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Discontinued Operations (Tables)
 9 Months Ended
Sep. 30, 2012
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of discontinued operations balance sheet
 
Net Assets Held for Sale
The following summarizes the assets and liabilities associated with the businesses classified as held for sale:
 
Millions
September 30,
2012
December 31,
2011
Assets held for sale
 
 

Fixed maturity investments, at fair value
$
377.3

$
111.8

Cash
—

5.5

Reinsurance recoverable on unpaid losses
1,956.6

—

Reinsurance recoverable on paid losses
17.6

—

Insurance premiums receivable
13.6

8.8

Deferred acquisition costs
—

2.2

Deferred tax asset
6.1

1.9

Other assets
17.0

2.4

Total assets held for sale
$
2,388.2

$
132.6

Liabilities held for sale
 
 

Loss and loss adjustment expense reserves
$
2,212.9

$
64.7

Unearned insurance premiums
.6

34.1

Ceded reinsurance payable
19.5

—

Other liabilities
155.2

8.8

Total liabilities held for sale
2,388.2

107.6

Net assets held for sale
$
—

$
25.0
Schedule of discontinued operations income statement
The following summarizes the results of operations, including related income taxes associated with the businesses classified as discontinued operations:
 
 
 
Three Months Ended
 
Nine Months Ended
Millions, except per share amounts
 
Sept 30,
 
Sept 30,
 
 
2012
 
2011
 
2012
 
2011
Revenues
 
 

 
 

 
 

 
 

Earned insurance premiums
 
$
(.4
)
 
$
233.3

 
$
10.0

 
$
701.9

Net investment income
 
—

 
3.8

 
—

 
11.8

Net realized and unrealized investment gains (losses)
 
—

 
(6.4
)
 
—

 
1.4

Other revenue
 
—

 
17.5

 
—

 
54.0

Total revenues
 
(.4
)
 
248.2

 
10.0

 
769.1

Expenses
 


 


 


 


Loss and loss adjustment expenses
 
27.7

 
177.4

 
48.4

 
512.3

Insurance and reinsurance acquisition expenses
 
(.8
)
 
51.4

 
(1.3
)
 
154.1

Other underwriting expenses
 
(1.1
)
 
35.0

 
1.1

 
83.9

General and administrative expenses
 
—

 
1.7

 
—

 
37.5

Total expenses
 
25.8

 
265.5

 
48.2

 
787.8

Pre-tax loss
 
(26.2
)
 
(17.3
)
 
(38.2
)
 
(18.7
)
Income tax benefit
 
10.4

 
5.3

 
13.7

 
10.9

Loss from discontinued operations
 
(15.8
)
 
(12.0
)
 
(24.5
)
 
(7.8
)
     Loss from sale of discontinued operations
 
(91.0
)
 
(18.2
)
 
(91.0
)
 
(18.2
)
Net loss from discontinued operations
 
$
(106.8
)
 
$
(30.2
)
 
$
(115.5
)
 
$
(26.0
)
Discontinued operations, computation of earnings per share
The following table outlines the computation of loss per share for discontinued operations for the three and nine months ended September 30, 2012 and 2011:
 
 
 
Three Months Ended
 
Nine Months Ended
 
 
Sept 30,
 
Sept 30,
 
 
2012
 
2011
 
2012
 
2011
Basic and diluted loss per share numerators (in millions):
 
 

 
 

 
 

 
 

Net loss attributable to White Mountains’ common shareholders
 
$
(106.8
)
 
$
(30.2
)
 
$
(115.5
)
 
$
(26.0
)
Allocation of income for participating unvested restricted common shares (1)
 
1.5

 
.3

 
1.5

 
.2

Net loss attributable to White Mountains’ common shareholders, net of
     restricted common share amounts (2)
 
$
(105.3
)
 
$
(29.9
)
 
$
(114.0
)
 
$
(25.8
)
Basic loss per share denominators (in thousands):
 


 


 


 


Total average common shares outstanding during the period
 
6,590.4

 
7,919.3

 
6,885.9

 
7,970.0

Average unvested restricted common shares (3)
 
(96.5
)
 
(73.5
)
 
(89.5
)
 
(68.0
)
Basic loss per share denominator
 
6,493.9

 
7,845.8

 
6,796.4

 
7,902.0

Diluted loss per share denominator (in thousands):
 
 
 
 
 
 
 
 
Total average common shares outstanding during the period
 
6,590.4

 
7,919.3

 
6,885.9

 
7,970.0

Average unvested restricted common shares
 
(96.5
)
 
(73.5
)
 
(89.5
)
 
(68.0
)
Average outstanding dilutive options to acquire common shares
 
—

 
—

 
—

 
—

Diluted loss per share denominator
 
6,493.9

 
7,845.8

 
6,796.4

 
7,902.0

Basic and diluted loss per share (in dollars):
 
$
(16.21
)
 
$
(3.81
)
 
$
(16.77
)
 
$
(3.26
)
(1) Restricted shares issued by White Mountains contain dividend participation features, and therefore, are considered participating securities.
(2) Net loss attributable to White Mountains’ common shareholders, net of restricted share amounts, is equal to undistributed loss for the three and nine months ended September 30, 2012 and 2011.
(3) Restricted common shares outstanding vest either in equal annual installments or upon a stated date (see Note 12)