XML 103 R6.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Cash flows from operations:      
Net income $ 290.6us-gaap_ProfitLoss $ 309.4us-gaap_ProfitLoss $ 193.4us-gaap_ProfitLoss
Charges (credits) to reconcile net income to net cash (used for) provided from operations:      
Net realized and unrealized investment gains (283.9)us-gaap_GainLossOnInvestments (161.7)us-gaap_GainLossOnInvestments (118.2)us-gaap_GainLossOnInvestments
Net gain on sale of consolidated and unconsolidated affiliates (0.7)us-gaap_GainOrLossOnSaleOfStockInSubsidiary (21.3)us-gaap_GainOrLossOnSaleOfStockInSubsidiary 0us-gaap_GainOrLossOnSaleOfStockInSubsidiary
Amortization and depreciation 69.7us-gaap_DepreciationDepletionAndAmortization 60.6us-gaap_DepreciationDepletionAndAmortization 50.8us-gaap_DepreciationDepletionAndAmortization
Excess of fair value of acquired net assets over cost 0us-gaap_ExtraordinaryItemNetOfTax (15.2)us-gaap_ExtraordinaryItemNetOfTax (34.2)us-gaap_ExtraordinaryItemNetOfTax
Deferred income tax (benefit) expense (2.7)us-gaap_DeferredIncomeTaxExpenseBenefit 39.7us-gaap_DeferredIncomeTaxExpenseBenefit (16.8)us-gaap_DeferredIncomeTaxExpenseBenefit
Undistributed equity in earnings from unconsolidated affiliates, after-tax (45.6)us-gaap_IncomeLossFromEquityMethodInvestments (36.6)us-gaap_IncomeLossFromEquityMethodInvestments (29.9)us-gaap_IncomeLossFromEquityMethodInvestments
Net loss from discontinued operations 1.8us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax 42.1us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax 24.0us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax
Net loss (gain) on sale of other discontinued operations 1.6us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax (46.6)us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax 91.0us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
Other operating items:      
Net change in loss and loss adjustment expense reserves 189.6us-gaap_IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve (164.6)us-gaap_IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve (172.2)us-gaap_IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve
Net change in reinsurance recoverable on paid and unpaid losses (93.0)us-gaap_IncreaseDecreaseInReinsuranceRecoverable 25.0us-gaap_IncreaseDecreaseInReinsuranceRecoverable 42.4us-gaap_IncreaseDecreaseInReinsuranceRecoverable
Net change in unearned insurance and reinsurance premiums (119.6)us-gaap_IncreaseDecreaseInUnearnedPremiums 12.5us-gaap_IncreaseDecreaseInUnearnedPremiums (63.1)us-gaap_IncreaseDecreaseInUnearnedPremiums
Net change in ceded reinsurance premiums payable 46.1us-gaap_IncreaseDecreaseInReinsurancePayables (28.1)us-gaap_IncreaseDecreaseInReinsurancePayables 3.8us-gaap_IncreaseDecreaseInReinsurancePayables
Net change in ceded unearned insurance and reinsurance premiums (21.2)us-gaap_IncreaseDecreaseInPrepaidReinsurancePremiums 1.4us-gaap_IncreaseDecreaseInPrepaidReinsurancePremiums 0us-gaap_IncreaseDecreaseInPrepaidReinsurancePremiums
Net change in insurance and reinsurance premiums receivable (88.0)us-gaap_IncreaseDecreaseInPremiumsReceivable 12.7us-gaap_IncreaseDecreaseInPremiumsReceivable (79.2)us-gaap_IncreaseDecreaseInPremiumsReceivable
Net change in variable annuity benefit guarantee liabilities (53.5)wtm_IncreaseDecreaseInVariableAnnuityBenefitGuaranteeLiabilities (388.7)wtm_IncreaseDecreaseInVariableAnnuityBenefitGuaranteeLiabilities (327.1)wtm_IncreaseDecreaseInVariableAnnuityBenefitGuaranteeLiabilities
