SCHEDULE I SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES

12 Months Ended

Dec. 31, 2014

Summary of Investments, Other than Investments in Related Parties [Abstract]

SCHEDULE I SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES

WHITE MOUNTAINS INSURANCE GROUP, LTD.

SUMMARY OF INVESTMENTS—OTHER THAN

INVESTMENTS IN RELATED PARTIES

At December 31, 2014



Millions	Cost		Carrying Value		Fair Value
Fixed maturity investments:
Bonds:
U.S. Government and government agencies and authorities	$	184.7	$	188.1	$	188.1
Debt securities issued by corporations	2,221.3		2,311.2		2,311.2
Mortgage-backed and asset-backed securities	1,811.1		1,840.9		1,840.9
States, municipalities and political subdivisions	82.0		83.2		83.2
Foreign governments	274.6		275.1		275.1
Redeemable preferred stocks	79.6		85.8		85.8
Total fixed maturity investments	4,653.3		4,784.3		4,784.3
Short-term investments	871.7		871.7		871.7
Common equity securities:
Banks, trust and insurance companies	167.0		233.9		233.9
Public utilities	7.9		9.5		9.5
Industrial, miscellaneous and other	458.7		558.2		558.2
Total common equity securities	633.6		801.6		801.6
Convertible fixed maturity and preferred investments	19.1		20.5		20.5
Other long-term investments⁽¹⁾	322.0		385.0		385.0
Total investments	$	6,499.7	$	6,863.1	$	6,863.1

⁽¹⁾ Excludes cost of $22.5 and carrying value of $23.2 associated with investments accounted for under the equity method.

Schedules of the Registrant should be read in conjunction with the Consolidated Financial Statements and Notes.

- Definition

The entire disclosure for the schedule applicable to insurance companies summarizing investments held as of the most recent audited balance sheet. At a minimum, such summary is by three major categories of investments including: (1) fixed maturities primarily consisting of bonds, including convertibles and bonds with warrants, and redeemable preferred stocks, (2) equity securities primarily consisting of common stocks and nonredeemable preferred stocks, and (3) other investments including mortgage loans on real estate, real estate held for investment, real estate acquired in satisfaction of debt, policy loans, other long-term investments, and short-term investments not otherwise categorized. The information provided with respect to each item within each category includes: (A) the original cost of equity securities and, as to fixed maturity securities, original cost reduced by repayments and adjusted for amortization of premiums or accrual of discounts, (B) fair value as of the reporting date, and (C) the amount at which the item within each category is shown in the statement of financial position; with respect to (C), if the amount at which shown in the statement of financial position is different from the items original [amortized] cost or fair value, an explanation of the difference may be included herein.

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