Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of debt outstanding

The following table presents White Mountains’s debt outstanding as of December 31, 2024 and 2023:

			Effective			Effective
$ in Millions	December 31, 2024		Rate (1)	December 31, 2023		Rate (1)
Ark 2007 Subordinated Notes, carrying value	$	—		$	30.0
Ark 2021 Subordinated Notes Tranche 1	41.1			42.7
Ark 2021 Subordinated Notes Tranche 2	47.0			47.0
Ark 2021 Subordinated Notes Tranche 3	70.0			70.0
Unamortized issuance cost	(3.6)			(4.2)
Ark 2021 Subordinated Notes, carrying value	154.5			155.5
Total Ark Subordinated Notes, carrying value	154.5		11.8%	185.5		11.0%
HG Global Senior Notes (2)	150.0			150.0
Unamortized discount and issuance cost	(2.6)			(3.1)
HG Global Senior Notes, carrying value	147.4		11.8%	146.9		11.9%
Kudu Credit Facility (2)	245.3			210.3
Unamortized issuance cost	(6.7)			(6.5)
Kudu Credit Facility, carrying value	238.6		10.3%	203.8		10.1%
Other Operations debt	22.4			28.9
Unamortized issuance cost	(.4)			(.5)
Other Operations debt, carrying value	22.0		10.2%	28.4		10.2%
Total debt	$	562.5		$	564.6

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

(2) Effective rate excludes the effect of the interest rate caps. See Note 9 — “Derivatives.”

The following table presents the change in debt under the Kudu Credit Facility for the years ended December 31, 2024, 2023 and 2022:

	Year Ended December 31,
Millions	2024		2023		2022
Kudu Credit Facility
Beginning balance	$	210.3	$	215.2	$	225.4
Term loans
Borrowings	35.0		12.0		35.0
Repayments	—		(16.9)		(45.2)
Ending balance	$	245.3	$	210.3	$	215.2

Schedule of contractual repayments of debt

The following table presents a schedule of contractual repayments of White Mountains’s debt as of December 31, 2024:

Millions	December 31, 2024
Due in one year or less	$	6.7
Due in two to three years	27.0
Due in four to five years	30.0
Due after five years	512.1
Total	$	575.8