Statutory Capital and Surplus	12 Months Ended
Dec. 31, 2014
Insurance [Abstract]
Statutory Capital and Surplus	Statutory Capital and Surplus White Mountains’s insurance and reinsurance operations are subject to regulation and supervision in each of the jurisdictions where they are domiciled and licensed to conduct business. Generally, regulatory authorities have broad supervisory and administrative powers over such matters as licenses, standards of solvency, premium rates, policy forms, investments, security deposits, methods of accounting, form and content of financial statements, reserves for unpaid loss and LAE, reinsurance, minimum capital and surplus requirements, dividends and other distributions to shareholders, periodic examinations and annual and other report filings. In general, such regulation is for the protection of policyholders rather than shareholders. The NAIC uses risk-based capital (“RBC”) standards for U.S. property and casualty insurers as a means of monitoring certain aspects affecting the overall financial condition of insurance companies. As of December 31, 2014, White Mountains’s active U.S. insurance and reinsurance operating subsidiaries exceeded their respective RBC requirements. The Insurance Act 1978 of Bermuda and related regulations, as amended (“Insurance Act”), regulates the insurance business of Bermuda-domiciled insurers and reinsurers. Under the Insurance Act, insurers and reinsurers are required to maintain available statutory capital and surplus at a level equal to or in excess of its enhanced capital requirement which is established by reference to either a Bermuda Solvency Capital Requirement (“BSCR”) model or an approved internal capital model. Generally, the Bermuda Monetary Authority (“BMA”) has broad supervisory and administrative powers over such matters as licenses, standards of solvency, investments, methods of accounting, form and content of financial statements, minimum capital and surplus requirements, and annual and other report filings. OneBeacon: OneBeacon’s U.S. combined statutory surplus was $721.5 million and $866.2 million as of December 31, 2014 and 2013. OneBeacon’s combined U.S. statutory net (loss) income ended December 31, 2014, 2013 and 2012 was $(14.2) million, $100.1 million and $82.0 million. The minimum policyholders' surplus necessary to satisfy OneBeacon’s top tier regulated U.S. insurance operating subsidiary, Atlantic Specialty Insurance Company (“ASIC”), regulatory requirements was $136.0 million as of December 31, 2014, which equals the authorized control level of the NAIC risk-based capital of ASIC’s policyholders’ surplus. Split Rock’s statutory capital and surplus was $122.6 million and $96.4 million as of December 31, 2014 and 2013, which met Bermuda’s statutory capital and surplus requirements. Split Rock reported $46.2 million of statutory net income for the year ended December 31, 2014 and $38.7 million of statutory net loss for the year ended December 31, 2013. The principal differences between OneBeacon’s combined U.S. statutory amounts and Split Rock, and the amounts reported in accordance with GAAP include deferred acquisition costs, deferred taxes, and market value adjustments for debt securities. OneBeacon’s insurance subsidiaries' statutory policyholders’ surplus as of December 31, 2014 was in excess of the minimum requirements of relevant state and Bermuda insurance regulations. Sirius Group: In 2014, Sirius Group established Sirius Bermuda Insurance Ltd. (“Sirius Bermuda”) as a class 3A licensed Bermuda insurer, which is subject to the regulation and supervision of the BMA. Sirius Bermuda’s statutory capital and surplus was $2.4 billion as of December 31, 2014, which met Bermuda’s statutory capital and surplus requirements. The minimum regulatory capital held by Sirius Bermuda necessary to satisfy the requirements established by the BMA was $1.0 million as of December 31, 2014. Sirius International is subject to regulation and supervision in Sweden by the Financial Supervisory Authority (“FSA”). Sirius International’s total regulatory capital as of December 31, 2014 was $2.3 billion. In accordance with FSA regulations, Sirius International holds restricted equity of $1.4 billion as a component of Swedish regulatory capital. This restricted equity cannot be paid as dividends. The minimum regulatory capital held by Sirius International necessary to satisfy the requirements established by the FSA was $158.2 million as of December 31, 2014. Sirius America’s policyholders’ surplus, as reported to regulatory authorities as of December 31, 2014 and 2013, was $620.6 million and $548.4 million. Sirius America’s statutory net income for the years ended December 31, 2014, 2013 and 2012 was $56.1 million, $55.9 million and $26.2 million. The principal differences between Sirius America’s statutory amounts and the amounts reported in accordance with GAAP include deferred acquisition costs, deferred taxes, gains recognized under retroactive reinsurance contracts and market value adjustments for debt securities. The minimum policyholders’ surplus necessary to satisfy Sirius America’s regulatory requirements was $106.5 million as of December 31, 2014, which equals the authorized control level of the NAIC risk-based capital based on Sirius America’s policyholders’ surplus. Woodridge’s policyholders’ surplus, as reported to regulatory authorities as of December 31, 2014 and 2013, was $8.3 million and $8.4 million. Woodridge’s statutory net (loss) income for the years ended December 31, 2014, 2013 and 2012 was $(0.2) million, $(0.1) million, and $0.1 million. The minimum policyholders’ surplus necessary to satisfy Woodridge’s regulatory requirements was $2.0 million as of December 31, 2014, which equals the authorized control level of the NAIC risk-based capital based on Woodridge’s policyholders’ surplus. Oakwood’s policyholders’ surplus, as reported to regulatory authorities as of December 31, 2014 and 2013, was $29.4 million and $20.7 million. Oakwood’s statutory net (loss) income for the years ended December 31, 2014, 2013 and 2012 was $(0.8) million, $(0.9) million, and $3.9 million. The minimum policyholders’ surplus necessary to satisfy Oakwood’s regulatory requirements was $8.1 million as of December 