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Investments in Unconsolidated Affiliates (Tables)
 12 Months Ended
Dec. 31, 2013
Investments in unconsolidated affiliates  
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
 
2013
 
2012
Symetra common shares
 
$
360.9

 
$
288.4

Unrealized (losses) gains from Symetra’s fixed maturity portfolio
 
(43.6
)
 
62.8

Carrying value of Symetra common shares
 
317.3

 
351.2

Symetra warrants
 
—

 
30.3

Total investment in Symetra
 
317.3

 
381.5

 
 
 
 
 
Hamer(1)
 
4.1

 
4.0

Bri-Mar(1)
 
—

 
1.9

Pentelia Capital Management
 
—

 
0.5

Total investments in unconsolidated affiliates
 
$
321.4

 
$
387.9

(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, 2010
 
$
350.4

 
$
37.1

 
$
387.5

Equity in earnings(1)(8)
 
28.2

 
—

 
28.2

Impairment of equity in earnings of Symetra(3)
 
(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(4)
 
(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)(5)(8)
 
32.3

 
—

 
32.3

Equity in net unrealized gains from Symetra’s fixed maturity portfolio(6)(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)
 
351.2

 
30.3

 
381.5

Equity in earnings(1)(5)(8)
 
37.8

 
—

 
37.8

Equity in net unrealized losses from Symetra’s fixed maturity portfolio(6)(7)
 
(106.4
)
 
—

 
(106.4
)
Dividends received
 
(6.4
)
 
—

 
(6.4
)
Increase in value of warrants
 
—

 
10.8

 
10.8

Exercise of warrants
 
41.1

 
(41.1
)
 
—

Carrying value of investment in Symetra as of December 31, 2013(2)(9)
 
$
317.3

 
$
—

 
$
317.3

(1) 
Equity in earnings for the years end December 31, 2013, 2012 and 2011 excludes tax expense of $2.8, $2.6, and $2.3
(2) 
Includes White Mountains’ equity in net unrealized (losses) gains from Symetra’s fixed maturity portfolio of $(43.6), $62.8, and $0 as of December 31, 2013, 2012 and 2011, which excludes tax benefit (expense) of $3.2, $(5.1) and $0
(3) 
Impairment of equity in earnings of Symetra excludes tax benefit of $4.1
(4) 
Impairment of net unrealized gains from Symetra’s fixed maturity portfolio excludes tax benefit $12.0
(5) 
Equity in earnings for the years ended December 31, 2013 and 2012 includes $3.0 and $3.5 increases relating to the pre-tax amortization of the Symetra common share basis difference.
(6) 
Net unrealized gains for the years ended December 31, 2013 and 2012 includes $11.8 and $13.1 increases relating to the pre-tax amortization of the Symetra common share basis difference.
(7) 
Net unrealized (losses) gains from Symetra’s fixed maturity portfolio excludes tax benefit (expense) of $8.3, $(5.1) and $(6.9) for the years ended December 31, 2013, 2012 and 2011.
(8) 
Equity in earnings for the years end December 31, 2013, 2012 and 2011 includes $.2, $1.3, and $1.0 loss from the dilutive effect of Symetra’s yearly dividend and the issuance of restricted shares by Symetra
(9) 
The aggregate value of White Mountains’ investment in common shares of Symetra was $380.1 based upon the quoted market price of $18.96 per share at December 31, 2013.
Symetra
  
Investments in unconsolidated affiliates  
Summarized statement of financial position of Symetra
The following table summarizes financial information for Symetra as of December 31, 2013 and 2012:
 
 
December 31,
Millions
 
2013
 
2012
Symetra balance sheet data:
 
 

 
 

Total investments
 
$
27,901.1

 
$
27,556.4

Separate account assets
 
978.4

 
807.7

Total assets
 
30,129.5

 
29,460.9

Policyholder liabilities
 
25,328.8

 
23,735.2

Long-term debt
 
449.5

 
449.4

Separate account liabilities
 
978.4

 
807.7

Total liabilities
 
27,187.6

 
25,830.8

Common shareholders’ equity
 
2,941.9

 
3,630.1


The following table summarizes financial information for Symetra for the years ended December 31, 2013, 2012 and 2011:
 
 
Years ended December 31,
Millions
 
2013
 
2012
 
2011
Symetra income statement data:
 
 

 
 

 
 
Net premiums earned
 
$
627.2

 
$
605.0

 
$
540.5

Net investment income
 
1,285.0

 
1,275.2

 
1,270.9

Total revenues(1)
 
2,103.9

 
2,101.2

 
1,999.3

Policy benefits
 
1,394.9

 
1,371.8

 
1,307.3

Total expenses(1)
 
1,865.3

 
1,831.1

 
1,726.1

Net income(1)
 
220.7

 
205.4

 
195.8

Comprehensive net income
 
(777.6
)
 
549.3

 
785.5

(1) 
Amounts for the years ended December 31, 2011 have been restated for the effect of Symetra’s adoption of ASU 2010-26.