SCHEDULE II CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

12 Months Ended

Dec. 31, 2011

SCHEDULE II CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

SCHEDULE II CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

SCHEDULE II

CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

CONDENSED BALANCE SHEETS

	December 31,
Millions	2011			2010
Assets:
Cash	$	.7		$	.3
Fixed maturity investments, at fair value	1,334.5			5.8
Common equity securities, at fair value	1.9			1.8
Short-term investments, at amortized cost	72.3			54.9
Other assets	5.1			4.5
Investments in consolidated and unconsolidated affiliates (1)	2,687.3			3,821.2
Total assets	$	4,101.8		$	3,888.5
Liabilities:
Payable to subsidiary	$	(2.8	)	$	221.7
Accounts payable and other liabilities	16.9			13.8
Total liabilities	14.1			235.5
White Mountains’ common shareholders’ equity	4,087.7			3,653.0
Total liabilities and equity (1)	$	4,101.8		$	3,888.5

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

	Year Ended December 31,
Millions	2011			2010			2009
Revenues (including realized gains and losses)	$	6.4		$	1.1		$	—
Expenses	51.7			42.2			38.3
Pre-tax loss	(45.3		)	(41.1		)	(38.3		)
Income tax benefit (expense)	6.5			(.6		)	(3.6		)
Net loss	(38.8		)	(41.7		)	(41.9		)
Equity in earnings (losses) from consolidated and unconsolidated affiliates (1)	806.7			128.2			511.9
Net income (loss) attributable to White Mountains’ common shareholders	767.9			86.5			470.0
Other comprehensive (loss) income items, after-tax	(81.7		)	127.9			280.8
Comprehensive income attributable to White Mountains’ common shareholders	$	686.2		$	214.4		$	750.8
Computation of net income (loss) available to common shareholders:
Net income available to common shareholders	$	767.9		$	86.5		$	470.0

(1)   In 2011, the Company revised the presentation of investments in consolidated and unconsolidated affiliates, total liabilities and equity and equity in earnings (losses) from consolidated and unconsolidated affiliates to be net of noncontrolling interests for all periods presented.

CONDENSED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
Millions	2011			2010			2009
Net income attributable to White Mountains’ common shareholders (2)	$	767.9		$	86.5		$	470.0
Charges (credits) to reconcile net income to net cash from operations:
Net realized and unrealized losses (gains) on sales of investments	(3.1		)	.1			1.7
Undistributed current (earnings) losses from subsidiaries (2)	(806.7		)	(128.2		)	(511.9		)
Dividends received from subsidiaries	—			—			8.4
Net federal income tax (payments) receipts	—			—			—
Net change in other assets and other liabilities	13.7			27.9			18.6
Net cash used for operations	(28.2		)	(13.7		)	(13.2		)
Cash flows from investing activities:
Net decrease in short-term investments	267.3			166.5			20.8
Purchases of investment securities	(237.3		)	(5.8		)	(28.4		)
Sales and maturities of investment securities	59.0			—			—
Issuance of debt (to) from subsidiaries	—			86.8			—
Repayment of debt (to) from subsidiaries	192.5			—			200.0
Contributions to subsidiaries	—			—			—
Distributions from subsidiaries	7.2			—			29.0
Net change in unsettled investment purchases and sales	—			—			—
Net cash provided from investing activities	288.7			247.5			221.4
Cash flows from financing activities:
Issuance of debt	—			—			—
Repayment of debt	—			—			(200.0		)
Proceeds from issuances of common shares	.9			.7			.9
Repurchases and retirement of common shares	(253.0		)	(225.6		)	(.4		)
Dividends paid on common shares	(8.0		)	(8.8		)	(8.9		)
Net cash used for financing activities	(260.1		)	(233.7		)	(208.4		)
Net increase (decrease) in cash during the year	.4			.1			(.2		)
Cash balance at beginning of year	.3			.2			.4
Cash balance at end of year	$	.7		$	.3		$	.2

(2)   In 2011, the Company revised the presentation of net income attributable to White Mountains’ common shareholders and undistributed current (earnings) losses from subsidiaries to be net of noncontrolling interests for all periods presented.