XML 49 R31.htm IDEA: XBRL DOCUMENT v3.20.4
SCHEDULE II CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT
 12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
Schedule II - Condensed Financial Information of the Registrant
CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

CONDENSED BALANCE SHEETS (1)

December 31,
Millions20202019
Assets:  
Cash$.7 $.7 
Fixed maturity investments, at fair value10.1 10.0 
Common equity securities, at fair value— 193.5 
Short-term investments, at amortized cost24.3 66.2 
Other assets2.5 1.9 
Investments in consolidated subsidiaries3,726.0 2,969.0 
Total assets$3,763.6 $3,241.3 
Liabilities:
Payable to subsidiary$(195.6)$(69.3)
Other liabilities39.7 34.7 
Total liabilities (2)
(155.9)(34.6)
White Mountains’s common shareholders’ equity3,906.0 3,261.5 
Non-controlling interests13.5 14.4 
Total liabilities and equity$3,763.6 $3,241.3 
(1) These condensed unconsolidated financial statements reflect the results of operations, financial condition and cash flows for the Company. Investments in which White Mountains holds a controlling financial interest are accounted for using the equity method. Under the equity method, investments in subsidiaries are recorded on the condensed balance sheets at the amount of the Company’s ownership percentage of the subsidiary’s GAAP book value. The income from subsidiaries is reported on a net of tax basis as equity in earnings from consolidated and unconsolidated subsidiaries on the condensed statements of operations and comprehensive income. Capital contributions to and distributions from consolidated subsidiaries are presented within investing activities on the condensed statements of cash flows.
(2) As of December 31, 2020 and 2019, White Mountains’s other liabilities includes $18.7 and $16.5 related to the Sirius Group tax contingency. See Note 18 — “Commitments and Contingencies”.

























Schedules of the Registrant should be read in conjunction with the Consolidated Financial Statements and Notes.
SCHEDULE II (continued)

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (1)

Year Ended December 31,
Millions202020192018
Revenues (loss) (including realized and unrealized gains and losses)$(8.7)$65.0 $(47.7)
Expenses61.0 47.1 45.9 
Pre-tax income (loss)(69.7)17.9 (93.6)
Income tax expense(.3)(.9)(2.5)
Net income (loss)(70.0)17.0 (96.1)
Net gain (loss) from discontinued operations, net of tax (2)
(2.3).8 (17.2)
Equity in earnings from consolidated and unconsolidated subsidiaries,
net of tax		782.0 398.5 (27.4)
Net income attributable to non-controlling interests(1.0)(1.8)(0.5)
Net income (loss) attributable to White Mountains’s
common shareholders		708.7 414.5 (141.2)
Other comprehensive (loss) income items, net of tax6.8 (1.4)(4.5)
Comprehensive income (loss) attributable to White Mountains’s
common shareholders		$715.5 $413.1 $(145.7)
(1) These condensed unconsolidated financial statements reflect the results of operations, financial condition and cash flows for the Company. Investments in which White Mountains holds a controlling financial interest are accounted for using the equity method. Under the equity method, investments in subsidiaries are recorded on the condensed balance sheets at the amount of the Company’s ownership percentage of the subsidiary’s GAAP book value. The income from subsidiaries is reported on a net of tax basis as equity in earnings of subsidiaries on the condensed statements of operations and comprehensive income. Capital contributions to and distributions from subsidiaries are presented within investing activities on the condensed statements of cash flows.
(2) During 2020, 2019 and 2018, net gain (loss) from discontinued operations includes $(2.3), $0.8 and $(17.3) arising from the tax contingency on the sale of Sirius Group. See Note 18 — “Commitments and Contingencies”.





































