XML 41 R31.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Goodwill and Other Intangible Assets (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Intangible Assets and Goodwill | The following table presents the economic lives, acquisition date fair values, accumulated amortization and net carrying values for other intangible assets and goodwill, by reportable segment as of September 30, 2022 and December 31, 2021:
$ in Millions |  | Weighted Average Economic Life (in years) |  | September 30, 2022 |  | December 31, 2021
| Acquisition Date Fair Value |  | Accumulated Amortization |  |  |  | Net Carrying Value |  | Acquisition Date Fair Value |  | Accumulated Amortization |  |  |  | Net Carrying Value
Goodwill: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ark |  | N/A |  | $ | 116.8 |  |  | $ | — |  |  |  |  | $ | 116.8 |  |  | $ | 116.8 |  |  | $ | — |  |  |  |  | $ | 116.8 |
Kudu |  | N/A |  | 7.6 |  |  | — |  |  |  |  | 7.6 |  |  | 7.6 |  |  |  |  |  |  | 7.6 |
Other Operations |  | N/A |  | 51.1 |  |  | — |  |  |  |  | 51.1 |  |  | 17.9 |  |  | — |  |  |  |  | 17.9 |
Total goodwill |  | 175.5 |  |  | — |  |  |  |  | 175.5 |  |  | 142.3 |  |  | — |  |  |  |  | 142.3 |
Other intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ark |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Underwriting capacity | N/A |  | 175.7 |  |  | — |  |  |  |  | 175.7 |  |  | 175.7 |  |  | — |  |  |  |  | 175.7 |
Kudu |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  | 7 |  | 2.2 |  |  | 1.1 |  |  |  |  | 1.1 |  |  | 2.2 |  |  | .9 |  |  |  |  | 1.3 |
Other Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  | 15.9 |  | 17.9 |  |  | 2.4 |  |  |  |  | 15.5 |  |  | 8.2 |  |  | 1.5 |  |  |  |  | 6.7 |
Customer relationships |  | 12.4 |  | 29.5 |  |  | 6.6 |  |  |  |  | 22.9 |  |  | 18.8 |  |  | 4.5 |  |  |  |  | 14.3 |
Other |  | 12.1 |  | 2.8 |  |  | .3 |  |  |  |  | 2.5 |  |  | .3 |  |  | .1 |  |  |  |  | .2 |
Subtotal |  |  |  | 50.2 |  |  | 9.3 |  |  |  |  | 40.9 |  |  | 27.3 |  |  | 6.1 |  |  |  |  | 21.2 |
Total other intangible assets | 228.1 |  |  | 10.4 |  |  |  |  | 217.7 |  |  | 205.2 |  |  | 7.0 |  |  |  |  | 198.2 |
Total goodwill and other intangible assets | $ | 403.6 |  |  | $ | 10.4 |  |  |  |  | 393.2 |  |  | $ | 347.5 |  |  | $ | 7.0 |  |  |  |  | 340.5 |
Goodwill and other intangible assets attributed to non-controlling interests |  | (103.1) |  |  |  |  |  |  |  |  | (91.8) |
Goodwill and other intangible assets included in White Mountains’s common shareholders’ equity |  | $ | 290.1 |  |  |  |  |  |  |  |  | $ | 248.7 |
The following tables present the change in goodwill and other intangible assets for the three and nine months ended September 30, 2022 and 2021:
|  | Three Months Ended September 30,
|  | 2022 |  | 2021
Millions |  | Goodwill |  | Other Intangible Assets |  | Total Goodwill and Other Intangible Assets |  | Goodwill |  | Other Intangible Assets |  | Total Goodwill and Other Intangible Assets
Beginning balance |  | $ | 201.8 |  |  | $ | 196.2 |  |  | $ | 398.0 |  |  | $ | 151.5 |  |  | $ | 201.1 |  |  | $ | 352.6 |
Attribution of acquisition date fair value estimates between goodwill and other intangible assets (1) |  | (22.9) |  |  | 22.9 |  |  | — |  |  | (9.3) |  |  | 9.3 |  |  | — |
Measurement period adjustments (2) |  | (3.4) |  |  | — |  |  | (3.4) |  |  | (.4) |  |  | — |  |  | (.4) |
Amortization |  | — |  |  | (1.4) |  |  | (1.4) |  |  | — |  |  | (2.0) |  |  | (2.0) |
Ending balance |  | $ | 175.5 |  |  | $ | 217.7 |  |  | $ | 393.2 |  |  | $ | 141.8 |  |  | $ | 208.4 |  |  | $ | 350.2 |
(1) Relates to acquisitions within Other Operations. The relative fair values of goodwill and other intangible assets recognized in connection with acquisitions during 2022 had not yet been finalized as of the end of the period. (2) Measurement period adjustments relate to updated information about acquisition date fair values of assets acquired and liabilities assumed. During the three months ended September 30, 2022 and 2021, adjustments relate to acquisitions within Other Operations.
