XML 178 R33.htm IDEA: XBRL DOCUMENT v2.4.0.8
Investments in Unconsolidated Affiliates (Tables)
 6 Months Ended
Jun. 30, 2013
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
 
June 30,
2013
 
December 31,
2012
Symetra common shares
 
$
343.8

 
$
288.4

Unrealized gains from Symetra's fixed maturity portfolio
 
(17.8
)
 
62.8

Carrying value of Symetra common shares
 
326.0

 
351.2

Symetra warrants
 
—

 
30.3

Total investment in Symetra
 
326.0

 
381.5

Hamer
 
3.5

 
4.0

Bri-Mar
 
2.4

 
1.9

Pentelia Capital Management
 
—

 
.5

Total investments in unconsolidated affiliates
 
$
331.9

 
$
387.9
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 and six months ended June 30, 2013 and 2012:
 
 
Three Months Ended
 
Three Months Ended
 
 
June 30, 2013
 
June 30, 2012
Millions
 
Common Shares
 
Warrants
 
Total
 
Common Shares
 
Warrants
 
Total
Carrying value of investment in Symetra as of March 31
 
$
350.9

 
$
26.6

 
$
377.5

 
$
269.5

 
$
23.7

 
$
293.2

Equity in earnings (1)(2)
 
7.2

 
—

 
7.2

 
7.0

 
—

 
7.0

Equity in net unrealized gains from Symetra’s fixed maturity portfolio(3)
 
(71.8
)
 
—

 
(71.8
)
 
30.6

 
—

 
30.6

Dividends received
 
(1.4
)
 
—

 
(1.4
)
 
(1.2
)
 
—

 
(1.2
)
Increase in value of warrants
 
—

 
14.5

 
14.5

 
—

 
6.1

 
6.1

Exercise of warrants
 
41.1

 
(41.1
)
 
—

 
—

 
—

 
—

Carrying value of investment in Symetra as June(4)(5)
 
$
326.0

 
$
—

 
$
326.0

 
$
305.9

 
$
29.8

 
$
335.7

(1) Equity in earnings excludes tax expense of $0.6 and $0.6.
(2) Equity in earnings includes $0.8 and $0.7 increase relating to the pre-tax amortization of the Symetra common share impairment.
(3) Net unrealized gains includes $2.8 and $3.3 increase relating to the pre-tax amortization of the Symetra common share impairment.
(4) Includes White Mountains’ equity in net unrealized (losses) gains from Symetra’s fixed maturity portfolio of $(17.8) and $29.4 as of June 30, 2013 and 2012, which exclude deferred tax assets (liabilities) of $1.4 and $(2.4).
(5) The aggregate value of White Mountains’ investment in common shares of Symetra was $320.6 based upon the quoted market price of $15.99 per share at June 30, 2013.

 
 
Six Months Ended
 
Six Months Ended
 
 
June 30, 2013
 
June 30, 2012
Millions
 
Common Shares
 
Warrants
 
Total
 
Common Shares
 
Warrants
 
Total
Carrying value of investment in Symetra as of January 1
 
$
351.2

 
$
30.3

 
$
381.5

 
$
261.0

 
$
12.6

 
$
273.6

Equity in earnings (1)(2)
 
17.0

 
—

 
17.0

 
17.9

 
—

 
17.9

Equity in net unrealized gains from Symetra’s fixed maturity portfolio(3)
 
(80.5
)
 
—

 
(80.5
)
 
29.4

 
—

 
29.4

Dividends received
 
(2.8
)
 
—

 
(2.8
)
 
(2.4
)
 
—

 
(2.4
)
Increase in value of warrants
 
—

 
10.8

 
10.8

 
—

 
17.2

 
17.2

Exercise of warrants
 
41.1

 
(41.1
)
 
—

 
—

 
—

 
—

Carrying value of investment in Symetra as June 30(4)(5)
 
$
326.0

 
$
—

 
$
326.0

 
$
305.9

 
$
29.8

 
$
335.7

(1) Equity in earnings excludes tax expense of $1.4 and $1.5.
(2) Equity in earnings includes $1.5 and $1.8 increase relating to the pre-tax amortization of the Symetra common share impairment.
(3) Net unrealized gains includes $5.5 and $6.6 increase relating to the pre-tax amortization of the Symetra common share impairment.
(4) Includes White Mountains’ equity in net unrealized gains from Symetra’s fixed maturity portfolio of $(17.8) and $29.4 as of June 30, 2013 and 2012, which exclude deferred tax assets (liabilities) of $1.4 and $(2.4).
(5) The aggregate value of White Mountains’ investment in common shares of Symetra was $320.6 based upon the quoted market price of $15.99 per share at June 30, 2013.