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Reserves for Unpaid Losses and Loss Adjustment Expenses (Tables) | 12 Months Ended
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Dec. 31, 2011
Reserves for Unpaid Losses and Loss Adjustment Expenses |
Loss and LAE reserve activities |
The following table summarizes the loss and LAE reserve activities of White Mountains’ insurance and reinsurance subsidiaries for the years ended December 31, 2011, 2010 and 2009:
|  | Year Ended December 31, |
Millions |  | 2011 |  | 2010 |  | 2009 |
Gross beginning balance |  | $ | 5,736.8 |  | $ | 6,379.2 |  | $ | 7,029.4 |
Less beginning reinsurance recoverable on unpaid losses |  | (2,344.0 | ) | (2,771.5 | ) | (3,049.0 | )
Net loss and LAE reserves |  | 3,392.8 |  | 3,607.7 |  | 3,980.4 |
Less: Beginning net loss and LAE reserves for AutoOne (1) |  | (77.3 | ) | (95.8 | ) | (102.0 | )
Loss and LAE reserves acquired—Old Lyme |  | 21.0 |  | — |  | — |
Loss and LAE reserves acquired—Central National |  | — |  | 17.6 |  | — |
Loss and LAE reserves sold—OneBeacon Personal Lines |  | — |  | (231.0 | ) | — |
Losses and LAE incurred relating to: |  |  |  |  |  |  |
Current year losses |  | 1,256.7 |  | 1,503.4 |  | 1,571.2 |
Prior year losses |  | (49.8 | ) | (114.2 | ) | (147.1 | )
Total incurred losses and LAE |  | 1,206.9 |  | 1,389.2 |  | 1,424.1 |
Accretion of fair value adjustment to net loss and LAE reserves |  | 8.3 |  | 8.5 |  | 12.2 |
Foreign currency translation adjustment to net loss and LAE reserves |  | .1 |  | 4.7 |  | 23.5 |
Loss and LAE paid relating to: |  |  |  |  |  |  |
Current year losses |  | (404.0 | ) | (544.9 | ) | (591.6 | )
Prior year losses |  | (952.8 | ) | (840.5 | ) | (1,234.7 | )
Total loss and LAE payments |  | (1,356.8 | ) | (1,385.4 | ) | (1,826.3 | )
Less: Beginning net loss and LAE reserves for AutoOne (1) |  | — |  | 77.3 |  | 95.8 |
Net ending balance |  | 3,195.0 |  | 3,392.8 |  | 3,607.7 |
Plus ending reinsurance recoverable on unpaid losses |  | 2,507.3 |  | 2,344.0 |  | 2,771.5 |
Gross ending balance |  | $ | 5,702.3 |  | $ | 5,736.8 |  | $ | 6,379.2 |
(1) | Adjustment is to present loss and LAE reserve activities from continuing operations. At December 31, 2011, loss and LAE reserves for AutoOne have been reclassified as liabilities held for sale. Loss and LAE reserve balances for AutoOne prior to December 31, 2011 were not reclassified.
Schedule of asbestos and environmental loss and LAE reserve activities |
The following tables summarize reported asbestos and environmental loss and LAE reserve activities (gross and net of reinsurance) for OneBeacon and Sirius Group, for the years ended December 31, 2011, 2010 and 2009, respectively: OneBeacon
Net A&E Loss |  | Year Ended December 31, |
Reserve Activity |  | 2011 |  | 2010 |  | 2009 |
|  |  |  | Pre-NICO |  |  |  |  |  | Pre-NICO |  |  |  |  |  | Pre-NICO |  |  |
Millions |  | Gross |  | Net(1) |  | Net |  | Gross |  | Net(1) |  | Net |  | Gross |  | Net(1) |  | Net |
Asbestos: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 904.0 |  | $ | 647.3 |  | $ | 6.4 |  | $ | 985.6 |  | $ | 688.8 |  | $ | 6.5 |  | $ | 1,098.4 |  | $ | 741.5 |  | $ | 6.5 |
Incurred losses and LAE |  | 256.8 |  | 32.2 |  | (4.0 | ) | — |  | — |  | — |  | 1.0 |  | — |  | — |
Paid losses and LAE |  | (86.5 | ) | 1.7 |  | (.2 | ) | (81.6 | ) | (41.5 | ) | (.1 | ) | (113.8 | ) | (52.7 | ) | — |
Ending balance |  | 1,074.3 |  | 681.2 |  | 2.2 |  | 904.0 |  | 647.3 |  | 6.4 |  | 985.6 |  | 688.8 |  | 6.5 |
