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Third Party Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2014
Ceded Credit Risk [Line Items]  
Schedule of direct assumed and ceded amounts
The effects of reinsurance on White Mountains’s insurance and reinsurance subsidiaries’ written and earned premiums and on losses and LAE were as follows (see Note 10 for balances related to White Mountains financial guarantee business):
 
 
Year ended December 31, 2014
Millions
 
OneBeacon
 
Sirius Group
 
HG/BAM (1)
 
Other (2)
 
Total
Written premiums:
 
 
 
 
 
 
 
 
 
 
Direct
 
$
1,257.5

 
$
208.7

 
$
16.2

 
$
22.6

 
$
1,505.0

Assumed
 
65.9

 
927.9

 
—

 
—

 
993.8

Gross written premiums
 
1,323.4

 
1,136.6

 
16.2

 
22.6

 
2,498.8

Ceded
 
(106.5
)
 
(254.1
)
 
—

 
(16.7
)
 
(377.3
)
Net written premiums
 
$
1,216.9

 
$
882.5

 
$
16.2

 
$
5.9

 
$
2,121.5

Earned premiums:
 
 
 
 
 
 
 
 
 
 
Direct
 
$
1,209.1

 
$
200.2

 
$
1.8

 
$
22.6

 
$
1,433.7

Assumed
 
70.9

 
925.4

 
—

 
—

 
996.3

Gross earned premiums
 
1,280.0

 
1,125.6

 
1.8

 
22.6

 
2,430.0

Ceded
 
(102.9
)
 
(251.7
)
 
—

 
(16.5
)
 
(371.1
)
Net earned premiums
 
$
1,177.1

 
$
873.9

 
1.8

 
$
6.1

 
$
2,058.9

Losses and LAE:
 
 
 
 
 
 
 
 
 
 
Direct
 
$
830.7

 
$
117.8

 
$
—

 
$
24.1

 
$
972.6

Assumed
 
63.7

 
378.1

 
—

 
—

 
441.8

Gross losses and LAE
 
894.4

 
495.9

 
—

 
24.1

 
1,414.4

Ceded
 
(79.3
)
 
(150.6
)
 
—

 
(15.2
)
 
(245.1
)
Net losses and LAE
 
$
815.1

 
$
345.3

 
$
—

 
$
8.9

 
$
1,169.3

(1) During 2014, BAM ceded $12.3 in written premiums ($1.4 in earned premiums) to HG Global, which have been eliminated within the HG/BAM segment.
(2) During 2014, SSIE ceded $16.0 in written premiums ($15.7 in earned premiums) to OneBeacon, which have been eliminated in consolidation.

 
 
Year ended December 31, 2013
Millions
 
OneBeacon
 
Sirius Group
 
Total
Written premiums:
 
 
 
 
 
 
Direct
 
$
1,103.1

 
$
177.3

 
$
1,280.4

Assumed
 
59.8

 
943.1

 
1,002.9

Gross written premiums
 
1,162.9

 
1,120.4

 
2,283.3

Ceded
 
(74.3
)
 
(243.8
)
 
(318.1
)
Net written premiums
 
$
1,088.6

 
$
876.6

 
$
1,965.2

Earned premiums:
 
 
 
 
 
 
Direct
 
$
1,043.3

 
$
174.0

 
$
1,217.3

Assumed
 
148.5

 
938.6

 
1,087.1

Gross earned premiums
 
1,191.8

 
1,112.6

 
2,304.4

Ceded
 
(71.4
)
 
(246.2
)
 
(317.6
)
Net earned premiums
 
$
1,120.4

 
$
866.4

 
$
1,986.8

Losses and LAE:
 
 
 
 
 
 
Direct
 
$
584.9

 
$
98.1

 
$
683.0

Assumed
 
76.3

 
455.5

 
531.8

Gross losses and LAE
 
661.2

 
553.6

 
1,214.8

Ceded
 
(39.1
)
 
