Investments in Unconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 2012

Equity Method Investments and Joint Ventures [Abstract]

Schedule of investments in unconsolidated 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.



	December 31,
Millions	2012		2011
Symetra common shares	$	288.4	$	261.0
Unrealized gains from Symetra’s fixed maturity portfolio	62.8		—
Carrying value of Symetra common shares	$	351.2	$	261.0
Symetra warrants	30.3		12.6
Total investment in Symetra	381.5		273.6

Hamer, LLC ⁽¹⁾	4.0		—
Bri-Mar Manufacturing, LLC ⁽¹⁾	1.9		—
Pentelia Capital Management	.5		1.7
Total investments in unconsolidated affiliates	$	387.9	$	275.3

⁽¹⁾ As of October 1, 2012, Hamer and Bri-Mar are no longer consolidated and are accounted for as investments in unconsolidated affiliates.

Schedule of changes in unconsolidated affiliates

The following table summarizes amounts recorded by White Mountains relating to its investment in Symetra:



Millions	Common shares			Warrants			Total
Carrying value of investment in Symetra as of December 31, 2009 ⁽²⁾	$	269.2		$	38.5		$	307.7
Equity in earnings ^(1)(3)(8)	11.1			—			11.1
Net unrealized gains from Symetra’s fixed maturity portfolio ⁽⁶⁾⁽⁷⁾	72.7			—			72.7
Dividends received	(2.6		)	—			(2.6		)
Decrease in value of warrants	—			(1.4		)	(1.4		)
Carrying value of investment in Symetra as of December 31, 2010⁽²⁾	350.4			37.1			387.5
Equity in earnings ⁽¹⁾⁽⁸⁾	28.2			—			28.2
Impairment of equity in earnings of Symetra ⁽⁴⁾	(50.0		)	—			(50.0		)
Equity in net unrealized gains from Symetra’s fixed maturity portfolio ⁽⁷⁾	85.0			—			85.0
Impairment of net unrealized gains from Symetra’s fixed maturity portfolio ⁽⁵⁾	(148.6		)	—			(148.6		)
Dividends received	(4.0		)	—			(4.0		)
Decrease in value of warrants	—			(24.5		)	(24.5		)
Carrying value of investment in Symetra as of December 31, 2011 ⁽²⁾	261.0			12.6			273.6
Equity in earnings ^(1)(8)(9)	32.3			—			32.3
Equity in net unrealized gains from Symetra’s fixed maturity portfolio ⁽⁷⁾	62.8			—			62.8
Dividends received	(4.9		)	—			(4.9		)
Increase in value of warrants	—			17.7			17.7
Carrying value of investment in Symetra as of December 31, 2012 ^(2)(11)	$	351.2		$	30.3		$	381.5


⁽¹⁾	Equity in earnings for the years end December 31, 2012, 2011 and 2010 excludes tax expense of $2.6, $2.3, and $1.4


⁽²⁾	Includes White Mountains’ equity in net unrealized gains (losses) from Symetra’s fixed maturity portfolio of $62.8, $0, and $63.7 as of December 31, 2012, 2011 and 2010, which excludes tax expense of $5.1, $0 and $5.2


⁽³⁾	Includes a $17.9 loss from the dilutive effect of Symetra’s public offering


⁽⁴⁾	Impairment of equity in earnings of Symetra excludes tax benefit of $4.1


⁽⁵⁾	Impairment of net unrealized gains from Symetra’s fixed maturity portfolio excludes tax benefit of $12.0


⁽⁶⁾	Includes a $1.9 gain from the dilutive effect of Symetra’s public offering.


⁽⁷⁾	Net unrealized gains (losses) from Symetra’s fixed maturity portfolio excludes tax (expense) benefit of $(5.1), $(6.9) and $0.8 for the years ended December 31, 2012, 2011 and 2010.


⁽⁸⁾	Equity in earnings for the years end December 31, 2012, 2011 and 2010 includes $1.3, $1.0, and $0.8 loss from the dilutive effect of Symetra’s yearly dividend and the issuance of restricted shares by Symetra


⁽⁹⁾	Equity in earnings includes $3.5 increase relating to the pre-tax amortization of Symetra common share impairment from December 31, 2012.


⁽¹⁰⁾	Net unrealized gains includes $13.1 increase relating to the pre-tax amortization of Symetra common share impairment from December 31, 2012.


⁽¹¹⁾	The aggregate value of White Mountains’ investment in common shares of Symetra was $225.9 based upon the quoted market price of $12.98 per share

at December 31, 2012.

Summarized statement of financial position of Symetra

The following table summarizes financial information for Symetra as of December 31, 2012 and 2011:



	December 31,
Millions	2012		2011
Symetra balance sheet data:
Total investments	$	27,556.4	$	26,171.7
Separate account assets	807.7		795.8
Total assets⁽¹⁾	29,460.9		28,183.3
Policyholder liabilities	23,735.2		23,140.6
Long-term debt	449.4		449.2
Separate account liabilities	807.7		795.8
Total liabilities ⁽¹⁾	25,830.8		25,068.4
Common shareholders’ equity ⁽¹⁾	3,630.1		3,114.9

Summarized statement of operations of Symetra

The following table summarizes financial information for Symetra for the years ended December 31, 2012, 2011 and 2010:



	Years ended December 31,
Millions	2012		2011		2010
Symetra income statement data:
Net premiums earned	$	605.0	$	540.5	$	473.0
Net investment income	1,275.2		1,270.9		1,199.4
Total revenues ⁽¹⁾	2,101.2		1,999.3		1,878.8
Policy benefits	1,371.8		1,307.3		1,234.6
Total expenses ⁽¹⁾	1,831.1		1,726.1		1,600.5
Net income ⁽¹⁾	205.4		195.8		193.8
Comprehensive net income	549.3		785.5		679.0

⁽¹⁾Amounts for the years ended December 31, 2011 and 2010 have been restated for the effect of Symetra’s adoption of

ASU 2010-26.