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Goodwill and Other Intangible Assets | 9 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets White Mountains accounts for business combinations using the acquisition method. Under the acquisition method, White Mountains recognizes and measures the assets acquired, liabilities assumed and any noncontrolling interest in the acquired entities at their acquisition date fair values. Goodwill represents the excess of the amount paid to acquire a business over the fair value of identifiable net assets at the date of acquisition. The estimated acquisition date fair values, generally consisting of intangible assets and liabilities for contingent consideration, may be recorded at provisional amounts in circumstances where the information necessary to complete the acquisition accounting is not available at the reporting date. Any such provisional amounts are finalized as measurement period adjustments within one year of the acquisition date. The following table presents the economic lives, acquisition date fair values, accumulated amortization and net carrying values for other intangible assets and goodwill as of September 30, 2024 and December 31, 2023:
$ in Millions |  | Weighted Average Economic Life (in years) |  | September 30, 2024 |  | December 31, 2023
| 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 |
Bamboo (1) |  | N/A |  | 270.4 |  |  | — |  |  | 270.4 |  |  | — |  |  | — |  |  |  |  | — |
Other Operations |  | N/A |  | 44.4 |  |  | — |  |  | 44.4 |  |  | 44.4 |  |  | — |  |  |  |  | 44.4 |
Total goodwill |  | 439.2 |  |  | — |  |  | 439.2 |  |  | 168.8 |  |  | — |  |  |  |  | 168.8 |
Other intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ark |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Underwriting capacity | N/A |  | 175.7 |  |  | — |  |  | 175.7 |  |  | 175.7 |  |  | — |  |  |  |  | 175.7 |
Kudu |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  | 7.0 |  | 2.2 |  |  | 1.8 |  |  | .4 |  |  | 2.2 |  |  | 1.5 |  |  |  |  | .7 |
Bamboo (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  | 10.0 |  | 23.5 |  |  | 1.8 |  |  | 21.7 |  |  | — |  |  | — |  |  |  |  | — |
Agency relationships |  | 6.0 |  | 72.4 |  |  | 9.1 |  |  | 63.3 |  |  | — |  |  | — |  |  |  |  | — |
Developed technology |  | 3.0 |  | 4.7 |  |  | 1.1 |  |  | 3.6 |  |  | — |  |  | — |  |  |  |  | — |
Other |  | 0.3 |  | .4 |  |  | .4 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Subtotal |  |  |  | 101.0 |  | 12.4 |  | 88.6 |  | — |  |  | — |  |  |  |  | — |
Other Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  | 13.3 |  | 13.3 |  |  | 5.3 |  |  | 8.0 |  |  | 13.3 |  |  | 4.1 |  |  |  |  | 9.2 |
Customer relationships |  | 11.0 |  | 24.8 |  |  | 12.7 |  |  | 12.1 |  |  | 24.8 |  |  | 10.3 |  |  |  |  | 14.5 |
Other |  | 11.8 |  | 3.1 |  |  | 1.4 |  |  | 1.7 |  |  | 2.8 |  |  | 1.1 |  |  |  |  | 1.7 |
Subtotal |  |  |  | 41.2 |  |  | 19.4 |  |  | 21.8 |  |  | 40.9 |  |  | 15.5 |  |  |  |  | 25.4 |
Total other intangible assets | 320.1 |  |  | 33.6 |  |  | 286.5 |  |  | 218.8 |  |  | 17.0 |  |  |  |  | 201.8 |
Total goodwill and other intangible assets | $ | 759.3 |  |  | $ | 33.6 |  |  | $ | 725.7 |  |  | $ | 387.6 |  |  | $ | 17.0 |  |  |  |  | $ | 370.6 |
(1) The relative fair values of goodwill and other intangible assets recognized in connection with the acquisition of Bamboo had not yet been finalized as of September 30, 2024. Intangible Assets Valuation Methods The goodwill recognized for the entities shown above is attributed to expected future cash flows. The acquisition date fair values of other intangible assets with finite lives are estimated using income approach techniques, which use future expected cash flows to develop a discounted present value amount. The multi-period-excess-earnings method estimates fair value using the present value of the incremental after-tax