Third Party Reinsurance (Tables)

12 Months Ended

Dec. 31, 2015

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 - “Municipal Bond Guarantee Insurance” for balances related to White Mountains financial guarantee business):



	Year ended December 31, 2015
Millions	OneBeacon				HG/BAM ⁽¹⁾		Other			Total
Written premiums:
Direct	$	1,279.9			$	25.9	$	19.9		$	1,325.7
Assumed	36.0				—		—			36.0
Gross written premiums	1,315.9				25.9		19.9			1,361.7
Ceded	(179.3		)	⁽²⁾	—		(9.8		)	(189.1		)
Net written premiums	$	1,136.6			$	25.9	$	10.1		$	1,172.6
Earned premiums:
Direct	$	1,298.0			$	3.3	$	20.7		$	1,322.0
Assumed	45.9				—		—			45.9
Gross earned premiums	1,343.9				3.3		20.7			1,367.9
Ceded	(167.7		)	⁽²⁾	—		(12.0		)	(179.7		)
Net earned premiums	$	1,176.2			3.3		$	8.7		$	1,188.2
Losses and LAE:
Direct	$	783.0			$	—	$	19.5		$	802.5
Assumed	55.7				—		—			55.7
Gross losses and LAE	838.7				—		19.5			858.2
Ceded	(138.0		)	⁽²⁾	—		(11.3		)	(149.3		)
Net losses and LAE	$	700.7			$	—	$	8.2		$	708.9

⁽¹⁾During 2015, BAM ceded $19.3 in written premiums and $16.0 in earned premiums to HG Global, which have been eliminated within the HG/BAM segment.

⁽²⁾ During 2015, OneBeacon recorded ceded $33.3 in written premiums, $33.3 in earned premiums and $33.4 in loss and loss adjustment expenses as a result of the exit of the Crop Business due to the 100% quota share reinsurance agreement with AmTrust.



	Year ended December 31, 2014
Millions	OneBeacon			HG/BAM ⁽¹⁾		Other ⁽²⁾			Total
Written premiums:
Direct	$	1,257.5		$	16.2	$	22.6		$	1,296.3
Assumed	65.9			—		—			65.9
Gross written premiums	1,323.4			16.2		22.6			1,362.2
Ceded	(106.5		)	—		(16.7		)	(123.2		)
Net written premiums	$	1,216.9		$	16.2	$	5.9		$	1,239.0
Earned premiums:
Direct	$	1,209.1		$	1.8	$	22.6		$	1,233.5
Assumed	70.9			—		—			70.9
Gross earned premiums	1,280.0			1.8		22.6			1,304.4
Ceded	(102.9		)	—		(16.5		)	(119.4		)
Net earned premiums	$	1,177.1		1.8		$	6.1		$	1,185.0
Losses and LAE:
Direct	$	778.7		$	—	$	24.1		$	802.8
Assumed	115.7			—		—			115.7
Gross losses and LAE	894.4			—		24.1			918.5
Ceded	(79.3		)	—		(15.2		)	(94.5		)
Net losses and LAE	$	815.1		$	—	$	8.9		$	824.0

⁽¹⁾During 2014, BAM ceded $12.3 in written premiums and $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, and $16.9 in loss and loss adjustment expenses to OneBeacon, which have been eliminated in consolidation.



	Year ended December 31, 2013
Millions	OneBeacon			HG/BAM ⁽¹⁾		Total
Written premiums:
Direct	$	1,103.1		$	13.6	$	1,116.7
Assumed	59.8			—		59.8
Gross written premiums	1,162.9			13.6		1,176.5
Ceded	(74.3		)	—		(74.3		)
Net written premiums	$	1,088.6		$	13.6	$	1,102.2
Earned premiums:
Direct	$	1,043.3		$	.5	$	1,043.8
Assumed	148.5			—		148.5
Gross earned premiums	1,191.8			.5		1,192.3
Ceded	(71.4		)	—		(71.4		)
Net earned premiums	$	1,120.4		$	.5	$	1,120.9
Losses and LAE:
Direct	$	584.9		$	—	$	584.9
Assumed	76.3			—		76.3
Gross losses and LAE	661.2			—		661.2
Ceded	(39.1		)	—		(39.1		)
Net losses and LAE	$	622.1		$	—	$	622.1

⁽¹⁾During 2013, BAM ceded $10.6 in written premiums ($10.2 in earned premiums) to HG Global, which have been eliminated within the HG/BAM segment.

OneBeacon

Ceded Credit Risk [Line Items]

Ceded Credit Risk

The following table summarizes Standard & Poor’s Financial Services LLC (“Standard & Poor’s”) ratings for OneBeacon’s reinsurers.



Standard & Poor’s Rating⁽¹⁾
$ in millions	Balance at December 31, 2015		% of Total
AA	$	41.7	22	%
A	126.2		65	%
BBB, Not rated and other⁽²⁾	25.6		13	%
Total	$	193.5	100	%

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

⁽²⁾ Includes $20.4 related to OBIC, an unrated entity sold to Armour as part of the Runoff Transaction.