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Debt (Tables) | 12 Months Ended
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Dec. 31, 2025
Debt Disclosure [Abstract] |
Schedule of debt outstanding | The following table presents White Mountains’s debt outstanding as of December 31, 2025 and 2024:
|  |  |  | Effective |  |  |  | Effective
$ in Millions |  | December 31, 2025 |  | Rate (1) |  | December 31, 2024 |  | Rate (1)
Ark 2021 Subordinated Notes Tranche 1 |  | $ | 45.8 |  |  |  |  | $ | 41.1 |  |  |
Ark 2021 Subordinated Notes Tranche 2 |  | 47.0 |  |  |  |  | 47.0 |  |  |
Ark 2021 Subordinated Notes Tranche 3 |  | 70.0 |  |  |  |  | 70.0 |  |  |
Unamortized issuance cost |  | (3.1) |  |  |  |  | (3.6) |  |  |
Ark 2021 Subordinated Notes, carrying value |  | 159.7 |  |  | 10.2% |  | 154.5 |  |  | 11.8%
HG Global Senior Notes |  | 150.0 |  |  |  |  | 150.0 |  |  |
Unamortized discount and issuance cost |  | (2.2) |  |  |  |  | (2.6) |  |  |
HG Global Senior Notes, carrying value |  | 147.8 |  | 10.8% |  | 147.4 |  |  | 11.8%
Kudu Credit Facility |  | 358.3 |  |  |  |  | 245.3 |  |  |
Unamortized issuance cost |  | (7.9) |  |  |  |  | (6.7) |  |  |
Kudu Credit Facility, carrying value |  | 350.4 |  |  | 8.9% |  | 238.6 |  |  | 10.3%
Distinguished Credit Facility |  | 131.4 |  |  |  |  | — |  |  |
Unamortized issuance cost |  | (1.5) |  |  |  |  | — |  |  |
Distinguished Credit Facility, carrying value |  | 129.9 |  |  | 10.3% |  | — |  |  | N/A
Distinguished other debt, carrying value |  | 10.9 |  |  | 10.9% |  | — |  |  | N/A
Total Distinguished debt |  | 140.8 |  |  |  |  | — |  |  |
Other Operations debt |  | 38.7 |  |  |  |  | 22.4 |  |  |
Unamortized issuance cost |  | (.4) |  |  |  |  | (.4) |  |  |
Other Operations debt, carrying value |  | 38.3 |  |  | 8.3% |  | 22.0 |  |  | 10.2%
Total debt |  | $ | 837.0 |  |  |  |  | $ | 562.5 |  |  |
(1) The effective rate for years ended December 31, 2025 and 2024 includes the effect of the amortization of debt issuance costs and original issue discount, but excludes the effect of the interest rate caps, where applicable. See Note 9 — “Derivatives.” The following table presents the change in debt under the Kudu Credit Facility for the years ended December 31, 2025, 2024 and 2023:
|  | Year Ended December 31,
Millions |  | 2025 |  | 2024 |  | 2023
Kudu Credit Facility |  |  |  |  |  |
Beginning balance |  | $ | 245.3 |  |  | $ | 210.3 |  |  | $ | 215.2 |
Borrowings |  | 113.0 |  |  | 35.0 |  |  | 12.0 |
Repayments |  | — |  |  | — |  |  | (16.9) |
Ending balance |  | $ | 358.3 |  |  | $ | 245.3 |  |  | $ | 210.3 |
The following table presents the change in debt under the Distinguished Credit Facility for the period from September 2, 2025, the date of acquisition, through December 31, 2025:
Millions |  | September 2, 2025 - December 31, 2025 |  |
Distinguished Credit Facility |  |  |  |
Beginning balance (1) |  | $ | 90.2 |  |  |
Borrowings (2) |  | 50.0 |  |  |
Repayments |  | (8.8) |  |  |
Ending balance |  | $ | 131.4 |  |  |
(1) Represents the outstanding balance of the Distinguished Credit Facility assumed in the Distinguished Transaction. See Note 2 — “Significant Transactions.” (2) Represents the $50.0 of incremental term loan drawn in connection with the closing of the Distinguished Transaction. See Note 2 — “Significant Transactions.”
Schedule of contractual repayments of debt | The following table presents a schedule of contractual repayments of White Mountains’s debt as of December 31, 2025:
Millions |  | December 31, 2025
Due in one year or less |  | $ | 8.1 |
Due in two to three years |  | 45.1 |
Due in four to five years |  | 173.3 |
Due after five years |  | 625.6 |
Total |  | $ | 852.1 |

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