31, 2014, which equals the authorized control level of the NAIC risk-based capital based on Oakwood’s policyholders’ surplus. Central National’s policyholders’ surplus, as reported to regulatory authorities as of December 31, 2013, was $9.3 million. The net assets of Central National were transferred to Oakwood and Central National was subsequently dissolved in 2014. Ashmere’s policyholders’ surplus, as reported to regulatory authorities as of December 31, 2014 and 2013, was $12.5 million and $12.7 million. Ashmere’s statutory net loss for the year ended December 31, 2014 and 2013 was $0.5 million and $0.4 million. The minimum policyholders’ surplus necessary to satisfy Ashmere’s regulatory requirements was $2.0 million as of December 31, 2014, and the NAIC risk-based capital authorized control level was $0.1 million. Empire’s policyholders’ surplus, as reported to regulatory authorities as of December 31, 2014 and 2013, was $10.5 million and $10.7 million. Empire’s statutory net loss for the year ended December 31, 2014 and 2013 was $0.6 million and 10.4 million. The minimum policyholders’ surplus necessary to satisfy Empire’s regulatory requirements was $3.4 million as of December 31, 2014, and the NAIC risk-based capital authorized control level was $1.2 million. White Shoals Re Ltd. (“White Shoals Re”) is also subject to regulation and supervision by the BMA. As of December 31, 2014 and 2013, White Shoals Re had statutory capital and surplus of $22.4 million and $14.6 million. The minimum regulatory capital held by White Shoals Re necessary to satisfy the requirements established by the BMA was $8.2 million and $6.2 million as of December 31, 2014 and 2013. Alstead Reinsurance Ltd. (“Alstead Re”) is also subject to regulation and supervision by the BMA. As of December 31, 2014, Alstead Re had statutory capital and surplus of $25.5 million. The minimum regulatory capital held by Alstead Re necessary to satisfy the requirements established by the BMA was $1.1 million as of December 31, 2014. Olympus Re is also subject to regulation and supervision by the BMA. As of December 31, 2014, Olympus Re had statutory capital and surplus of $12.3 million. The minimum regulatory capital held by Olympus Re necessary to satisfy the requirements established by the BMA was $2.6 million as of December 31, 2014. HG Global/BAM: HG Re is a Special Purpose Insurer under Bermuda insurance regulations and is subject to regulation and supervision by the BMA. As of December 31, 2014, HG Re had statutory capital of $444.5 million. As a Special Purpose Insurer, HG Re does not have minimum regulatory capital requirements. BAM is domiciled in New York and is subject to regulation by the New York State Department of Financial Services (“NYDFS”). New York financial guarantee insurance law establishes single risk and aggregate limits with respect to insured obligations insured by financial guarantee insurers. BAM’s members’ surplus, as reported to regulatory authorities as of December 31, 2014 was $448.7 million, which exceeds the minimum members’ surplus necessary for BAM to maintain its New York State financial guarantee insurance license of $66.0 million. Other Operations: WM Life Re is subject to regulation and supervision by the BMA. As of December 31, 2014 and 2013, WM Life Re had statutory capital and surplus of $76.0 million and $85.9 million. The minimum regulatory capital held by WM Life Re necessary to satisfy the requirements established by the BMA was $0.4 million as of December 31, 2014. SSIE’s policyholders’ surplus, as reported to regulatory authorities as of December 31, 2014, was $6.5 million. SSIE’s statutory net loss for the year ended December 31, 2014 was $9.5 million. The minimum policyholders’ surplus necessary to satisfy SSIE’s regulatory requirements was $2.8 million as of December 31, 2014, which equals the authorized control level of the NAIC risk-based capital based on SSIE’s policyholders’ surplus. Dividend Capacity There are no restrictions under Bermuda law or the law of any other jurisdiction on the payment of dividends from retained earnings by White Mountains. However, under the insurance laws of the states and jurisdictions under which White Mountains’s insurance and reinsurance operating subsidiaries are domiciled, an insurer is restricted with respect to the timing and the amount of dividends it may pay without prior approval by regulatory authorities. As of December 31, 2014, White Mountains’s top tier insurance and reinsurance subsidiaries have approximately $2.6 billion of GAAP shareholders’ equity (net of $199 million of non-controlling interest at OneBeacon), $0.5 billion of which can be distributed to White Mountains without prior regulatory approval. As a result, as of December 31, 2014, $2.1 billion of White Mountains’s GAAP shareholders’ equity held in its insurance and reinsurance subsidiaries was not available for the payment of dividends without prior regulatory approval, and approximately $958 million of White Mountains’s retained earnings is unrestricted with respect to the payment of dividends to White Mountains’s common shareholders. When determining whether to make distributions from its insurance and reinsurance operating subsidiaries, White Mountains also considers factors such as internal capital targets and rating agency capital requirements. Accordingly, there can be no assurance regarding the amount of such dividends that may be paid by such subsidiaries in the future. Following is a description of the dividend capacity of White Mountains’s insurance and reinsurance operating subsidiaries: OneBeacon: On December 23, 2014, OneBeacon Insurance Company (“OBIC”) distributed ASIC to its immediate parent at a value of $700.5 million as part of the Runoff Transaction. OBIC also distributed $151.2 million of cash and other securities to its immediate parent in accordance with the prescribed minimum capital to be included in the company at the time of its sale to Armour, as approved by the PID. ASIC has the ability to pay dividends to its immediate parent during any twelve-month period without the prior approval of regulatory authorities in an amount set by formula based on the lesser of net investment income, as defined by statute, or 10% of statutory surplus, in