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Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
    White Mountains records its financial instruments at fair value with the exception of debt obligations which are recorded as debt at face value less unamortized debt issuance costs and original issue discount. See Note 7 — “Debt.”
    The following table presents the fair value and carrying value of these financial instruments as of December 31, 2024 and 2023:
December 31, 2024December 31, 2023
MillionsFair ValueCarrying ValueFair ValueCarrying Value
Ark 2007 Subordinated Notes$— $— $30.5 $30.0 
Ark 2021 Subordinated Notes$173.9 $154.5 $171.8 $155.5 
HG Global Senior Notes$157.2 $147.4 $158.7 $146.9 
Kudu Credit Facility$253.3 $238.6 $225.6 $203.8 
Other Operations debt$23.1 $22.0 $30.0 $28.4 

The fair value estimates for the Ark 2007 Subordinated Notes, Ark 2021 Subordinated Notes, HG Global Senior Notes, Kudu Credit Facility and Other Operations debt have been determined based on discounted cash flow analyses and are considered to be Level 3 measurements.
For the fair value measurements associated with White Mountains’s investment securities see Note 3 — “Investment Securities.” For the fair value measurements associated with White Mountains’s derivative instruments see Note 9 — “Derivatives.” For the fair value measurements associated with the BAM Surplus Notes see Note 10 — “Municipal Bond Guarantee Reinsurance.”