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SCHEDULE II CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT
 12 Months Ended
Dec. 31, 2013
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
 
2013
 
2012
Assets:
 
 

 
 

Cash
 
$
.2

 
$
.5

Fixed maturity investments, at fair value
 
31.8

 
39.0

Short-term investments, at amortized cost
 
1.4

 
8.9

Receivable due from subsidiary
 
—

 
96.6

Other assets
 
.4

 
1.0

Investments in consolidated and unconsolidated affiliates
 
3,919.1

 
3,664.6

Total assets
 
$
3,952.9

 
$
3,810.6

Liabilities:
 
 

 
 

Revolving line of credit
 
$
—

 
$
75.0

Payable to subsidiary
 
47.0

 
—

Other liabilities
 
.4

 
3.8

Total liabilities
 
47.4

 
78.8

White Mountains’ common shareholders’ equity
 
3,905.5

 
3,731.8

Total liabilities and equity
 
$
3,952.9

 
$
3,810.6


CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

 
 
Year Ended December 31,
Millions
 
2013
 
2012
 
2011
Revenues (including realized gains and losses)
 
$
1.2

 
$
20.8

 
$
6.4

Expenses
 
39.0

 
32.4

 
51.7

Pre-tax loss
 
(37.8
)
 
(11.6
)
 
(45.3
)
Income tax (expense) benefit
 
(.1
)
 
(.3
)
 
6.5

Net loss
 
(37.9
)
 
(11.9
)
 
(38.8
)
Equity in earnings from consolidated and unconsolidated affiliates
 
359.7

 
219.3

 
806.7

Net income attributable to White Mountains’ common shareholders
 
321.8

 
207.4

 
767.9

Other comprehensive (loss) income items, after-tax
 
(79.8
)
 
95.2

 
(81.7
)
Comprehensive income attributable to White Mountains’ common
   shareholders
 
$
242.0

 
$
302.6

 
$
686.2

Computation of net income available to common shareholders:
 
 
 
 
 
 
Net income available to common shareholders
 
$
321.8

 
$
207.4

 
$
767.9












Schedules of the Registrant should be read in conjunction with the Consolidated Financial Statements and Notes.
SCHEDULE II
(continued)

CONDENSED STATEMENTS OF CASH FLOWS



 
 
Year Ended December 31,
Millions
 
2013
 
2012
 
2011
Net income attributable to White Mountains’ common shareholders
 
$
321.8

 
$
207.4

 
$
767.9

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

 
 

 
 

Net realized and unrealized (gains) losses on sales of investments
 
(.2
)
 
(11.0
)
 
(3.1
)
Undistributed current earnings from subsidiaries
 
(359.7
)
 
(219.3
)
 
(806.7
)
Other non-cash reconciling items including restricted share and option amortization
 
15.6

 
22.1

 
7.2

Net change in other assets and liabilities, net
 
(2.9
)
 
(10.0
)
 
6.5

Net cash used for operations
 
(25.4
)
 
(10.8
)
 
(28.2
)
Cash flows from investing activities:
 
 

 
 

 
 

Net decrease in short-term investments(4)
 
7.5

 
63.3

 
267.3

Purchases of investment securities(1)(4)
 
(26.2
)
 
(706.2
)
 
(237.3
)
Sales and maturities of investment securities(3)
 
61.1

 
2,009.7

 
59.0

Issuance of debt from (to) subsidiaries(2)
 
153.9

 
(121.0
)
 
—

Repayment of debt (to) from subsidiaries(4)
 
(10.3
)
 
28.5

 
192.5

Contributions to subsidiaries(3)
 
—

 
(663.0
)
 
—

Distributions from subsidiaries(1)
 
.1

 
—

 
7.2

Net cash provided from investing activities
 
186.1

 
611.3

 
288.7

Cash flows from financing activities:
 
 

 
 

 
 

Draw down of revolving line of credit(5)
 
200.0

 
150.0

 
—

Repayment of revolving line of credit(2)(5)
 
(275.0
)
 
(75.0
)
 
—

Proceeds from issuances of common shares
 
—

 
—

 
.9

Repurchases and retirement of common shares(2)(3)
 
(79.8
)
 
(669.1
)
 
(253.0
)
Dividends paid on common shares
 
(6.2
)
 
(6.6
)
 
(8.0
)
Net cash used for financing activities
 
(161.0
)
 
(600.7
)
 
(260.1
)
Net (decrease) increase in cash during the year
 
(.3
)
 
(.2
)
 
.4

Cash balance at beginning of year
 
.5

 
.7

 
.3

Cash balance at end of year
 
$
.2

 
$
.5

 
$
.7

Supplemental cash flow information:
 
 
 
 
 
 
Interest paid
 
$
3.7

 
$
2.0

 
$
12.4

(1) 
During 2013, the Company received a distribution of $28.0 from its direct wholly-owned subsidiary Lone Tree Holdings, Ltd. The distribution included $27.9 of fixed maturities and $.1 of cash. Purchases of investment securities excludes the non-cash distribution of $27.9.
(2) 
During 2013, the Company used cash proceeds received from the issuance of debt to repurchase $79.8 of its common shares and repay $75.0 of its revolving line of credit.
(3) 
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.
(4) 
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.
(5) 
The WTM Bank Facility presented in Note 6 - “Debt” is a direct obligation of the Registrant.





Schedules of the Registrant should be read in conjunction with the Consolidated Financial Statements and Notes.