Investments in Unconsolidated Affiliates (Tables)

9 Months Ended

Sep. 30, 2012

Equity Method Investments and Joint Ventures [Abstract]

Investments in and Advances to Affiliates

White Mountains’ investments in unconsolidated affiliates represent investments in other companies in which White Mountains has a significant voting and economic interest but does not control the entity.



Millions	September 30, 2012		December 31, 2011
Symetra common shares	$	284.0	$	261.0
Unrealized gains from Symetra's fixed maturity portfolio	64.6		—
GAAP Carrying value of Symetra common shares	348.6		261.0
Symetra warrants	26.2		12.6
Total investment in Symetra	374.8		273.6
Pentelia Capital Management	1.5		1.7
Total investments in unconsolidated affiliates	$	376.3	$	275.3

Schedule of Changes in Investments in Unconsolidated Affiliates

The following table summarizes amounts recorded by White Mountains relating to its investment in Symetra for the three months ended September 30, 2012 and 2011:



	Three Months Ended									Three Months Ended
	September 30, 2012									September 30, 2011
Millions	Common Shares			Warrants			Total			Common Shares			Warrants			Total
Carrying value of investment in Symetra as of June 30	$	305.9		$	29.8		$	335.7		$	388.5		$	32.5		$	421.0
Equity in earnings⁽¹⁾⁽²⁾	8.8			—			8.8			1.6			—			1.6
Equity in net unrealized gains from Symetra’s fixed maturity portfolio ⁽³⁾	35.2			—			35.2			59.9			—			59.9
Dividends received	(1.3		)	—			(1.3		)	(1.0		)	—			(1.0		)
Increase (decrease) in value of warrants	—			(3.6		)	(3.6		)	—			(24.8		)	(24.8		)
Carrying value of investment in Symetra as September 30⁽⁴⁾⁽⁵⁾	$	348.6		$	26.2		$	374.8		$	449.0		$	7.7		$	456.7

⁽¹⁾Equity in earnings excludes tax expense of $0.7 and $0.1.

⁽²⁾Equity in earnings includes $0.9 increase relating to the pre-tax amortization of Symetra common share impairment from September 30, 2012

⁽³⁾Net unrealized gains includes $3.3 increase relating to the pre-tax amortization of Symetra common share impairment from September 30, 2012.

⁽⁴⁾Includes White Mountains’ equity in net unrealized gains from Symetra’s fixed maturity portfolio of $35.2 and $147.7 as of September 30, 2012 and 2011, which exclude tax expense of $2.8 and $12.3.

⁽⁵⁾The aggregate value of White Mountains’ investment in common shares of Symetra was $214.0 based upon the quoted market price of $12.30 per share

at September 30, 2012.

The following table summarizes amounts recorded by White Mountains relating to its investment in Symetra for the nine months ended September 30, 2012 and 2011:



	Nine Months Ended								Nine Months Ended
	September 30, 2012								September 30, 2011
Millions	Common Shares			Warrants		Total			Common Shares			Warrants			Total
Carrying value of investment in Symetra as of January 1	$	261.0		$	12.6	$	273.6		$	350.4		$	37.1		$	387.5
Equity in earnings ⁽¹⁾⁽²⁾	26.7			—		26.7			17.5			—			17.5
Equity in net unrealized gains from Symetra’s fixed maturity portfolio⁽³⁾	64.6			—		64.6			84.0			—			84.0
Dividends received	(3.7		)	—		(3.7		)	(2.9		)	—			(2.9		)
Increase (decrease) in value of warrants	—			13.6		13.6			—			(29.4		)	(29.4		)
Carrying value of investment in Symetra as September 30 ⁽⁴⁾⁽⁵⁾	$	348.6		$	26.2	$	374.8		$	449.0		$	7.7		$	456.7

⁽¹⁾Equity in earnings excludes tax expense of $2.2 and $1.4.

⁽²⁾Equity in earnings includes $0.9 increase relating to the pre-tax amortization of Symetra common share impairment from September 30, 2012.

⁽³⁾Net unrealized gains includes $9.9 increase relating to the pre-tax amortization of Symetra common share impairment from September 30, 2012.

⁽⁴⁾Includes White Mountains’ equity in net unrealized gains from Symetra’s fixed maturity portfolio of $64.6 and $147.7 as of September 30, 2012 and 2011, which exclude tax expense of $5.2 and $24.2.

⁽⁵⁾The aggregate value of White Mountains’ investment in common shares of Symetra was $214.0 based upon the quoted market price of $12.30 per share at

September 30, 2012.