Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2016

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures

Summary of Reclassified Balances and Related Items

Net Assets Held for Sale

The following summarizes the assets and liabilities associated with the business classified as held for sale, which all relate to Sirius Group:

Millions	March 31, 2016		December 31, 2015
Assets held for sale
Fixed maturity investments, at fair value	$	2,758.3	$	2,374.0
Short-term	534.5		352.0
Common equities	214.3		174.4
Other	61.3		72.2
Total investments	3,568.4		2,972.6
Cash	134.8		143.9
Reinsurance recoverable on unpaid losses	286.2		283.1
Reinsurance recoverable on paid losses	11.1		10.2
Insurance premiums receivable	483.3		323.6
Deferred acquisition costs	91.6		74.6
Deferred tax asset	291.2		303.1
Ceded unearned insurance and reinsurance premiums	134.7		87.7
Accounts receivable on unsettled investment sales	9.8		29.0
Goodwill and intangible assets	10.2		10.2
Other assets	194.2		169.0
Total assets held for sale	$	5,215.5	$	4,407.0
Liabilities held for sale
Loss and loss adjustment expense reserves	$	1,649.5	$	1,644.4
Unearned insurance premiums	501.3		342.2
Debt	403.6		403.5
Deferred tax liability	278.5		263.6
Accrued incentive compensation	43.1		63.2
Ceded reinsurance payable	132.4		67.1
Funds held under reinsurance treaties	57.0		52.9
Accounts payable on unsettled investment purchases	5.4		—
Other liabilities	50.3		47.1
Total liabilities held for sale	3,121.1		2,884.0
Net assets held for sale	$	2,094.4	$	1,523.0

Net Income from Discontinued Operations

The following summarizes the results of operations, including related income taxes associated with the business classified as discontinued operations. The results of Sirius Group up to but not including the closing date of the transaction inures to White Mountains.

	Three Months Ended								Three Months Ended
	March 31, 2016								March 31, 2015
Millions	Sirius Group			Other Disc Ops		Total			Sirius Group			Other Disc Ops			Total
Revenues
Earned insurance premiums	$	202.4		$	—	$	202.4		$	205.0		$	—		$	205.0
Net investment income	12.2			—		12.2			9.0			—			9.0
Net realized and unrealized (losses) gains	(8.8		)	—		(8.8		)	78.4			—			78.4
Other revenue	(4.1		)	—		(4.1		)	(27.4		)	—			(27.4		)
Total revenues	201.7			—		201.7			265.0			—			265.0
Expenses
Loss and loss adjustment expenses	113.7			—		113.7			97.5			—			97.5
Insurance and reinsurance acquisition expenses	48.4			—		48.4			42.6			—			42.6
Other underwriting expenses	26.7			—		26.7			25.5			—			25.5
General and administrative expenses	8.1			—		8.1			6.3			—			6.3
Interest expense	6.6			—		6.6			6.8			—			6.8
Total expenses	203.5			—		203.5			178.7			—			178.7
Pre-tax (loss) income	(1.8		)	—		(1.8		)	86.3			—			86.3
Income tax benefit (expense)	.9			—		.9			(20.4		)	—			(20.4		)
Net (loss) income from discontinued operations	(.9		)	—		(.9		)	65.9			—			65.9
Net losses from sales of discontinued operations - OneBeacon	—			—		—			—			(.1		)	(.1		)
Net gain from sales of discontinued operations - Esurance	—			—		—			—			8.0			8.0
Total (loss) income from discontinued operations	$	(.9	)	$	—	$	(.9	)	$	65.9		$	7.9		$	73.8
Change in foreign currency translation and other    from discontinued operations	$	37.2		$	—	$	37.2		$	(87.6	)	$	—		$	(87.6	)
Comprehensive income (loss) from discontinued operations	$	36.3		$	—	$	36.3		$	(21.7	)	$	7.9		$	(13.8	)

Net Change in Cash from Discontinued Operations

The following summarizes the net change in cash, including income tax (payment to) refund from national governments and interest paid associated with the business classified as discontinued operations:

	Three Months Ended
	March 31,
(Millions)	2016			2015
Net cash provided from operations	$	(50.7	)	$	(14.3	)
Net cash provided from investing activities	35.0			36.0
Net cash used for financing activities	2.4			1.8
Effect of exchange rate changes on cash	4.2			(8.5		)
Net change in cash during the period	(9.1		)	15.0
Cash balances at beginning of period	143.9			111.5
Cash balances at end of period	$	134.8		$	126.5
Supplemental cash flows information:
Interest paid	$	—		$	(12.8	)
Net income tax payment to national governments	$	(36.4	)	$	(7.0	)

