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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2011
Investment Securities |
Pre-tax net investment income |
|  | Year Ended December 31, |
Millions |  | 2011 |  | 2010 |  | 2009 |
Investment income: |  |  |  |  |  |  |
Fixed maturity investments |  | $ | 166.2 |  | $ | 194.7 |  | $ | 243.3 |
Short-term investments |  | 4.5 |  | 3.0 |  | 5.5 |
Common equity securities |  | 15.4 |  | 10.2 |  | 4.9 |
Convertible fixed maturity investments |  | 5.5 |  | 5.6 |  | 8.0 |
Other long-term investments |  | 4.2 |  | 6.0 |  | 4.2 |
Interest on funds held under reinsurance treaties |  | (.4 | ) | (1.7 | ) | (7.3 | )
Total investment income |  | 195.4 |  | 217.8 |  | 258.6 |
Third-party investment expenses |  | (10.9 | ) | (8.9 | ) | (8.5 | )
Net investment income, pre-tax |  | $ | 184.5 |  | $ | 208.9 |  | $ | 250.1
Net Realized and Unrealized Investment Gains and Losses |
|  | Year ended December 31, |
Millions |  | 2011 |  | 2010 |  | 2009 |
Net realized investment gains (losses), pre-tax |  | $ | 117.0 |  | $ | 136.4 |  | $ | (69.9 | )
Net unrealized investment gains (losses), pre-tax |  | 5.8 |  | (53.8 | ) | 431.6 |
Net realized and unrealized investment gains (losses), pre-tax |  | 122.8 |  | 82.6 |  | 361.7 |
Income taxes attributable to realized and unrealized investment gains (losses) |  | (30.9 | ) | (22.8 | ) | (124.4 | )
Net realized and unrealized investment gains (losses), after-tax |  | $ | 91.9 |  | $ | 59.8 |  | $ | 237.3
Net realized investment gains (losses) |
|  | Year Ended December 31, |
Millions |  | 2011 |  | 2010 |  | 2009 |
Fixed maturity investments |  | $ | 49.4 |  | $ | 96.9 |  | $ | (7.4 | )
Short-term investments |  | — |  | — |  | .2 |
Common equity securities |  | 34.6 |  | 6.9 |  | (46.4 | )
Convertible fixed maturity investments |  | (2.2 | ) | 16.7 |  | 15.6 |
Other long-term investments |  | 35.2 |  | 15.9 |  | (31.9 | )
Net realized investment gains (losses), pre-tax |  | 117.0 |  | 136.4 |  | (69.9 | )
Income taxes attributable to realized investment gains and (losses) |  | (37.0 | ) | (42.1 | ) | 14.9 |
Net realized investment gains (losses), after-tax |  | $ | 80.0 |  | $ | 94.3 |  | $ | (55.0 | )
Net unrealized investment gains (losses) |
The following table summarizes changes in the carrying value of investments measured at fair value:
|  | Year Ended December 31, 2011 |
Millions |  | Net unrealized gains (losses) |  | Net foreign currency gains (losses) |  | Total changes in fair value reflected in earnings |
Fixed maturities |  | $ | 7.6 |  | $ | 68.9 |  | $ | 76.5 |
Short-term investments |  | — |  | (1.1 | ) | (1.1 | )
Common equity securities |  | (40.6 | ) | (1.8 | ) | (42.4 | )
Convertible fixed maturity investments |  | (11.5 | ) | — |  | (11.5 | )
Other long-term investments |  | (19.1 | ) | 3.4 |  | (15.7 | )
Net unrealized investment gains (losses), pre-tax |  | (63.6 | ) | 69.4 |  | 5.8 |
Income taxes attributable to unrealized investment gains (losses) |  | 24.0 |  | (17.9 | ) | 6.1 |
Net unrealized investment gains (losses), after-tax |  | $ | (39.6 | ) | $ | 51.5 |  | $ | 11.9 |
|  | Year Ended December 31, 2010 |
Millions |  | Net unrealized gains (losses) |  | Net foreign currency gains (losses) |  | Total changes in fair value reflected in earnings |
