EX-12 4 a11-1984_1ex12.htm EX-12

Exhibit 12

WHITE MOUNTAINS INSURANCE GROUP, LTD.

Statement Re Computation of Ratio of Earnings to Fixed Charges

($ in millions except ratios)

|  | Year Ended |
|  | 2010 |  | 2009 |  | 2008 (1) |  | 2007 |  | 2006 |
Consolidated pre-tax income (loss) from continuing operations before equity in earnings of affiliates, accounting changes and extraordinary items |  | $ | 150.5 |  | $ | 764.0 |  | $ | (1,138.4 | ) | $ | 685.2 |  | $ | 729.8 |
Distributed income of equity investees |  | — |  | — |  | — |  | 31.2 |  | 85.6 |
Interest expense on debt |  | 57.3 |  | 70.8 |  | 82.1 |  | 73.0 |  | 50.1 |
Interest portion of rental expense |  | 11.0 |  | 13.4 |  | 13.1 |  | 18.3 |  | 16.4 |
Earnings (loss) |  | $ | 218.8 |  | $ | 848.2 |  | $ | (1,043.2 | ) | $ | 807.7 |  | $ | 881.9 |
Interest expense on debt |  | $ | 57.3 |  | $ | 70.8 |  | $ | 82.1 |  | $ | 73.0 |  | $ | 50.1 |
Interest portion of rental expense |  | 11.0 |  | 13.4 |  | 13.1 |  | 18.3 |  | 16.4 |
Fixed charges |  | $ | 68.3 |  | $ | 84.2 |  | $ | 95.2 |  | $ | 91.3 |  | $ | 66.5 |
Ratio of earnings to fixed charges |  | 31.2 |  | 10.1 |  | — |  | 8.8 |  | 13.3 |

(1) Earnings were inadequate to cover fixed charges by $1,138.4 for the year ended December 31, 2008.