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Discontinued Operations (Tables) | 12 Months Ended
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Dec. 31, 2012
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of asbestos and environmental loss and LAE reserve activities | Sirius Group
Net A&E Loss Reserve Activity |  | Year Ended December 31,
|  | 2012 |  | 2011 |  | 2010
Millions |  | Gross |  | Net |  | Gross |  | Net |  | Gross |  | Net
Asbestos: |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 185.1 |  |  | $ | 146.2 |  |  | $ | 191.9 |  |  | $ | 151.5 |  |  | $ | 187.0 |  |  | $ | 146.6 |
Losses and LAE acquired |  | 11.0 |  |  | 11.0 |  |  | — |  |  | — |  |  | 10.4 |  |  | 9.7 |
Incurred losses and LAE |  | 46.8 |  |  | 46.4 |  |  | 13.6 |  |  | 10.3 |  |  | 9.0 |  |  | 7.3 |
Paid losses and LAE |  | (34.7 | ) |  | (29.4 | ) |  | (20.4 | ) |  | (15.6 | ) |  | (14.5 | ) |  | (12.1 | )
Ending balance |  | 208.2 |  |  | 174.2 |  |  | 185.1 |  |  | 146.2 |  |  | 191.9 |  |  | 151.5 |
Environmental: |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | 22.1 |  |  | 16.5 |  |  | 22.4 |  |  | 18.1 |  |  | 22.2 |  |  | 17.9 |
Losses and LAE acquired |  | 0.7 |  |  | 0.7 |  |  | — |  |  | — |  |  | 3.5 |  |  | 2.4 |
Incurred losses and LAE |  | (0.1 | ) |  | (0.5 | ) |  | 2.9 |  |  | 2.0 |  |  | (2.5 | ) |  | (1.3 | )
Paid losses and LAE |  | (2.3 | ) |  | (1.5 | ) |  | (3.2 | ) |  | (3.6 | ) |  | (.8 | ) |  | (.9 | )
Ending balance |  | 20.4 |  |  | 15.2 |  |  | 22.1 |  |  | 16.5 |  |  | 22.4 |  |  | 18.1 |
Total asbestos and environmental: |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | 207.2 |  |  | 162.7 |  |  | 214.3 |  |  | 169.6 |  |  | 209.2 |  |  | 164.5 |
Losses and LAE acquired |  | 11.7 |  |  | 11.7 |  |  | — |  |  | — |  |  | 13.9 |  |  | 12.1 |
Incurred losses and LAE |  | 46.7 |  |  | 45.9 |  |  | 16.5 |  |  | 12.3 |  |  | 6.5 |  |  | 6.0 |
Paid losses and LAE |  | (37.0 | ) |  | (30.9 | ) |  | (23.6 | ) |  | (19.2 | ) |  | (15.3 | ) |  | (13.0 | )
Ending balance |  | $ | 228.6 |  |  | $ | 189.4 |  |  | $ | 207.2 |  |  | $ | 162.7 |  |  | $ | 214.3 |  |  | $ | 169.6 |
The following tables summarize reported A&E loss and LAE reserve activities (gross and net of reinsurance) for OneBeacon for the years ended December 31, 2012, 2011 and 2010, respectively.