both cases as most recently reported to regulatory authorities, subject to the availability of earned surplus and subject to dividends paid in prior periods. Based upon the formula above, ASIC has the ability to pay $44.9 million of dividends during 2015 without prior approval of regulatory authorities. As of December 31, 2014, ASIC had $721.5 million of statutory surplus and $87.8 million of earned surplus. Also in 2014, OneBeacon contributed $67.0 million to ASIC. During 2013, ASIC paid a $190.0 million extraordinary return of capital to OBIC, which, in turn, distributed the $190.0 million to its immediate parent. During 2013, OneBeacon also contributed $35.0 million to OBIC. Split Rock has the ability to declare or pay dividends during any twelve-month period without the prior approval of Bermuda regulatory authorities on condition that any such declaration or payment of dividends does not cause a breach of any of its regulatory solvency and liquidity requirements. If Split Rock fails to meet its regulatory solvency or liquidity requirements on the last day of any financial year, it is prohibited from declaring or paying any dividends during the next financial year without the approval of the BMA. In addition, under the Companies Act 1981 of Bermuda (the “Companies Act”), Split Rock is prohibited from declaring or paying a dividend or making a distribution out of contributed surplus if there are reasonable grounds for believing that after such payment is made, Split Rock would be unable to pay its liabilities as they become due or the realizable value of its assets would be less than its liabilities. During 2015, Split Rock has the ability to make capital distributions without the prior approval of regulatory authorities, subject to meeting all appropriate liquidity and solvency requirements, of $18.8 million, which is equal to 15% of its December 31, 2014 statutory capital (excluding earned surplus). During 2014, Split Rock paid $10.0 million of dividends and $10.0 million of capital distributions to its immediate parent. During 2013, OneBeacon contributed $135.1 million to Split Rock. Split Rock did not pay any dividends in 2013. During 2014 and 2013, OneBeacon’s unregulated insurance operating subsidiaries paid $4.8 million and $17.3 million of dividends to their immediate parent. As of December 31, 2014, OneBeacon’s unregulated insurance operating subsidiaries had $78.1 million of net unrestricted cash, short-term investments and fixed maturity investments. As of December 31, 2014, OneBeacon’s unregulated insurance operating subsidiaries also held $101.0 million in par value of OBIC Surplus Notes, with a fair value of $65.1 million classified as other long-term investments. During 2014, OneBeacon Ltd. paid $80.0 million of regular quarterly dividends to its common shareholders. White Mountains received $60.3 million of these dividends. As of December 31, 2014, OneBeacon Ltd. and its intermediate holding companies held $107.0 million of net unrestricted cash, short-term investments and fixed maturity investments and $89.4 million of common equity securities, convertible fixed maturity and preferred investments and other long-term investments outside of its regulated and unregulated insurance operating subsidiaries. Sirius Group: Sirius Bermuda has the ability to declare or pay dividends or make capital distributions during any 12-month period without the prior approval of Bermuda regulatory authorities on the condition that any such declaration or payment of dividends or capital distributions does not cause a breach of any of its regulatory solvency and liquidity requirements. During 2015, Sirius Bermuda has the ability, subject to meeting all appropriate liquidity and solvency requirements, to make dividend or capital distributions without the prior approval of regulatory authorities, subject to meeting all appropriate liquidity and solvency requirements, of $350.0 million, which is equal to 15% of its December 31, 2014 statutory capital, excluding earned surplus. The amount of dividends available to be paid by Sirius Bermuda in any given year is also subject to cash flow and earnings generated by Sirius International’s business, as well as to dividends received from its subsidiaries, including Sirius International. Sirius International has the ability to pay dividends to Sirius Bermuda subject to the availability of unrestricted equity, calculated in accordance with the Swedish Act on Annual Accounts in Insurance Companies and the Swedish Supervisor Authorities (“Swedish FSA”). Unrestricted equity is calculated on a consolidated group account basis and on a parent account basis. Differences between the bases include but are not limited to accounting for goodwill, subsidiaries (with parent accounts stated at original foreign exchange rates), taxes and pensions. Sirius International’s ability to pay dividends is limited to the “lower of” unrestricted equity as calculated within the group and parent accounts. As of December 31, 2014, Sirius International had $467.0 million (based on the December 31, 2014 SEK to USD exchange rate) of unrestricted equity on a parent account basis (the lower of the two) available to pay dividends in 2015. The amount of dividends available to be paid by Sirius International in any given year is also subject to cash flow and earnings generated by Sirius International’s business, as well as to dividends received from its subsidiaries, including Sirius America. Earnings generated by Sirius International’s business that are allocated to the Safety Reserve are not available to pay dividends (see “Safety Reserve” on the next page). During 2014, Sirius International distributed $220.9 million of dividends to its immediate parent. Subject to certain limitations under Swedish law, Sirius International is permitted to transfer certain portions of its pre-tax income to its Swedish parent companies to minimize taxes (referred to as a group contribution). On January 1, 2013, new tax legislation became effective in Sweden that limits the deductibility of interest paid on certain intra-group debt instruments. Uncertainty exists with respect to the interpretation of the legislation on existing intra-group debt instruments within the Sirius Group structure. During 