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Investments in Unconsolidated Affiliates (Tables) | 9 Months Ended
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Sep. 30, 2011
Investments in Unconsolidated Affiliates |
Schedule of investments in unconsolidated affiliates |
Millions |  | September 30, 2011 |  | December 31, 2010 |
Symetra common shares |  | $ | 449.0 |  | $ | 350.4 |
Symetra warrants |  | 7.7 |  | 37.1 |
Total investment in Symetra |  | 456.7 |  | 387.5 |
Pentelia Capital Management |  | 1.9 |  | 2.2 |
Total investments in unconsolidated affiliates |  | $ | 458.6 |  | $ | 389.7 |
Schedule of changes in unconsolidated affiliates |
|  | Three Months Ended September 30, 2011 |  | Three Months Ended September 30, 2010 |
|  | Common |  |  |  |  |  | Common |  |  |  |  |
Millions |  | Shares |  | Warrants |  | Total |  | Shares |  | Warrants |  | Total |
Carrying value of investment in Symetra as of June 30 |  | $ | 388.5 |  | $ | 32.5 |  | $ | 421.0 |  | $ | 344.9 |  | $ | 27.6 |  | $ | 372.5 |
Equity in earnings of Symetra (1) |  | 1.6 |  | — |  | 1.6 |  | 8.3 | (4) | — |  | 8.3 |
Net unrealized gains from Symetra’s fixed maturity portfolio (2) |  | 59.9 |  | — |  | 59.9 |  | 46.9 |  | — |  | 46.9 |
Dividends received |  | (1.0 | ) | — |  | (1.0 | ) | (.9 | ) | — |  | (.9 | )
(Decrease) increase in value of warrants |  | — |  | (24.8 | ) | (24.8 | ) | — |  | (10.7 | ) | (10.7 | )
Carrying value of investment in Symetra as September 30 (3) |  | $ | 449.0 |  | $ | 7.7 |  | $ | 456.7 |  | $ | 399.2 |  | $ | 16.9 |  | $ | 416.1 |
(1) | Equity in earnings excludes tax expense of $0.1 and $0.7.
(2) | Net unrealized gains excludes tax expense of $4.8 and $3.8.
(3) | Includes White Mountains’ equity in net unrealized gains from Symetra’s fixed maturity portfolio of $147.7 and $120.7 as of September 30, 2011 and 2010, which exclude tax expense of $12.3 and $9.8.
(4) | Includes a $0.1 loss from the dilutive effect of Symetra’s quarterly dividend and the issuance of restricted shares by Symetra.
The following table summarizes amounts recorded by White Mountains relating to its investment in Symetra for the nine months ended September 30, 2011 and 2010:
|  | Nine Months Ended |  | Nine Months Ended |
|  | September 30, 2011 |  | September 30, 2010 |
|  | Common |  |  |  |  |  | Common |  |  |  |  |
Millions |  | Shares |  | Warrants |  | Total |  | Shares |  | Warrants |  | Total |
Carrying value of investment in Symetra as of December 31 |  | $ | 350.4 |  | $ | 37.1 |  | $ | 387.5 |  | $ | 269.2 |  | $ | 38.5 |  | $ | 307.7 |
Equity in earnings of Symetra (1) |  | 17.5 |  | — |  | 17.5 |  | 2.1 | (4) | — |  | 2.1 |
Net unrealized gains from Symetra’s fixed maturity portfolio (2) |  | 84.0 |  | — |  | 84.0 |  | 129.7 | (5) | — |  | 129.7 |
Dividends received |  | (2.9 | ) | — |  | (2.9 | ) | (1.8 | ) | — |  | (1.8 | )
(Decrease) increase in value of warrants |  | — |  | (29.4 | ) | (29.4 | ) | — |  | (21.6 | ) | (21.6 | )
Carrying value of investment in Symetra as September 30 (3) |  | $ | 449.0 |  | $ | 7.7 |  | $ | 456.7 |  | $ | 399.2 |  | $ | 16.9 |  | $ | 416.1 |
(1) | Equity in earnings excludes tax expense of $1.4 and $0.7.
(2) | Net unrealized gains excludes tax expense of $6.8 and $3.8.
(3) | Includes White Mountains’ equity in net unrealized gains from Symetra’s fixed maturity portfolio of $147.7 and $120.7 as of September 30, 2011 and 2010, which excludes tax expense of $24.2 and $9.8.
(4) | Includes a $17.9 loss from the dilutive effect of Symetra’s initial public offering and a $0.7 loss from the dilutive effect of Symetra’s quarterly dividend and issuance of restricted shares by Symetra.
(5) | Includes a $1.9 gain from the effect of Symetra’s initial public offering.

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- Definition Tabular disclosure of investments in and advances to affiliates. Does not include the tabular disclosure of the disaggregation of investments in and advances to affiliates across legal entities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14) -URI http://asc.fasb.org/extlink&oid=6955306&loc=d3e611322-123010 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 14 -Article 12 + Details
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