Schedules of the Registrant should be read in conjunction with the Consolidated Financial Statements and Notes.
SCHEDULE II (continued)
CONDENSED STATEMENTS OF CASH FLOWS (1)
Year Ended December 31,
Millions202020192018
Net income (loss) attributable to White Mountains’s common shareholders$708.7 $414.5 $(141.2)
Charges (credits) to reconcile net income to net cash from operations:
Net realized and unrealized investment (gains) losses on sales of investments10.1 (61.0)57.8 
Undistributed earnings from subsidiaries(782.0)(398.5)27.4 
Net (gain) loss from sale of discontinued operations, net of tax (2)
2.3 (.8)17.2 
Other non-cash reconciling items, primarily amortization of restricted share and option awards (3)
19.0 20.0 34.6 
Net change in other assets and liabilities (4)
(2.6)3.0 16.7 
Net cash (used for) provided from operations(44.5)(22.8)12.5 
Cash flows from investing activities:
Net change in short-term investments(5)
(127.4)(37.6)134.0 
Purchases of investment securities (6)
(6.7)(14.8)(321.2)
Sales and maturities of investment securities(7)
189.7 207.9 967.6 
Issuance of debt (to) from subsidiaries (8)
(44.5)(83.5)(55.2)
Repayment of debt to (from) subsidiaries(9)
92.6 5.0 31.0 
Net distributions from (contributions to) subsidiaries (10)(11)
29.1 (46.1)(258.2)
Net cash provided from (used for) investing activities132.8 30.9 498.0 
Cash flows from financing activities:
Repurchases and retirement of common shares (8)
(78.5)— (510.9)
Dividends paid on common shares(3.2)(3.2)(3.8)
Payments of restricted shares withholding taxes(6.6)(4.9)(10.0)
Net cash used for financing activities(88.3)(8.1)(524.7)
Net decrease in cash during the year— — (14.2)
Cash balance at beginning of year.7 .7 14.9 
Cash balance at end of year$.7 $.7 $.7 
(1)    These condensed unconsolidated financial statements reflect the results of operations, financial condition and cash flows for the Company. Investments in which White Mountains holds a controlling financial interest are accounted for using the equity method. Under the equity method, investments in consolidated subsidiaries are recorded on the condensed balance sheets at the amount of the Company’s ownership percentage of the subsidiary’s GAAP book value. The income from consolidated subsidiaries is reported on a net of tax basis as equity in earnings of subsidiaries on the condensed statements of operations and comprehensive income. Capital contributions to and distributions from consolidated subsidiaries are presented within investing activities on the condensed statements of cash flows.
(2)    During 2020, 2019 and 2018, net gain (loss) from sale of discontinued operations includes $(2.3), $0.8 and $(17.3) arising from the tax contingency on the sale of Sirius Group. See Note 18 — “Commitments and Contingencies”.
(3)    For the years ended December 31, 2020, 2019 and 2018, amortization of restricted share awards was $16.6, $10.5 and $13.0.
(4)    For 2020, 2019 and 2018, net change in other assets and liabilities also included a $(4.8), $(6.6), and $4.0 net change in (receivables) payables to the Company’s subsidiaries.
(5)    During 2020, the Company had non-cash purchases of short-term investments of $169.6. During 2018, the Company had non-cash purchases of short-term investments of $284.6 and non-cash sales of short-term investments of $179.2.
(6)    During 2018, the Company had non-cash purchases of investment securities of $603.9, which included $170.5 of fixed maturity securities, $148.8 of common equity securities and $22.7 of other long term investments.
(7)    During 2018, the Company had non-cash sales of investment securities of $1,065.4, which included $373.4 of fixed maturity securities, $490.1 of common equity securities and $22.7 of other long-term investments.
(8)    During 2020, the Company had non-cash issuance of debt of $169.6 to its wholly-owned subsidiary, Bridge Holdings (“Bridge”). Proceeds of the debt, which were short-term investments, were transferred to Bridge. During 2018, the Company had non-cash issuance of debt of $349.5 to its wholly-owned subsidiary, Guilford Holding, Inc. (“Guilford”). Proceeds of the debt, which included $170.4 of fixed maturity securities and $179.2 of short-term investments, were transferred to Guilford.
(9)    During 2018, the Company received non-cash repayments of $22.7 from its wholly-owned subsidiary, Bridge in the form of other long term investments.
(10)    During 2019, the Company made cash contributions of $70.5 and $2.0 to Bridge and its wholly-owned subsidiary, White Mountains Investment Bermuda, Ltd (“WMIB”). During 2018, the Company made non-cash contributions of $350.0 by transferring intercompany debt receivable from Guilford to Bridge. Also during 2018, the Company made a non-cash contribution of $1.0 by transferring intercompany debt receivable from White Mountains Investments (Luxembourg) S.a’r.l. (“White Mountains Investments”), a wholly-owned subsidiary of Bridge, to Bridge. During 2018, the Company made cash contributions of $255.3 and $2.9 to Bridge and WMIB.
(11)    During 2020, the Company received cash distributions of $6.8 and $22.3 from its wholly-owned subsidiary, PSC Holdings, Ltd. and the Company’s subsidiary, HG Global Ltd. During 2019, the Company received cash distributions of $24.4 and $1.9 from WMIB and the Company’s subsidiary, HG Global Ltd.











Schedules of the Registrant should be read in conjunction with the Consolidated Financial Statements and Notes.