Net change in variable annuity benefit derivative instruments 12.7wtm_IncreaseDecreaseInVariableAnnuityBenefitDerivativeInstruments 29.1wtm_IncreaseDecreaseInVariableAnnuityBenefitDerivativeInstruments 192.1wtm_IncreaseDecreaseInVariableAnnuityBenefitDerivativeInstruments
Net change in deferred acquisition costs (12.6)us-gaap_IncreaseDecreaseInDeferredPolicyAcquisitionCosts 17.1us-gaap_IncreaseDecreaseInDeferredPolicyAcquisitionCosts (5.7)us-gaap_IncreaseDecreaseInDeferredPolicyAcquisitionCosts
Net change in funds held by ceding companies (35.5)us-gaap_IncreaseDecreaseInFundsHeldUnderReinsuranceAgreements 14.4us-gaap_IncreaseDecreaseInFundsHeldUnderReinsuranceAgreements (17.7)us-gaap_IncreaseDecreaseInFundsHeldUnderReinsuranceAgreements
Net change in funds held under reinsurance treaties 22.4us-gaap_IncreaseDecreaseInClientFundsHeld 98.8us-gaap_IncreaseDecreaseInClientFundsHeld 10.6us-gaap_IncreaseDecreaseInClientFundsHeld
Net change in restricted cash 32.4us-gaap_IncreaseDecreaseInRestrictedCashForOperatingActivities 193.7us-gaap_IncreaseDecreaseInRestrictedCashForOperatingActivities 203.7us-gaap_IncreaseDecreaseInRestrictedCashForOperatingActivities
Net change in other assets and liabilities, net 57.1us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet 2.6us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet (103.5)us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet
Net cash provided from (used for) continuing operations 206.9us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations (28.7)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations (29.6)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Net cash used for discontinued operations (88.1)us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations (72.3)us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations (196.2)us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
Net cash provided from (used for) operations 118.8us-gaap_NetCashProvidedByUsedInOperatingActivities (101.0)us-gaap_NetCashProvidedByUsedInOperatingActivities (225.8)us-gaap_NetCashProvidedByUsedInOperatingActivities
Cash flows from investing activities:      
Net change in short-term investments (351.5)us-gaap_PaymentsForProceedsFromShortTermInvestments 34.8us-gaap_PaymentsForProceedsFromShortTermInvestments 145.3us-gaap_PaymentsForProceedsFromShortTermInvestments
Sales of fixed maturity and convertible investments 4,845.1wtm_ProceedsFromSaleOfTradingFixedMaturityAndConvertibleFixedMaturityInvestments 3,879.8wtm_ProceedsFromSaleOfTradingFixedMaturityAndConvertibleFixedMaturityInvestments 6,040.0wtm_ProceedsFromSaleOfTradingFixedMaturityAndConvertibleFixedMaturityInvestments
Maturities, calls and paydowns of fixed maturity and convertible investments 629.2wtm_ProceedsFromMaturitiesOfTradingFixedMaturityAndConvertibleFixedMaturityInvestments 465.8wtm_ProceedsFromMaturitiesOfTradingFixedMaturityAndConvertibleFixedMaturityInvestments 678.4wtm_ProceedsFromMaturitiesOfTradingFixedMaturityAndConvertibleFixedMaturityInvestments
Sales of common equity securities 660.9wtm_ProceedsFromSaleOfTradingCommonEquitySecurities 521.1wtm_ProceedsFromSaleOfTradingCommonEquitySecurities 192.4wtm_ProceedsFromSaleOfTradingCommonEquitySecurities
Distributions and redemptions of other long-term investments 102.9us-gaap_ProceedsFromSaleAndMaturityOfOtherInvestments 58.1us-gaap_ProceedsFromSaleAndMaturityOfOtherInvestments 86.7us-gaap_ProceedsFromSaleAndMaturityOfOtherInvestments
