XML 85 R31.htm IDEA: XBRL DOCUMENT v2.4.0.6
SCHEDULE II CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT
 12 Months Ended
Dec. 31, 2012
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
SCHEDULE II CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT
CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

CONDENSED BALANCE SHEETS

 
 
December 31,
Millions
 
2012
 
2011
Assets:
 
 

 
 

Cash
 
$
.5

 
$
.7

Fixed maturity investments, at fair value (1) (2)
 
39.0

 
1,334.5

Common equity securities, at fair value
 
—

 
1.9

Short-term investments, at amortized cost (2)
 
8.9

 
72.3

Receivable due from subsidiary (2)
 
96.6

 
2.8

Other assets
 
1.0

 
5.1

Investments in consolidated and unconsolidated affiliates (1)(3)
 
3,664.6

 
2,687.3

Total assets
 
$
3,810.6

 
$
4,104.6

Liabilities:
 
 

 
 

Debt
 
$
75.0

 
$
—

Accounts payable and other liabilities
 
3.8

 
16.9

Total liabilities
 
78.8

 
16.9

White Mountains’ common shareholders’ equity
 
3,731.8

 
4,087.7

Total liabilities and equity (3)
 
$
3,810.6

 
$
4,104.6


CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

 
 
Year Ended December 31,
Millions
 
2012
 
2011
 
2010
Revenues (including realized gains and losses)
 
$
20.8

 
$
6.4

 
$
1.1

Expenses
 
32.4

 
51.7

 
42.2

Pre-tax loss
 
(11.6
)
 
(45.3
)
 
(41.1
)
Income tax (expense) benefit
 
(.3
)
 
6.5

 
(.6
)
Net loss
 
(11.9
)
 
(38.8
)
 
(41.7
)
Equity in earnings from consolidated and unconsolidated affiliates (3)
 
219.3

 
806.7

 
128.2

Net income attributable to White Mountains’ common shareholders
 
207.4

 
767.9

 
86.5

Other comprehensive loss items, after-tax
 
95.2

 
(81.7
)
 
127.9

Comprehensive income attributable to White Mountains’ common shareholders
 
$
302.6

 
$
686.2

 
$
214.4

Computation of net income available to common shareholders:
 
 
 
 
 
 
Net income available to common shareholders
 
$
207.4

 
$
767.9

 
$
86.5

(1) During 2012, the Company sold the majority of its fixed maturity investments and used the proceeds to (a) contribute $663.0 to its subsidiaries, the majority of which was used to fund HG Global and (b) repurchase 1,329,640 of its common shares for $669.1.
(2) In November 2011, Lone Tree Insurance Group Ltd., a direct wholly-owned subsidiary of the Registrant, was liquidated into the Registrant. Significant non-cash balances that were transferred to the Registrant as part of the liquidation included fixed maturity investments of $1,146.9, short-term investments of $284.7 and a payable to subsidiary of $417.5.
(3) 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 non-controlling interests for all periods presented.


SCHEDULE II
(continued)

CONDENSED STATEMENTS OF CASH FLOWS

 
 
Year Ended December 31,
Millions
 
2012
 
2011
 
2010
Net income attributable to White Mountains’ common shareholders (2)
 
$
207.4

 
$
767.9

 
$
86.5

Charges (credits) to reconcile net income to net cash from operations:
 
 

 
 

 
 

Net realized and unrealized (gains) losses on sales of investments
 
(11.0
)
 
(3.1
)
 
.1

Undistributed current earnings from subsidiaries (2)
 
(219.3
)
 
(806.7
)
 
(128.2
)
Net change in other assets and other liabilities
 
12.1

 
13.7

 
27.9

Net cash used for operations
 
(10.8
)
 
(28.2
)
 
(13.7
)
Cash flows from investing activities:
 
 

 
 

 
 

Net decrease in short-term investments (3)
 
63.3

 
267.3

 
166.5

Purchases of investment securities (3)
 
(706.2
)
 
(237.3
)
 
(5.8
)
Sales and maturities of investment securities (1)
 
2,009.7

 
59.0

 
—

Issuance of debt (to) from subsidiaries
 
(121.0
)
 
—

 
86.8

Repayment of debt from subsidiaries (3)
 
28.5

 
192.5

 
—

Contributions to subsidiaries (1)
 
(663.0
)
 
—

 
—

Distributions from subsidiaries
 
—

 
7.2

 
—

Net cash provided from investing activities
 
611.3

 
288.7

 
247.5

Cash flows from financing activities:
 
 

 
 

 
 

Draw down of revolving line of credit
 
150.0

 
—

 
—

Repayment of debt
 
(75.0
)
 
—

 
—

Proceeds from issuances of common shares
 
—

 
.9

 
.7

Repurchases and retirement of common shares (1)
 
(669.1
)
 
(253.0
)
 
(225.6
)
Dividends paid on common shares
 
(6.6
)
 
(8.0
)
 
(8.8
)
Net cash used for financing activities
 
(600.7
)
 
(260.1
)
 
(233.7
)
Net (decrease) increase in cash during the year
 
(.2
)
 
.4

 
.1

Cash balance at beginning of year
 
.7

 
.3

 
.2

Cash balance at end of year
 
$
.5

 
$
.7

 
$
.3

(1) During 2012, the Company sold the majority of its fixed maturity investments and used the proceeds to (a) contribute $663.0 to its subsidiaries, the majority of which was used to fund HG Global and (b) repurchase 1,329,640 of its common shares for $669.1.
(2) In 2011, the Company revised the presentation of net income attributable to White Mountains’ common shareholders and undistributed current
earnings from subsidiaries to be net of non-controlling interests for all periods presented.
(3) In November 2011, Lone Tree Insurance Group Ltd., a direct wholly-owned subsidiary of the Registrant, was liquidated into the Registrant.
Significant non-cash balances that were transferred to the Registrant as part of the liquidation included fixed maturity investments of $1,146.9, short-term investments of $284.7 and a payable to subsidiary of $417.5