2014, Sirius International did not transfer any of its 2013 pre-tax income to its Swedish parent companies. Sirius America has the ability to pay dividends to Sirius International during any twelve-month period without the prior approval of regulatory authorities in an amount set by formula based on the lesser of net investment income, as defined by statute, or 10% of statutory surplus, in both cases as most recently reported to regulatory authorities, subject to the availability of earned surplus and subject to dividends paid in prior periods. Based upon the formula above, Sirius America does not have the ability to pay any dividends during 2015 without prior approval of regulatory authorities. As of December 31, 2014, Sirius America had $620.6 million of statutory surplus and $81.9 million of earned surplus. During 2014, Sirius America did not pay any dividends to its immediate parent. As of December 31, 2014, Sirius Group and its intermediate holding companies held $20.4 million of net unrestricted cash, short-term investments and fixed maturity investments outside of its regulated and unregulated insurance and reinsurance operating subsidiaries. During 2014, Sirius Group distributed $50.0 million to its immediate parent. Capital Maintenance There is a capital maintenance agreement between Sirius International and Sirius America which obligates Sirius International to make contributions to Sirius America’s surplus in order for Sirius America to maintain surplus equal to at least 125% of the company action level risk based capital as defined in the NAIC Property/Casualty Risk-Based Capital Report. The agreement provides for a maximum contribution to Sirius America of $200.0 million. Sirius International also provides Sirius America with accident year stop loss reinsurance, which protects Sirius America’s accident year loss and allocated loss adjustment expense ratio in excess of 70%, with a limit of $90.0 million. Safety Reserve Subject to certain limitations under Swedish law, Sirius International is permitted to transfer pre-tax amounts into an untaxed reserve referred to as a safety reserve. As of December 31, 2014, Sirius International’s safety reserve amounted to SEK 10.4 billion or $1.3 billion at the December 31, 2014 exchange rate of 7.77 USD to SEK. Under GAAP, an amount equal to the safety reserve, net of a related deferred tax liability established at the Swedish tax rate of 22.0%, is classified as shareholder’s equity. Generally, this deferred tax liability is only required to be paid by Sirius International if it fails to maintain prescribed levels of premium writings and loss reserves in future years. As a result of the indefinite deferral of these taxes, Swedish regulatory authorities apply no taxes to the safety reserve when calculating solvency capital under Swedish insurance regulations. Accordingly, under local statutory requirements, an amount equal to the deferred tax liability on Sirius International’s safety reserve ($295.7 million as of December 31, 2014) is included in solvency capital. Access to the safety reserve is restricted to coverage of insurance or reinsurance underwriting losses. Access for any other purpose requires the approval of Swedish regulatory authorities. Similar to the approach taken by Swedish regulatory authorities, most major rating agencies generally include the $1.3 billion balance of the safety reserve, without any provision for deferred taxes, in Sirius International’s regulatory capital when assessing Sirius International’s financial strength. HG Global/BAM: As of December 31, 2014, HG Global had $613.0 million face value of preferred shares outstanding, of which White Mountains owned 96.9%. Holders of the HG Global preferred shares receive cumulative dividends at a fixed annual rate of 6.0% on a quarterly basis, when and if declared by HG Global. HG Global did not declare or pay any preferred dividends in 2014. As of December 31, 2014, HG Global has accrued $96.2 million of dividends payable to holders of its preferred shares, $93.3 million of which is payable to White Mountains and eliminated in consolidation. HG Re is a Special Purpose Insurer subject to regulation and supervision by the BMA, but does not require regulatory approval to pay dividends. However, HG Re’s dividend capacity is limited by amounts held in the collateral trusts pursuant to the first loss reinsurance treaty (“FLRT”) with BAM. As of December 31, 2014, HG Re had statutory capital of $444.5 million, of which $402.6 million was held as collateral in the supplemental trust pursuant to the FLRT with BAM and $44.3 million relates to accrued interest on the BAM Surplus Notes held by HG Re. Effective January 1, 2014, HG Global and BAM agreed to change the interest rate on the BAM surplus notes for the five years ending December 31, 2018 from a fixed rate of 8.0% to a variable rate equal to the one-year U.S. treasury rate plus 300 basis points, set annually, which is 3.13% for 2014. Prior to the end of 2018, BAM has the option to extend the variable rate period for an additional three years. At the end of the variable rate period, the interest rate will be fixed at the higher of the then current variable rate or 8.0%. BAM is required to seek regulatory approval to pay interest and principal on its surplus notes only when adequate capital resources have accumulated beyond BAM’s initial capitalization and a level that continues to support its outstanding obligations, business plan and ratings. BAM did not pay any interest on the BAM Surplus Notes in 2013 or 2012. Other Operations: During 2014, White Mountains contributed $15.0 million to WM Advisors. During 2014, WM Advisors did not pay any dividends to its immediate parent. As of December 31, 2014, WM Advisors held $25.7 million of net unrestricted cash and short-term investments. As of December 31, 2014, the Company and its intermediate holding companies held $275.1 million of net unrestricted cash, short-term investments and fixed maturity investments, $172.7 million of common equity securities and and convertible fixed maturity investments and $106.4 million of other long-term investments included in its Other Operations segment. During 2014, White Mountains paid a $6.2 million common share dividend.

