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Debt (Tables) | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Schedule of debt outstanding | The following table presents White Mountains’s debt outstanding as of December 31, 2021 and 2020:
|  | December 31, |  | Effective | (1) | December 31, |  | Effective | (1)
$ in Millions |  | 2021 |  | Rate |  | 2020 |  | Rate (1) |
Ark 2007 Notes Tranche 1 |  | $ | 30.0 |  |  |  |  | $ | — |  |  |  |
Ark 2007 Notes Tranche 2 |  | — |  |  |  |  | — |  |  |  |
Ark 2007 Subordinated Notes, carrying value |  | 30.0 |  |  |  |  | — |  |  |  |
Ark 2021 Notes Tranche 1 |  | 44.2 |  |  |  |  | — |  |  |  |
Ark 2021 Notes Tranche 2 |  | 47.0 |  |  |  |  | — |  |  |  |
Ark 2021 Notes Tranche 3 |  | 70.0 |  |  |  |  | — |  |  |  |
Unamortized issuance cost |  | (5.3) |  |  |  |  | — |  |  |  |
Ark 2021 Subordinated Notes, carrying value |  | 155.9 |  |  |  |  | — |  |  |  |
Total Ark Subordinated Notes, carrying value |  | 185.9 |  |  | 6.9% |  | — |  |  |  |
NSM Bank Facility |  | 277.6 |  |  | 7.3% | (2) | 277.4 |  |  | 7.5% | (2)
Unamortized issuance cost |  | (6.4) |  |  |  |  | (6.1) |  |  |  |
NSM Bank Facility, carrying value |  | 271.2 |  |  |  |  | 271.3 |  |  |  |
Other NSM debt |  | .9 |  |  | 2.9% |  | 1.3 |  |  | 2.5% |
Kudu Credit Facility |  | 225.4 |  |  | 4.3% |  | — |  |  |  |
Unamortized issuance cost |  | (7.2) |  |  |  |  | — |  |  |  |
Kudu Credit Facility, carrying value |  | 218.2 |  |  |  |  | — |  |  |  |
Kudu Bank Facility |  | — |  |  |  |  | 89.2 |  |  | 8.3% |
Unamortized issuance cost |  | — |  |  |  |  | (2.9) |  |  |  |
Kudu Bank Facility, carrying value |  | — |  |  |  |  | 86.3 |  |  |  |
Other Operations debt |  | 17.1 |  |  | 7.5% |  | 18.0 |  |  | 7.4% |
Unamortized issuance cost |  | (.3) |  |  |  |  | (.5) |  |  |  |
Other Operations debt, carrying value |  | 16.8 |  |  |  |  | 17.5 |  |  |  |
Total debt |  | $ | 693.0 |  |  |  |  | $ | 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 years ended December 31, 2021 and 2020, excluding the effect of the amortization of debt issuance costs, was 6.5% and 7.0%. The weighted average interest rate for the years ended December 31, 2021 and 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 and interest rate cap was 8.2% and 8.4%. The following table presents the change in debt under the NSM Bank Facility for the years ended December 31, 2021, 2020 and 2019:
Millions |  | Year Ended December 31,
NSM Bank Facility |  | 2021 |  | 2020 |  | 2019
Beginning balance |  | $ | 277.4 |  |  | $ | 221.3 |  |  | $ | 180.4 |
Term loans |  |  |  |  |  |
Borrowings (1) |  | — |  |  | 52.4 |  |  | 42.9 |
Repayments |  | (2.8) |  |  | (2.0) |  |  | (2.0) |
Foreign currency translation |  | (.5) |  |  | 5.7 |  |  | — |
Revolving credit loan |  |  |  |  |  |
Borrowings (2) |  | 35.0 |  |  | — |  |  | 6.5 |
Repayments |  | (31.5) |  |  | — |  |  | (6.5) |
Ending balance |  | $ | 277.6 |  |  | $ | 277.4 |  |  | $ | 221.3 |
(1) Borrowings for the year ended December 31, 2020 included $52.4 for the funding of the acquisition of Kingsbridge. Borrowings for the year ended December 31, 2019 included $20.4 and $22.5 for the funding of the acquisitions of Embrace and the Renewal Rights. (2) Borrowings for the year ended December 31, 2021 included $35.0 for the funding of the acquisition of J.C. Taylor. The following table presents the change in debt under the Kudu Bank Facility and Kudu Credit Facility for the years ended December 31, 2021, 2020 and 2019:
|  | Year Ended December 31,
Millions |  | 2021 |  | 2020 |  | 2019
Kudu Bank Facility |  |  |  |  |  |
Beginning balance |  | $ | 89.2 |  |  | $ | 57.0 |  |  | $ | — |
Term loans |  |  |  |  |  |
Borrowings |  | 3.0 |  |  | 32.2 |  |  | 57.0 |
Repayments |  | (92.2) |  |  | — |  |  | — |
Ending balance |  | $ | — |  |  | $ | 89.2 |  |  | $ | 57.0 |
Kudu Credit Facility |  |  |  |  |  |
Beginning balance |  | $ | — |  |  | $ | — |  |  | $ | — |
Term loans |  |  |  |  |  |
Borrowings |  | 232.0 |  |  | — |  |  | — |
Repayments |  | (6.6) |  |  | — |  |  | — |
Ending balance |  | $ | 225.4 |  |  | $ | — |  |  | $ | — |
Schedule of contractual repayments of debt | The following table presents a schedule of contractual repayments of White Mountains’s debt as of December 31, 2021:
Millions |  | December 31, 2021
Due in one year or less |  | $ | 5.7 |
Due in two to three years |  | 14.5 |
Due in four to five years |  | 221.6 |
Due after five years |  | 470.4 |
Total |  | $ | 712.2 |
Schedule of debt | The following table presents the NSM weighted average interest rate for the year ended December 31, 2021 and 2020:
NSM Weighted Average Interest Rate |  | Year Ended December 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 |  | $ | 146.9 |  |  | $ | 13.2 |  |  | 9.0 | % |  | $ | 148.4 |  |  | $ | 13.4 |  |  | 9.0 | %
Term loan - unhedged |  | 129.1 |  | 9.4 |  | 7.3 | % |  | 125.8 |  | 8.6 |  | 6.8 | %
Total NSM Facility |  | $ | 276.0 |  |  | $ | 22.6 |  |  | 8.2 | % |  | $ | 274.2 |  |  | $ | 22.0 |  |  | 8.0 | %
(1) Interest expense includes the amortization of debt issuance costs and the effect of the interest rate swap and interest rate cap and excludes $0.7 and $0.1, for the year ended December 31, 2021 and 2020, of interest expense related to the revolving credit loan and Other NSM Debt.

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