Fixed maturities |  | $ | (67.4 | ) | $ | (53.8 | ) | $ | (121.2 | )
Short-term investments |  | — |  | .2 |  | .2 |
Common equity securities |  | 72.4 |  | (9.6 | ) | 62.8 |
Convertible fixed maturity investments |  | (5.4 | ) | — |  | (5.4 | )
Other long-term investments |  | 17.6 |  | (7.8 | ) | 9.8 |
Net unrealized investment gains (losses), pre-tax |  | 17.2 |  | (71.0 | ) | (53.8 | )
Income taxes attributable to unrealized investment gains (losses) |  | .5 |  | 18.8 |  | 19.3 |
Net unrealized investment gains (losses), after-tax |  | $ | 17.7 |  | $ | (52.2 | ) | $ | (34.5 | )
|  | Year Ended December 31, 2009 |
Millions |  | Net unrealized gains (losses) |  | Net foreign currency gains (losses) |  | Total changes in fair value reflected in earnings |
Fixed maturities |  | $ | 333.9 |  | $ | (53.6 | ) | $ | 280.3 |
Short-term investments |  | (.3 | ) | 1.6 |  | 1.3 |
Common equity securities |  | 57.9 |  | (9.9 | ) | 48.0 |
Convertible fixed maturity investments |  | 39.8 |  | — |  | 39.8 |
Other long-term investments |  | 67.2 |  | (5.0 | ) | 62.2 |
Net unrealized investment gains (losses), pre-tax |  | 498.5 |  | (66.9 | ) | 431.6 |
Income taxes attributable to unrealized investment gains (losses) |  | (154.3 | ) | 15.0 |  | (139.3 | )
Net unrealized investment gains (losses), after-tax |  | $ | 344.2 |  | $ | (51.9 | ) | $ | 292.3 |
Net unrealized investment gains (losses) for Level 3 investments |
The following table summarizes the amount of total gains (losses) included in earnings attributable to unrealized investment gains (losses) for Level 3 investments for the years ended December 31, 2011, 2010, and 2009.
|  | Year Ended December 31, |
Millions |  | 2011 |  | 2010 |  | 2009 |
Fixed maturities |  | $ | (12.2 | ) | $ | 10.2 |  | $ | 47.3 |
Common equity securities |  | (16.6 | ) | (19.2 | ) | 14.7 |
Convertible fixed maturities |  | — |  | — |  | .1 |
Other long-term investments |  | (16.8 | ) | 39.0 |  | 65.0 |
Total unrealized investment gains (losses), pre-tax - Level 3 investments |  | $ | (45.6 | ) | $ | 30.0 |  | $ | 127.1
Net realized and unrealized investment gains, after-tax, as recorded on the statements of operations and comprehensive income (losses) |
The components of White Mountains’ net realized and unrealized investment gains (losses), after-tax, as recorded on the statements of operations and comprehensive income (losses) were as follows:
|  | Year Ended December 31, |
Millions |  | 2011 |  | 2010 |  | 2009 |
Net change in pre-tax unrealized gains (losses) on investments in unconsolidated affiliates |  | $ | (63.6 | ) | $ | 72.7 |  | $ | 192.7 |
Income taxes |  | 5.1 |  | .8 |  | (.3 | )
Net change in unrealized gains (losses) on investments in unconsolidated affiliates, after tax |  | (58.5 | ) | 73.5 |  | 192.4 |
Net unrealized foreign currency gains (losses) on investments |  | (90.1 | ) | 102.9 |  | 185.1 |
Total investments gains (losses) through accumulated other comprehensive income |  | (148.6 | ) | 176.4 |  | 377.5 |
Change in net unrealized investment gains (losses), after-tax |  | 11.9 |  | (34.5 | ) | 292.3 |
Net realized investment gains (losses), after-tax |  | 80.0 |  | 94.3 |  | (55.0 | )
Total investment gains (losses) recorded during the period, after-tax |  | $ | (56.7 | ) | $ | 236.2 |  | $ | 614.8 |
