrying value	33.6				36.7
Total debt	$	556.3			$	575.2

 (1) Effective rate includes the effect of the amortization of debt issuance costs and, where applicable, the original issue discount.

The following table presents the change in debt under the Kudu Credit Facility for the three months ended March 31, 2023 and 2022:

	Three Months Ended March 31,
Millions	2023		2022
Kudu Credit Facility
Beginning balance	$	215.2	$	225.4
Term loans
Borrowings	—		—
Repayments	(16.9)		—
Ending balance	$	198.3	$	225.4