Earnings Per Share

Basic earnings per share amounts are based on the weighted average number of common shares outstanding including unvested restricted shares that are considered participating securities.  Diluted earnings per share amounts are based on the weighted average number of common shares including unvested restricted shares and the net effect of potentially dilutive common shares outstanding. The following table outlines the computation of earnings per share for discontinued operations for the three months endedMarch 31, 2016 and 2015:

	Three Months Ended
	March 31,
	2016			2015
Basic and diluted earnings per share numerators (in millions):
Net income attributable to White Mountains’s common shareholders	$	(.9	)	$	73.8
Allocation of income for participating unvested restricted common shares(1)	—			(.7		)
Net income attributable to White Mountains’s common shareholders,    net of restricted common share amounts (2)	$	(.9	)	$	73.1
Basic earnings per share denominators (in thousands):
Total average common shares outstanding during the period	5,539.6			5,978.4
Average unvested restricted common shares(3)	(54.0		)	(58.8		)
Basic earnings per share denominator	5,485.6			5,919.6
Diluted earnings per share denominator (in thousands):
Total average common shares outstanding during the period	5,540.5			5,978.4
Average unvested restricted common shares(3)	(54.0		)	(58.8		)
Average outstanding dilutive options to acquire common shares(4)	—			—
Diluted earnings per share denominator	5,486.5			5,919.6
Basic and diluted earnings per share (in dollars):	$	(.17	)	$	12.33

⁽¹⁾ Restricted shares issued by White Mountains contain dividend participation features, and therefore, are considered participating securities.

⁽²⁾ Net earnings attributable to White Mountains’s common shareholders, net of restricted share amounts, is equal to undistributed earnings for the three months endedMarch 31, 2016 and 2015.

⁽³⁾ Restricted common shares outstanding vest either in equal annual installments or upon a stated date. (See Note 15 - “Employee Share-Based Compensation Plans”).

⁽⁴⁾ The diluted earnings per share denominator for the three months endedMarch 31, 2016 includes the impact of 125,000 common shares issuable upon exercise of the non-qualified options outstanding, which results in 882 incremental shares outstanding over the period. The incremental shares had an effect on diluted earning per share of less than $0.01 per share. The diluted earnings per share denominator for the three months ended March 31, 2015 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.

Summary of the fair value and carrying value of financial instruments

The following table summarizes the fair value and carrying value of these financial instruments as of March 31, 2016 and December 31, 2015:

	March 31, 2016				December 31, 2015
Millions	Fair Value		Carrying Value		Fair Value		Carrying Value
OBH Senior Notes	$	278.0	$	272.9	$	276.4	$	272.9
Tranzact Bank Facility	92.8		92.4		102.8		102.9
MediaAlpha Bank Facility	15.1		17.2		15.0		14.7

Interest Rate Cap [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Fair Value of Assets and Liabilities Measured on Recurring and Non-recurring Basis Table

The following tables summarize the changes in the fair value of the Interest Rate Cap for the three months endedMarch 31, 2016 and 2015:

	Three Months Ended
	March 31,
Millions	2016			2015
Beginning of period	$	1.9		$	4.1
Net realized and unrealized losses	(.8		)	(1.0		)
End of period	$	1.1		$	3.1

Discontinued Operations [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Summary of the fair value and carrying value of financial instruments

The following table summarizes the fair value and carrying value of these financial instruments as of March 31, 2016 and December 31, 2015:

	March 31, 2016				December 31, 2015
Millions	Fair Value		Carrying Value		Fair Value		Carrying Value
SIG Senior Notes	$	409.0	$	399.9	$	410.0	$	399.8
SIG Preference Shares	247.5		250.0		255.0		250.0

Sirius Group | Interest Rate Cap [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Schedule of collateral [Table Text Block]

The following table summarizes the Interest Rate Cap collateral balances held by White Mountains and ratings by counterparty:

	March 31, 2016
Millions	Collateral Balances Held		Standard & Poor’s  Rating(1)
Barclays Bank Plc	$	.7	A-
Nordea Bank Finland Plc	.4		AA-
Total	$	1.1

⁽¹⁾   Standard & Poor’s ratings as detailed above are: “A” (Strong, which is the sixth highest of twenty-one creditworthiness ratings) and “AA-” (Very Strong, which is the fourth highest of twenty-one creditworthiness ratings).