XML 62 R52.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Discontinued Operations (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2013
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,
|  | 2013 |  | 2012 |  | 2011
Millions |  | Gross |  | Net |  | Gross |  | Net |  | Gross |  | Net
Asbestos: |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 208.2 |  |  | $ | 174.2 |  |  | $ | 185.1 |  |  | $ | 146.2 |  |  | $ | 191.9 |  |  | $ | 151.5 |
Losses and LAE acquired |  | 13.0 |  |  | 13.0 |  |  | 11.0 |  |  | 11.0 |  |  | — |  |  | — |
Incurred losses and LAE |  | 12.1 |  |  | 11.8 |  |  | 46.8 |  |  | 46.4 |  |  | 13.6 |  |  | 10.3 |
Paid losses and LAE |  | (25.9 | ) |  | (20.3 | ) |  | (34.7 | ) |  | (29.4 | ) |  | (20.4 | ) |  | (15.6 | )
Ending balance |  | 207.4 |  |  | 178.7 |  |  | 208.2 |  |  | 174.2 |  |  | 185.1 |  |  | 146.2 |
Environmental: |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | 20.4 |  |  | 15.2 |  |  | 22.1 |  |  | 16.5 |  |  | 22.4 |  |  | 18.1 |
Losses and LAE acquired |  | 1.0 |  |  | 1.0 |  |  | .7 |  |  | .7 |  |  | — |  |  | — |
Incurred losses and LAE |  | .8 |  |  | .8 |  |  | (.1 | ) |  | (.5 | ) |  | 2.9 |  |  | 2.0 |
Paid losses and LAE |  | (1.8 | ) |  | (1.8 | ) |  | (2.3 | ) |  | (1.5 | ) |  | (3.2 | ) |  | (3.6 | )
Ending balance |  | 20.4 |  |  | 15.2 |  |  | 20.4 |  |  | 15.2 |  |  | 22.1 |  |  | 16.5 |
Total asbestos and environmental: |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | 228.6 |  |  | 189.4 |  |  | 207.2 |  |  | 162.7 |  |  | 214.3 |  |  | 169.6 |
Losses and LAE acquired |  | 14.0 |  |  | 14.0 |  |  | 11.7 |  |  | 11.7 |  |  | — |  |  | — |
Incurred losses and LAE |  | 12.9 |  |  | 12.6 |  |  | 46.7 |  |  | 45.9 |  |  | 16.5 |  |  | 12.3 |
Paid losses and LAE |  | (27.7 | ) |  | (22.1 | ) |  | (37.0 | ) |  | (30.9 | ) |  | (23.6 | ) |  | (19.2 | )
Ending balance |  | $ | 227.8 |  |  | $ | 193.9 |  |  | $ | 228.6 |  |  | $ | 189.4 |  |  | $ | 207.2 |  |  | $ | 162.7 |
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, 2013, 2012 and 2011, respectively.
Net A&E Loss |  | Year Ended December 31,
Reserve Activity |  | 2013 |  | 2012 |  | 2011
|  |  |  | 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 |  | $ | 929.4 |  |  | $ | 602.5 |  |  | $ | 2.4 |  |  | $ | 1,074.3 |  |  | $ | 681.2 |  |  | $ | 2.2 |  |  | $ | 904.0 |  |  | $ | 647.3 |  |  | $ | 6.4 |
Incurred losses and LAE |  | — |  |  | — |  |  | — |  |  | (.3 | ) |  | (.5 | ) |  | (.5 | ) |  | 256.8 |  |  | 32.2 |  |  | (4.0 | )
Paid losses and LAE |  | (84.3 | ) |  | (79.3 | ) |  | (.5 | ) |  | (144.6 | ) |  | (78.2 | ) |  | .7 |  |  | (86.5 | ) |  | 1.7 |  |  | (.2 | )
Ending balance |  | 845.1 |  |  | 523.2 |  |  | 1.9 |  |  | 929.4 |  |  | 602.5 |  |  | 2.4 |  |  | 1,074.3 |  |  | 681.2 |  |  | 2.2 |
Environmental: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | 233.0 |  |  | 125.4 |  |  | 6.4 |  |  | 279.8 |  |  | 151.6 |  |  | 9.0 |  |  | 119.0 |  |  | 93.8 |  |  | 9.2 |
Incurred losses and LAE |  | — |  |  | — |  |  | — |  |  | (.9 | ) |  | (.5 | ) |  | (.5 | ) |  | 231.8 |  |  | 62.2 |  |  | 10.0 |
Paid losses and LAE |  | (64.3 | ) |  | (33.0 | ) |  | (2.6 | ) |  | (45.9 | ) |  | (25.7 | ) |  | (2.1 | ) |  | (71.0 | ) |  | (4.4 | ) |  | (10.2 | )
Ending balance |  | 168.7 |  |  | 92.4 |  |  | 3.8 |  |  | 233.0 |  |  | 125.4 |  |  | 6.4 |  |  | 279.8 |  |  | 151.6 |  |  | 9.0 |
Total asbestos and environmental: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | 1,162.4 |  |  | 727.9 |  |  | 8.8 |  |  | 1,354.1 |  |  | 832.8 |  |  | 11.2 |  |  | 1,023.0 |  |  | 741.1 |  |  | 15.6 |
