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Derivatives (Tables)
 12 Months Ended
Dec. 31, 2013
Forward contracts
  
Derivative [Line Items]  
Fair Value of Assets and Liabilities Measured on Recurring and Non-recurring Basis Table [Text Block]
The following tables summarize the changes in White Mountains’ forward contracts for the year ended December 31, 2013 and 2012:
Millions
 
December 31, 2013
 
December 31, 2012
Beginning of period
 
$
(.1
)
 
$
—

    Purchases
 
—

 
—

    Realized and unrealized losses
 
(.1
)
 
(.3
)
    Sales/settlements
 
.1

 
.2

End of period
 
$
(.1
)
 
$
(.1
)
Offestting Assets and Liabilities
The following summarizes amounts offset under master netting agreements:
 
 
December 31, 2013
 
December 31, 2012
Millions
 
Gross asset
amounts before
offsets(1)
 
Gross liability amounts offset under master netting arrangements
 
Net amounts recognized in investments
 
Gross asset
amounts before
offsets(1)
 
Gross liability amounts offset under master netting arrangements
 
Net amounts recognized in investments
USD
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

EUR
 
—

 
(.1
)
 
(.1
)
 
—

 
(.1
)
 
(.1
)
GBP
 
—

 
—

 
—

 
—

 
—

 
—

Total
 
$
—

 
$
(.1
)
 
$
(.1
)
 
$
—

 
$
(.1
)
 
$
(.1
)
(1) 
Amount equal to fair value of instrument as recognized in investments.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following summarizes realized and unrealized derivative gains (losses) recognized in net realized and unrealized investment gains and the carrying values, included in other long-term investments, at December 31, 2013 and 2012 by type of currency:
 
 
December 31, 2013
 
December 31, 2012
Millions
 
Gains (Losses)
 
Carrying Value
 
Gains (Losses)
 
Carrying Value
USD
 
$
(.2
)
 
$
—

 
$
(.2
)
 
$
—

SEK
 
—

 
—

 
—

 
—

EUR
 
.1

 
(.1
)
 
(.1
)
 
(.1
)
GBP
 
—

 
—

 
—

 
—

Total
 
$
(.1
)
 
$
(.1
)
 
$
(.3
)
 
$
(.1
)
Schedule of Derivative Instruments [Table Text Block]
The following table summarizes the notional amounts and the uncollateralized balances associated with forward currency contracts by counterparty:
 
 
December 31, 2013
 
December 31, 2012
Millions
 
Notional Amount
 
Carrying Value
 
Standard & Poor's
 Rating(1)
 
Notional Amount
 
Carrying Value
Barclays Bank Plc
 
$
5.8

 
$
—

 
A
 
$
7.7

 
$
(.1
)
Deutsche Bank
 
7.7

 
—

 
A
 
11.1

 
—

Goldman Sachs
 
2.1

 
—

 
A-
 
.4

 
—

HSBC
 
3.3

 
(.1
)
 
AA-
 
10.1

 
—

JP Morgan
 
1.3

 
—

 
A+
 
1.9

 
—

Royal Bank of Canada
 
.2

 
—

 
AA-
 
—

 
—

   Total
 
$
20.4

 
$
(.1
)
 
 
 
$
31.2

 
$
(.1
)
(1) 
Standard & Poor’s (“S&P”) ratings as detailed above are: “AA-” (Very Strong, which is the sixth highest of twenty-one creditworthiness ratings), “A+” (Strong, which is the seventh highest of twenty-one creditworthiness ratings) and “A” (Strong, which is the eighth highest of twenty-one creditworthiness ratings).
Variable Annuity Reinsurance
  
Derivative [Line Items]  
Pre-tax operating results
The following table summarizes the pre-tax operating results of WM Life Re for the years ended December 31, 2013, 2012 and 2011:
 
