WHITE MOUNTAINS INSURANCE GROUP LTD Fair Value Disclosure
| December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||
| Millions | Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||||||||||
| Ark 2021 Subordinated Notes | $ | 179.2 | $ | 159.7 | $ | 173.9 | $ | 154.5 | ||||||||||||||||||
| HG Global Senior Notes | $ | 153.8 | $ | 147.8 | $ | 157.2 | $ | 147.4 | ||||||||||||||||||
| Kudu Credit Facility | $ | 365.3 | $ | 350.4 | $ | 253.3 | $ | 238.6 | ||||||||||||||||||
Distinguished Credit Facility | $ | 131.2 | $ | 129.9 | $ | — | $ | — | ||||||||||||||||||
Distinguished other debt | $ | 12.2 | $ | 10.9 | $ | — | $ | — | ||||||||||||||||||
| Other Operations debt | $ | 38.0 | $ | 38.3 | $ | 23.1 | $ | 22.0 | ||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 26, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 27, 2017 | |
| 2015 | Feb 29, 2016 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.