Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of debt outstanding

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

	December 31,		Effective	December 31,		Effective
$ in Millions	2023		Rate (1)	2022		Rate (1)
HG Global Senior Notes (2)	$	150.0	11.9%	$	150.0	8.9%
Unamortized discount and issuance cost	(3.1)			(3.5)
HG Global Senior Notes, carrying value	146.9			146.5
Ark 2007 Subordinated Notes, carrying value	30.0			30.0
Ark 2021 Subordinated Notes Tranche 1	42.7			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	(4.2)			(4.6)
Ark 2021 Subordinated Notes, carrying value	155.5			153.7
Total Ark Subordinated Notes, carrying value	185.5		11.0%	183.7		7.6%
Kudu Credit Facility	210.3		10.1%	215.2		6.1%
Unamortized issuance cost	(6.5)			(6.9)
Kudu Credit Facility, carrying value	203.8			208.3
Other Operations debt	28.9		10.2%	37.4		6.6%
Unamortized issuance cost	(.5)			(.7)
Other Operations debt, carrying value	28.4			36.7
Total debt	$	564.6		$	575.2

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

(2) Effective rate excludes the effect of the interest rate cap.

The following table presents the change in debt under the Credit Facility for the years ended December 31, 2023, 2022 and 2021:

	Year Ended December 31,
Millions	2023		2022		2021
Kudu Credit Facility
Beginning balance	$	215.2	$	225.4	$	—
Term loans
Borrowings	12.0		35.0		232.0
Repayments	(16.9)		(45.2)		(6.6)
Ending balance	$	210.3	$	215.2	$	225.4

Schedule of contractual repayments of debt

The following table presents a schedule of contractual repayments of White Mountains’s debt as of December 31, 2023:

Millions	December 31, 2023
Due in one year or less	$	3.3
Due in two to three years	11.2
Due in four to five years	40.6
Due after five years	523.8
Total	$	578.9