Statutory Capital and Surplus

White Mountains’s insurance and reinsurance operations are subject to regulation and supervision in each of the jurisdictions where they are domiciled and licensed to conduct business. Generally, regulatory authorities have broad supervisory and administrative powers over such matters as licenses, standards of solvency, premium rates, policy forms, investments, security deposits, methods of accounting, form and content of financial statements, reserves for unpaid loss and LAE, reinsurance, minimum capital and surplus requirements, dividends and other distributions to shareholders, periodic examinations and annual and other report filings. In general, such regulation is for the protection of policyholders rather than shareholders.

The NAIC uses risk-based capital (“RBC”) standards for U.S. property and casualty insurers as a means of monitoring certain aspects affecting the overall financial condition of insurance companies. As of December 31, 2014, White Mountains’s active U.S. insurance and reinsurance operating subsidiaries exceeded their respective RBC requirements.

The Insurance Act 1978 of Bermuda and related regulations, as amended (“Insurance Act”), regulates the insurance business of Bermuda-domiciled insurers and reinsurers. Under the Insurance Act, insurers and reinsurers are required to maintain available statutory capital and surplus at a level equal to or in excess of its enhanced capital requirement which is established by reference to either a Bermuda Solvency Capital Requirement (“BSCR”) model or an approved internal capital model. Generally, the Bermuda Monetary Authority (“BMA”) has broad supervisory and administrative powers over such matters as licenses, standards of solvency, investments, methods of accounting, form and content of financial statements, minimum capital and surplus requirements, and annual and other report filings.

OneBeacon:

OneBeacon’s U.S. combined statutory surplus was $721.5 million and $866.2 million as of December 31, 2014 and 2013. OneBeacon’s combined U.S. statutory net (loss) income ended December 31, 2014, 2013 and 2012 was $(14.2) million, $100.1 million and $82.0 million. The minimum policyholders' surplus necessary to satisfy OneBeacon’s top tier regulated U.S. insurance operating subsidiary, Atlantic Specialty Insurance Company (“ASIC”), regulatory requirements was $136.0 million as of December 31, 2014, which equals the authorized control level of the NAIC risk-based capital of ASIC’s policyholders’ surplus.

Split Rock’s statutory capital and surplus was $122.6 million and $96.4 million as of December 31, 2014 and 2013, which met Bermuda’s statutory capital and surplus requirements. Split Rock reported $46.2 million of statutory net income for the year ended December 31, 2014 and $38.7 million of statutory net loss for the year ended December 31, 2013.

The principal differences between OneBeacon’s combined U.S. statutory amounts and Split Rock, and the amounts reported in accordance with GAAP include deferred acquisition costs, deferred taxes, and market value adjustments for debt securities. OneBeacon’s insurance subsidiaries' statutory policyholders’ surplus as of December 31, 2014 was in excess of the minimum requirements of relevant state and Bermuda insurance regulations.

Sirius Group:

In 2014, Sirius Group established Sirius Bermuda Insurance Ltd. (“Sirius Bermuda”) as a class 3A licensed Bermuda insurer, which is subject to the regulation and supervision of the BMA. Sirius Bermuda’s statutory capital and surplus was $2.4 billion as of December 31, 2014, which met Bermuda’s statutory capital and surplus requirements. The minimum regulatory capital held by Sirius Bermuda necessary to satisfy the requirements established by the BMA was $1.0 million as of December 31, 2014.

Sirius International is subject to regulation and supervision in Sweden by the Financial Supervisory Authority (“FSA”). Sirius International’s total regulatory capital as of December 31, 2014 was $2.3 billion. In accordance with FSA regulations, Sirius International holds restricted equity of $1.4 billion as a component of Swedish regulatory capital. This restricted equity cannot be paid as dividends. The minimum regulatory capital held by Sirius International necessary to satisfy the requirements established by the FSA was $158.2 million as of December 31, 2014.

Sirius America’s policyholders’ surplus, as reported to regulatory authorities as of December 31, 2014 and 2013, was $620.6 million and $548.4 million. Sirius America’s statutory net income for the years ended December 31, 2014, 2013 and 2012 was $56.1 million, $55.9 million and $26.2 million. The principal differences between Sirius America’s statutory amounts and the amounts reported in accordance with GAAP include deferred acquisition costs, deferred taxes, gains recognized under retroactive reinsurance contracts and market value adjustments for debt securities. The minimum policyholders’ surplus necessary to satisfy Sirius America’s regulatory requirements was $106.5 million as of December 31, 2014, which equals the authorized control level of the NAIC risk-based capital based on Sirius America’s policyholders’ surplus.

Woodridge’s policyholders’ surplus, as reported to regulatory authorities as of December 31, 2014 and 2013, was $8.3 million and $8.4 million. Woodridge’s statutory net (loss) income for the years ended December 31, 2014, 2013 and 2012 was $(0.2) million, $(0.1) million, and $0.1 million. The minimum policyholders’ surplus necessary to satisfy Woodridge’s regulatory requirements was $2.0 million as of December 31, 2014, which equals the authorized control level of the NAIC risk-based capital based on Woodridge’s policyholders’ surplus.

