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Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of debt outstanding

The following table presents White Mountains’s debt outstanding as of March 31, 2021 and December 31, 2020:

Millions						March 31, 2021						Effective   Rate			(1)			December 31, 2020						Effective   Rate			(1)
Ark Alesco Notes, carrying value						$	30.0											$	—
Ark Dekania Note, carrying value						14.1												—
Ark Subordinated Notes, carrying value						44.1						4.6%						—
NSM Bank Facility						277.3						7.6%			(2)			277.4						7.5%			(2)
Unamortized issuance cost						(5.8)												(6.1)
NSM Bank Facility, carrying value						271.5												271.3
Other NSM debt, carrying value						1.2						2.3%						1.3						2.5%
Kudu Credit Facility						102.0						5.2%						—
Unamortized issuance cost						(6.1)												—
Kudu Credit Facility, carrying value						95.9												—
Kudu Bank Facility						—												89.2						8.3%
Unamortized issuance cost						—												(2.9)
Kudu Bank Facility, carrying value						—												86.3
Other Operations debt						17.5						7.6%						18.0						7.4%
Unamortized issuance cost						(.5)												(.5)
Other Operations, carrying value						17.0												17.5
Total debt						$	429.7											$	376.4

 (1) Effective rate includes the effect of the amortization of debt issuance costs.

(2) NSM’s effective rate excludes the effect of the interest rate swap on the hedged portion of the debt. The weighted average interest rate for the quarter ended March 31, 2021 and December 31, 2020, excluding the effect of amortization of debt issuance costs, was 7.1% and 7.0%. The weighted average interest rate for the quarter ended March 31, 2021 and December 31, 2020 on the total NSM Bank Facility including both the effect of the amortization of debt issuance costs and the effect of the interest rate swap was 8.5% and 8.4%.

The following table presents the change in debt under the NSM Bank Facility for the three months ended March 31, 2021 and 2020:

NSM Bank Facility												Three Months Ended
												March 31,
Millions																		2021						2020
Beginning balance																		$	277.4					$	221.3
Term loans
Borrowings																		—						—
Repayments																		(.7)						(.6)
Foreign currency translation																		.6						—
Revolving credit loan
Borrowings																		—						—
Repayments																		—						—
Ending balance																		$	277.3					$	220.7

Schedule of Debt

The following table presents the NSM weighted average interest rate for the three months ended March 31, 2021 and 2020:

NSM Weighted Average Interest Rate						Three Months ended March 31,
						2021																		2020
Millions						Weighted Average						Interest Expense (1)						Weighted Average Interest rate						Weighted Average						Interest Expense (1)						Weighted Average Interest rate
Term loan - hedged						$	147.6					$	3.4					9.2		%				$	148.4					$	3.0					8.1		%
Term loan - unhedged						129.8						2.5						7.7		%				72.6						1.2						6.6		%
Total NSM Facility						$	277.4					$	5.9					8.5		%				$	221.0					$	4.2					7.6		%

(1) Interest expense includes the amortization of debt issuance costs and the effect of the interest rate swap and excludes interest expense related to the Other NSM Debt.

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