Investments in Unconsolidated Affiliates (Tables)

3 Months Ended

Mar. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

Investments in and Advances to Affiliates

White Mountains’s investments in unconsolidated affiliates represent investments in other companies in which White Mountains has a significant voting and economic interest but does not control the entity.



Millions	March 31, 2015		December 31, 2014
Symetra common shares	$	378.9	$	373.8
Unrealized gains from Symetra’s fixed maturity portfolio	68.4		37.6
Carrying value of Symetra common shares	447.3		411.4
Hamer	3.5		3.0
Total investments in unconsolidated affiliates	$	450.8	$	414.4

Schedule of Changes in Investments in Unconsolidated Affiliates

The following table summarizes amounts recorded by White Mountains relating to its investment in Symetra for the three months ended March 31, 2015 and 2014:



	Three Months Ended
	March 31,
Millions	2015			2014
Carrying value of investment in Symetra at beginning of period	$	411.4		$	317.3
Equity in earnings ⁽¹⁾⁽²⁾	7.2			14.4
Equity in net unrealized gains (losses) from Symetra’s fixed maturity portfolio⁽³⁾	30.9			39.3
Dividends received	(2.2		)	(2.0		)
Carrying value of investment in Symetra at end of period⁽⁴⁾⁽⁵⁾	$	447.3		$	369.0

⁽¹⁾Equity in earnings excludes tax expense of $0.4 and $1.0.

⁽²⁾Equity in earnings includes $0.7 and $0.7 increase relating to the pre-tax amortization of the Symetra common share basis difference.

⁽³⁾Net unrealized gains includes $2.9 and $3.1 increase relating to the pre-tax amortization of the Symetra common share basis difference.

⁽⁴⁾Includes White Mountains’s equity in net unrealized gains from Symetra’s fixed maturity portfolio of $68.4 and $39.3 as of March 31, 2015 and 2014, which excludes tax expense of $4.6 and $2.8.

⁽⁵⁾The aggregate value of White Mountains’s investment in common shares of Symetra was $470.3 based upon the quoted market price of $23.46 per share at March 31, 2015.