Oakwood’s policyholders’ surplus, as reported to regulatory authorities as of December 31, 2014 and 2013, was $29.4 million and $20.7 million. Oakwood’s statutory net (loss) income for the years ended December 31, 2014, 2013 and 2012 was $(0.8) million, $(0.9) million, and $3.9 million. The minimum policyholders’ surplus necessary to satisfy Oakwood’s regulatory requirements was $8.1 million as of December 31, 2014, which equals the authorized control level of the NAIC risk-based capital based on Oakwood’s policyholders’ surplus. Central National’s policyholders’ surplus, as reported to regulatory authorities as of December 31, 2013, was $9.3 million. The net assets of Central National were transferred to Oakwood and Central National was subsequently dissolved in 2014.

Ashmere’s policyholders’ surplus, as reported to regulatory authorities as of December 31, 2014 and 2013, was $12.5 million and $12.7 million. Ashmere’s statutory net loss for the year ended December 31, 2014 and 2013 was $0.5 million and $0.4 million. The minimum policyholders’ surplus necessary to satisfy Ashmere’s regulatory requirements was $2.0 million as of December 31, 2014, and the NAIC risk-based capital authorized control level was $0.1 million.

Empire’s policyholders’ surplus, as reported to regulatory authorities as of December 31, 2014 and 2013, was $10.5 million and $10.7 million. Empire’s statutory net loss for the year ended December 31, 2014 and 2013 was $0.6 million and 10.4 million. The minimum policyholders’ surplus necessary to satisfy Empire’s regulatory requirements was $3.4 million as of December 31, 2014, and the NAIC risk-based capital authorized control level was $1.2 million.

White Shoals Re Ltd. (“White Shoals Re”) is also subject to regulation and supervision by the BMA. As of December 31, 2014 and 2013, White Shoals Re had statutory capital and surplus of $22.4 million and $14.6 million. The minimum regulatory capital held by White Shoals Re necessary to satisfy the requirements established by the BMA was $8.2 million and $6.2 million as of December 31, 2014 and 2013.

Alstead Reinsurance Ltd. (“Alstead Re”) is also subject to regulation and supervision by the BMA. As of December 31, 2014, Alstead Re had statutory capital and surplus of $25.5 million. The minimum regulatory capital held by Alstead Re necessary to satisfy the requirements established by the BMA was $1.1 million as of December 31, 2014.

Olympus Re is also subject to regulation and supervision by the BMA. As of December 31, 2014, Olympus Re had statutory capital and surplus of $12.3 million. The minimum regulatory capital held by Olympus Re necessary to satisfy the requirements established by the BMA was $2.6 million as of December 31, 2014.

HG Global/BAM:

HG Re is a Special Purpose Insurer under Bermuda insurance regulations and is subject to regulation and supervision by the BMA. As of December 31, 2014, HG Re had statutory capital of $444.5 million. As a Special Purpose Insurer, HG Re does not have minimum regulatory capital requirements.

BAM is domiciled in New York and is subject to regulation by the New York State Department of Financial Services (“NYDFS”). New York financial guarantee insurance law establishes single risk and aggregate limits with respect to insured obligations insured by financial guarantee insurers. BAM’s members’ surplus, as reported to regulatory authorities as of December 31, 2014 was $448.7 million, which exceeds the minimum members’ surplus necessary for BAM to maintain its New York State financial guarantee insurance license of $66.0 million.

Other Operations:

WM Life Re is subject to regulation and supervision by the BMA. As of December 31, 2014 and 2013, WM Life Re had statutory capital and surplus of $76.0 million and $85.9 million. The minimum regulatory capital held by WM Life Re necessary to satisfy the requirements established by the BMA was $0.4 million as of December 31, 2014.

SSIE’s policyholders’ surplus, as reported to regulatory authorities as of December 31, 2014, was $6.5 million. SSIE’s statutory net loss for the year ended December 31, 2014 was $9.5 million. The minimum policyholders’ surplus necessary to satisfy SSIE’s regulatory requirements was $2.8 million as of December 31, 2014, which equals the authorized control level of the NAIC risk-based capital based on SSIE’s policyholders’ surplus.

Dividend Capacity

There are no restrictions under Bermuda law or the law of any other jurisdiction on the payment of dividends from retained earnings by White Mountains. However, under the insurance laws of the states and jurisdictions under which White Mountains’s insurance and reinsurance operating subsidiaries are domiciled, an insurer is restricted with respect to the timing and the amount of dividends it may pay without prior approval by regulatory authorities. As of December 31, 2014, White Mountains’s top tier insurance and reinsurance subsidiaries have approximately $2.6 billion of GAAP shareholders’ equity (net of $199 million of non-controlling interest at OneBeacon), $0.5 billion of which can be distributed to White Mountains without prior regulatory approval. As a result, as of December 31, 2014, $2.1 billion of White Mountains’s GAAP shareholders’ equity held in its insurance and reinsurance subsidiaries was not available for the payment of dividends without prior regulatory approval, and approximately $958 million of White Mountains’s retained earnings is unrestricted with respect to the payment of dividends to White Mountains’s common shareholders. When determining whether to make distributions from its insurance and reinsurance operating subsidiaries, White Mountains also considers factors such as internal capital targets and rating agency capital requirements. Accordingly, there can be no assurance regarding the amount of such dividends that may be paid by such subsidiaries in the future.

Following is a description of the dividend capacity of White Mountains’s insurance and reinsurance operating subsidiaries:

OneBeacon:

On December 23, 2014, OneBeacon Insurance Company (“OBIC”) distributed ASIC to its immediate parent at a value of $700.5 million as part of the Runoff Transaction. OBIC also distributed $151.2 million of cash and other securities to its immediate parent in accordance with the prescribed minimum capital to be included in the company at the time of its sale to Armour, as approved by the PID.

