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Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]  
Schedule illustrating the valuation adjustments between par and fair value [Table Text Block]
Below is a table illustrating the valuation adjustments taken to arrive at the estimated fair value of the OBIC Surplus Notes as of December 31, 2014:
 
 
Type of Surplus Note
 
 
Millions
 
Seller Priority
 
Pari Passu
 
Total
Par Value
 
$
57.9

 
$
43.1

 
$
101.0

Fair value adjustments to reflect:
 
 
 
 
 
 
Current market rates on public debt and contract-based repayments(1)
 
1.6

 
(8.2
)
 
(6.6
)
Regulatory approval (2)
 
(4.6
)
 
(8.0
)
 
(12.6
)
Liquidity adjustment (3)
 
(11.0
)
 
(5.7
)
 
(16.7
)
Total adjustments
 
(14.0
)
 
(21.9
)
 
(35.9
)
Fair value
 
$
43.9

 
$
21.2

 
$
65.1

(1) 
Represents the value of the OBIC Surplus Notes, at current market yields on publicly traded debt, and assuming issuer is allowed to make principal and interest payments when its financial capacity is available, as measured by statutory capital in excess of a 250% RBC score.
(2) 
Represents anticipated delay in securing regulatory approvals of interest and principal payments to reflect graduated changes in Issuer’s statutory surplus.
(3) 
Represents impact of liquidity spread to account for OneBeacon’s sole ownership of the surplus notes, lack of a trading market and ongoing regulatory approval risk.
Schedule of discontinued operations balance sheet and income statement
The following summarizes the assets and liabilities associated with the businesses classified as held for sale:
 
 
December 31,
Millions
 
2013
Assets held for sale
 
 
Fixed maturity investments, at fair value
 
$
236.3

Reinsurance recoverable on unpaid losses
 
1,604.7

Reinsurance recoverable on paid losses
 
10.7

Insurance premiums receivable
 
9.1

Deferred tax asset
 
3.3

Other assets
 
16.0

Total assets held for sale
 
$
1,880.1

Liabilities held for sale
 
 
Loss and loss adjustment expense reserves
 
$
1,793.1

Unearned insurance premiums
 
.2

Ceded reinsurance payable
 
12.3

Other liabilities
 
74.5

Total liabilities held for sale
 
1,880.1

Net assets held for sale
 
$
—


Net Income (Loss) from Discontinued Operations 
The following summarizes the results of operations, including related income taxes associated with the businesses classified as discontinued operations:
 
 
Year Ended December 31,
Millions
 
2014
 
2013
 
2012
Revenues
 
 

 
 

 
 

Earned insurance premiums
 
$
.1

 
$
.8

 
$
10.6

Other revenue
 
—

 
10.8

 
—

Total revenues
 
.1

 
11.6

 
10.6

Expenses
 
 

 
 

 
 

Loss and loss adjustment expenses
 
(.7
)
 
78.9

 
48.4

Insurance and reinsurance acquisition expenses
 
.1

 
—

 
(2.1
)
Other underwriting expenses
 
3.5

 
(.2
)
 
1.7

Total expenses
 
2.9

 
78.7

 
48.0

Pre-tax loss
 
(2.8
)
 
(67.1
)
 
(37.4
)
Income tax benefit
 
1.0

 
25.0

 
13.4

Loss from discontinued operations
 
(1.8
)
 
(42.1
)
 
(24.0
)
Net (loss) gain from sales of discontinued operations
 
(1.6
)
 
46.6

 
(91.0
)
Net (loss) income from discontinued operations
 
$
(3.4
)
 
$
4.5

 
$
(115.0
)
Discontinued operations, computation of earnings per share
The following table outlines the computation of earnings (loss) per share for discontinued operations for the years ended December 31, 2014, 2013 and 2012:

 
 
Year Ended December 31,
 
 
2014
 
2013
 
2012
Basic and diluted earnings (loss) per share numerators (in millions):
 
 

 
 

 
 
Net (loss) income attributable to White Mountains’s common shareholders
 
$
(3.4
)
 
$
4.5

 
$
(115.0
)
Allocation of income for participating unvested restricted common shares (1)
 
—

 
—

 
1.5

Net (loss) income attributable to White Mountains’s common shareholders, net of
   restricted common share amounts (2)
 
$
(3.4
)
 
$
4.5

 
$
(113.5
)
Basic earnings (loss) per share denominators (in thousands):
 
 
 
 

 
 

Total average common shares outstanding during the period
 
6,104.9

 
6,200.4

 
6,799.8

Average unvested restricted common shares (3)
 
(78.9
)
 
(91.4
)
 
(91.1
)
Basic earnings (loss) per share denominator
 
6,026.0

 
6,109.0

 
6,708.7

Diluted earnings (loss) per share denominator (in thousands):
 
 
 
 

 
 

Total average common shares outstanding during the period
 
6,104.9

 
6,200.4

 
6,799.8

Average unvested restricted common shares (3)
 
(78.9
)
 
(91.4
)
 
(91.1
)
Average outstanding dilutive options to acquire common shares (4)
 
—

 
—

 
—

Diluted earnings (loss) per share denominator
 
6,026.0

 
6,109.0

 
6,708.7

Basic and diluted earnings (loss) per share (in dollars):
 
$
(.56
)
 
$
0.74

 
$
(16.91
)
(1) 
Restricted shares issued by White Mountains contain dividend participation features, and therefore, are considered participating securities.
(2) 
Net income (loss) attributable to White Mountains’s common shareholders, net of restricted share amounts, is equal to undistributed earnings for the years ended December 31, 2014, 2013 and 2012.
(3) 
Restricted common shares outstanding vest either in equal annual installments or upon a stated date (see Note 13).
(4) 
The diluted earnings (loss) per share denominator for the years ended December 31, 2014, 2013 and 2012 does not include the impact of 125,000 common shares issuable upon exercise of the non-qualified options outstanding as they are anti-dilutive to the calculation.