(135.2
)
 
(174.3
)
Net losses and LAE
 
$
622.1

 
$
418.4

 
$
1,040.5


 
 
Year ended December 31, 2012
Millions
 
OneBeacon
 
Sirius Group
 
Total
Written premiums:
 
 
 
 
 
 
Direct
 
$
1,204.0

 
$
186.1

 
$
1,390.1

Assumed
 
55.2

 
992.7

 
1,047.9

Gross written premiums
 
1,259.2

 
1,178.8

 
2,438.0

Ceded
 
(80.0
)
 
(231.1
)
 
(311.1
)
Net written premiums
 
$
1,179.2

 
$
947.7

 
$
2,126.9

Earned premiums:
 
 
 
 
 
 
Direct
 
$
1,158.3

 
$
169.9

 
$
1,328.2

Assumed
 
52.8

 
988.3

 
1,041.1

Gross earned premiums
 
1,211.1

 
1,158.2

 
2,369.3

Ceded
 
(79.1
)
 
(226.6
)
 
(305.7
)
Net earned premiums
 
$
1,132.0

 
$
931.6

 
$
2,063.6

Losses and LAE:
 
 
 
 
 
 
Direct
 
$
687.5

 
$
96.9

 
$
784.4

Assumed
 
29.6

 
523.9

 
553.5

Gross losses and LAE
 
717.1

 
620.8

 
1,337.9

Ceded
 
(67.1
)
 
(76.9
)
 
(144.0
)
Net losses and LAE
 
$
650.0

 
$
543.9

 
$
1,193.9
Industry Loss Warranty
In addition to the above, Sirius Group periodically purchases industry loss warranty (“ILW”) contracts to augment its overall retrocessional program.  The following ILW contracts are currently in force:

Scope
 
Limit in millions
 
Trigger in billions
 
Expiration Date
European wind & flood
 
5.0

 
7.5

 
March 31, 2015
European wind & flood
 
5.0

 
5.0

 
March 31, 2015
European all natural perils
 
15.0

 
15.0

 
December 31, 2015 (second event aggregate excess cover)
European wind & earthquake
 
7.5

 
5.0

7.5

March 31, 2016
United States all natural peril
 
5.0

 
20.0

 
June 30, 2015
United States, European, Japan wind & earthquake
 
30.0

 
5.0

10.0

December 31, 2015 (multiple layer covers)
OneBeacon  
Ceded Credit Risk [Line Items]  
Ceded Credit Risk
The reinsurance balances associated with the Runoff Business are included in discontinued operations (see Note 22).
Standard & Poor’s Rating(1)
 
Balance at December 31, 2014
 
% of Total
AA
 
$
53.8

 
31
%
A
 
93.2

 
54
%
BBB+, Not rated and other (2)
 
26.8

 
15
%
Total
 
$
173.8

 
100
%
(1)  Standard & Poor’s ratings as detailed above are: “AA” (Very strong), “A” (Strong) and “BBB+” (Adequate).
Sirius Group  
Ceded Credit Risk [Line Items]  
Ceded Credit Risk
The following table provides a listing of Sirius Group’s gross and net recoverable amounts by the reinsurer’s Standard & Poor’s rating and the percentage of total recoverables.
Rating(1)
 
Gross
 
Collateral
 
Net
 
% of Net Total
AA
 
$
114.6

 
$
1.6

 
$
113.0

 
34
%
A
 
138.8

 
7.1

 
131.7

 
42
%
BBB+
 
8.9

 
—

 
8.9

 
3
%
BBB or lower
 
9.6

 
—

 
9.6

 
3
%
Not rated
 
61.7

 
21.5

 
40.2

 
18
%
Total
 
$
333.6

 
$
30.2

 
$
303.4

 
100
%

(1) Standard & Poor’s ratings as detailed above are: “AAA” (Extremely strong), “AA” (Very strong), “A” (Strong), and “BBB+” and “BBB” (Adequate).