Employee Share-Based Incentive Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2011

Employee Share-Based Incentive Compensation Plans

Summary of performance share activity

	Three Months Ended September 30,								Nine Months Ended September 30,
	2011				2010				2011					2010
Millions, except share amounts	Target Performance Shares Outstanding	Accrued Expense			Target Performance Shares Outstanding		Accrued Expense		Target Performance Shares Outstanding		Accrued Expense			Target Performance Shares Outstanding		Accrued Expense
Beginning of period	150,064	$	56.5		163,220		$	20.2	163,184		$	29.4		172,454		$	12.2
Shares expired (1)	—	—			—		—		(51,131	)	—			(49,127	)	—
New grants	—	—			—		—		37,675		—			47,880		—
Assumed forfeitures and cancellations (2)	—	—			(36	)	—		336		(.6		)	(8,023	)	—
Expense recognized	—	(1.0		)	—		3.0		—		26.7			—		11.0
Ending September 30,	150,064	$	55.5		163,184		$	23.2	150,064		$	55.5		163,184		$	23.2

(1) There were no payments made in 2011 and 2010 for the 2008-2010 and 2007-2009 performance cycles; those performance shares did not meet the threshold performance goals and expired.

(2) Amounts include changes in assumed forfeitures, as required under GAAP.

Summary of performance shares outstanding and accrued expense for performance shares awarded under the WTM Incentive Plan

	Target WTM
	Performance
	Shares		Accrued
Millions, except share amounts	Outstanding		Expense
Performance cycle:
2009 – 2011	60,410		$	38.1
2010 – 2012	42,890		7.9
2011 – 2013	37,675		4.5
Sub-total	140,975		50.5
Assumed forfeitures	(3,524	)	(1.3		)
Total at September 30, 2011	137,451		$	49.2

Summary of performance shares outstanding and accrued expense for performance shares awarded under the Phantom Plan

	Target WTM
	Phantom
	Performance
	Shares		Accrued
Millions, except share amounts	Outstanding		Expense
Performance cycle:
2009 – 2011	7,947		$	5.2
2010 – 2012	4,990		1.2
2011 – 2013(1)	—		—
Sub-total	12,937		6.4
Assumed forfeitures	(324	)	(.1		)
Total at September 30, 2011	12,613		$	6.3

(1) All performance shares for the 2011-2013 performance cycle were granted from the WTM Incentive Plan

Summary of restricted share activity

	Three Months Ended September 30,								Nine Months Ended September 30,
	2011				2010				2011				2010
Millions, except share amounts	Restricted Shares	Unamortized Issue Date Fair Value			Restricted Shares	Unamortized Issue Date Fair Value			Restricted Shares	Unamortized Issue Date Fair Value			Restricted Shares		Unamortized Issue Date Fair Value
Non-vested,
Beginning of period	73,500	$	18.9		98,750	$	20.9		46,250	$	14.1		91,900		$	23.7
Issued	—	—			—	—			27,250	9.9			19,750		6.7
Vested	—	—			—	—			—	—			(12,650	)	—
Forfeited	—	—			—	—			—	—			(250	)	(.1		)
Modified(1)	—	—			—	—			—	—			—		(3.3		)
Expense recognized	—	(2.8		)	—	(3.3		)	—	(7.9		)	—		(9.4		)
Non-vested at September 30	73,500	$	16.1		98,750	$	17.6		73,500	$	16.1		98,750		$	17.6

(1) During the first quarter of 2007, White Mountains issued 15,000 restricted shares to the Company’s Chairman and CEO in connection with his hiring that would vest in the event of a change in control of the Company before January 20, 2012.  During 2010, the Compensation Committee modified the vesting terms so that the 15,000 restricted shares time vest in three equal annual installments beginning on January 20, 2013.

Summary of performance share activity for OneBeacon performance shares granted under OneBeacon Incentive Plan

	Three Months Ended September 30,										Nine Months Ended September 30,
	2011					2010					2011					2010
	Target					Target					Target					Target
	Performance					Performance					Performance					Performance
	Shares		Accrued			Shares		Accrued			Shares		Accrued			Shares		Accrued
Millions, except share amounts	Outstanding		Expense			Outstanding		Expense			Outstanding		Expense			Outstanding		Expense
Beginning of period	671,727		$	10.0		1,770,423		$	15.2		1,464,295		$	18.5		2,224,215		$	15.1
Payments and deferrals (1)(2)	—		—			(199,774	)	(2.2		)	(936,150	)	(10.5		)	(882,118	)	(4.5		)
New awards	—		—			14,618		—			194,900		—			293,478		—
Forfeitures and cancellations	(19,583	)	.1			(20,438	)	(.3		)	(70,901	)	(.2		)	(70,746	)	(.7		)
Expense recognized	—		(.5		)	—		1.7			—		1.8			—		4.5
Ending September 30,	652,144		$	9.6		1,564,829		$	14.4		652,144		$	9.6		1,564,829		$	14.4

(1) OneBeacon performance share payments in 2011 for the 2008-2010 performance cycle were at 68.5% of target. OneBeacon performance shares payments in 2010 for the 2007-2009 performance cycle were at 14.2% of target. Amounts include deposits into OneBeacon’s deferred compensation plan.

(2) OneBeacon performance share payments also include accelerated payments resulting from the OneBeacon Personal Lines and Commercial Lines Transactions. The accelerated OneBeacon performance shares payments for the 2009-2011 and 2010-2012 performance cycles were on a pro rata basis and at a performance factor of 100%.

Summary of OneBeacon performance shares outstanding and accrued expense for OneBeacon performance shares awarded under the OneBeacon Incentive Plan

	Target  OneBeacon
	Performance
	Shares		Accrued
Millions, except share amounts	Outstanding		Expense
Performance cycle:
2008 – 2010	259,102		$	7.2
2009 – 2011	251,557		1.9
2010 – 2012	151,563		.6
Sub-total	662,222		9.7
Assumed forfeitures	(10,078	)	(.1		)
Total at September 30, 2011	652,144		$	9.6

Summary of OneBeacon option activity

	Three Months Ended September 30,								Nine Months Ended September 30,
	2011				2010				2011				2010
Millions, except share amounts	Target Options Outstanding		Expense Amortized		Target Options Outstanding		Expense Amortized		Target Options Outstanding		Expense Amortized		Target Options Outstanding		Expense Amortized
Beginning of period	750,130		$	4.8	879,783		$	4.1	768,652		$	4.5	1,015,610		$	3.6
New awards	—		—		—		—		—		—		—		—
Forfeitures and cancellations	(9,260	)	—		—		—		(27,782	)	—		(37,044	)	—
Vested and expired (1)	—		—		(43,218	)	—		—		—		(142,001	)	—
Exercised	—		—		—		—		—		—		—		—
Expense recognized	—		.1		—		.2		—		.4		—		.7
Ending September 30,	740,870		$	4.9	836,565		$	4.3	740,870		$	4.9	836,565		$	4.3

(1) During the three and nine months ended September 30, 2010, as a result of the Commercial Lines Transaction and the Personal Lines Transaction, 43,218 and 142,001 options vested that were unexercised and expired.