Investment holdings, fixed maturity investments |
The cost or amortized cost, gross unrealized investment gains and losses, net foreign currency gains and losses, and carrying values of White Mountains’ fixed maturity investments as of December 31, 2011 and 2010, were as follows:
|  | December 31, 2011 |
Millions |  | Cost or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Net foreign currency gains(losses) |  | Carrying value |
US Government and agency obligations |  | $ | 299.4 |  | $ | 5.3 |  | $ | (.1 | ) | $ | .4 |  | $ | 305.0 |
Debt securities issued by industrial corporations |  | 2,072.1 |  | 73.7 |  | (7.8 | ) | (2.9 | ) | 2,135.1 |
Municipal obligations |  | 2.7 |  | — |  | — |  | — |  | 2.7 |
Mortgage-backed and asset-backed securities |  | 3,190.5 |  | 25.9 |  | (3.9 | ) | 10.4 |  | 3,222.9 |
Foreign government, agency and provincial obligations |  | 581.2 |  | 11.0 |  | (.1 | ) | (2.9 | ) | 589.2 |
Preferred stocks |  | 82.3 |  | 3.2 |  | (6.7 | ) | — |  | 78.8 |
Total fixed maturity investments including assets held for sale |  | $ | 6,228.2 |  | $ | 119.1 |  | $ | (18.6 | ) | $ | 5.0 |  | $ | 6,333.7 |
Fixed maturity investments reclassified to assets held for sale related to AutoOne |  |  |  |  |  |  |  |  |  | (111.8 | )
Total fixed maturity investments |  |  |  |  |  |  |  |  |  | $ | 6,221.9 |
|  | December 31, 2010 |
Millions |  | Cost or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Net foreign currency gains (losses) |  | Carrying value |
US Government and agency obligations |  | $ | 385.9 |  | $ | 13.6 |  | $ | (.8 | ) | $ | — |  | $ | 398.7 |
Debt securities issued by industrial corporations |  | 2,149.2 |  | 87.9 |  | (21.1 | ) | (37.9 | ) | 2,178.1 |
Municipal obligations |  | 3.3 |  | .1 |  | (.1 | ) | — |  | 3.3 |
Mortgage-backed and asset-backed securities |  | 2,082.0 |  | 18.2 |  | (15.6 | ) | (12.9 | ) | 2,071.7 |
Foreign government, agency and provincial obligations |  | 1,053.6 |  | 7.7 |  | (6.6 | ) | (8.3 | ) | 1,046.4 |
Preferred stocks |  | 81.9 |  | 6.1 |  | — |  | (.1 | ) | 87.9 |
Total fixed maturity investments |  | $ | 5,755.9 |  | $ | 133.6 |  | $ | (44.2 | ) | $ | (59.2 | ) | $ | 5,786.1
Schedule of contractual maturities of fixed maturities |
|  | December 31, 2011 |
Millions |  | Cost or amortized cost |  | Carrying value |
Due in one year or less |  | $ | 669.6 |  | $ | 681.0 |
Due after one year through five years |  | 1,809.1 |  | 1,857.5 |
Due after five years through ten years |  | 563.1 |  | 582.8 |
Due after ten years |  | 52.8 |  | 54.5 |
Mortgage-backed and asset-backed securities |  | 3,190.5 |  | 3,222.9 |
Preferred stocks |  | 82.3 |  | 78.8 |
Total |  | $ | 6,367.4 |  | $ | 6,477.5 |
Investment holdings, equity securities, convertible fixed maturities and other long-term investments |
The cost or amortized cost, gross unrealized investment gains and losses, net foreign currency gains and losses, and carrying values of White Mountains’ common equity securities, convertible fixed maturities and other long-term investments as of December 31, 2011 and 2010, were as follows:
|  | December 31, 2011 |
Millions |  | Cost or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Net foreign currency gains (losses) |  | Carrying value |
