Common Shareholders’ Equity and Noncontrolling Interests

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Common Shareholders’ Equity and Noncontrolling Interests

Common Shareholders’ Equity and Noncontrolling Interests

Common Shares Repurchased and Retired

The Company’s Board of Directors has authorized it 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, 2024, 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 self-tender offers that were separately authorized by its Board of Directors.

During 2024, the Company repurchased 5,269 common shares for $7.9 million at an average share price of $1,505.01. The common shares were repurchased to satisfy employee income tax withholding pursuant to employee benefit plans.

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.

Common Shares Issued

During 2024, the Company issued a total of 13,100 common shares, which consisted of 11,405 restricted shares issued to key personnel and 1,695 shares issued to directors of the Company.

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.

Dividends on Common Shares

For the years ended December 31, 2024, 2023 and 2022, the Company declared and paid cash dividends totaling $2.5 million, $2.6 million and $3.0 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. Effective July 1, 2024, White Mountains no longer consolidates BAM. Through June 30, 2024, BAM’s results are attributed to noncontrolling interests in White Mountains’s consolidated financial statements. See Note 2 — “Significant Transactions.”

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, 2024 and 2023:

	December 31, 2024					December 31, 2023
$ in Millions	Noncontrolling Percentage (1)		Noncontrolling Equity			Noncontrolling Percentage (1)		Noncontrolling Equity
Noncontrolling interests:
Ark	27.9	%	$	410.4	(2)	28.0	%	$	336.9	(2)
HG Global	3.1	%	(13.4)			3.1	%	.8
Kudu	9.6	%	127.6		(3)	10.5	%	113.8		(3)
Bamboo	27.2	%	113.6			—		—
Other	various		9.1			various		9.4
Total, excluding BAM			647.3					460.9
BAM (4)	100.0	%	—			100.0	%	(139.8)
Total noncontrolling interests			$	647.3				$	321.1

(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.

(2) As of December 31, 2024 and 2023, Ark’s noncontrolling equity includes $42.9 and $21.0 related to management’s equity incentives.

(3) As of December 31, 2024 and 2023, Kudu’s noncontrolling equity includes $47.9 and $38.7 related to management’s equity incentives.

(4) Effective July 1, 2024, White Mountains no longer consolidates BAM. Through June 30, 2024, BAM’s results are attributed to noncontrolling interests in White Mountains’s consolidated financial statements.