Segment Information

9 Months Ended

Sep. 30, 2011

Segment Information

Segment Information

Note 10. Segment Information

White Mountains has determined that its reportable segments are OneBeacon, Sirius Group 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, in the statement of comprehensive income. In addition, the OneBeacon segment has been presented excluding the results of operations of AutoOne, which has been classified as discontinued operations. 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:

							Other
Millions	OneBeacon			Sirius Group			Operations			Total
Three months ended September 30, 2011
Earned insurance and reinsurance premiums	$	258.6		$	232.0		$	—		$	490.6
Net investment income	16.1			22.1			4.6			42.8
Net realized and unrealized investment gains (losses)	(47.4		)	64.7			(15.6		)	1.7
Other revenue	.1			(28.1		)	(5.8		)	(33.8		)
Total revenues	227.4			290.7			(16.8		)	501.3
Losses and loss adjustment expenses	146.6			130.5			—			277.1
Insurance and reinsurance acquisition expenses	58.6			48.4			—			107.0
Other underwriting expenses	38.7			28.3			—			67.0
General and administrative expenses	2.5			7.4			26.3			36.2
Interest expense on debt	4.1			6.5			2.2			12.8
Total expenses	250.5			221.1			28.5			500.1
Pre-tax income (loss)	$	(23.1	)	$	69.6		$	(45.3	)	$	1.2

						Other
Millions	OneBeacon		Sirius Group			Operations			Total
Three months ended September 30, 2010
Earned insurance and reinsurance premiums	$	293.6	$	204.5		$	—		$	498.1
Net investment income	21.6		23.0			4.3			48.9
Net realized and unrealized investment gains (losses)	51.6		(51.8		)	11.8			11.6
Other revenue	12.7		43.3			(63.6		)	(7.6		)
Total revenues	379.5		219.0			(47.5		)	551.0
Losses and loss adjustment expenses	155.2		98.2			—			253.4
Insurance and reinsurance acquisition expenses	64.3		37.8			—			102.1
Other underwriting expenses	50.5		24.5			—			75.0
General and administrative expenses	2.1		4.8			25.2			32.1
Interest expense on debt	6.4		6.7			.1			13.2
Total expenses	278.5		172.0			25.3			475.8
Pre-tax income (loss)	$	101.0	$	47.0		$	(72.8	)	$	75.2

							Other
Millions	OneBeacon			Sirius Group			Operations			Total
Nine months ended September 30, 2011
Earned insurance and reinsurance premiums	$	751.2		$	685.5		$	—		$	1,436.7
Net investment income	55.8			68.3			14.0			138.1
Net realized and unrealized investment gains (losses)	(13.3		)	102.6			(11.0		)	78.3
Other revenue	(10.6		)	(55.7		)	(2.3		)	(68.6		)
Total revenues	783.1			800.7			.7			1,584.5
Losses and loss adjustment expenses	414.9			499.1			—			914.0
Insurance and reinsurance acquisition expenses	161.1			135.1			—			296.2
Other underwriting expenses	132.1			79.4			—			211.5
General and administrative expenses	7.4			23.3			89.7			120.4
Interest expense on debt	16.4			19.6			2.8			38.8
Total expenses	731.9			756.5			92.5			1,580.9
Pre-tax income (loss)	$	51.2		$	44.2		$	(91.8	)	$	3.6

					Other
Millions	OneBeacon		Sirius Group		Operations			Total
Nine months ended September 30, 2010
Earned insurance and reinsurance premiums	$	1,134.7	$	638.2	$	—		$	1,772.9
Net investment income	74.9		71.3		11.2			157.4
Net realized and unrealized investment gains (losses)	79.6		13.7		11.4			104.7
Other revenue	1.9		36.4		(59.4		)	(21.1		)
Total revenues	1,291.1		759.6		(36.8		)	2,013.9
Losses and loss adjustment expenses	719.3		456.6		—			1,175.9
Insurance and reinsurance acquisition expenses	248.3		122.6		—			370.9
Other underwriting expenses	176.6		69.3		—			245.9
General and administrative expenses	9.4		23.2		86.9			119.5
Interest expense on debt	23.4		20.1		.7			44.2
Total expenses	1,177.0		691.8		87.6			1,956.4
Pre-tax income (loss)	$	114.1	$	67.8	$	(124.4	)	$	57.5