Sales of unconsolidated affiliates, net of cash sold and held in escrow 12.8us-gaap_ProceedsFromDivestitureOfInterestInSubsidiariesAndAffiliates 32.4us-gaap_ProceedsFromDivestitureOfInterestInSubsidiariesAndAffiliates 24.8us-gaap_ProceedsFromDivestitureOfInterestInSubsidiariesAndAffiliates
Contributions to other long-term investments (137.0)us-gaap_PaymentsToAcquireOtherInvestments (36.3)us-gaap_PaymentsToAcquireOtherInvestments (96.7)us-gaap_PaymentsToAcquireOtherInvestments
Funding of operational cash flows for discontinued operations (88.1)us-gaap_PaymentsForProceedsFromOtherInvestingActivities (72.3)us-gaap_PaymentsForProceedsFromOtherInvestingActivities (196.2)us-gaap_PaymentsForProceedsFromOtherInvestingActivities
Purchases of common equity securities (328.8)wtm_PaymentsToAcquireTradingCommonEquitySecurities (432.2)wtm_PaymentsToAcquireTradingCommonEquitySecurities (365.2)wtm_PaymentsToAcquireTradingCommonEquitySecurities
Purchases of fixed maturity and convertible investments (5,112.8)wtm_PaymentsToAcquireTradingFixedMaturityAndConvertibleFixedMaturityInvestments (4,132.0)wtm_PaymentsToAcquireTradingFixedMaturityAndConvertibleFixedMaturityInvestments (5,810.1)wtm_PaymentsToAcquireTradingFixedMaturityAndConvertibleFixedMaturityInvestments
Purchases of consolidated and unconsolidated affiliates (net of cash acquired) (199.2)us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates 15.9us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates (41.3)us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates
Net change in unsettled investment purchases and sales (62.1)wtm_IncreaseDecreaseInUnsettledAccountsReceivableAndAccountsPayable 7.5wtm_IncreaseDecreaseInUnsettledAccountsReceivableAndAccountsPayable (22.4)wtm_IncreaseDecreaseInUnsettledAccountsReceivableAndAccountsPayable
Net acquisitions of property and equipment (11.6)wtm_NetAcquisitionsOfPropertyAndEquipment (13.1)wtm_NetAcquisitionsOfPropertyAndEquipment (2.3)wtm_NetAcquisitionsOfPropertyAndEquipment
Net cash (used for) provided from investing activities — continuing operations (40.2)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations 329.5us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations 633.4us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
Net cash provided from investing activities — discontinued operations 88.1us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations 72.3us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations 196.2us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
Net cash provided from investing activities 47.9us-gaap_NetCashProvidedByUsedInInvestingActivities 401.8us-gaap_NetCashProvidedByUsedInInvestingActivities 829.6us-gaap_NetCashProvidedByUsedInInvestingActivities
Cash flows from financing activities:      
Draw down of revolving line of credit 0us-gaap_ProceedsFromLinesOfCredit 200.0us-gaap_ProceedsFromLinesOfCredit 150.0us-gaap_ProceedsFromLinesOfCredit
Repayment of revolving line of credit (66.5)us-gaap_RepaymentsOfDebt (275.0)us-gaap_RepaymentsOfDebt (75.0)us-gaap_RepaymentsOfDebt
Repurchase of debt 65.0us-gaap_EarlyRepaymentOfSeniorDebt 0us-gaap_EarlyRepaymentOfSeniorDebt (275.9)us-gaap_EarlyRepaymentOfSeniorDebt
Issuance of debt, net of debt issuance costs 68.6us-gaap_ProceedsFromIssuanceOfDebt 0us-gaap_ProceedsFromIssuanceOfDebt 271.9us-gaap_ProceedsFromIssuanceOfDebt
Change in capital lease obligation (5.3)us-gaap_RepaymentsOfLongTermCapitalLeaseObligations (5.7)us-gaap_RepaymentsOfLongTermCapitalLeaseObligations (4.9)us-gaap_RepaymentsOfLongTermCapitalLeaseObligations
