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Noncontrolling Interests
 9 Months Ended
Sep. 30, 2025
Noncontrolling Interest [Abstract]  
Noncontrolling Interests Noncontrolling Interests
Noncontrolling interests consist of the ownership interests of noncontrolling shareholders in consolidated entities. White Mountains has both redeemable and nonredeemable noncontrolling interests. Noncontrolling interests with optional redemption features that are not within White Mountains’s control are classified as redeemable noncontrolling interests, which are considered temporary equity and presented as mezzanine equity on the balance sheet. Noncontrolling interests that do not have any redemption features are classified as nonredeemable noncontrolling interests, which are considered permanent equity and included in White Mountains’s total equity on the balance sheet. Nonredeemable noncontrolling interests are presented separately from White Mountains’s common shareholders’ equity.

Redeemable Noncontrolling Interests

On September 5, 2028, the third anniversary of the closing of the Distinguished Transaction, certain noncontrolling unitholders will have the option to sell additional units representing 31.4% of Distinguished’s basic units outstanding to White Mountains at the same unit price paid in the Distinguished Transaction less aggregate per unit distributions. As of September 30, 2025, the carrying value of the redeemable noncontrolling interests was $132.4 million, and the redemption value would be $131.2 million if exercised in full.

Nonredeemable Noncontrolling Interests

The following table presents the nonredeemable 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 September 30, 2025 and December 31, 2024:
 September 30, 2025December 31, 2024
$ in Millions
Nonredeemable Noncontrolling Percentage (1)
Nonredeemable Noncontrolling Equity
Nonredeemable Noncontrolling Percentage (1)
Nonredeemable Noncontrolling Equity
Nonredeemable noncontrolling interests:
Ark27.9 %$480.7 
(2)
27.9 %$410.4 
(2)
HG Global3.1 %(11.9)3.1 %(13.4)
Kudu8.8 %135.5 
(3)
9.6 %127.6 
(3)
Bamboo27.2 %97.8 
(4)
27.2 %113.6 
(4)
Distinguished
13.1 %75.3 
(5)
— — 
Othervarious39.7 various9.1 
Total nonredeemable noncontrolling interests
$817.1 $647.3 
(1) The nonredeemable noncontrolling percentage represents the basic ownership interests held by noncontrolling shareholders with the exception of HG Global, for which the nonredeemable noncontrolling percentage represents the preferred share ownership held by noncontrolling shareholders.
(2) As of September 30, 2025 and December 31, 2024, Ark’s nonredeemable noncontrolling interests include $66.6 and $42.9 related to management’s equity incentives.
(3) As of September 30, 2025 and December 31, 2024, Kudu’s nonredeemable noncontrolling interests include $48.8 and $47.9 related to management’s equity incentives.
(4) As of September 30, 2025 and December 31, 2024, Bamboo’s nonredeemable noncontrolling interests include $2.6 and $0.0 related to management’s equity incentives.
(5) As of September 30, 2025, Distinguished’s nonredeemable noncontrolling interests include $21.2 related to management’s equity incentives.