Investments in Unconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 2015

Investments in and Advances to Affiliates [Line Items]

Schedule of investments in unconsolidated 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.



	November 5,			December 31,
Millions	2015			2014
Symetra common shares	$	394.4		$	373.8
Unrealized (losses) gains from Symetra’s fixed maturity portfolio	(1.6		)	37.6
Carrying value of Symetra common shares	392.8			411.4

Hamer	—			3.0
Total investments in unconsolidated affiliates	$	392.8		$	414.4

Schedule of changes in unconsolidated affiliates

The following table summarizes amounts recorded by White Mountains under the equity method relating to its investment in Symetra through November 5, 2015:



Millions	Common shares			Warrants			Total
Equity method carrying value of investment in Symetra as of December 31, 2012⁽²⁾	$	351.2		$	30.3		$	381.5
Equity in earnings^(1)(3)(6)	37.8			—			37.8
Equity in net unrealized gains from Symetra’s fixed maturity portfolio⁽⁴⁾⁽⁵⁾	(106.4		)	—			(106.4		)
Dividends received	(6.4		)	—			(6.4		)
Increase in value of warrants	—			10.8			10.8
Exercise of warrants	41.1			(41.1		)	—
Equity method carrying value of investment in Symetra as of December 31, 2013⁽²⁾	317.3			—			317.3
Equity in earnings^(1)(3)(6)	47.0			—			47.0
Equity in net unrealized losses from Symetra’s fixed maturity portfolio⁽⁴⁾⁽⁵⁾	81.2			—			81.2
Dividends received	(34.1		)	—			(34.1		)
Equity method carrying value of investment in Symetra as of December 31, 2014⁽²⁾	411.4			—			411.4
Equity in earnings^(1)(3)(6)	25.1			—			25.1
Equity in net unrealized gains from Symetra’s fixed maturity portfolio⁽⁴⁾⁽⁵⁾	(39.2		)	—			(39.2		)
Distribution from Prospector Offshore Fund	12.4			—			12.4
Dividends received	(16.9		)	—			(16.9		)
Equity method carrying value of investment in Symetra as of November 5, 2015⁽²⁾⁽⁷⁾	$	392.8		$	—		$	392.8


⁽¹⁾	Equity in earnings for the period ended November 5, 2015 and years ended December 31, 2014 and 2013 excludes tax expense of $1.6, $3.3, and $2.8


⁽²⁾	Includes White Mountains’s equity in net unrealized gains (losses) from Symetra’s fixed maturity portfolio of $(1.6), $37.6, and $(43.6) as of November 5, 2015 and December 31, 2014 and 2013, which excludes tax benefit (expense) of $0.2, $(2.7) and $3.2


⁽³⁾	Equity in earnings for the period ended November 5, 2015 and years ended December 31, 2014 and 2013 includes $2.3, $3.0 and $3.0 increases relating to the pre-tax amortization of the Symetra common share basis difference.


⁽⁴⁾	Net unrealized gains for the period ended November 5, 2015 and years ended December 31, 2014 and 2013 includes $9.4, $12.7 and $11.8 increases relating to the pre-tax amortization of the Symetra common share basis difference.


⁽⁵⁾	Net unrealized gains (losses) from Symetra’s fixed maturity portfolio excludes tax benefit (expense) of $2.9, $(5.9) and $8.3 for the period ended November 5, 2015 and years ended December 31, 2014 and 2013.


⁽⁶⁾	Equity in earnings for the period ended November 5, 2015 and years ended December 31, 2014 and 2013 includes $(0.1), $(0.1), and $0.2 (gain) loss from the dilutive effect of Symetra’s yearly dividend and the issuance of restricted shares by Symetra


⁽⁷⁾	The aggregate value of White Mountains’s investment in common shares of Symetra was $651.2 based upon the quoted market price of $31.67 per share as of November 5, 2015.

Symetra

Investments in and Advances to Affiliates [Line Items]

Summarized statement of financial position of Symetra

The following table summarizes financial information for Symetra as of September 30, 2015 and December 31, 2014:



	September 30,		December 31,
Millions	2015		2014
Symetra balance sheet data:
Total investments	$	32,409.2	$	30,634.3
Separate account assets	885.9		949.8
Total assets	34,962.8		33,001.7
Policyholder liabilities	29,492.0		27,276.0
Long-term debt	697.5		697.2
Separate account liabilities	885.9		949.8
Total liabilities	31,836.7		29,641.1
Common shareholders’ equity	3,126.1		3,360.6

The following table summarizes financial information for Symetra for the nine months ended September 30, 2015 and years ended December 31, 2014 and 2013:



	Nine months ended September 30,			Year ended December 31,
Millions	2015			2014		2013
Symetra income statement data:
Net premiums earned	$	539.3		$	629.1	$	627.2
Net investment income	994.3			1,320.5		1,285.0
Total revenues	1,605.9			2,182.4		2,139.5
Policy benefits	1,143.7			1,399.7		1,394.9
Total expenses	1,543.6			1,882.5		1,865.4
Net income	89.6			254.4		220.7
Comprehensive net (loss) income	(234.1		)	397.0		(777.6		)