Cash dividends paid to the Company’s common shareholders (6.2)us-gaap_PaymentsOfDividendsCommonStock (6.2)us-gaap_PaymentsOfDividendsCommonStock (6.6)us-gaap_PaymentsOfDividendsCommonStock
Cash dividends paid to OneBeacon Ltd.’s non-controlling common shareholders (19.8)us-gaap_PaymentsOfDividendsMinorityInterest (19.9)us-gaap_PaymentsOfDividendsMinorityInterest (19.8)us-gaap_PaymentsOfDividendsMinorityInterest
Cash dividends paid on SIG Preference Shares (18.8)wtm_PaymentsofDividendsforPreferenceSharestoMinorityInterest (18.8)wtm_PaymentsofDividendsforPreferenceSharestoMinorityInterest (18.8)wtm_PaymentsofDividendsforPreferenceSharestoMinorityInterest
Common shares repurchased (128.2)us-gaap_PaymentsForRepurchaseOfCommonStock (79.8)us-gaap_PaymentsForRepurchaseOfCommonStock (669.1)us-gaap_PaymentsForRepurchaseOfCommonStock
OneBeacon Ltd. common shares repurchased and retired (1.7)wtm_PaymentforSubsidiarySharesRetired 0wtm_PaymentforSubsidiarySharesRetired 0wtm_PaymentforSubsidiarySharesRetired
Capital contributions from non-controlling interest of consolidated LPs 4.9us-gaap_ProceedsFromPartnershipContribution 1.6us-gaap_ProceedsFromPartnershipContribution 0us-gaap_ProceedsFromPartnershipContribution
Redemptions paid to non-controlling interest of consolidated LPs (5.5)us-gaap_ProceedsFromPaymentsForOtherFinancingActivities (0.7)us-gaap_ProceedsFromPaymentsForOtherFinancingActivities 0us-gaap_ProceedsFromPaymentsForOtherFinancingActivities
Distribution to non-controlling interest shareholders of Tranzact (25.8)us-gaap_PaymentsToMinorityShareholders 0us-gaap_PaymentsToMinorityShareholders 0us-gaap_PaymentsToMinorityShareholders
Purchase of interest rate cap 0us-gaap_PaymentsForDerivativeInstrumentFinancingActivities (9.9)us-gaap_PaymentsForDerivativeInstrumentFinancingActivities 0us-gaap_PaymentsForDerivativeInstrumentFinancingActivities
Collateral provided by interest rate cap counterparties (6.5)us-gaap_ProceedsFromDerivativeInstrumentFinancingActivities 10.8us-gaap_ProceedsFromDerivativeInstrumentFinancingActivities 0us-gaap_ProceedsFromDerivativeInstrumentFinancingActivities
Capital contributions from BAM members 16.2wtm_Memberscapitalcontribution 17.1wtm_Memberscapitalcontribution 0wtm_Memberscapitalcontribution
Net cash used for financing activities (129.6)us-gaap_NetCashProvidedByUsedInFinancingActivities (186.5)us-gaap_NetCashProvidedByUsedInFinancingActivities (648.2)us-gaap_NetCashProvidedByUsedInFinancingActivities
Effect of exchange rate changes on cash (14.3)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents (0.2)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents 3.1us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents
Net change in cash during the period 22.8us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 114.1us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (41.3)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash reclassified to assets held for sale (net of cash sold of $0, $0, and $3.5) 0wtm_CashReclassifiedFromAssetsHeldForSale 0wtm_CashReclassifiedFromAssetsHeldForSale 2.0wtm_CashReclassifiedFromAssetsHeldForSale
Cash balance at beginning of year (excludes restricted cash balances of $56.1, $249.8 and $453.5) 326.7us-gaap_CashAndCashEquivalentsAtCarryingValue 212.6us-gaap_CashAndCashEquivalentsAtCarryingValue 251.9us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash balance at end of year (excludes restricted cash balances of $23.7, $56.1, and $249.8) $ 349.5us-gaap_CashAndCashEquivalentsAtCarryingValue $ 326.7us-gaap_CashAndCashEquivalentsAtCarryingValue $ 212.6us-gaap_CashAndCashEquivalentsAtCarryingValue