EX-12.0 8 wtm-20121231x10xkxex12.htm EXHIBIT 12
Exhibit 12
WHITE MOUNTAINS INSURANCE GROUP, LTD.
Statement Re Computation of Ratio of Earnings to Fixed Charges
($ in millions except ratios)

| Year Ended
| 2012 | 2011 | 2010 | 2009 | 2008 (1)
Consolidated pre-tax income (loss) from continuing operations before equity in earnings of affiliates, accounting changes and extraordinary items | $ | 262.8 |  | $ | 98.0 |  | $ | 189.3 |  | $ | 781.0 |  | $ | (1,016.00 | )
Distributed income of equity investees |  |  | — | — | —
Interest expense on debt | 44.8 |  | 55.2 |  | 57.3 |  | 70.8 |  | 81.6 |
Interest portion of rental expense | 6.3 |  | 7.6 |  | 9.4 |  | 11.7 |  | 13.1 |
Earnings (loss) | $ | 313.9 |  | $ | 160.8 |  | $ | 256.0 |  | $ | 863.5 |  | $ | (921.30 | )
Interest expense on debt | 44.8 |  | 55.2 |  | $ | 57.3 |  | $ | 70.8 |  | $ | 81.6 |
Interest portion of rental expense | 6.3 |  | 7.6 |  | 9.4 |  | 11.7 |  | 13.1 |
Fixed charges | $ | 51.1 |  | $ | 62.8 |  | $ | 66.7 |  | $ | 82.5 |  | $ | 94.7 |
Ratio of earnings to fixed charges | 6.1 | 2.6 | 3.8 | 10.5 | —

(1) | Earnings were inadequate to cover fixed charges by $1,016.4 for the year ended December 31, 2008.