EX-12 5 wtm10-k123116ex12.htm EXHIBIT 12 Exhibit


Exhibit 12
WHITE MOUNTAINS INSURANCE GROUP, LTD.
Statement Re Computation of Ratio of Earnings to Fixed Charges
($ in millions except ratios)
 
 
Year Ended
 
 
2016 (1)
 
2015
 
2014 (2)
 
2013
 
2012
Consolidated pre-tax income (loss) from continuing operations before equity in earnings of affiliates, accounting changes and extraordinary items
 
$
(40.4
)
 
$
157.3

 
$
(29.4
)
 
$
158.6

 
$
97.9

Interest expense on debt
 
16.1

 
14.6

 
14.2

 
16.2

 
18.6

Interest portion of rental expense
 
4.7

 
4.7

 
4.3

 
5.3

 
6.1

Earnings (loss)
 
$
(19.6
)
 
$
176.6

 
$
(10.9
)
 
$
180.1

 
$
122.6

Interest expense on debt
 
$
16.1

 
$
14.6

 
$
14.2

 
$
16.2

 
$
18.6

Interest portion of rental expense
 
4.7

 
4.7

 
4.3

 
5.3

 
6.1

Fixed charges
 
$
20.8

 
$
19.3

 
$
18.5

 
$
21.5

 
$
24.7

Ratio of earnings to fixed charges
 
—

 
9.2

 
—

 
8.4

 
5.0

(1) Earnings were inadequate to cover fixed charges by $40.4 for the year ended December 31, 2016.
(2) Earnings were inadequate to cover fixed charges by $29.4 for the year ended December 31, 2014.