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Held for Sale and Discontinued Operations
 12 Months Ended
Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Held for Sale and Discontinued Operations Held for Sale and Discontinued Operations
NSM

On August 1, 2022, White Mountains closed the NSM Transaction. See Note 2 — “Significant Transactions.” As a result of the NSM Transaction, the assets and liabilities of NSM Group have been presented in the balance sheet as held for sale for periods prior to the closing of the transaction, and the results of operations for NSM Group have been classified as discontinued operations in the statements of operations and comprehensive income through the closing of the transaction. Prior period amounts have been reclassified to conform to the current period’s presentation.

Sirius Group

On April 18, 2016, White Mountains completed the sale of Sirius International Insurance Group, Ltd. (“Sirius Group”) to CM International Pte. Ltd. and CM Bermuda Limited (collectively, “CMI”). In connection with the sale, White Mountains indemnified Sirius Group against the loss of certain interest deductions claimed by Sirius Group related to periods prior to the sale of Sirius Group to CMI that had been disputed by the Swedish Tax Agency (STA). In late October 2018, the Swedish Administrative Court ruled against Sirius Group on its appeal of the STA’s denial of these interest deductions. As a result, in 2018 White Mountains recorded a loss of $17.3 million within net (loss) gain on sale of discontinued operations reflecting the value of these interest deductions.
As of December 31, 2020, White Mountains’s liability related to the tax indemnification provided in connection with the
sale of Sirius Group in 2016 was $18.7 million. In April 2021, the STA informed the Swedish Administrative Court of Appeal that Sirius Group should prevail in its appeal and that the interest deductions should not be disallowed. In June 2021, the Swedish Administrative Court of Appeal ruled in Sirius Group’s favor. For the year ended December 31, 2021, White Mountains recorded a gain of $17.6 million in discontinued operations to reverse the accrued liability and a $1.1 million gain related to foreign currency translation.
Net Income (Loss) from Discontinued Operations 
The following summarizes the results of operations, including related income taxes associated with the businesses classified as discontinued operations for the years ended December 31, 2022, and 2021:
December 31,
Millions
2022 (1)
2021
Revenues 
Commission revenues$176.9 $258.0 
Other revenues48.1 72.4 
Total revenues - NSM Group225.0 330.4 
Expenses
General and administrative expenses126.8 190.4 
Broker commission expenses52.9 80.2 
Change in fair value of contingent consideration.1 1.0 
Amortization of other intangible assets9.1 35.2 
Loss on assets held for sale— 28.7 
Interest expense12.1 23.3 
Total expenses - NSM Group201.0 358.8 
Pre-tax income (loss) from discontinued operations - NSM Group24.0 (28.4)
Income tax (expense) benefit(7.6)5.8 
Net income (loss) from discontinued operations, net tax - NSM Group16.4 (22.6)
Net gain (loss) from sale of discontinued operations, net of
   tax - NSM Group		886.8 — 
Net gain (loss) from sale of discontinued operations, net of
   tax - Sirius Group		— 18.7 
Total income (loss) from discontinued operations, net of tax903.2 (3.9)
Net (income) loss from discontinued operations
   attributable to noncontrolling interests		(.7)1.0 
Total income (loss) from discontinued operations attributable to
   White Mountains’s common shareholders		902.5 (2.9)
Other comprehensive income (loss) from discontinued operations,
   net of tax - NSM Group		(5.2).2 
Net gain (loss) from foreign currency translation from sale of discontinued
   operations, net of tax - NSM Group		2.9 — 
Comprehensive income (loss) from discontinued operations900.2 (2.7)
Other comprehensive (income) loss from discontinued operations attributable
   to noncontrolling interests		.2 (.1)
Comprehensive income (loss) from discontinued operations attributable
   to White Mountains’s common shareholders		$900.4 $(2.8)
(1) As a result of the NSM Transaction, the results of operations for NSM Group are presented for the period from January 1, 2022 to August 1, 2022.
Net Change in Cash from Discontinued Operations
The following summarizes the net change in cash associated with the businesses classified as discontinued operations for the years ended December 31, 2022 and 2021:
Year Ended December 31,
Millions20222021
Net cash provided from (used for) operations$38.7 $42.3 
Net cash provided from (used for) investing activities7.1 (56.5)
Net cash used from (used for) financing activities(17.5)(1.0)
Effect of exchange rate changes on cash4.0 .2 
Net change in cash during the period32.3 (15.0)
Cash balances at beginning of period (includes restricted cash of $89.2 and $78.4 )
111.6 126.6 
Cash sold as part of the sale of NSM Group (includes restricted cash of $105.1 and $0.0)
(143.9)— 
Cash balances at end of period (includes restricted cash of $0.0 and $89.2)
— 111.6 
Supplemental cash flows information:
Interest paid$(12.0)$(16.6)
Net income tax payments$— $— 

Earnings Per Share from Discontinued Operations
White Mountains calculates earnings per share using the two-class method, which allocates earnings between common and unvested restricted common shares. Both classes of shares participate equally in earnings on a per share basis. Basic earnings per share amounts are based on the weighted average number of common shares outstanding adjusted for unvested restricted common shares. Diluted earnings per share amounts are also impacted by the net effect of potentially dilutive common shares outstanding. The following table presents the Company’s computation of earnings per share for discontinued operations for the years ended December 31, 2022 and 2021:
Year Ended December 31,
20222021
Basic and diluted earnings per share numerators (in millions): 
Net income (loss) attributable to White Mountains’s common shareholders$792.8 $(275.4)
Less: net income (loss) from continuing operations(190.8)(318.0)
Less: net (income) loss from continuing operations attributable to noncontrolling interest81.1 45.5 
Total income (loss) from discontinued operations attributable to White Mountains’s
   common shareholders (1)
902.5 (2.9)
Allocation of (earnings) losses to participating restricted common shares (2)
(11.4)— 
Basic and diluted (loss) earnings per share numerators $891.1 $(2.9)
Basic earnings per share denominators (in thousands):  
Total average common shares outstanding during the period2,862.4 3,079.0 
Average unvested restricted common shares (3)
(36.2)(36.5)
Basic earnings (loss) per share denominator
2,826.2 3,042.5 
Diluted earnings per share denominator (in thousands):  
Total average common shares outstanding during the period2,862.4 3,079.0 
Average unvested restricted common shares (3)
(36.2)(36.5)
Diluted earnings (loss) per share denominator2,826.2 3,042.5 
Basic (loss) earnings per share (in dollars) - discontinued operations:$315.30 $(.94)
Diluted (loss) earnings per share (in dollars) - discontinued operations:$315.30 $(.94)
(1) Includes net income (loss) from discontinued operations, net of tax - NSM Group, net gain (loss) from sale of discontinued operations, net of tax - NSM Group, net gain (loss) from sale of discontinued operations, net of tax - Sirius Group and net (income) loss from discontinued operations attributable to noncontrolling interests.
(2) Restricted shares issued by White Mountains contain dividend participation features, and therefore, are considered participating securities.
(3) Restricted shares outstanding vest upon a stated date. See Note 12 — “Employee Share-Based Incentive Compensation Plans.”