Common Shareholders’ Equity and Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of noncontrolling interest

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.