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Debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of debt outstanding | The following table presents White Mountains’s debt outstanding as of December 31, 2024 and 2023:
|  |  |  | Effective |  |  |  | Effective
$ in Millions |  | December 31, 2024 |  | Rate (1) |  | December 31, 2023 |  | Rate (1)
Ark 2007 Subordinated Notes, carrying value |  | $ | — |  |  |  |  | $ | 30.0 |  |  |
Ark 2021 Subordinated Notes Tranche 1 |  | 41.1 |  |  |  |  | 42.7 |  |  |
Ark 2021 Subordinated Notes Tranche 2 |  | 47.0 |  |  |  |  | 47.0 |  |  |
Ark 2021 Subordinated Notes Tranche 3 |  | 70.0 |  |  |  |  | 70.0 |  |  |
Unamortized issuance cost |  | (3.6) |  |  |  |  | (4.2) |  |  |
Ark 2021 Subordinated Notes, carrying value |  | 154.5 |  |  |  |  | 155.5 |  |  |
Total Ark Subordinated Notes, carrying value |  | 154.5 |  |  | 11.8% |  | 185.5 |  |  | 11.0%
HG Global Senior Notes (2) |  | 150.0 |  |  |  |  | 150.0 |  |  |
Unamortized discount and issuance cost |  | (2.6) |  |  |  |  | (3.1) |  |  |
HG Global Senior Notes, carrying value |  | 147.4 |  | 11.8% |  | 146.9 |  |  | 11.9%
Kudu Credit Facility (2) |  | 245.3 |  |  |  |  | 210.3 |  |  |
Unamortized issuance cost |  | (6.7) |  |  |  |  | (6.5) |  |  |
Kudu Credit Facility, carrying value |  | 238.6 |  |  | 10.3% |  | 203.8 |  |  | 10.1%
Other Operations debt |  | 22.4 |  |  |  |  | 28.9 |  |  |
Unamortized issuance cost |  | (.4) |  |  |  |  | (.5) |  |  |
Other Operations debt, carrying value |  | 22.0 |  |  | 10.2% |  | 28.4 |  |  | 10.2%
Total debt |  | $ | 562.5 |  |  |  |  | $ | 564.6 |  |  |
(1) Effective rate includes the effect of the amortization of debt issuance costs and the original issue discount. (2) Effective rate excludes the effect of the interest rate caps. See Note 9 — “Derivatives.” The following table presents the change in debt under the Kudu Credit Facility for the years ended December 31, 2024, 2023 and 2022:
|  | Year Ended December 31,
Millions |  | 2024 |  | 2023 |  | 2022
Kudu Credit Facility |  |  |  |  |  |
Beginning balance |  | $ | 210.3 |  |  | $ | 215.2 |  |  | $ | 225.4 |
Term loans |  |  |  |  |  |
Borrowings |  | 35.0 |  |  | 12.0 |  |  | 35.0 |
Repayments |  | — |  |  | (16.9) |  |  | (45.2) |
Ending balance |  | $ | 245.3 |  |  | $ | 210.3 |  |  | $ | 215.2 |
Schedule of contractual repayments of debt | The following table presents a schedule of contractual repayments of White Mountains’s debt as of December 31, 2024:
Millions |  | December 31, 2024
Due in one year or less |  | $ | 6.7 |
Due in two to three years |  | 27.0 |
Due in four to five years |  | 30.0 |
Due after five years |  | 512.1 |
Total |  | $ | 575.8 |

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