v3.25.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of debt outstanding
The following table presents White Mountains’s debt outstanding as of March 31, 2025 and December 31, 2024:
$ in MillionsMarch 31, 2025
Effective
  Rate (1)
December 31, 2024
Effective
  Rate (1)
Ark 2021 Subordinated Notes Tranche 1$42.5 $41.1 
Ark 2021 Subordinated Notes Tranche 247.0 47.0 
Ark 2021 Subordinated Notes Tranche 370.0 70.0 
Unamortized issuance cost(3.4)(3.6)
Ark 2021 Subordinated Notes, carrying value156.1 10.3%154.5 11.8%
HG Global Senior Notes 150.0 150.0 
Unamortized discount and issuance cost(2.5)(2.6)
HG Global Senior Notes, carrying value 147.5 10.9%147.4 11.8%
Kudu Credit Facility253.3 245.3 
Unamortized issuance cost(6.7)(6.7)
Kudu Credit Facility, carrying value246.6 9.3%238.6 10.3%
Bamboo Credit Facility110.0 — 
Unamortized discount and issuance cost(5.3)— 
Bamboo Credit Facility, carrying value104.7 10.2%— N/A
Other Operations debt21.5 22.4 
Unamortized issuance cost(.3)(.4)
Other Operations debt, carrying value21.2 9.3%22.0 10.2%
Total debt$676.1 $562.5 
 (1) The effective rate for the three months ended March 31, 2025 and the twelve months ended December 31, 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 three months ended March 31, 2025 and 2024:
Three Months Ended March 31,
Millions20252024
Kudu Credit Facility
Beginning balance$245.3 $210.3 
Borrowings 8.0 — 
Repayments— — 
Ending balance$253.3 $210.3 
The following table presents the change in debt under the Bamboo Credit Facility for the three months ended March 31, 2025:
MillionsThree Months Ended March 31, 2025
Bamboo Credit Facility
Beginning balance$— 
Borrowings 110.0 
Repayments— 
Ending balance$110.0