Segment Information

6 Months Ended

Jun. 30, 2011

Segment Information

Segment Information

Note 10. Segment Information

White Mountains has determined that its reportable segments are OneBeacon, White Mountains Re and Other Operations. As a result of the Esurance Sale, the results of operations for Esurance have been classified as discontinued operations and are now presented, net of related income taxes, as such in the statement of comprehensive income. Prior year amounts have been reclassified to conform to the current period’s presentation (See Note 14).

White Mountains has made its segment determination based on consideration of the following criteria: (i) the nature of the business activities of each of the Company’s subsidiaries and affiliates; (ii) the manner in which the Company’s subsidiaries and affiliates are organized; (iii) the existence of primary managers responsible for specific subsidiaries and affiliates; and (iv) the organization of information provided to the Board of Directors. Significant intercompany transactions among White Mountains’ segments have been eliminated herein. Financial information for White Mountains’ segments follows:

				White			Other
Millions	OneBeacon			Mountains Re			Operations			Total
Three months ended June 30, 2011
Earned insurance and reinsurance premiums	$	265.0		$	230.8		$	—		$	495.8
Net investment income	18.7			22.7			4.4			45.8
Net realized and unrealized investment gains	11.0			45.5			.8			57.3
Other revenue	(11.5		)	(24.0		)	7.7			(27.8		)
Total revenues	283.2			275.0			12.9			571.1
Losses and loss adjustment expenses	151.8			140.6			—			292.4
Insurance and reinsurance acquisition expenses	55.4			45.0			—			100.4
Other underwriting expenses	47.5			27.3			—			74.8
General and administrative expenses	2.6			9.2			44.4			56.2
Interest expense on debt	6.0			6.6			.3			12.9
Total expenses	263.3			228.7			44.7			536.7
Pre-tax income (loss)	$	19.9		$	46.3		$	(31.8	)	$	34.4

				White			Other
Millions	OneBeacon			Mountains Re			Operations			Total
Three months ended June 30, 2010
Earned insurance and reinsurance premiums	$	428.3		$	221.1		$	—		$	649.4
Net investment income	25.0			24.2			3.5			52.7
Net realized and unrealized investment (losses) gains	(14.4		)	25.8			(.3		)	11.1
Other revenue	(10.0		)	(13.3		)	(.3		)	(23.6		)
Total revenues	428.9			257.8			2.9			689.6
Losses and loss adjustment expenses	261.9			140.2			—			402.1
Insurance and reinsurance acquisition expenses	91.3			43.3			—			134.6
Other underwriting expenses	58.5			23.4			—			81.9
General and administrative expenses	3.0			9.0			40.3			52.3
Interest expense on debt	7.9			6.5			.3			14.7
Total expenses	422.6			222.4			40.6			685.6
Pre-tax income (loss)	$	6.3		$	35.4		$	(37.7	)	$	4.0

				White			Other
Millions	OneBeacon			Mountains Re			Operations			Total
Six months ended June 30, 2011
Earned insurance and reinsurance premiums	$	528.5		$	453.5		$	—		$	982.0
Net investment income	39.7			46.2			9.4			95.3
Net realized and unrealized investment gains	34.1			37.9			4.6			76.6
Other revenue	(10.7		)	(27.6		)	3.5			(34.8		)
Total revenues	591.6			510.0			17.5			1,119.1
Losses and loss adjustment expenses	296.4			368.6			—			665.0
Insurance and reinsurance acquisition expenses	106.4			86.7			—			193.1
Other underwriting expenses	99.9			51.1			—			151.0
General and administrative expenses	4.9			15.9			63.4			84.2
Interest expense on debt	12.3			13.1			.6			26.0
Total expenses	519.9			535.4			64.0			1,119.3
Pre-tax income (loss)	$	71.7		$	(25.4	)	$	(46.5	)	$	(.2	)

				White			Other
Millions	OneBeacon			Mountains Re			Operations			Total
Six months ended June 30, 2010
Earned insurance and reinsurance premiums	$	881.5		$	433.7		$	—		$	1,315.2
Net investment income	53.3			48.3			6.9			108.5
Net realized and unrealized investment gains (losses)	28.0			65.5			(.4		)	93.1
Other revenue	(10.8		)	(6.9		)	4.2			(13.5		)
Total revenues	952.0			540.6			10.7			1,503.3
Losses and loss adjustment expenses	595.6			358.4			—			954.0
Insurance and reinsurance acquisition expenses	188.8			84.8			—			273.6
Other underwriting expenses	132.7			44.8			—			177.5
General and administrative expenses	7.3			18.4			61.7			87.4
Interest expense on debt	17.0			13.4			.6			31.0
Total expenses	941.4			519.8			62.3			1,523.5
Pre-tax income (loss)	$	10.6		$	20.8		$	(51.6	)	$	(20.2	)