 
Year Ended December 31,
Millions
 
2013
 
2012
 
2011
Fees, included in other revenue
 
$
25.0

 
$
31.8

 
$
32.5

Change in fair value of variable annuity liability, included in other revenue
 
378.5

 
312.8

 
(156.5
)
Change in fair value of derivatives, included in other revenue
 
(402.0
)
 
(339.0
)
 
92.9

Foreign exchange, included in other revenue
 
(14.5
)
 
(30.3
)
 
15.1

Other investment income and (losses) gains
 
(7.1
)
 
2.5

 
(.9
)
Total revenues
 
(20.1
)
 
(22.2
)
 
(16.9
)
Change in fair value of variable annuity death benefit liabilities, included in
   general and administrative expenses
 
10.2

 
14.2

 
(1.8
)
Death benefit claims paid, included in general and administrative expenses
 
(1.9
)
 
(5.7
)
 
(3.8
)
General and administrative expenses
 
(4.9
)
 
(5.2
)
 
(4.7
)
Pre-tax loss
 
$
(16.7
)
 
$
(18.9
)
 
$
(27.2
)
Fair Value of Assets and Liabilities Measured on Recurring and Non-recurring Basis Table [Text Block]
The following table summarizes the changes in White Mountains’ variable annuity reinsurance liabilities and derivative instruments for the year ended December 31, 2013, 2012 and 2011:
 
 
Variable Annuity
(Liabilities)
 
Derivative Instruments
Millions
 
Level 3
 
Level 3(1)
 
Level 2(1)(2)
 
Level 1(3)
 
Total(4)
Balance at January 1, 2013
 
$
(441.5
)
 
$
140.5

 
$
(20.5
)
 
$
(21.7
)
 
$
98.3

Purchases
 
—

 
59.4

 
—

 
—

 
59.4

Realized and unrealized gains (losses)
 
388.7

(5) 
(136.5
)
 
(196.1
)
 
(69.4
)
 
(402.0
)
Transfers in (out)
 
—

 
—

 
—

 
—

 
—

Sales/settlements
 
—

 
—

 
221.3

 
92.2

 
313.5

Balance at December 31, 2013
 
$
(52.8
)
 
$
63.4

 
$
4.7

 
$
1.1

 
$
69.2

 
 
Variable Annuity
(Liabilities)
 
Derivative Instruments
Millions
 
Level 3
 
Level 3(1)
 
Level 2(1)(2)
 
Level 1(3)
 
Total(4)
Balance at January 1, 2012
 
$
(768.5
)
 
$
247.1

 
$
39.2

 
$
4.1

 
$
290.4

Purchases
 
—

 
6.1

 
—

 
—

 
6.1

Realized and unrealized (losses) gains
 
327.0

(5) 
(84.0
)
 
(186.9
)
 
(68.1
)
 
(339.0
)
Transfers in (out)
 
—

 
—

 
—

 
—

 
—

Sales/settlements
 
—

 
(28.7
)
 
127.2

 
42.3

 
140.8

Balance at December 31, 2012
 
$
(441.5
)
 
$
140.5

 
$
(20.5
)
 
$
(21.7
)
 
$
98.3

 
 
Variable Annuity
(Liabilities)
 
Derivative Instruments
Millions
 
Level 3
 
Level 3(1)
 
Level 2(1)(2)
 
Level 1(3)
 
Total(4)
Balance at January 1, 2011
 
$
(610.2
)
 
$
275.3

 
$
72.2

 
$
—

 
$
347.5

Purchases
 
—

 
5.0

 
—

 
—

 
5.0

Realized and unrealized (losses) gains
 
(158.3
)
(5) 
14.5

 
67.7

 
10.7

 
92.9

Transfers in (out)
 
—

 
—

 
—

 
—

 
—

Sales/settlements
 
—

 
(47.7
)
 
(100.7
)
 
(6.6
)
 
(155.0
)
Balance at December 31, 2011
 
$
(768.5
)
 
