CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Assets
Fixed maturity investments, at fair value	$ 4,175.4	$ 4,250.2
Short-term investments, at amortized cost (which approximates fair value)	230.9	287.0
Common equity securities, at fair value	601.0	474.3
Other long-term investments	331.7	323.3
Total investments	5,339.0	5,334.8
Cash	125.0	149.8
Reinsurance recoverable on unpaid losses	174.7	172.9
Reinsurance recoverable on paid losses	3.4	6.6
Insurance premiums receivable	227.5	229.9
Deferred acquisition costs	110.4	106.9
Deferred tax asset	125.5	126.7
Ceded unearned insurance premiums	52.4	44.2
Accrued investment income	27.2	26.1
Accounts receivable on unsettled investment sales	24.5	6.2
Goodwill and other intangible assets	53.0	55.9
Other assets	254.3	274.6
Assets held for sale	0.0	10.1
Total assets	6,516.9	6,544.7
Liabilities
Loss and loss adjustment expense reserves	1,368.8	1,365.6
Unearned insurance premiums	678.1	658.0
Debt	284.7	285.9
Accrued incentive compensation	83.2	140.0
Funds held under insurance contracts	148.7	153.0
Accounts payable on unsettled investment purchases	17.3	0.0
Other liabilities	178.5	199.9
Total liabilities held for sale	0.0	5.1
Total liabilities	2,759.3	2,807.5
White Mountains’s common shareholders’ equity
White Mountains’ common shares	4.6	4.6
Paid-in surplus	802.5	806.1
Retained earnings	2,821.8	2,797.2
Accumulated other comprehensive loss, after tax:
Net unrealized foreign currency translation losses	(0.6)	(1.4)
Pension liability	(3.1)	(3.2)
Total White Mountains’s common shareholders’ equity	3,625.2	3,603.3
Non-controlling interests
Non-controlling interests	132.4	133.9
Total equity	3,757.6	3,737.2
Total liabilities and equity	$ 6,516.9	$ 6,544.7