Net A&E Loss |  | Year Ended December 31,
Reserve Activity |  | 2012 |  | 2011 |  | 2010
|  |  |  | Pre-NICO |  |  |  |  |  | Pre-NICO |  |  |  |  |  | Pre-NICO |  |
Millions |  | Gross |  | Net (1) |  | Net (2) |  | Gross |  | Net (1) |  | Net (2) |  | Gross |  | Net (1) |  | Net (2)
Asbestos: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 1,074.3 |  |  | $ | 681.2 |  |  | $ | 2.2 |  |  | $ | 904.0 |  |  | $ | 647.3 |  |  | $ | 6.4 |  |  | $ | 985.6 |  |  | $ | 688.8 |  |  | $ | 6.5 |
Incurred losses and LAE |  | (.3 | ) |  | (.5 | ) |  | (.5 | ) |  | 256.8 |  |  | 32.2 |  |  | (4.0 | ) |  | — |  |  | — |  |  | — |
Paid losses and LAE |  | (144.6 | ) |  | (78.2 | ) |  | .7 |  |  | (86.5 | ) |  | 1.7 |  |  | (.2 | ) |  | (81.6 | ) |  | (41.5 | ) |  | (.1 | )
Ending balance |  | 929.4 |  |  | 602.5 |  |  | 2.4 |  |  | 1,074.3 |  |  | 681.2 |  |  | 2.2 |  |  | 904.0 |  |  | 647.3 |  |  | 6.4 |
Environmental: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | 279.8 |  |  | 151.6 |  |  | 9.0 |  |  | 119.0 |  |  | 93.8 |  |  | 9.2 |  |  | 350.7 |  |  | 218.6 |  |  | 7.6 |
Incurred losses and LAE |  | (.9 | ) |  | (.5 | ) |  | (.5 | ) |  | 231.8 |  |  | 62.2 |  |  | 10.0 |  |  | 6.2 |  |  | 6.0 |  |  | 6.0 |
Paid losses and LAE |  | (45.9 | ) |  | (25.7 | ) |  | (2.1 | ) |  | (71.0 | ) |  | (4.4 | ) |  | (10.2 | ) |  | (237.9 | ) |  | (130.8 | ) |  | (4.4 | )
Ending balance |  | 233.0 |  |  | 125.4 |  |  | 6.4 |  |  | 279.8 |  |  | 151.6 |  |  | 9.0 |  |  | 119.0 |  |  | 93.8 |  |  | 9.2 |
Total asbestos and environmental: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | 1,354.1 |  |  | 832.8 |  |  | 11.2 |  |  | 1,023.0 |  |  | 741.1 |  |  | 15.6 |  |  | 1,336.3 |  |  | 907.4 |  |  | 14.1 |
Incurred losses and LAE |  | (1.2 | ) |  | (1.0 | ) |  | (1.0 | ) |  | 488.6 |  |  | 94.4 |  |  | 6.0 |  |  | 6.2 |  |  | 6.0 |  |  | 6.0 |
Paid losses and LAE |  | (190.5 | ) |  | (103.9 | ) |  | (1.4 | ) |  | (157.5 | ) |  | (2.7 | ) |  | (10.4 | ) |  | (319.5 | ) |  | (172.3 | ) |  | (4.5 | )
Ending balance |  | $ | 1,162.4 |  |  | $ | 727.9 |  |  | $ | 8.8 |  |  | $ | 1,354.1 |  |  | $ | 832.8 |  |  | $ | 11.2 |  |  | $ | 1,023.0 |  |  | $ | 741.1 |  |  | $ | 15.6 |
(1) Represents A&E reserve activity, net of third-party reinsurance, but prior to the NICO Cover. (2) Includes NICO cover
Schedule of discontinued operations balance sheet | The following summarizes the assets and liabilities associated with the businesses classified as held for sale:
|  | December 31,
Millions |  | 2012 |  | 2011
Assets held for sale |  |  |  |
Fixed maturity investments, at fair value |  | $ | 338.1 |  |  | $ | 111.8 |
Cash |  | — |  |  | 5.5 |
Reinsurance recoverable on unpaid losses |  | 1,840.8 |  |  | — |
Reinsurance recoverable on paid losses |  | 15.6 |  |  | — |
Insurance premiums receivable |  | 11.0 |  |  | 8.8 |
Deferred acquisition costs |  | — |  |  | 2.2 |
Deferred tax asset |  | 5.1 |  |  | 1.9 |
Other assets |  | 16.2 |  |  | 2.4 |
Total assets held for sale |  | $ | 2,226.8 |  |  | $ | 132.6 |
Liabilities held for sale |  |  |  |
Loss and loss adjustment expense reserves |  | $ | 2,052.6 |  |  | $ | 64.7 |
Unearned insurance premiums |  | .5 |  |  | 34.1 |
Ceded reinsurance payable |  | 21.9 |  |  | — |
Other liabilities |  | 151.8 |  |  | 8.8 |
Total liabilities held for sale |  | 2,226.8 |  |  | 107.6 |
Net assets held for sale |  | $ | — |  |  | $ | 25.0 |
Schedule of discontinued operations income statement | The following summarizes the results of operations, including related income taxes associated with the businesses classified as discontinued operations:
|  | Year Ended December 31,
Millions, except per share amounts |  | 2012 |  | 2011 |  | 2010
Revenues |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 10.6 |  |  | $ | 731.2 |  |  | $ | 1,133.4 |