ASIC has the ability to pay dividends to its immediate parent during any twelve-month period without the prior approval of regulatory authorities in an amount set by formula based on the lesser of net investment income, as defined by statute, or 10% of statutory surplus, in both cases as most recently reported to regulatory authorities, subject to the availability of earned surplus and subject to dividends paid in prior periods. Based upon the formula above, ASIC has the ability to pay $44.9 million of dividends during 2015 without prior approval of regulatory authorities. As of December 31, 2014, ASIC had $721.5 million of statutory surplus and $87.8 million of earned surplus. Also in 2014, OneBeacon contributed $67.0 million to ASIC.

During 2013, ASIC paid a $190.0 million extraordinary return of capital to OBIC, which, in turn, distributed the $190.0 million to its immediate parent. During 2013, OneBeacon also contributed $35.0 million to OBIC.

Split Rock has the ability to declare or pay dividends during any twelve-month period without the prior approval of Bermuda regulatory authorities on condition that any such declaration or payment of dividends does not cause a breach of any of its regulatory solvency and liquidity requirements. If Split Rock fails to meet its regulatory solvency or liquidity requirements on the last day of any financial year, it is prohibited from declaring or paying any dividends during the next financial year without the approval of the BMA.

In addition, under the Companies Act 1981 of Bermuda (the “Companies Act”), Split Rock is prohibited from declaring or paying a dividend or making a distribution out of contributed surplus if there are reasonable grounds for believing that after such payment is made, Split Rock would be unable to pay its liabilities as they become due or the realizable value of its assets would be less than its liabilities.

During 2015, Split Rock has the ability to make capital distributions without the prior approval of regulatory authorities, subject to meeting all appropriate liquidity and solvency requirements, of $18.8 million, which is equal to 15% of its December 31, 2014 statutory capital (excluding earned surplus). During 2014, Split Rock paid $10.0 million of dividends and $10.0 million of capital distributions to its immediate parent. During 2013, OneBeacon contributed $135.1 million to Split Rock. Split Rock did not pay any dividends in 2013.

During 2014 and 2013, OneBeacon’s unregulated insurance operating subsidiaries paid $4.8 million and $17.3 million of dividends to their immediate parent. As of December 31, 2014, OneBeacon’s unregulated insurance operating subsidiaries had $78.1 million of net unrestricted cash, short-term investments and fixed maturity investments. As of December 31, 2014, OneBeacon’s unregulated insurance operating subsidiaries also held $101.0 million in par value of OBIC Surplus Notes, with a fair value of $65.1 million classified as other long-term investments.

During 2014, OneBeacon Ltd. paid $80.0 million of regular quarterly dividends to its common shareholders. White Mountains received $60.3 million of these dividends.

As of December 31, 2014, OneBeacon Ltd. and its intermediate holding companies held $107.0 million of net unrestricted cash, short-term investments and fixed maturity investments and $89.4 million of common equity securities, convertible fixed maturity and preferred investments and other long-term investments outside of its regulated and unregulated insurance operating subsidiaries.

Sirius Group:

Sirius Bermuda has the ability to declare or pay dividends or make capital distributions during any 12-month period without the prior approval of Bermuda regulatory authorities on the condition that any such declaration or payment of dividends or capital distributions does not cause a breach of any of its regulatory solvency and liquidity requirements. During 2015, Sirius Bermuda has the ability, subject to meeting all appropriate liquidity and solvency requirements, to make dividend or capital distributions without the prior approval of regulatory authorities, subject to meeting all appropriate liquidity and solvency requirements, of $350.0 million, which is equal to 15% of its December 31, 2014 statutory capital, excluding earned surplus. The amount of dividends available to be paid by Sirius Bermuda in any given year is also subject to cash flow and earnings generated by Sirius International’s business, as well as to dividends received from its subsidiaries, including Sirius International.

Sirius International has the ability to pay dividends to Sirius Bermuda subject to the availability of unrestricted equity, calculated in accordance with the Swedish Act on Annual Accounts in Insurance Companies and the Swedish Supervisor Authorities (“Swedish FSA”). Unrestricted equity is calculated on a consolidated group account basis and on a parent account basis. Differences between the bases include but are not limited to accounting for goodwill, subsidiaries (with parent accounts stated at original foreign exchange rates), taxes and pensions. Sirius International’s ability to pay dividends is limited to the “lower of” unrestricted equity as calculated within the group and parent accounts. As of December 31, 2014, Sirius International had $467.0 million (based on the December 31, 2014 SEK to USD exchange rate) of unrestricted equity on a parent account basis (the lower of the two) available to pay dividends in 2015. The amount of dividends available to be paid by Sirius International in any given year is also subject to cash flow and earnings generated by Sirius International’s business, as well as to dividends received from its subsidiaries, including Sirius America. Earnings generated by Sirius International’s business that are allocated to the Safety Reserve are not available to pay dividends (see “Safety Reserve” on the next page). During 2014, Sirius International distributed $220.9 million of dividends to its immediate parent.

Subject to certain limitations under Swedish law, Sirius International is permitted to transfer certain portions of its pre-tax income to its Swedish parent companies to minimize taxes (referred to as a group contribution). On January 1, 2013, new tax legislation became effective in Sweden that limits the deductibility of interest paid on certain intra-group debt instruments. Uncertainty exists with respect to the interpretation of the legislation on existing intra-group debt instruments within the Sirius Group structure. During 2014, Sirius International did not transfer any of its 2013 pre-tax income to its Swedish parent companies.