$
247.1

 
$
39.2

 
$
4.1

 
$
290.4

(1) 
Consists of over-the-counter instruments.
(2) 
Consists of interest rate swaps, total return swaps, foreign currency forward contracts, and bond forwards. Fair value measurement based upon bid/ask pricing quotes for similar instruments that are actively traded, where available.  Swaps for which an active market does not exist have been priced using observable inputs including the swap curve and the underlying bond index.
(3) 
Consists of exchange traded equity index, foreign currency and interest rate futures. Fair value measurements based upon quoted prices for identical instruments that are actively traded.
(4) 
In addition to derivative instruments, WM Life Re held cash, short-term and fixed maturity investments of $81.3, $393.6 and $485.3 at December 31, 2013, 2012 and 2011 posted as collateral to its reinsurance counterparties.
(5) 
Includes $10.2, $14.2, $(1.8) for December 31, 2013, 2012 and 2011 related to the change in the fair value of variable annuity death benefit liabilities, which are included in general and administrative expenses.

Schedule of collateral [Table Text Block]

In addition, WM Life Re held cash and short-term investments posted as collateral to its variable annuity reinsurance and derivatives counterparties. The total collateral includes the following:
 
 
December 31,
Millions
 
2013
 
2012
Cash
 
$
56.1

 
$
249.8

Short-term investments
 
2.0

 
5.1

Fixed maturity investments
 
23.2

 
138.7

Total
 
$
81.3

 
$
393.6
Schedule of significant unobservable inputs associated with the fair value estimates for variable annuity reinsurance liabilities and derivative instruments
The following summarizes quantitative information about significant unobservable inputs associated with the fair value estimates for variable annuity reinsurance liabilities and derivative instruments that have been classified as Level 3 measurements:
($ in Millions)
 
December 31, 2013
Description
 
Fair 
Value
 
Valuation 
Technique(s)
 
Unobservable Input
 
Range
 
Weighted Average
Variable annuity benefit guarantee liabilities
 
$
52.8

 
Discounted cash flows
 
Surrenders
 
 
 
 
 
 
 
 
 
 
     0-1 year
 
0.3
 %
-
30.0%
 
21.0
%
 
 
 
 
     1-2 years
 
0.2
 %
-
32.0%
 
15.8
%
 
 
 
 
     2-3 years
 
0.1
 %
-
14.0%
 
6.2
%
 

 
 
 
Mortality
 
0.0
 %
-
5.3%
 
1.0
%
 

 
 
 
Foreign exchange volatilities
 
 
 
 
 
 
 
 
 
 
     0-1 year
 
11.6
 %
-
14.0%
 
12.5
%
 
 
 
 
     1-2 years
 
12.9
 %
-
15.0%
 
13.7
%
 
 
 
 
     2-3 years
 
13.5
 %
-
16.3%
 
14.3
%
 
 
 
 
Index volatilities
 
 
 
 
 
 
 
 
 
 
     0-1 year
 
16.4
 %
-
19.5%
 
17.9
%
 
 
 
 
     1-2 years
 
17.6
 %
-
20.1%
 
19.4
%
 

 
 
 
     2-3 years
 
18.9
 %
-
21.9%
 
21.9
%
Foreign Exchange Options
 
$
32.6

 
Counterparty valuations, adjusted for unwind quote discount
 
Adjustment to counterparty valuations
 
(1.2
)%
-
8.0%
 
2.4
%
 
 
 
 
 
 
 
 
Equity Index Options
 
$
30.8

 
Counterparty valuations, adjusted for unwind quote discount
 
Adjustment to counterparty valuations
 
0.5%
-
9.7%
 
3.4
%
 

 
 
 
 
 
 
 
Offestting Assets and Liabilities
The following summarizes amounts offset under master netting agreements:
 
 
December 31, 2013
 
December 31, 2012
Millions
 
Gross asset amounts before offsets(1)
 
