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Investments in Unconsolidated Affiliates (Tables)

3 Months Ended

Mar. 31, 2012

Investments in Unconsolidated Affiliates

Schedule of investments in unconsolidated affiliates

Millions		March 31, 2012			December 31, 2011
Symetra common shares		$	269.5		$	261.0
Symetra warrants		23.7			12.6
Total investment in Symetra		293.2			273.6

Pentelia Capital Management		1.7			1.7
Total investments in unconsolidated affiliates		$	294.9		$	275.3

Schedule of changes in unconsolidated affiliates

		Three Months Ended March 31, 2012									Three Months Ended March 31, 2011
		Common									Common
Millions		Shares			Warrants			Total			Shares			Warrants			Total
Carrying value of investment in Symetra as of January 1		$	261.0		$	12.6		$	273.6		$	350.4		$	37.1		$	387.5
Equity in earnings (1)(2)		10.9			—			10.9			7.3			—			7.3
Equity in net unrealized losses from Symetra’s fixed maturity portfolio(3)		(1.2		)	—			(1.2		)	—			—			—
Dividends received		(1.2		)	—			(1.2		)	(.8		)	—			(.8		)
Increase (decrease) in value of warrants		—			11.1			11.1			—			(1.2		)	(1.2		)
Carrying value of investment in Symetra as March 31(4) (5)		$	269.5		$	23.7		$	293.2		$	356.9		$	35.9		$	392.8

(1) Equity in earnings excludes tax expense of $0.7 and $0.6.

(2) Equity in earnings includes $1.1 increase relating to the pre-tax amortization of Symetra common share impairment from December 31, 2011.

(3) Net unrealized gains includes $3.2 increase relating to the pre-tax amortization of Symetra common share impairment from December 31, 2011.

(4) Includes White Mountains’ equity in net unrealized (losses) gains from Symetra’s fixed maturity portfolio of $(1.2) and $63.7 as of March 31, 2012 and 2011, which exclude tax expense of $0 and $5.2.

(5) The aggregate value of White Mountains’ investment in common shares of Symetra was $200.6 based upon the quoted market price of $11.53 per share at March 31, 2012.