Common equity securities |  | $ | 691.7 |  | $ | 72.0 |  | $ | (8.7 | ) | $ | — |  | $ | 755.0 |
Convertible fixed maturities |  | $ | 139.2 |  | $ | 6.2 |  | $ | (1.6 | ) | $ | — |  | $ | 143.8 |
Other long-term investments |  | $ | 274.4 |  | $ | 55.5 |  | $ | (25.2 | ) | $ | (3.4 | ) | $ | 301.3 |
|  | December 31, 2010 |
Millions |  | Cost or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Net foreign currency gains (losses) |  | Carrying value |
Common equity securities |  | $ | 561.2 |  | $ | 105.5 |  | $ | (1.5 | ) | $ | 1.8 |  | $ | 667.0 |
Convertible fixed maturities |  | $ | 126.9 |  | $ | 16.2 |  | $ | (.1 | ) | $ | — |  | $ | 143.0 |
Other long-term investments |  | $ | 329.5 |  | $ | 62.4 |  | $ | (13.0 | ) | $ | (6.8 | ) | $ | 372.1 |
Fair value measurements by level, investment securities |
The following tables summarize White Mountains’ fair value measurements for investments at December 31, 2011 and 2010, by level. The fair value measurements for derivative assets associated with White Mountains’ variable annuity business are presented in Note 8.
|  | December 31, 2011 |
Millions |  | Fair value |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |
Fixed maturities: |  |  |  |  |  |  |  |  |
US Government and agency obligations |  | $ | 305.0 |  | $ | 296.2 |  | $ | 8.8 |  | $ | — |
Debt securities issued by corporations: |  |  |  |  |  |  |  |  |
Consumer |  | 790.7 |  | — |  | 790.7 |  | — |
Industrial |  | 359.4 |  | — |  | 359.4 |  | — |
Financials |  | 239.6 |  | 3.8 |  | 235.8 |  | — |
Communications |  | 225.8 |  | — |  | 225.8 |  | — |
Basic materials |  | 195.7 |  | — |  | 195.7 |  | — |
Utilities |  | 140.1 |  | — |  | 140.1 |  | — |
Energy |  | 155.8 |  | — |  | 155.8 |  | — |
Technology |  | 24.5 |  | — |  | 24.5 |  | — |
Diversified |  | 3.5 |  | — |  | 3.5 |  | — |
Total debt securities issued by corporations: |  | 2,135.1 |  | 3.8 |  | 2,131.3 |  | — |
Municipal obligations |  | 2.7 |  | — |  | 2.7 |  | — |
Mortgage-backed and asset-backed securities |  | 3,222.9 |  | — |  | 3,207.8 |  | 15.1 |
Foreign government, agency and provincial obligations |  | 589.2 |  | 65.7 |  | 523.5 |  | — |
Preferred stocks |  | 78.8 |  | — |  | 15.0 |  | 63.8 |
Total fixed maturities(1) |  | 6,333.7 |  | 365.7 |  | 5,889.1 |  | 78.9 |
Short-term investments |  | 846.0 |  | 846.0 |  | — |  | — |
Common equity securities: |  |  |  |  |  |  |  |  |
Financials |  | 219.2 |  | 185.8 |  | 1.5 |  | 31.9 |
Consumer |  | 188.8 |  | 188.5 |  | .3 |  | — |
Basic materials |  | 121.0 |  | 119.9 |  | 1.1 |  | — |
Energy |  | 72.6 |  | 72.6 |  | — |  | — |
Utilities |  | 42.0 |  | 41.8 |  | .2 |  | — |
Technology |  | 25.8 |  | 25.8 |  | — |  | — |
Other |  | 85.6 |  | 33.0 |  | 52.2 |  | .4 |
Total common equity securities |  | 755.0 |  | 667.4 |  | 55.3 |  | 32.3 |
Convertible fixed maturity investments |  | 143.8 |  | — |  | 143.8 |  | — |
Other long-term investments(2) |  | 268.3 |  | — |  | — |  | 268.3 |
Total investments |  | $ | 8,346.8 |  | $ | 1,879.1 |  | $ | 6,088.2 |  | $ | 379.5 |
(1) Carrying value includes $111.8 that is classified as assets held for sale relating to AutoOne discontinued operations. (2) Excludes carrying value of $33.0 associated with other long-term investments accounted for using the equity method.
|  | December 31, 2010 |
Millions |  | Fair value |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |
Fixed maturities: |  |  |  |  |  |  |  |  |
US Government and agency obligations |  | $ | 398.7 |  | $ | 388.9 |  | $ | 9.8 |  | $ | — |
Debt securities issued by corporations: |  |  |  |  |  |  |  |  |
Consumer |  | 769.0 |  | — |  | 769.0 |  | — |
Industrial |  | 511.3 |  | — |  | 511.3 |  | — |
Financials |  | 265.8 |  | 6.3 |  | 259.5 |  | — |
Communications |  | 226.3 |  | — |  | 226.3 |  | — |
Basic materials |  | 125.3 |  | — |  | 125.3 |  | — |
Utilities |  | 106.7 |  | — |  | 106.7 |  | — |
Energy |  | 151.5 |  | — |  | 151.5 |  | — |
Technology |  | 22.1 |  | — |  | 22.1 |  | — |
Total debt securities issued by corporations: |  | 2,178.0 |  | 6.3 |  | 2,171.7 |  | — |
Municipal obligations |  | 3.3 |  | — |  | 3.3 |  |  |
Mortgage-backed and asset-backed securities |  | 2,071.7 |  | — |  | 2,014.7 |  | 57.0 |
Foreign government, agency and provincial obligations |  | 1,046.5 |  | 82.6 |  | 963.9 |  | — |
Preferred stocks |  | 87.9 |  | — |  | 16.5 |  | 71.4 |
Total fixed maturities |  | 5,786.1 |  | 477.8 |  | 5,179.9 |  | 128.4 |
Short-term investments |  | 975.3 |  | 878.7 |  | 96.6 |  | — |
Common equity securities: |  |  |  |  |  |  |  |  |
Financials |  | 221.6 |  | 152.6 |  | 1.2 |  | 67.8 |
Consumer |  | 123.3 |  | 122.5 |  | .8 |  | — |
Basic materials |  | 98.8 |  | 97.1 |  | 1.7 |  | — |
Energy |  | 60.2 |  | 60.2 |  | — |  | — |
Utilities |  | 47.6 |  | 44.6 |  | — |  | 3.0 |
Technology |  | 31.8 |  | 30.4 |  | 1.4 |  | — |
Other |  | 83.7 |  | 30.5 |  | 52.8 |  | .4 |
Total common equity securities |  | 667.0 |  | 537.9 |  | 57.9 |  | 71.2 |
Convertible fixed maturity investments |  | 143.0 |  | — |  | 143.0 |  | — |
Other long-term investments(1) |  | 330.2 |  | — |  | — |  | 330.2 |
Total investments |  | $ | 7,901.6 |  | $ | 1,894.4 |  | $ | 5,477.4 |  | $ | 529.8 |
(1) Excludes carrying value of $41.9 associated with other long-term investments accounted for using the equity method.
Debt securities issued by corporations, credit ratings |
The following table summarizes the ratings of the corporate debt securities held in White Mountains’ investment portfolio as of December 31, 2011 and 2010:
Millions |  | December 31, 2011 |  | December 31, 2010 |
AAA |  | $ | — |  | $ | — |
AA |  | 206.8 |  | 210.0 |
A |  | 802.8 |  | 833.7 |
BBB |  | 1,110.8 |  | 1,109.1 |
BB |  | 6.2 |  | 24.5 |
Other |  | 8.5 |  | .7 |
Debt securities issued by corporations |  | $ | 2,135.1 |  | $ | 2,178.0
Mortgage-backed, asset-backed securities |
|  | December 31, 2011 |  | December 31, 2010 |
Millions |  | Fair Value |  | Level 2 |  | Level 3 |  | Fair Value |  | Level 2 |  | Level 3 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Agency: |  |  |  |  |  |  |  |  |  |  |  |  |
GNMA |  | $ | 1,365.8 |  | $ | 1,365.8 |  | $ | — |  | $ | 1,143.6 |  | $ | 1,102.7 |  | $ | 40.9 |
FNMA |  | 712.6 |  | 712.6 |  | — |  | 234.9 |  | 234.9 |  | — |
FHLMC |  | 35.9 |  | 35.9 |  | — |  | 39.1 |  | 39.1 |  | — |
Total Agency(1) |  | 2,114.3 |  | 2,114.3 |  | — |  | 1,417.6 |  | 1,376.7 |  | 40.9 |
Non-agency: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | 83.1 |  | 68.0 |  | 15.1 |  | 90.6 |  | 74.5 |  | 16.1 |
Commercial |  | 276.7 |  | 276.7 |  | — |  | 87.0 |  | 87.0 |  | — |
Total Non-agency |  | 359.8 |  | 344.7 |  | 15.1 |  | 177.6 |  | 161.5 |  | 16.1 |
Total mortgage-backed securities |  | 2,474.1 |  | 2,459.0 |  | 15.1 |  | 1,595.2 |  | 1,538.2 |  | 57.0 |
Other asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Credit card receivables |  | 380.6 |  | 380.6 |  | — |  | 248.3 |  | 248.3 |  | — |
Vehicle receivables |  | 345.6 |  | 345.6 |  | — |  | 228.1 |  | 228.1 |  | — |
Other |  | 22.6 |  | 22.6 |  | — |  | .1 |  | .1 |  | — |
Total other asset-backed securities |  | 748.8 |  | 748.8 |  | — |  | 476.5 |  | 476.5 |  | — |
Total mortgage and asset-backed securities |  | $ | 3,222.9 |  | $ | 3,207.8 |  | $ | 15.1 |  | $ | 2,071.7 |  | $ | 2,014.7 |  | $ | 57.0 |
(1) Represents publicly traded mortgage-backed securities which carry the full faith and credit guaranty of the U.S. government (i.e., GNMA) or are guaranteed by a government sponsored entity (i.e., FNMA, FHLMC).
Schedule of security issuance years of investments in non-agency RMBS and non-agency CMBS securities |
The security issuance years of White Mountains’ investments in non-agency RMBS and non-agency CMBS securities as of December 31, 2011 are as follows:
|  |  |  | Security Issuance Year |
Millions |  | Fair Value |  | 2003 |  | 2006 |  | 2007 |  | 2009 |  | 2010 |  | 2011 |
Non-agency RMBS |  | $ | 83.1 |  | $ | 3.3 |  | $ | 23.0 |  | $ | 26.4 |  | $ | — |  | $ | 10.5 |  | $ | 19.9 |
Non-agency CMBS |  | 276.7 |  | — |  | — |  | 17.4 |  | 11.2 |  | 2.3 |  | 245.8 |
Total |  | $ | 359.8 |  | $ | 3.3 |  | $ | 23.0 |  | $ | 43.8 |  | $ | 11.2 |  | $ | 12.8 |  | $ | 265.7 |
Non-agency residential mortgage securities, collateral quality and tranche levels |
The classification of the underlying collateral quality and the tranche levels of White Mountains’ non-agency RMBS securities are as follows as of December 31, 2011:
Millions |  | Fair Value |  | Super Senior (1) |  | Senior (2) |  | Subordinate(3) |
Prime |  | $ | 67.2 |  | $ | 20.5 |  | $ | 46.7 |  | $ | — |
Non-prime |  | 15.9 |  | 15.2 |  | .7 |  | — |
Sub-prime |  | — |  | — |  | — |  | — |
Total |  | $ | 83.1 |  | $ | 35.7 |  | $ | 47.4 |  | $ | — |
(1) At issuance, Super Senior were rated AAA by Standard & Poor’s, Aaa by Moody’s, or AAA by Fitch and were senior to other AAA or Aaa bonds. (2) At issuance, Senior were rated AAA by Standard & Poor’s or Aaa by Moody’s and were senior to non-AAA or non-Aaa bonds. (3) At issuance, Subordinate were not rated AAA by Standard & Poor’s or Aaa by Moody’s and were junior to AAA or Aaa bonds.
Non-agency commercial mortgage securities, type of interest rate and tranche levels |
The amount of fixed and floating rate securities and their tranche levels of White Mountains’ non-agency CMBS securities are as follows as of December 31, 2011:
Millions |  | Fair Value |  | Super Senior (1) |  | Senior(2) |  | Subordinate(3) |
Fixed rate CMBS |  | $ | 249.3 |  | $ | 46.7 |  | $ | 202.6 |  | $ | — |
Floating rate CMBS |  | 27.4 |  | 17.4 |  | 10.0 |  | — |
Total |  | $ | 276.7 |  | $ | 64.1 |  | $ | 212.6 |  | $ | — |
(1) At issuance, Super Senior were rated AAA by Standard & Poor’s or Aaa by Moody’s and were senior to other AAA or Aaa bonds. (2) At issuance, Senior were rated AAA by Standard & Poor’s or Aaa by Moody’s and were senior to non-AAA or non-Aaa bonds. (3) At issuance, Subordinate were not rated AAA by Standard & Poor’s or Aaa by Moody’s and were junior to AAA or Aaa bonds.
Other long-term investments |
The following table summarizes investments in hedge funds and private equity interests by investment objective and sector at December 31, 2011 and December 31, 2010:
|  | December 31, 2011 |  | December 31, 2010 |
Millions |  | Fair Value |  | Unfunded Commitments |  | Fair Value |  | Unfunded Commitments |
Hedge funds |  |  |  |  |  |  |  |  |
Long/short equity |  | $ | 48.8 |  | $ | — |  | $ | 50.4 |  | $ | — |
Long/short credit & distressed |  | 32.3 |  | — |  | 34.1 |  | — |
Long diversified strategies |  | 16.9 |  | — |  | 25.2 |  | — |
Long/short equity REIT |  | 14.5 |  | — |  | 24.0 |  | — |
Long/short equity activist |  | 12.3 |  | — |  | 16.9 |  | — |
Long bank loan |  | .5 |  | — |  | 5.1 |  | — |
Total hedge funds |  | 125.3 |  | — |  | 155.7 |  | — |
Private equity funds |  |  |  |  |  |  |  |  |
Energy infrastructure & services |  | 28.0 |  | 9.9 |  | 24.2 |  | 10.8 |
Distressed residential real estate |  | 27.4 |  | — |  | 49.2 |  | — |
Multi-sector |  | 26.9 |  | 8.2 |  | 26.0 |  | 10.6 |
Private equity secondaries |  | 11.3 |  | 4.0 |  | 10.4 |  | 4.4 |
Real estate |  | 9.5 |  | 3.3 |  | 9.1 |  | 4.6 |
International multi-sector, Europe |  | 7.8 |  | 4.7 |  | 10.5 |  | 5.3 |
Manufacturing/Industrial |  | 6.2 |  | — |  | 17.9 |  | — |
International multi-sector, Asia |  | 3.6 |  | 2.6 |  | 4.9 |  | 2.7 |
Insurance |  | 3.5 |  | 41.3 |  | 3.9 |  | 41.3 |
Venture capital |  | 2.4 |  | .5 |  | 2.2 |  | 1.0 |
Healthcare |  | 2.3 |  | 7.0 |  | 1.5 |  | 8.0 |
Total private equity funds |  | 128.9 |  | 81.5 |  | 159.8 |  | 88.7 |
Total hedge and private equity funds included in other long-term investments |  | $ | 254.2 |  | $ | 81.5 |  | $ | 315.5 |  | $ | 88.7
Fair value of hedge funds subject to restrictions on redemption frequency and advance notice period requirements for investments in active hedge funds |
The following summarizes the December 31, 2011 fair value of hedge funds subject to restrictions on redemption frequency and advance notice period requirements for investments in active hedge funds:
|  | Notice Period |
Millions Redemption frequency |  | 30-59 days notice |  | 60-89 days notice |  | 90-119 days notice |  | 120+ days notice |  | Total |
Monthly |  | $ | — |  | $ | — |  | $ | — |  | $ | 6.5 |  | $ | 6.5 |
Quarterly |  | 27.5 |  | 27.0 |  | 20.1 |  | — |  | 74.6 |
Semi-annual |  | — |  | 5.1 |  | — |  | 14.5 |  | 19.6 |
Annual |  | 16.9 |  | — |  | 7.2 |  | .5 |  | 24.6 |
Total |  | $ | 44.4 |  | $ | 32.1 |  | $ | 27.3 |  | $ | 21.5 |  | $ | 125.3
Fair Value of private equity funds subject to lock-up periods |
At December 31, 2011, investments in private equity funds were subject to lock-up periods as follows:
Millions |  | 1-3 years |  | 3 – 5 years |  | 5 – 10 years |  | >10 years |  | Total |
Private Equity Funds — expected lock-up period remaining |  | $ | 42.9 |  | $ | — |  | $ | 79.8 |  | $ | 6.2 |  | $ | 128.9
Rollforward of fair value investments by level |
The following table summarizes the changes in White Mountains’ fair value measurements by level for the year ended December 31, 2011:
|  |  |  |  |  | Level 3 Investments |  |  |
Millions |  | Level 1 Investments |  | Level 2 Investments |  | Fixed Maturities |  | Common equity securities |  | Convertible fixed maturities |  | Other long-term investments |  | Total |
Balance at January 1, 2011 |  | $ | 1,894.4 |  | $ | 5,477.4 |  | $ | 128.4 |  | $ | 71.2 |  | $ | — |  | $ | 330.2 | (1) | $ | 7,901.6 | (1)
Total realized and unrealized gains (losses) (1) (2) |  | (1.4 | ) | 113.2 |  | (8.1 | ) | (4.7 | ) | — |  | 19.5 |  | 118.5 |
Foreign currency gains (losses) through OCI and other revenue |  | 4.6 |  | (76.1 | ) | (4.4 | ) | 1.6 |  | — |  | (5.0 | ) | (79.3 | )
Amortization/Accretion |  | 2.3 |  | (54.2 | ) | .3 |  | — |  | — |  | — |  | (51.6 | )
Purchases |  | 10,653.6 |  | 8,905.6 |  | 213.7 |  | 19.7 |  | — |  | 58.4 |  | 19,851.0 |
Sales |  | (10,674.4 | ) | (8,528.7 | ) | — |  | (55.5 | ) | — |  | (134.8 | ) | (19,393.4 | )
Transfers in |  | — |  | 269.2 |  | 18.2 |  | — |  | — |  | — |  | 287.4 |
Transfers out |  | — |  | (18.2 | ) | (269.2 | ) | — |  | — |  | — |  | (287.4 | )
Balance at December 31, 2011 |  | $ | 1,879.1 |  | $ | 6,088.2 | (2) | $ | 78.9 |  | $ | 32.3 |  | $ | — |  | $ | 268.3 | (1) | $ | 8,346.8 | (1)
(1) Excludes carrying value of $41.9 and $33.0 at January 1, 2011 and December 31, 2011 associated with other long-term investments accounted for using the equity method. (2) Carrying value includes $111.8 that is classified as assets held for sale relating to AutoOne discontinued operations.

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