Gross liability amounts offset under master netting arrangements
 
Net amounts recognized in Other Assets
 
Gross asset amounts before offsets(1)
 
Gross liability amounts offset under master netting arrangements
 
Net amounts recognized in Other Assets
Interest rate contracts
 
 
 
 
 
 
 
 
 
 
 
 
OTC
 
$
2.4

 
$
(11.7
)
 
$
(9.3
)
 
$
52.6

 
$
(26.9
)
 
$
25.7

Exchange traded
 
1.0

 
(1.6
)
 
(.6
)
 
1.6

 
(.2
)
 
1.4

Foreign exchange contracts
 
 
 
 
 
 
 
 
 
 
 
 
OTC
 
67.8

 
(12.0
)
 
55.8

 
87.8

 
(34.4
)
 
53.4

Exchange traded
 
2.3

 
—

 
2.3

 
.8

 
(1.4
)
 
(.6
)
Equity contracts
 
 
 
 
 
 
 
 
 
 
 
 
OTC
 
30.7

 
(9.2
)
 
21.5

 
63.6

 
(22.9
)
 
40.7

Exchange traded
 
1.8

 
(2.3
)
 
(.5
)
 
.1

 
(22.4
)
 
(22.3
)
Total(2)
 
$
106.0

 
$
(36.8
)
 
$
69.2

 
$
206.5

 
$
(108.2
)
 
$
98.3


(1) Amount equal to fair value of instrument as recognized in other assets.
(2) All derivative instruments held by WM Life Re are subject to master netting arrangements.
Offsetting Assets
The following summarizes the value, collateral held or provided by WM Life Re and net exposure to credit losses on OTC and exchange traded derivative instruments by counterparty recorded within other assets:
 
 
December 31, 2013
Millions
 
Net amount of assets reflected in Balance Sheet
 
Collateral provided to counterparty - Cash
 
Collateral provided to counter-party - Financial Instruments
 
Net amount of exposure after effect of collateral provided
 
Excess collateral provided to counter-party- Cash
 
Excess collateral provided - Financial Instruments
 
Counter-party collateral held by WM Life Re - Cash
 
Net amount of exposure to counter-party
 
Standard
& Poor's
Rating(1)
JP Morgan
 
$
9.1

 
$
—

 
$
—

 
$
9.1

 
$
22.0

 
$
—

 
$
—

 
$
31.1

 
A
+
Bank of America
 
27.2

 
—

 
—

 
27.2

 
—

 
—

 
—

 
27.2

 
A
 
Nomura
 
(.4
)
 
—

 
.4

 
—

 
—

 
22.8

 
.8

 
22.0

 
BBB
+
Citigroup - OTC
 
19.4

 
—

 
—

 
19.4

 
2.3

 
—

 
—

 
21.7

 
A
 
Citigroup - Exchange Traded
 
1.2

 
—

 
—

 
1.2

 
19.8

 
—

 
—

 
21.0

 
A
 
Royal Bank of Scotland
 
11.3

 
—

 
—

 
11.3

 
—

 
—

 
—

 
11.3

 
A
-
Barclays
 
1.4

 
—

 
—

 
1.4

 
—

 
—

 
—

 
1.4

 
A
 
   Total
 
$
69.2

 
$
—

 
$
.4

 
$
69.6

 
$
44.1

 
$
22.8

 
$
.8

 
$
135.7

 
 
 
 