Environmental: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | 119.0 |  | 93.8 |  | 9.2 |  | 350.7 |  | 218.6 |  | 7.6 |  | 470.3 |  | 261.2 |  | 5.5 |
Incurred losses and LAE |  | 231.8 |  | 62.2 |  | 10.0 |  | 6.2 |  | 6.0 |  | 6.0 |  | 4.9 |  | 5.0 |  | 5.0 |
Paid losses and LAE |  | (71.0 | ) | (4.4 | ) | (10.2 | ) | (237.9 | ) | (130.8 | ) | (4.4 | ) | (124.5 | ) | (47.6 | ) | (2.9 | )
Ending balance |  | 279.8 |  | 151.6 |  | 9.0 |  | 119.0 |  | 93.8 |  | 9.2 |  | 350.7 |  | 218.6 |  | 7.6 |
Total asbestos and environmental: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | 1,023.0 |  | 741.1 |  | 15.6 |  | 1,336.3 |  | 907.4 |  | 14.1 |  | 1,568.7 |  | 1,002.7 |  | 12.0 |
Incurred losses and LAE |  | 488.6 |  | 94.4 |  | 6.0 |  | 6.2 |  | 6.0 |  | 6.0 |  | 5.9 |  | 5.0 |  | 5.0 |
Paid losses and LAE |  | (157.5 | ) | (2.7 | ) | (10.4 | ) | (319.5 | ) | (172.3 | ) | (4.5 | ) | (238.3 | ) | (100.3 | ) | (2.9 | )
Ending balance |  | $ | 1,354.1 |  | $ | 832.8 |  | $ | 11.2 |  | $ | 1,023.0 |  | $ | 741.1 |  | $ | 15.6 |  | $ | 1,336.3 |  | $ | 907.4 |  | $ | 14.1 |
(1) | Represents A&E reserve activity, net of third-party reinsurance, but prior to the NICO Cover.
Sirius Group
Net A&E Loss Reserve Activity |  | Year Ended December 31, |
|  | 2011 |  | 2010 |  | 2009 |
Millions |  | Gross |  | Net |  | Gross |  | Net |  | Gross |  | Net |
Asbestos: |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 191.9 |  | $ | 151.5 |  | $ | 187.0 |  | $ | 146.6 |  | $ | 173.7 |  | $ | 138.5 |
Losses and LAE acquired — Central National |  | — |  | — |  | 10.4 |  | 9.7 |  | — |  | — |
Incurred losses and LAE |  | 13.6 |  | 10.3 |  | 9.0 |  | 7.3 |  | 24.7 |  | 18.4 |
Paid losses and LAE |  | (20.4 | ) | (15.6 | ) | (14.5 | ) | (12.1 | ) | (11.4 | ) | (10.3 | )
Ending balance |  | 185.1 |  | 146.2 |  | 191.9 |  | 151.5 |  | 187.0 |  | 146.6 |
Environmental: |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | 22.4 |  | 18.1 |  | 22.2 |  | 17.9 |  | 24.5 |  | 20.1 |
Losses and LAE acquired — Central National |  | — |  | — |  | 3.5 |  | 2.4 |  | — |  | — |
Incurred losses and LAE |  | 2.9 |  | 2.0 |  | (2.5 | ) | (1.3 | ) | (.8 | ) | (.7 | )
Paid losses and LAE |  | (3.2 | ) | (3.6 | ) | (.8 | ) | (.9 | ) | (1.5 | ) | (1.5 | )
Ending balance |  | 22.1 |  | 16.5 |  | 22.4 |  | 18.1 |  | 22.2 |  | 17.9 |
Total asbestos and environmental: |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | 214.3 |  | 169.6 |  | 209.2 |  | 164.5 |  | 198.2 |  | 158.6 |
Losses and LAE acquired — Central National |  | — |  | — |  | 13.9 |  | 12.1 |  | — |  | — |
Incurred losses and LAE |  | 16.5 |  | 12.3 |  | 6.5 |  | 6.0 |  | 23.9 |  | 17.7 |
Paid losses and LAE |  | (23.6 | ) | (19.2 | ) | (15.3 | ) | (13.0 | ) | (12.9 | ) | (11.8 | )
Ending balance |  | $ | 207.2 |  | $ | 162.7 |  | $ | 214.3 |  | $ | 169.6 |  | $ | 209.2 |  | $ | 164.5 |

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- Definition Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 94-5 -Paragraph 11 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6482485&loc=d3e14764-158437 + Details
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- Definition Tabular disclosure of asbestos and environmental loss and LAE reserve activities including beginning balance, incurred losses and LAE, paid losses and LAE and ending balance. + References No definition available. + Details
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