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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 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, including other intangible assets, and liabilities assumed, including contingent consideration liabilities, at their estimated fair values as of the acquisition date. Goodwill represents the excess of the amount paid to acquire a business over the fair value of identifiable net assets at the acquisition date. The estimated acquisition date fair values, generally consisting of intangible assets and contingent consideration liabilities, 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 life, acquisition date fair value, accumulated amortization and net carrying value for other intangible assets and goodwill as of December 31, 2024 and 2023:
$ in Millions |  | Weighted Average Economic Life (in years) |  | December 31, 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 |  | 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  | 10.0 |  | 23.5 |  |  | 2.3 |  |  |  |  | 21.2 |  |  | — |  |  | — |  |  |  |  | — |
Agency relationships |  | 6.0 |  | 72.4 |  |  | 12.1 |  |  |  |  | 60.3 |  |  | — |  |  | — |  |  |  |  | — |
Developed technology |  | 3.0 |  | 4.7 |  |  | 1.6 |  |  |  |  | 3.1 |  |  | — |  |  | — |  |  |  |  | — |
Other |  | 0.3 |  | .4 |  |  | .4 |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Subtotal |  |  |  | 101.0 |  |  | 16.4 |  |  |  |  | 84.6 |  |  | — |  |  | — |  |  |  |  | — |
Other Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  | 13.3 |  | 13.3 |  |  | 5.6 |  |  |  |  | 7.7 |  |  | 13.3 |  |  | 4.1 |  |  |  |  | 9.2 |
Customer relationships |  | 11.0 |  | 24.8 |  |  | 13.6 |  |  |  |  | 11.2 |  |  | 24.8 |  |  | 10.3 |  |  |  |  | 14.5 |
Other |  | 11.8 |  | 3.1 |  |  | 1.6 |  |  |  |  | 1.5 |  |  | 2.8 |  |  | 1.1 |  |  |  |  | 1.7 |
Subtotal | 41.2 |  |  | 20.8 |  |  |  |  | 20.4 |  |  | 40.9 |  |  | 15.5 |  |  |  |  | 25.4 |
Total other intangible assets | 320.1 |  |  | 39.0 |  |  |  |  | 281.1 |  |  | 218.8 |  |  | 17.0 |  |  |  |  | 201.8 |
Total goodwill and other intangible assets | $ | 759.3 |  |  | $ | 39.0 |  |  |  |  | $ | 720.3 |  |  | $ | 387.6 |  |  | $ | 17.0 |  |  |  |  | $ | 370.6 |
Rollforward of Goodwill and Other Intangible Assets The following table presents the change in goodwill and other intangible assets for the years ended December 31, 2024 and 2023:
|  | December 31, 2024 |  | December 31, 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 |
Acquisitions 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 |  | — |  |  | (22.0) |  |  | (22.0) |  |  | — |  |  | (7.2) |  |  | (7.2) |
Ending balance |  | $ | 439.2 |  |  | $ | 281.1 |  |  | $ | 720.3 |  |  | $ | 168.8 |  |  | $ | 201.8 |  |  | $ | 370.6 |
(1) Relates to the Bamboo Transaction. See Note 2 — “Significant Transactions.” (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. Adjustments relate to acquisitions of certain consolidated Other Operating Businesses. During the years ended December 31, 2024 and 2023, White Mountains did not recognize any impairments to goodwill and other intangible assets. Amortization of Other Intangible Assets Amortization expense was $22.0 million, $7.2 million and $5.2 million for the years ended December 31, 2024, 2023 and 2022. The following table presents a schedule of White Mountains’s future amortization expense as of December 31, 2024:
Millions |  | Amortization Expense
2025 |  | $ | 20.8 |
2026 |  | 20.1 |
2027 |  | 17.9 |
2028 |  | 16.9 |
2029 |  | 16.4 |
2030 and years after |  | 13.3 |
Total (1) |  | $ | 105.4 |
(1) Excludes Ark’s indefinite-lived intangible assets of $175.7.

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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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