SCHEDULE I SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES

12 Months Ended

Dec. 31, 2012

Summary of Investments, Other than Investments in Related Parties [Abstract]

SCHEDULE I SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES

WHITE MOUNTAINS INSURANCE GROUP, LTD.

SUMMARY OF INVESTMENTS—OTHER THAN

INVESTMENTS IN RELATED PARTIES

At December 31, 2012



Millions	Cost		Carrying Value ⁽¹⁾		Fair Value
Fixed maturities:
Bonds:
U.S. Government and government agencies and authorities	$	440.4	$	440.1	$	440.1
Debt securities issued by industrial corporations	2,321.4		2,385.1		2,385.1
Mortgage-backed and asset-backed securities	2,081.0		2,095.6		2,095.6
States, municipalities and political subdivisions	5.3		5.2		5.2
Foreign governments	526.6		521.9		521.9
Redeemable preferred stocks	79.9		86.4		86.4
Total fixed maturities⁽¹⁾	5,454.6		5,534.3		5,534.3
Short-term investments	630.6		630.6		630.6
Common equity securities:
Banks, trust and insurance companies	268.6		324.5		324.5
Public utilities	39.1		43.6		43.6
Industrial, miscellaneous and other	587.5		661.6		661.6
Total common equity securities	895.2		1,029.7		1,029.7
Convertible fixed maturities	121.7		127.4		127.4
Other long-term investments	257.2		294.2		294.2
Total investments ⁽¹⁾	$	7,359.3	$	7,616.2	$	7,616.2


⁽¹⁾	Carrying value and fair value includes $338.1 that is classified as assets held for sale relating to discontinued operations.

- Definition

The entire disclosure for the schedule applicable to insurance companies summarizing investments held as of the most recent audited balance sheet. At a minimum, such summary is by three major categories of investments including: (1) fixed maturities primarily consisting of bonds, including convertibles and bonds with warrants, and redeemable preferred stocks, (2) equity securities primarily consisting of common stocks and nonredeemable preferred stocks, and (3) other investments including mortgage loans on real estate, real estate held for investment, real estate acquired in satisfaction of debt, policy loans, other long-term investments, and short-term investments not otherwise categorized. The information provided with respect to each item within each category includes: (A) the original cost of equity securities and, as to fixed maturity securities, original cost reduced by repayments and adjusted for amortization of premiums or accrual of discounts, (B) fair value as of the reporting date, and (C) the amount at which the item within each category is shown in the statement of financial position; with respect to (C), if the amount at which shown in the statement of financial position is different from the items original [amortized] cost or fair value, an explanation of the difference may be included herein.

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