Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Recognized Identified Assets Acquired

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 the economic lives, acquisition date fair values, accumulated amortization and net carrying values for other intangible assets and goodwill, by company as of December 31, 2021 and 2020:

$ in Millions	Weighted Average Economic  Life (in years)	December 31, 2021								December 31, 2020
		Acquisition Date Fair Value		Accumulated Amortization		Impairments and Amounts Allocated to Held for Sale		Net Carrying Value		Acquisition Date Fair Value		Accumulated Amortization		Impairments		Net Carrying Value
Goodwill:
Ark	N/A	$	116.8	$	—	$	—	$	116.8	$	—	$	—	$	—	$	—
NSM (1)	N/A	533.4		—		30.2		503.2		506.4		—		—		506.4
Kudu	N/A	7.6		—		—		7.6		7.6		—		—		7.6
Other Operations	N/A	17.9		—		—		17.9		11.5		—		—		11.5
Total goodwill		675.7		—		30.2		645.5		525.5		—		—		525.5
Other intangible    assets:
Ark
Underwriting    Capacity	N/A	175.7		—		—		175.7		—		—		—		—
NSM (1)
Customer       relationships	9.0	159.9		57.0		3.5		99.4		136.2		36.7		3.5		96.0
Trade names	18	68.6		11.9		1.0		55.7		65.4		8.3		1.0		56.1
Information      technology      platform	0	3.1		1.4		1.7		—		3.1		1.4		1.7		—
Renewal rights	12	82.5		15.8		—		66.7		82.5		4.9		—		77.6
Other	3.3	1.1		.7		—		.4		1.7		1.0		—		.7
Subtotal		315.2		86.8		6.2		222.2		288.9		52.3		6.2		230.4
Kudu
Trade names	7	2.2		.9		—		1.3		2.2		.6		—		1.6
Other Operations
Trade names	17.5	8.2		1.5		—		6.7		3.6		.3		—		3.3
Customer    relationships	13.0	18.8		4.5		—		14.3		14.2		1.4		—		12.8
Insurance    licenses (2)	N/A	—		—		—		—		8.6		—		—		8.6
Other	5.3	.3		.1		—		.2		.3		.1		—		.2
Subtotal		27.3		6.1		—		21.2		26.7		1.8				24.9
Total other intangible assets		520.4		93.8		6.2		420.4		317.8		54.7		6.2		256.9
Total goodwill and other    intangible assets		$	1,196.1	$	93.8	$	36.4	1,065.9		$	843.3	$	54.7	$	6.2	782.4
Goodwill and other intangible assets attributed to non-controlling interests								(117.6)								(28.1)
Goodwill and other intangible assets included in White Mountains’s common    shareholders’ equity								$	948.3							$	754.3

(1) During 2021, NSM’s goodwill and intangible assets includes $(1.5) and $(0.3) of the effect of foreign currency translation. During 2020, NSM’s goodwill and intangible assets includes $13.4 and $1.6 of the effect of foreign currency translation.

(2) As of December 31, 2021, White Mountains has classified one of its Other Operating Businesses as held for sale, which includes of $8.6 of insurance licenses. See Note. 21 — “Held for Sale and Discontinued Operations”.

The following table presents a summary of the acquisition date fair values of goodwill and other intangible assets for acquisitions completed during 2021 and 2020:

$ in Millions
Acquisition of Subsidiary/ Asset	Goodwill and Other Intangible Assets (1)		Acquisition Date
Kingsbridge	$	131.7	April 7, 2020
J.C. Taylor	55.7		August 6, 2021
Total NSM segment	$	187.4
Ark	$	292.5	January 1, 2021
Other Operations	$	31.1	Various

(1) Acquisition date fair values include the effect of adjustments during the measurement period and excludes the effect of foreign currency translation subsequent to the acquisition date.

Schedule of Goodwill and Intangible Assets Rollforward

The following table presents the change in goodwill and other intangible assets:

	December 31, 2021						December 31, 2020
Millions	Goodwill		Other Intangible Assets		Total Goodwill and Other Intangible Assets		Goodwill		Other Intangible Assets		Total Goodwill and Other Intangible Assets
Beginning balance	$	525.5	$	256.9	$	782.4	$	394.7	$	260.0	$	654.7
Acquisition of businesses (1)	71.5		—		71.5		140.0		—		140.0
Ark Transaction	116.8		175.7		292.5		—		—		—
Attribution of acquisition date fair value    estimates between goodwill and other    intangible assets (2)	(36.5)		36.5		—		(23.2)		23.2		—
Measurement period adjustments(5)	(.1)		—		(.1)		.6		6.6		7.2
Dispositions of businesses	—		—		—		—		—		—
Amortization	—		(39.8)		(39.8)		—		(28.3)		(28.3)
Impairments (3)	—		—		—		—		(6.2)		(6.2)
Assets held for sale			(8.6)		(8.6)		—		—		—
Loss on assets held for sale (4)	(30.2)		—		(30.2)		—		—		—
Foreign currency translation	(1.5)		(.3)		(1.8)		13.4		1.6		15.0
Ending balance	$	645.5	$	420.4	$	1,065.9	$	525.5	$	256.9	$	782.4

(1) During 2021, amounts include acquisition of J.C. Taylor of $55.7 and acquisitions within Other Operations of $15.8. During 2020, amounts include acquisition of Kingsbridge of $125.1 and acquisitions within Other Operations of $14.9.

(2)     During 2021, the attribution of acquisition date fair value estimates between goodwill and other intangible assets were $27.2 for the acquisition of J.C. Taylor and $9.3 for acquisitions within Other Operations segment. During 2020, the attribution of acquisition date fair value estimates between goodwill and other intangible assets were $13.6 for the acquisition of Kingsbridge and $9.6 for acquisitions within Other Operations segment.

(3) In 2020, impairments relate to NSM’s UK vertical.

(4) Relates to the sale of NSM’s Fresh Insurance’s motor business recorded in 2021. This amount excludes $1.5 of net proceeds related to the sale.

(5)     Measurement period adjustments relate to updated information about acquisition date fair values of assets acquired and liabilities assumed. During 2021, adjustments relate to acquisitions within the Other Operations segment. During 2020, adjustments primarily relate to contingent considerations of $4.1 in connection with the acquisition of Kingsbridge and the remaining amount related to acquisitions within Other Operations segment.

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

White Mountains expects to recognize amortization expense in each of the next five years as the following table presents:

Millions	Amortization Expense
2022	$	39.4
2023	36.0
2024	32.7
2025	30.5
2026 and years after	106.1
Total (1)	$	244.7

(1) Excludes Ark’s indefinite-lived intangible assets of $175.7.