Common Shareholders’ Equity and Noncontrolling Interests

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Common Shareholders’ Equity and Noncontrolling Interests

Common Shareholders’ Equity and Noncontrolling 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, 2023, White Mountains may repurchase an additional 301,014 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 2023, the Company repurchased 24,165 common shares for $32.7 million at an average share price of $1,354.88, which included 19,536 common shares repurchased under the board authorizations for $26.2 million at an average share price of $1,340.79 and 4,629 common shares repurchased to satisfy employee income tax withholding pursuant to employee benefit plans.

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 common shares repurchased 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 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.

Common Shares Issued

During 2023, the Company issued a total of 12,461 common shares, which consisted of 10,895 restricted shares issued to key personnel and 1,566 shares issued to directors of the Company.

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.

Dividends on Common Shares

For the years ended December 31, 2023, 2022 and 2021, the Company declared and paid cash dividends totaling $2.6 million, $3.0 million and $3.1 million (or $1.00 per common share).

Noncontrolling Interests

Noncontrolling interests consist of the ownership interests of noncontrolling shareholders in consolidated entities and are presented separately on the balance sheet.

The following table presents the balance of noncontrolling interests included in White Mountains’s total equity and the related percentage of each consolidated entity’s total equity owned by noncontrolling shareholders as of December 31, 2023 and 2022:

	December 31, 2023				December 31, 2022
$ in Millions	Noncontrolling Percentage (1)		Noncontrolling Equity		Noncontrolling Percentage (1)		Noncontrolling Equity
Noncontrolling interests, excluding BAM
HG Global	3.1	%	$	.8	3.1	%	$	(.6)
Ark	28.0	%	336.9		28.0	%	247.9
Kudu	10.5	%	113.8		10.8	%	75.1
Other	various		9.4		various		20.4
Total, excluding BAM			460.9				342.8
BAM	100.0	%	(139.8)		100.0	%	(154.7)
Total noncontrolling interests			$	321.1			$	188.1

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