Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2017

Disposal Groups, Including Discontinued Operations [Table Text Block]

Summary of Reclassified Balances and Related Items

Net Assets Held for Sale

The following summarizes the assets and liabilities associated with business classified as held for sale. At December 31, 2016, amounts presented relate to Star & Shield and SSIE.

Millions	December 31, 2016
Assets held for sale
Fixed maturity investments, at fair value	$	6.6
Short-term investments, at amortized cost (which approximates fair value)	.2
Total investments	6.8
Cash	.9
Reinsurance recoverable on unpaid losses	.3
Insurance and reinsurance premiums receivable	1.5
Other assets	.6
Total assets held for sale	$	10.1
Liabilities held for sale
Loss and loss adjustment expense reserves	$	5.0
Unearned insurance and reinsurance premiums	1.2
Other liabilities	(1.1		)
Total liabilities held for sale	5.1
Net assets held for sale	$	5.0

Net Income (Loss) from Discontinued Operations

The following summarizes the results of operations, including related income taxes associated with the business classified as discontinued operations. For the three months ended March 31, 2016, the amounts presented relate to Sirius Group and Tranzact. The results of discontinued operations from Sirius Group and Tranzact up to the closing date of the transaction inure to White Mountains.

	Three Months Ended								Three Months Ended
	March 31, 2017								March 31, 2016
Millions	Sirius Group		Other Disc Ops			Total			Sirius Group			Other Disc Ops			Total
Revenues
Earned insurance premiums	$	—	$	—		$	—		$	202.4		$	—		$	202.4
Net investment income	—		—			—			12.2			—			12.2
Net realized and unrealized losses	—		—			—			(8.8		)	—			(8.8		)
Other revenue	—		—			—			(4.1		)	57.8			53.7
Total revenues	—		—			—			201.7			57.8			259.5
Expenses
Loss and loss adjustment expenses	—		—			—			113.7			—			113.7
Insurance and reinsurance acquisition expenses	—		—			—			48.4			—			48.4
Other underwriting expenses	—		—			—			26.7			—			26.7
General and administrative expenses	—		—			—			8.1			53.4			61.5
Interest expense	—		—			—			6.6			1.4			8.0
Total expenses	—		—			—			203.5			54.8			258.3
Pre-tax (loss) income	—		—			—			(1.8		)	3.0			1.2
Income tax expense (benefit)	—		—			—			.9			(1.0		)	(.1		)
Net (loss) income from discontinued operations	—		—			—			(.9		)	2.0			1.1
Net loss from sale of discontinued operations	—		(1.0		)	(1.0		)	—			—			—
Total (loss) income from discontinued operations	$	—	$	(1.0	)	$	(1.0	)	$	(.9	)	$	2.0		$	1.1
Change in foreign currency translation and other    from discontinued operations	—		—			—			37.2			—			37.2
Comprehensive (loss) income from discontinued operations	$	—	$	(1.0	)	$	(1.0	)	$	36.3		$	2.0		$	38.3

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)	2017			2016
Net cash (used for) provided from operations	$	—		$	(40.7	)
Net cash provided from investing activities	—			33.6
Net cash (used for) provided from financing activities	—			(8.3		)
Effect of exchange rate changes on cash	—			4.2
Net change in cash during the period	—			(11.2		)
Cash balances at beginning of period	.9			150.2
Net change in cash held for sale	(.9		)	.9
Cash balances at end of period	$	—		$	139.9
Supplemental cash flows information:
Interest paid	$	—		$	(1.4	)
Net income tax payment to national governments	$	—		$	(36.4	)

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, 2017 and 2016:

	Three Months Ended
	March 31,
	2017			2016
Basic and diluted earnings per share numerators (in millions):
Net income attributable to White Mountains’s common shareholders	$	(1.0	)	$	1.1
Allocation of income for participating unvested restricted common shares(1)	—			—
Net income attributable to White Mountains’s common shareholders,    net of restricted common share amounts (2)	$	(1.0	)	$	1.1
Basic earnings per share denominators (in thousands):
Total average common shares outstanding during the period	4,564.6			5,539.6
Average unvested restricted common shares(3)	(52.5		)	(54.0		)
Basic earnings per share denominator	4,512.1			5,485.6
Diluted earnings per share denominator (in thousands):
Total average common shares outstanding during the period(4)	4,564.6			5,540.5
Average unvested restricted common shares(3)	(52.5		)	(54.0		)
Diluted earnings per share denominator(4)	4,512.1			5,486.5
Basic earnings per share (in dollars):	$	(.22	)	$	.20
Diluted earnings per share (in dollars):	$	(.22	)	$	.20

⁽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, 2017 and 2016.

⁽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 ended March 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.