EX-12 8 a12-1085_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 |
|  | 2011 |  | 2010 |  | 2009 |  | 2008 (1) |  | 2007 |
Consolidated pre-tax income (loss) from continuing operations before equity in earnings of affiliates, accounting changes and extraordinary items |  | $ | 61.6 |  | $ | 153.1 |  | $ | 797.2 |  | $ | (1,070.2 | ) | $ | 750.4 |
Distributed income of equity investees |  |  |  | — |  | — |  | — |  | 31.2 |
Interest expense on debt |  | 55.2 |  | 57.3 |  | 70.8 |  | 81.6 |  | 73.0 |
Interest portion of rental expense |  | 7.6 |  | 9.4 |  | 11.7 |  | 13.1 |  | 18.3 |
Earnings (loss) |  | $ | 124.4 |  | $ | 219.8 |  | $ | 879.7 |  | $ | (975.5 | ) | $ | 872.9 |
Interest expense on debt |  | 55.2 |  | $ | 57.3 |  | $ | 70.8 |  | $ | 81.6 |  | $ | 73.0 |
Interest portion of rental expense |  | 7.6 |  | 9.4 |  | 11.7 |  | 13.1 |  | 18.3 |
Fixed charges |  | $ | 62.8 |  | $ | 66.7 |  | $ | 82.5 |  | $ | 94.7 |  | $ | 91.3 |
Ratio of earnings to fixed charges |  | 2.0 |  | 3.3 |  | 10.7 |  | — |  | 9.6 |

(1) Earnings were inadequate to cover fixed charges by $1,070.2 for the year ended December 31, 2008.