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Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of debt outstanding

The following table presents White Mountains’s debt outstanding as of September 30, 2021 and December 31, 2020:

Millions						September 30, 2021						Effective   Rate			(1)			December 31, 2020						Effective   Rate			(1)
Ark 2007 Notes Tranche 1						$	30.0											$	—
Ark 2007 Notes Tranche 2						13.9												—
Ark 2007 Subordinated Notes, carrying value						43.9												—
Ark 2021 Notes Tranche 1						45.3												—
Ark 2021 Notes Tranche 2						47.0												—
Ark 2021 Notes Tranche 3						70.0												—
Unamortized issuance cost						(5.5)
Ark 2021 Subordinated Notes, carrying value						156.8
Total Ark Subordinated Notes, carrying value						200.7						5.1%						—
NSM Bank Facility						300.4						7.4%			(2)			277.4						7.5%			(2)
Unamortized issuance cost						(6.7)												(6.1)
NSM Bank Facility, carrying value						293.7												271.3
Other NSM debt, carrying value						1.3						3.3%						1.3						2.5%
Kudu Credit Facility						203.0						4.1%						—
Unamortized issuance cost						(7.4)												—
Kudu Credit Facility, carrying value						195.6												—
Kudu Bank Facility						—												89.2						8.3%
Unamortized issuance cost						—												(2.9)
Kudu Bank Facility, carrying value						—												86.3
Other Operations debt						19.5						7.4%						18.0						7.4%
Unamortized issuance cost						(.4)												(.5)
Other Operations, carrying value						19.1												17.5
Total debt						$	710.4											$	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 September 30, 2021 and December 31, 2020, excluding the effect of amortization of debt issuance costs, was 6.7% and 7.0%. The weighted average interest rate for the quarter ended September 30, 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 8.3% and 8.4%.

The following table presents the change in debt under the NSM Bank Facility for the three and nine months ended September 30, 2021 and 2020:

NSM Bank Facility						Three Months Ended September 30,												Nine Months Ended September 30,
Millions						2021						2020						2021						2020
Beginning balance						$	276.6					$	273.4					$	277.4					$	221.3
Term loans
Borrowings (1)						—						—						—						52.4
Repayments						(.7)						(.7)						(2.1)						(1.3)
Foreign currency translation						(1.5)						2.3						(.9)						2.6
Revolving credit loan
Borrowings (2)						35.0						—						35.0						—
Repayments						(9.0)						—						(9.0)						—
Ending balance						300.4						275.0						$	300.4					$	275.0

(1) Borrowings for the nine months ended September 30, 2020 included $52.4 for the funding of the acquisition of Kingsbridge.

(2) Borrowings for both the three and nine months ended September 30, 2021 included $35.0 for the funding of the acquisition of J.C. Taylor.

Schedule of Debt

The following table presents the NSM weighted average interest rate for the nine months ended September 30, 2021 and 2020:

NSM Weighted Average Interest Rate						Nine Months Ended September 30,
						2021																		2020
Millions						Weighted Average						Interest Expense (1)						Weighted Average Interest rate						Weighted Average						Interest Expense (1)						Weighted Average Interest rate
Term loan - hedged						$	147.1					$	10.0					9.1		%				$	148.5					$	10.0					9.0		%
Term loan - unhedged						129.5						7.3						7.5		%				125.1						6.1						6.5		%
Total NSM Facility						$	276.6					$	17.3					8.3		%				$	273.6					$	16.1					7.8		%

(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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