cash flows attributable solely to the other intangible asset over its remaining life. This approach was used to estimate the fair value of other intangible assets associated with the underwriting capacity, agency relationships and customer relationships. The relief-from-royalty method was used to estimate fair value for other intangible assets that relate to rights that could be obtained via a license from a third-party owner. Under this method, the fair value is estimated using the present value of license fees avoided by owning rather than leasing the asset. This technique was used to estimate the fair value of trade names, patents and certain information technology platforms. The with-or-without method estimates the fair value of other intangible assets that provide an incremental benefit. Under this method, the fair value of the other intangible asset is calculated by comparing the value of the entity with and without the other intangible asset. This approach was used to estimate the fair value of non-compete agreements. On at least an annual basis beginning no later than the interim period included in the one-year anniversary of an acquisition, White Mountains evaluates goodwill and other intangible assets for potential impairment. Between annual evaluations, White Mountains considers changes in circumstances or events subsequent to the most recent evaluation that indicate an impairment may exist and, if necessary will perform an interim review for potential impairment. During the three and nine months ended September 30, 2024 and 2023, White Mountains did not recognize any impairments to goodwill and other intangible assets. Rollforward of Goodwill and Other Intangible Assets The following tables present the change in goodwill and other intangible assets for the three and nine months ended September 30, 2024 and 2023:
|  | Three Months Ended September 30,
|  | 2024 |  | 2023
Millions |  | Goodwill |  | Other Intangible Assets |  | Total Goodwill and Other Intangible Assets |  | Goodwill |  | Other Intangible Assets |  | Total Goodwill and Other Intangible Assets
Beginning balance |  | $ | 439.2 |  |  | $ | 291.8 |  |  | $ | 731.0 |  |  | $ | 168.8 |  |  | $ | 204.8 |  |  | $ | 373.6 |
Amortization |  | — |  |  | (5.3) |  |  | (5.3) |  |  | — |  |  | (1.5) |  |  | (1.5) |
Ending balance |  | $ | 439.2 |  |  | $ | 286.5 |  |  | $ | 725.7 |  |  | $ | 168.8 |  |  | $ | 203.3 |  |  | $ | 372.1 |
|  | Nine Months Ended September 30,
|  | 2024 |  | 2023
Millions |  | Goodwill |  | Other Intangible Assets |  | Total Goodwill and Other Intangible Assets |  | Goodwill |  | Other Intangible Assets |  | Total Goodwill and Other Intangible Assets
Beginning balance |  | $ | 168.8 |  |  | $ | 201.8 |  |  | $ | 370.6 |  |  | $ | 176.5 |  |  | $ | 215.9 |  |  | $ | 392.4 |
Acquisition of businesses (1) |  | 270.4 |  |  | 101.0 |  |  | 371.4 |  |  | — |  |  | — |  |  | — |
Acquisitions of intangible assets (2) |  | — |  |  | .3 |  |  | .3 |  |  | — |  |  | — |  |  | — |
Dispositions (2) |  | — |  |  | — |  |  | — |  |  | (6.7) |  |  | (6.9) |  |  | (13.6) |
Measurement period adjustments (3) |  | — |  |  | — |  |  | — |  |  | (1.0) |  |  | — |  |  | (1.0) |
Amortization |  | — |  |  | (16.6) |  |  | (16.6) |  |  | — |  |  | (5.7) |  |  | (5.7) |
Ending balance |  | $ | 439.2 |  |  | $ | 286.5 |  |  | $ | 725.7 |  |  | $ | 168.8 |  |  | $ | 203.3 |  |  | $ | 372.1 |
(1) Amounts relate to the fair values of goodwill and other intangible assets recognized in connection with the acquisition of Bamboo, which had not yet been finalized as of September 30, 2024. (2) Relates to acquisitions and dispositions within Other Operations. (3) 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, 2023, adjustments relate to an acquisition within Other Operations.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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