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Employee Share-Based Incentive Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2011

Employee Share-Based Incentive Compensation Plans

Summary of performance share activity

		Three Months Ended June 30,										Six Months Ended June 30,
		2011					2010					2011					2010
Millions, except share amounts		Target Performance Shares Outstanding		Accrued Expense			Target Performance Shares Outstanding		Accrued Expense			Target Performance Shares Outstanding		Accrued Expense			Target Performance Shares Outstanding		Accrued Expense
Beginning of period		149,820		$	35.6		163,220		$	17.3		163,184		$	29.4		172,454		$	12.2
Shares expired (1)		—		—			—		—			(51,131	)	—			(49,127	)	—
New grants		250		—			—		—			37,675		—			47,880		—
Assumed forfeitures and cancellations (2)		(6	)	(.5		)	—		—			336		(.6		)	(7,987	)	(.3		)
Expense recognized		—		21.4			—		2.9					27.7			—		8.3
Ending June 30,		150,064		$	56.5		163,220		$	20.2		150,064		$	56.5		163,220		$	20.2

(1) There were no payments made in 2011 and 2010 for the 2008-2010 and 2007-2009 performance cycles; those performance shares did not meet the threshold performance goals and expired.

(2) Amounts include changes in assumed forfeitures, as required under GAAP.

Summary of performance shares outstanding and accrued expense for performance shares awarded under the WTM Incentive Plan

		Target WTM
		Performance
		Shares		Accrued
Millions, except share amounts		Outstanding		Expense
Performance cycle:
2009 — 2011		60,410		$	36.6
2010 — 2012		42,890		11.7
2011 — 2013		37,675		3.2
Sub-total		140,975		51.5
Assumed forfeitures		(3,524	)	(1.3		)
Total at June 30, 2011		137,451		$	50.2

Summary of performance shares outstanding and accrued expense for performance shares awarded under the Phantom Plan

		Target WTM
		Phantom
		Performance
		Shares		Accrued
Millions, except share amounts		Outstanding		Expense
Performance cycle:
2009 — 2011		7,947		$	4.9
2010 — 2012		4,990		1.5
2011 — 2013(1)		—		—
Sub-total		12,937		6.4
Assumed forfeitures		(324	)	(.1		)
Total at June 30, 2011		12,613		$	6.3

(1) All performance shares for the 2011-2013 performance cycle were granted from the WTM Incentive Plan

Summary of restricted share activity

		Three Months Ended June 30,										Six Months Ended June 30,
		2011					2010					2011					2010
Millions, except share amounts		Restricted Shares		Unamortized Issue Date Fair Value			Restricted Shares		Unamortized Issue Date Fair Value			Restricted Shares		Unamortized Issue Date Fair Value			Restricted Shares		Unamortized Issue Date Fair Value
Non-vested,
Beginning of period		73,250		$	21.7		98,750		$	27.6		46,250		$	14.1		91,900		$	23.7
Issued		250		.1			—		—			27,250		9.9			19,750		6.7
Vested		—		—			—		—			—		—			(12,650	)	—
Forfeited		—		—			—		—			—		—			(250	)	(.1		)
Modified(1)		—		—			—		(3.3		)	—		—			—		(3.3		)
Expense recognized		—		(2.9		)	—		(3.4		)	—		(5.1		)	—		(6.1		)
Non-vested at June 30		73,500		$	18.9		98,750		$	20.9		73,500		$	18.9		98,750		$	20.9

(1) During the first quarter of 2007, White Mountains granted 15,000 restricted shares to the Company’s Chairman and CEO in connection with his hiring that would vest in the event of a change in control of the Company before January 20, 2012.  During 2010, the Compensation Committee modified the vesting terms so that the 15,000 restricted shares time vest in three equal annual installments beginning on January 20, 2013.

Summary of performance share activity for OneBeacon performance shares granted under OneBeacon Incentive Plan

		Three Months Ended June 30,										Six Months Ended June 30,
		2011					2010					2011					2010
		Target					Target					Target					Target
		Performance					Performance					Performance					Performance
		Shares		Accrued			Shares		Accrued			Shares		Accrued			Shares		Accrued
Millions, except share amounts		Outstanding		Expense			Outstanding		Expense			Outstanding		Expense			Outstanding		Expense
Beginning of period		718,172		$	8.4		1,812,337		$	16.2		1,464,295		$	18.5		2,224,215		$	15.1
Payments and deferrals (1)(2)		—		—			—		—			(936,150	)	(10.5		)	(682,344	)	(2.3		)
New awards		—		—			6,449		—			194,900		—			278,860		—
Forfeitures and cancellations		(46,445	)	(.3		)	(48,363	)	(.4		)	(51,318	)	(.3		)	(50,308	)	(.4		)
Expense recognized		—		1.9			—		(.6		)	—		2.3			—		2.8
Ending June 30,		671,727		$	10.0		1,770,423		$	15.2		671,727		$	10.0		1,770,423		$	15.2

(1) OneBeacon performance share payments in 2011 for the 2008-2010 performance cycle were at 68.5% of target. OneBeacon performance shares payments in 2010 for the 2007-2009 performance cycle were at 14.2% of target. Amounts include deposits into OneBeacon’s deferred compensation plan.

(2) OneBeacon performance share payments also include accelerated payments resulting from the OneBeacon Personal Lines and Commercial Lines Transactions. The accelerated OneBeacon performance shares payments for the 2009-2011 and 2010-2012 performance cycles were on a pro rata basis and at a performance factor of 100%.

Summary of OneBeacon performance shares outstanding and accrued expense for OneBeacon performance shares awarded under the OneBeacon Incentive Plan

		Target OneBeacon
		Performance
		Shares		Accrued
Millions, except share amounts		Outstanding		Expense
Performance cycle:
2008 — 2010		268,035		$	7.5
2009 — 2011		261,016		2.4
2010 — 2012		159,900		.4
Sub-total		688,951		10.3
Assumed forfeitures		(17,224	)	(.3		)
Total at June 30, 2011		671,727		$	10.0

Summary of OneBeacon option activity

		Three Months Ended June 30,										Six Months Ended June 30,
		2011					2010					2011					2010
Millions, except share amounts		Target Options Outstanding		Expense Amortized			Target Options Outstanding		Expense Amortized			Target Options Outstanding		Expense Amortized			Target Options Outstanding		Expense Amortized
Beginning of period		768,652		$	4.6		916,827		$	4.0		768,652		$	4.5		1,015,610		$	3.6
New awards		—		—			—		—			—		—			—		—
Forfeitures and cancellations		(18,522	)	—			(37,044	)	—			(18,522	)	—			(37,044	)	—
Vested and expired (1)		—		—			—		—			—		—			(98,783	)	—
Exercised		—		—			—		—			—		—			—		—
Expense recognized		—		.2			—		.1			—		.3			—		.5
Ending June 30,		750,130		$	4.8		879,783		$	4.1		750,130		$	4.8		879,783		$	4.1

(1) During the six months ended June 30, 2010, as a result of the Commercial Lines Transaction, 98,783 options vested that were unexercised and expired.

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