Net investment income |  | — |  |  | 12.0 |  |  | 19.6 |
Net realized and unrealized investment gains |  | — |  |  | .7 |  |  | 13.3 |
Other revenue |  | — |  |  | 55.1 |  |  | 71.1 |
Total revenues |  | 10.6 |  |  | 799.0 |  |  | 1,237.4 |
Expenses |  |  |  |  |  |  |  |  |
Loss and loss adjustment expenses |  | 48.4 |  |  | 574.9 |  |  | 851.4 |
Insurance and reinsurance acquisition expenses |  | (2.1 | ) |  | 157.0 |  |  | 251.2 |
Other underwriting expenses |  | 1.7 |  |  | 91.4 |  |  | 124.9 |
General and administrative expenses |  | — |  |  | 38.3 |  |  | 48.7 |
Total expenses |  | 48.0 |  |  | 861.6 |  |  | 1,276.2 |
Pre-tax loss |  | (37.4 | ) |  | (62.6 | ) |  | (38.8 | )
Income tax benefit |  | 13.4 |  |  | 25.9 |  |  | 8.7 |
Loss from discontinued operations |  | (24.0 | ) |  | (36.7 | ) |  | (30.1 | )
Gain on sale of Esurance and AFI, net of tax |  | — |  |  | 677.5 |  |  | — |
Loss on sale of AutoOne and Runoff Transaction, net of tax |  | (91.0 | ) |  | (19.2 | ) |  | — |
Net (loss) income from discontinued operations |  | $ | (115.0 | ) |  | $ | 621.6 |  |  | $ | (30.1 | )
Discontinued operations, computation of earnings per share | The following table outlines the computation of earnings (loss) per share for discontinued operations for the years ended December 31, 2012, 2011 and 2010:
|  | Year Ended December 31,
|  | 2012 |  | 2011 |  | 2010
Basic and diluted earnings (loss) per share numerators (in millions): |  |  |  |  |  |  |  |
Net (loss) income attributable to White Mountains’ common shareholders |  | $ | (115.0 | ) |  | $ | 621.6 |  |  | $ | (30.1 | )
Allocation of income for participating unvested restricted common shares (1) |  | 1.5 |  |  | (5.4 | ) |  | .4 |
Net (loss) income attributable to White Mountains’ common shareholders, net of restricted common share amounts (3) |  | $ | (113.5 | ) |  | $ | 616.2 |  |  | $ | (29.7 | )
Basic earnings (loss) per share denominators (in thousands): |  |  |  |  |  |  |  |
Total average common shares outstanding during the period |  | 6,799.8 |  |  | 7,881.0 |  |  | 8,548.4 |
Average unvested restricted common shares (1) |  | (91.1 | ) |  | (69.4 | ) |  | (97.3 | )
Basic earnings (loss) per share denominator |  | 6,708.7 |  |  | 7,811.6 |  |  | 8,451.1 |
Diluted earnings (loss) per share denominator (in thousands): |  |  |  |  |  |  |  |
Total average common shares outstanding during the period |  | 6,799.8 |  |  | 7,881.0 |  |  | 8,548.4 |
Average unvested restricted common shares (1) |  | (91.1 | ) |  | (69.4 | ) |  | (97.3 | )
Average outstanding dilutive options to acquire common shares (2) |  | — |  |  | — |  |  | .5 |
Diluted earnings (loss) per share denominator |  | 6,708.7 |  |  | 7,811.6 |  |  | 8,451.6 |
Basic and diluted (loss) earnings per share (in dollars): |  | $ | (16.91 | ) |  | $ | 78.88 |  |  | $ | (3.51 | )
(1) | Restricted common shares outstanding vest either in equal annual installments or upon a stated date (see Note 11).
(2) | The diluted earnings per share denominator for the year ended December 31, 2010 includes 1,200 common shares issuable upon exercise of incentive options at an average strike price of $189.31 per common share. The non-qualified options were not included in the diluted earnings per share denominator for any of the periods presented as their inclusion would be anti-dilutive.
(3) | Net income (loss) attributable to White Mountains’ common shareholders, net of restricted share amounts, is equal to undistributed earnings (loss) for the years ended December 31, 2012, 2011 and 2010.
(4) | Restricted shares issued by White Mountains contain dividend participation features, and therefore, are considered participating securities.

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