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SCHEDULE II CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT
 12 Months Ended
Dec. 31, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
SCHEDULE II CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT
CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

CONDENSED BALANCE SHEETS

 
 
December 31,
Millions
 
2014
 
2013
Assets:
 
 

 
 

Cash
 
$
.2

 
$
.2

Fixed maturity investments, at fair value
 
—

 
31.8

Short-term investments, at amortized cost
 
31.0

 
1.4

Other assets
 
.2

 
.4

Investments in consolidated and unconsolidated affiliates
 
4,119.4

 
3,919.1

Total assets
 
$
4,150.8

 
$
3,952.9

Liabilities:
 
 

 
 

Revolving line of credit
 
$
—

 
$
—

Payable to subsidiary
 
161.6

 
47.0

Other liabilities
 
(7.4
)
 
.4

Total liabilities
 
154.2

 
47.4

White Mountains’s common shareholders’ equity
 
3,996.6

 
3,905.5

Total liabilities and equity
 
$
4,150.8

 
$
3,952.9


CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

 
 
Year Ended December 31,
Millions
 
2014
 
2013
 
2012
Revenues (including realized gains and losses)
 
$
.3

 
$
1.2

 
$
20.8

Expenses
 
32.3

 
39.0

 
32.4

Pre-tax loss
 
(32.0
)
 
(37.8
)
 
(11.6
)
Income tax benefit (expense)
 
.9

 
(.1
)
 
(.3
)
Net loss
 
(31.1
)
 
(37.9
)
 
(11.9
)
Net gain from discontinued operations, net of tax
 
13.9

 
—

 
—

Equity in earnings from consolidated and unconsolidated affiliates
 
329.9

 
359.7

 
219.3

Net income attributable to White Mountains’s common shareholders
 
312.7

 
321.8

 
207.4

Other comprehensive (loss) income items, after-tax
 
(101.6
)
 
(79.8
)
 
95.2

Comprehensive income attributable to White Mountains’s common
shareholders
 
$
211.1

 
$
242.0

 
$
302.6

Computation of net income available to common shareholders:
 
 
 
 
 
 
Net income available to common shareholders
 
$
312.7

 
$
321.8

 
$
207.4











Schedules of the Registrant should be read in conjunction with the Consolidated Financial Statements and Notes.
SCHEDULE II
(continued)
CONDENSED STATEMENTS OF CASH FLOWS
 
 
Year Ended December 31,
Millions
 
2014
 
2013
 
2012
Net income attributable to White Mountains’s common shareholders
 
$
312.7

 
$
321.8

 
$
207.4

Charges (credits) to reconcile net income to net cash from operations:
 
 

 
 

 
 

Net realized and unrealized gains on sales of investments
 
(.2
)
 
(.2
)
 
(11.0
)
Undistributed current earnings from subsidiaries
 
(329.9
)
 
(359.7
)
 
(219.3
)
Net gain on sale of other discontinued operations (6)
 
(13.9
)
 
—

 
—

Other non-cash reconciling items including restricted share and option amortization
 
12.9

 
15.6

 
22.1

Net change in other assets and liabilities, net
 
(7.6
)
 
(2.9
)
 
(10.0
)
Net cash used for continuing operations
 
(26.0
)
 
(25.4
)
 
(10.8
)
Net cash provided from discontinued operations(6)
 
13.9

 
—

 
—

Net cash used for operations
 
(12.1
)
 
(25.4
)
 
(10.8
)
Cash flows from investing activities:
 
 

 
 

 
 

Net decrease in short-term investments
 
(29.6
)
 
7.5

 
63.3

Purchases of investment securities(2)
 
(7.6
)
 
(26.2
)
 
(706.2
)
Sales and maturities of investment securities(4)
 
39.4

 
61.1

 
2,009.7

Issuance of debt from (to) subsidiaries(3) 
 
144.6

 
153.9

 
(121.0
)
Repayment of debt (to) from subsidiaries
 
(30.0
)
 
(10.3
)
 
28.5

Receipt of cash flows from discontinued operations(6)
 
13.9

 
—

 
—

Contributions to subsidiaries(4)
 
—

 
—

 
(663.0
)
Distributions from subsidiaries(1)(2)
 
29.7

 
.1


—

Net cash provided from investing activities — continuing operations
 
160.4

 
186.1

 
611.3

Net cash used for investing activities — discontinued operations
 
(13.9
)
 
—

 
—

Net cash provided from investing activities
 
146.5

 
186.1

 
611.3

Cash flows from financing activities:
 
 

 
 

 
 

Draw down of revolving line of credit(5)
 
65.0

 
200.0

 
150.0

Repayment of revolving line of credit(3)(5)
 
(65.0
)
 
(275.0
)
 
(75.0
)
Proceeds from issuances of common shares
 
—

 
—

 
—

Repurchases and retirement of common shares(3)(4)
 
(128.2
)
 
(79.8
)
 
(669.1
)
Dividends paid on common shares
 
(6.2
)
 
(6.2
)
 
(6.6
)
Net cash used for financing activities — continuing operations
 
(134.4
)
 
(161.0
)
 
(600.7
)
Net cash (used for) provided from financing activities — discontinued operations
 
—

 
—

 
—

Net cash used for financing activities
 
(134.4
)
 
(161
)
 
(600.7
)
Net decrease in cash during the year
 
—

 
(.3
)
 
(.2
)
Cash balance at beginning of year
 
.2

 
.5

 
.7

Cash balance at end of year
 
$
.2

 
$
.2

 
$
.5

Supplemental cash flow information:
 
 
 
 
 
 
Interest paid
 
$
(.3
)
 
$
(2.0
)
 
$
(12.4
)
(1) 
During 2014, the Company received a distribution of $29.7 from Lone Tree Holdings, Ltd, a direct wholly-owned subsidiary.
(2) 
During 2013, the Company received a distribution of $28.0 from Lone Tree Holdings, Ltd. The distribution included $27.9 of fixed maturities and $.1 of cash. Purchases of investment securities excludes the non-cash distribution of $27.9.
(3) 
During 2013, the Company used cash proceeds received from the issuance of debt to repurchase $79.8 of its common shares and repay $75.0 of its revolving line of credit.
(4) 
During 2012, the Company sold the majority of its fixed maturity investments and used the proceeds to (a) contribute $663.0 to its subsidiaries, the majority of which was used to fund HG Global and (b) repurchase 1,329,640 of its common shares for $669.1.
(5) 
The WTM Bank Facility presented in Note 7 - “Debt” is a direct obligation of the Registrant.
(6) 
During 2014, the Company received a payment from Allianz, the purchaser of White Mountains’s former subsidiary Fireman’s Fund Insurance Company (“FFIC”), related to the utilization of alternative minimum tax credits associated with the tax loss on the sale of FFIC in 1991. See Note 22 - “Discontinued Operations”.








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