Employee Share-Based Incentive Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

The following table presents performance share activity for the three months ended March 31, 2026 and 2025 for performance shares granted under the WTM Incentive Plan:


	Three Months Ended March 31,
		2026	2025
$ in Millions			Target Performance Shares Outstanding	Accrued Expense		Target Performance Shares Outstanding	Accrued Expense
Beginning of period			32,416	$	73.2	34,859	$	71.1
Shares paid or expired (1)			(10,835)	(44.1)		(13,150)	(48.7)
New grants			9,615	—		10,645	—
Forfeitures and cancellations (2)			19	.5		38	.8
Expense recognized			—	13.0		—	.1
End of period			31,215	$	42.6	32,392	$	23.3

(1) WTM performance share payments for the 2023-2025 performance cycle were made in March 2026 at 184% of target. WTM performance share payments for the 2022-2024 performance cycle were made in March 2025 at 200% of target.

(2) Amounts include changes in assumed forfeitures, as required under GAAP.

Schedule of performance shares outstanding and accrued expense for performance shares awarded

The following table presents performance shares outstanding and accrued expense for performance shares awarded under the WTM Incentive Plan as of March 31, 2026 for each performance cycle:


	March 31, 2026
$ in Millions	Target Performance Shares Outstanding	Accrued Expense
Performance cycle:
2024 – 2026	11,405	$	28.6
2025 – 2027	10,670	14.0
2026 – 2028	9,615	.6

Sub-total	31,690	43.2
Assumed forfeitures	(475)	(.6)
Total	31,215	$	42.6

Schedule of unrecognized compensation costs associated with outstanding restricted share awards

The following table presents the unrecognized compensation cost associated with the outstanding restricted share awards under the WTM Incentive Plan for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
		2026	2025
$ in Millions			Restricted Shares	Unamortized Issue Date Fair Value		Restricted Shares	Unamortized Issue Date Fair Value
Non-vested,
Beginning of period			32,910	$	21.0	35,390	$	19.9
Vested			(10,835)	—		(13,150)	—
Issued			9,615	21.3		10,645	19.5
Forfeited			—	—		—	—
Expense recognized			—	(4.1)		—	(3.8)
End of period			31,690	$	38.2	32,885	$	35.6