Sirius America has the ability to pay dividends to Sirius International during any twelve-month period without the prior approval of regulatory authorities in an amount set by formula based on the lesser of net investment income, as defined by statute, or 10% of statutory surplus, in both cases as most recently reported to regulatory authorities, subject to the availability of earned surplus and subject to dividends paid in prior periods. Based upon the formula above, Sirius America does not have the ability to pay any dividends during 2015 without prior approval of regulatory authorities. As of December 31, 2014, Sirius America had $620.6 million of statutory surplus and $81.9 million of earned surplus. During 2014, Sirius America did not pay any dividends to its immediate parent.

As of December 31, 2014, Sirius Group and its intermediate holding companies held $20.4 million of net unrestricted cash, short-term investments and fixed maturity investments outside of its regulated and unregulated insurance and reinsurance operating subsidiaries. During 2014, Sirius Group distributed $50.0 million to its immediate parent.

Capital Maintenance

There is a capital maintenance agreement between Sirius International and Sirius America which obligates Sirius International to make contributions to Sirius America’s surplus in order for Sirius America to maintain surplus equal to at least 125% of the company action level risk based capital as defined in the NAIC Property/Casualty Risk-Based Capital Report. The agreement provides for a maximum contribution to Sirius America of $200.0 million. Sirius International also provides Sirius America with accident year stop loss reinsurance, which protects Sirius America’s accident year loss and allocated loss adjustment expense ratio in excess of 70%, with a limit of $90.0 million.

Safety Reserve

Subject to certain limitations under Swedish law, Sirius International is permitted to transfer pre-tax amounts into an untaxed reserve referred to as a safety reserve. As of December 31, 2014, Sirius International’s safety reserve amounted to SEK 10.4 billion or $1.3 billion at the December 31, 2014 exchange rate of 7.77 USD to SEK. Under GAAP, an amount equal to the safety reserve, net of a related deferred tax liability established at the Swedish tax rate of 22.0%, is classified as shareholder’s equity. Generally, this deferred tax liability is only required to be paid by Sirius International if it fails to maintain prescribed levels of premium writings and loss reserves in future years. As a result of the indefinite deferral of these taxes, Swedish regulatory authorities apply no taxes to the safety reserve when calculating solvency capital under Swedish insurance regulations. Accordingly, under local statutory requirements, an amount equal to the deferred tax liability on Sirius International’s safety reserve ($295.7 million as of December 31, 2014) is included in solvency capital. Access to the safety reserve is restricted to coverage of insurance or reinsurance underwriting losses. Access for any other purpose requires the approval of Swedish regulatory authorities. Similar to the approach taken by Swedish regulatory authorities, most major rating agencies generally include the $1.3 billion balance of the safety reserve, without any provision for deferred taxes, in Sirius International’s regulatory capital when assessing Sirius International’s financial strength.

HG Global/BAM:

As of December 31, 2014, HG Global had $613.0 million face value of preferred shares outstanding, of which White Mountains owned 96.9%. Holders of the HG Global preferred shares receive cumulative dividends at a fixed annual rate of 6.0% on a quarterly basis, when and if declared by HG Global. HG Global did not declare or pay any preferred dividends in 2014. As of December 31, 2014, HG Global has accrued $96.2 million of dividends payable to holders of its preferred shares, $93.3 million of which is payable to White Mountains and eliminated in consolidation.

HG Re is a Special Purpose Insurer subject to regulation and supervision by the BMA, but does not require regulatory approval to pay dividends. However, HG Re’s dividend capacity is limited by amounts held in the collateral trusts pursuant to the first loss reinsurance treaty (“FLRT”) with BAM. As of December 31, 2014, HG Re had statutory capital of $444.5 million, of which $402.6 million was held as collateral in the supplemental trust pursuant to the FLRT with BAM and $44.3 million relates to accrued interest on the BAM Surplus Notes held by HG Re.

Effective January 1, 2014, HG Global and BAM agreed to change the interest rate on the BAM surplus notes for the five years ending December 31, 2018 from a fixed rate of 8.0% to a variable rate equal to the one-year U.S. treasury rate plus 300 basis points, set annually, which is 3.13% for 2014. Prior to the end of 2018, BAM has the option to extend the variable rate period for an additional three years. At the end of the variable rate period, the interest rate will be fixed at the higher of the then current variable rate or 8.0%. BAM is required to seek regulatory approval to pay interest and principal on its surplus notes only when adequate capital resources have accumulated beyond BAM’s initial capitalization and a level that continues to support its outstanding obligations, business plan and ratings. BAM did not pay any interest on the BAM Surplus Notes in 2013 or 2012.

Other Operations:

During 2014, White Mountains contributed $15.0 million to WM Advisors. During 2014, WM Advisors did not pay any dividends to its immediate parent. As of December 31, 2014, WM Advisors held $25.7 million of net unrestricted cash and short-term investments.

As of December 31, 2014, the Company and its intermediate holding companies held $275.1 million of net unrestricted cash, short-term investments and fixed maturity investments, $172.7 million of common equity securities and and convertible fixed maturity investments and $106.4 million of other long-term investments included in its Other Operations segment. During 2014, White Mountains paid a $6.2 million common share dividend.