Investments in Unconsolidated Affiliates (Tables)

9 Months Ended

Sep. 30, 2011

Investments in Unconsolidated Affiliates

Schedule of investments in unconsolidated affiliates

Millions	September 30, 2011		December 31, 2010
Symetra common shares	$	449.0	$	350.4
Symetra warrants	7.7		37.1
Total investment in Symetra	456.7		387.5
Pentelia Capital Management	1.9		2.2
Total investments in unconsolidated affiliates	$	458.6	$	389.7

Schedule of changes in unconsolidated affiliates

	Three Months Ended September 30, 2011									Three Months Ended September 30, 2010
	Common									Common
Millions	Shares			Warrants			Total			Shares			Warrants			Total
Carrying value of investment in Symetra as of June 30	$	388.5		$	32.5		$	421.0		$	344.9		$	27.6		$	372.5
Equity in earnings of Symetra (1)	1.6			—			1.6			8.3		(4)	—			8.3
Net unrealized gains from Symetra’s fixed maturity portfolio (2)	59.9			—			59.9			46.9			—			46.9
Dividends received	(1.0		)	—			(1.0		)	(.9		)	—			(.9		)
(Decrease) increase in value of warrants	—			(24.8		)	(24.8		)	—			(10.7		)	(10.7		)
Carrying value of investment in Symetra as September 30 (3)	$	449.0		$	7.7		$	456.7		$	399.2		$	16.9		$	416.1

(1)	Equity in earnings excludes tax expense of $0.1 and $0.7.
(2)	Net unrealized gains excludes tax expense of $4.8 and $3.8.
(3)	Includes White Mountains’ equity in net unrealized gains from Symetra’s fixed maturity portfolio of $147.7 and $120.7 as of September 30, 2011 and 2010, which exclude tax expense of $12.3 and $9.8.
(4)	Includes a $0.1 loss from the dilutive effect of Symetra’s quarterly dividend and the issuance of restricted shares by Symetra.

The following table summarizes amounts recorded by White Mountains relating to its investment in Symetra for the nine months ended September 30, 2011 and 2010:

	Nine Months Ended									Nine Months Ended
	September 30, 2011									September 30, 2010
	Common									Common
Millions	Shares			Warrants			Total			Shares			Warrants			Total
Carrying value of investment in Symetra as of December 31	$	350.4		$	37.1		$	387.5		$	269.2		$	38.5		$	307.7
Equity in earnings of Symetra (1)	17.5			—			17.5			2.1		(4)	—			2.1
Net unrealized gains from Symetra’s fixed maturity portfolio (2)	84.0			—			84.0			129.7		(5)	—			129.7
Dividends received	(2.9		)	—			(2.9		)	(1.8		)	—			(1.8		)
(Decrease) increase in value of warrants	—			(29.4		)	(29.4		)	—			(21.6		)	(21.6		)
Carrying value of investment in Symetra as September 30 (3)	$	449.0		$	7.7		$	456.7		$	399.2		$	16.9		$	416.1

(1)	Equity in earnings excludes tax expense of $1.4 and $0.7.
(2)	Net unrealized gains excludes tax expense of $6.8 and $3.8.
(3)	Includes White Mountains’ equity in net unrealized gains from Symetra’s fixed maturity portfolio of $147.7 and $120.7 as of September 30, 2011 and 2010, which excludes tax expense of $24.2 and $9.8.
(4)	Includes a $17.9 loss from the dilutive effect of Symetra’s initial public offering and a $0.7 loss from the dilutive effect of Symetra’s quarterly dividend and issuance of restricted shares by Symetra.
(5)	Includes a $1.9 gain from the effect of Symetra’s initial public offering.