|  | Nine Months Ended September 30,
|  | 2022 |  | 2021
Millions |  | Goodwill |  | Other Intangible Assets |  | Total Goodwill and Other Intangible Assets |  | Goodwill |  | Other Intangible Assets |  | Total Goodwill and Other Intangible Assets
Beginning balance |  | $ | 142.3 |  |  | $ | 198.2 |  |  | $ | 340.5 |  |  | $ | 19.2 |  |  | $ | 26.4 |  |  | $ | 45.6 |
Ark Transaction |  | — |  |  | — |  |  | — |  |  | 116.8 |  |  | 175.7 |  |  | 292.5 |
Acquisition of businesses (1) |  | 59.5 |  |  | — |  |  | 59.5 |  |  | 15.8 |  |  | — |  |  | 15.8 |
Attribution of acquisition date fair value estimates between goodwill and other intangible assets (1) |  | (22.9) |  |  | 22.9 |  |  | — |  |  | (9.3) |  |  | 9.3 |  |  | — |
Measurement period adjustments (2) |  | (3.4) |  |  |  |  | (3.4) |  |  | (.7) |  |  | .1 |  |  | (.6) |
Amortization |  | — |  |  | (3.4) |  |  | (3.4) |  |  | — |  |  | (3.1) |  |  | (3.1) |
Ending balance |  | $ | 175.5 |  |  | $ | 217.7 |  |  | $ | 393.2 |  |  | $ | 141.8 |  |  | $ | 208.4 |  |  | $ | 350.2 |
(1) Relates to acquisitions within Other Operations. The relative fair values of goodwill and other intangible assets recognized in connection with acquisitions during 2022 had not yet been finalized as of the end of the period. (2) Measurement period adjustments relate to updated information about acquisition date fair values of assets acquired and liabilities assumed. During the nine months ended September 30, 2022 and 2021, adjustments relate to acquisitions within Other Operations.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following presents additional details of the assets acquired and liabilities assumed as of the January 1, 2021 acquisition date:
Millions |  | As of January 1, 2021 |
Investments |  | $ | 594.3 |
Cash |  | 52.0 | (1)
Reinsurance recoverables |  | 433.4 |
Insurance premiums receivable |  | 236.7 |
Ceded unearned premiums |  | 170.2 |
Value of in-force business acquired |  | 71.7 |
Other assets |  | 88.9 |
Loss and loss adjustment expense reserves |  | (696.0) |
Unearned insurance premiums |  | (326.1) |
Debt |  | (46.4) |
Ceded reinsurance payable |  | (528.3) |
Other liabilities |  | (25.9) |
Net tangible assets acquired |  | 24.5 |
Goodwill |  | 116.8 |
Other intangible assets - syndicate underwriting capacity |  | 175.7 |
Deferred tax liability on other intangible assets |  | (33.4) |
Net assets acquired |  | $ | 283.6 |
(1) Cash excludes the White Mountains cash contribution of $605.4 as part of the Ark transaction. The following table presents a summary of the acquisition date fair values of goodwill and other intangible assets for acquisitions completed from January 1, 2021 through September 30, 2022:
$ in Millions |  | Goodwill and Other intangible asset (1) |  | Acquisition Date
Acquisition of subsidiary/ asset |  |
Ark |  | $ | 292.5 |  |  | January 1, 2021
Other Operations |  | $ | 86.6 |  |  | Various
(1) Acquisition date fair values include the effect of adjustments during the measurement period and exclude the effect of foreign currency translation subsequent to the acquisition date.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of goodwill and intangible assets, which may be broken down by segment or major class. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 + Details
Name: | us-gaap_ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration