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Segment Information
 3 Months Ended
Mar. 31, 2012
Segment Information  
Segment Information

Note 10. Segment Information

 

White Mountains has determined that its reportable segments are OneBeacon, Sirius Group, and Other Operations. As a result of the Esurance Sale, the results of operations for Esurance have been classified as discontinued operations and are now presented, net of related income taxes, as such in the statement of comprehensive income. Prior year amounts have been reclassified to conform to the current period’s presentation (see Note 14).

 

White Mountains has made its segment determination based on consideration of the following criteria: (i) the nature of the business activities of each of the Company’s subsidiaries and affiliates; (ii) the manner in which the Company’s subsidiaries and affiliates are organized; (iii) the existence of primary managers responsible for specific subsidiaries and affiliates; and (iv) the organization of information provided to the chief operating decision makers and the Board of Directors.

 

Significant intercompany transactions among White Mountains’ segments have been eliminated herein. Financial information for White Mountains’ segments follows:

 

 

 

 

 

 

 

Other

 

 

 

Millions

 

OneBeacon

 

Sirius Group

 

Operations

 

Total

 

Three months ended March 31, 2012

 

 

 

 

 

 

 

 

 

Earned insurance and reinsurance premiums

 

$

 272.8

 

$

 226.2

 

$

   —

 

$

 499.0

 

Net investment income

 

14.7

 

17.1

 

10.0

 

41.8

 

Net realized and unrealized investment gains

 

29.8

 

13.7

 

15.1

 

58.6

 

Other revenue

 

.1

 

18.3

 

12.8

 

31.2

 

Total revenues

 

317.4

 

275.3

 

37.9

 

630.6

 

Losses and loss adjustment expenses

 

149.3

 

113.4

 

—

 

262.7

 

Insurance and reinsurance acquisition expenses

 

57.4

 

51.0

 

—

 

108.4

 

Other underwriting expenses

 

48.8

 

26.0

 

—

 

74.8

 

General and administrative expenses

 

2.7

 

18.9

 

23.9

 

45.5

 

Interest expense on debt

 

4.1

 

6.5

 

.3

 

10.9

 

Total expenses

 

262.3

 

215.8

 

24.2

 

502.3

 

Pre-tax income

 

$

 55.1

 

$

 59.5

 

$

 13.7

 

$

 128.3

 

 

 

 

 

 

 

 

Other

 

 

 

Millions

 

OneBeacon

 

Sirius Group

 

Operations

 

Total

 

Three months ended March 31, 2011

 

 

 

 

 

 

 

 

 

Earned insurance and reinsurance premiums

 

$

  245.1

 

$

 222.7

 

$

   —

 

$

467.8

 

Net investment income

 

21.0

 

23.5

 

5.0

 

49.5

 

Net realized and unrealized investment gains (losses)

 

23.1

 

(36.1

)

3.8

 

(9.2

)

Other revenue

 

.8

 

24.9

 

(4.2

)

21.5

 

Total revenues

 

290.0

 

235.0

 

4.6

 

529.6

 

Losses and loss adjustment expenses

 

130.4

 

228.0

 

—

 

358.4

 

Insurance and reinsurance acquisition expenses

 

49.0

 

41.7

 

—

 

90.7

 

Other underwriting expenses

 

49.3

 

23.8

 

—

 

73.1

 

General and administrative expenses

 

2.3

 

6.7

 

19.0

 

28.0

 

Interest expense on debt

 

6.3

 

6.5

 

.3

 

13.1

 

Total expenses

 

237.3

 

306.7

 

19.3

 

563.3

 

Pre-tax income (loss)

 

$

   52.7

 

$

 (71.7

)

$

 (14.7

)

$

  (33.7

)