 
December 31, 2012
Millions
 
Net amount of assets reflected in Balance Sheet
 
Collateral provided to counter-party - Cash
 
Collateral provided to counter-party - Financial Instruments
 
Net amount of exposure after effect of collateral provided
 
Excess collateral provided to counter-party- Cash
 
Excess collateral provided - Financial Instruments
 
Counter-party collateral held by WM Life Re- Cash
 
Net amount of exposure to counter-party
 
Standard
& Poor's
Rating(1)
Citigroup - OTC
 
$
19.9

 
$
—

 
$
—

 
$
19.9

 
$
30.8

 
$
—

 
$
—

 
$
50.7

 
A
 
Bank of America
 
78.5

 
—

 
—

 
78.5

 
—

 
—

 
30.6

 
47.9

 
A
 
Royal Bank of Scotland
 
33.6

 
—

 
—

 
33.6

 
—

 
—

 
—

 
33.6

 
A
 
JP Morgan
 
(22.8
)
 
22.8

 
—

 
—

 
32.8

 
—

 
—

 
32.8

 
A
+
Nomura
 
(.9
)
 
.9

 
—

 
—

 
.8

 
28.0

 
—

 
28.8

 
BBB
+
Citigroup - Exchange Traded
 
(21.5
)
 
21.5

 
—

 
—

 
13.6

 
—

 
—

 
13.6

 
A
 
Barclays
 
11.6

 
—

 
—

 
11.6

 
—

 
—

 
—

 
11.6

 
A
+
Goldman Sachs
 
(.1
)
 
.1

 
—

 
—

 
3.1

 
—

 
—

 
3.1

 
A
-
   Total
 
$
98.3

 
$
45.3

 
$
—

 
$
143.6

 
$
81.1

 
$
28.0

 
$
30.6

 
$
222.1

 
 
 
(1) 
Standard & Poor’s ratings as detailed above are:  “A+” (Strong, which is the fifth highest of twenty-one creditworthiness ratings),“A” (which is the sixth highest of twenty-one creditworthiness ratings), “A-” (which is the seventh highest of twenty-one creditworthiness ratings), and BBB+ (which is the eighth highest of twenty-one creditworthiness ratings).
Realized and unrealized derivative gains (losses) recognized in other revenues and carrying values, by the type of instrument
The following summarizes realized and unrealized gains (losses) recognized in other revenues for the years ended December 31, 2013, 2012 and 2011 and the carrying values at December 31, 2013 and 2012 by type of derivative instrument:
 
 
 
 
 
 
 
 
Carrying Value
 
 
Year Ended December 31,
 
December 31,
Millions
 
2013
 
2012
 
2011
 
2013
 
2012
Fixed income/interest rate
 
$
(108.7
)
 
$
(149.5
)
 
$
8.9

 
$
(9.7
)
 
$
27.1

Foreign exchange
 
(96.7
)
 
(102.3
)
 
29.5

 
58.0

 
52.8

Equity
 
(196.6
)
 
(87.2
)
 
54.5

 
20.9

 
18.4

Total
 
$
(402.0
)
 
$
(339.0
)
 
$
92.9

 
$
69.2

 
$
98.3
Interest Rate Cap
  
Derivative [Line Items]  
Fair Value of Assets and Liabilities Measured on Recurring and Non-recurring Basis Table
The following table summarizes the change in the fair value of the Interest Rate Cap for the year ended December 31, 2013:
Millions
 
December 31,
2013
Beginning of period
 
$
—

    Purchases
 
9.9

    Net realized and unrealized gains
 
1.2

    Sales/settlements
 
—

End of period
 
$
11.1
Assets Held under Reinsurance Counterparty Trust Agreement [Table Text Block]
The following table summarizes the Interest Rate Cap collateral balances held by White Mountains and ratings by counterparty:
 
 
December 31, 2013
Millions
 
Collateral Balances Held
 
Standard & Poor’s
 Rating(1)
Barclays Bank Plc
 
$
7.5

 
A
Nordea Bank Finland Plc
 
3.3

 
AA-
   Total
 
$
10.8

 
 
(1)  
Standard & Poor’s ratings as detailed above are: “A” (Strong, which is the sixth highest of twenty-one creditworthiness ratings) and “AA-” (Very Strong, which is the fourth highest of twenty-one creditworthiness ratings).