Incurred losses and LAE |  | — |  |  | — |  |  | — |  |  | (1.2 | ) |  | (1.0 | ) |  | (1.0 | ) |  | 488.6 |  |  | 94.4 |  |  | 6.0 |
Paid losses and LAE |  | (148.6 | ) |  | (112.3 | ) |  | (3.1 | ) |  | (190.5 | ) |  | (103.9 | ) |  | (1.4 | ) |  | (157.5 | ) |  | (2.7 | ) |  | (10.4 | )
Ending balance |  | $ | 1,013.8 |  |  | $ | 615.6 |  |  | $ | 5.7 |  |  | $ | 1,162.4 |  |  | $ | 727.9 |  |  | $ | 8.8 |  |  | $ | 1,354.1 |  |  | $ | 832.8 |  |  | $ | 11.2 |
(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 and income statement | The following summarizes the assets and liabilities associated with the businesses classified as held for sale:
|  | December 31,
Millions |  | 2013 |  | 2012
Assets held for sale |  |  |  |
Fixed maturity investments, at fair value |  | $ | 236.3 |  |  | $ | 338.1 |
Cash |  | — |  |  | — |
Reinsurance recoverable on unpaid losses |  | 1,604.7 |  |  | 1,840.8 |
Reinsurance recoverable on paid losses |  | 10.7 |  |  | 15.6 |
Insurance premiums receivable |  | 9.1 |  |  | 11.0 |
Deferred acquisition costs |  | — |  |  | — |
Deferred tax asset |  | 3.3 |  |  | 5.1 |
Other assets |  | 16.0 |  |  | 16.2 |
Total assets held for sale |  | $ | 1,880.1 |  |  | $ | 2,226.8 |
Liabilities held for sale |  |  |  |
Loss and loss adjustment expense reserves |  | $ | 1,793.1 |  |  | $ | 2,052.6 |
Unearned insurance premiums |  | .2 |  |  | .5 |
Ceded reinsurance payable |  | 12.3 |  |  | 21.9 |
Other liabilities |  | 74.5 |  |  | 151.8 |
Total liabilities held for sale |  | 1,880.1 |  |  | 2,226.8 |
Net assets held for sale |  | $ | — |  |  | $ | — |
Net Income (Loss) from Discontinued Operations 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 |  | 2013 |  | 2012 |  | 2011
Revenues |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | .8 |  |  | $ | 10.6 |  |  | $ | 731.2 |
Net investment income |  | — |  |  | — |  |  | 12.0 |
Net realized and unrealized investment gains |  | — |  |  | — |  |  | .7 |
Other revenue |  | 10.8 |  |  | — |  |  | 55.1 |
Total revenues |  | 11.6 |  |  | 10.6 |  |  | 799.0 |
Expenses |  |  |  |  |  |  |  |  |
Loss and loss adjustment expenses |  | 78.9 |  |  | 48.4 |  |  | 574.9 |
Insurance and reinsurance acquisition expenses |  | — |  |  | (2.1 | ) |  | 157.0 |
Other underwriting expenses |  | (.2 | ) |  | 1.7 |  |  | 91.4 |
General and administrative expenses |  | — |  |  | — |  |  | 38.3 |
Total expenses |  | 78.7 |  |  | 48.0 |  |  | 861.6 |
Pre-tax loss |  | (67.1 | ) |  | (37.4 | ) |  | (62.6 | )
Income tax benefit |  | 25.0 |  |  | 13.4 |  |  | 25.9 |
Loss from discontinued operations |  | (42.1 | ) |  | (24.0 | ) |  | (36.7 | )
Gain (loss) on sale of discontinued operations, net of tax |  | 46.6 |  |  | (91.0 | ) |  | 658.3 |
Net income (loss) from discontinued operations |  | $ | 4.5 |  |  | $ | (115.0 | ) |  | $ | 621.6 |
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, 2013, 2012 and 2011:
|  | Year Ended December 31,
|  | 2013 |  | 2012 |  | 2011
Basic and diluted earnings (loss) per share numerators (in millions): |  |  |  |  |  |  |  |
Net income (loss) attributable to White Mountains’ common shareholders |  | $ | 4.5 |  |  | $ | (115.0 | ) |  | $ | 621.6 |
Allocation of income for participating unvested restricted common shares (1) |  | — |  |  | 1.5 |  |  | (5.4 | )
Net income (loss) attributable to White Mountains’ common shareholders, net of restricted common share amounts (3) |  | $ | 4.5 |  |  | $ | (113.5 | ) |  | $ | 616.2 |
Basic earnings (loss) per share denominators (in thousands): |  |  |  |  |  |  |  |
Total average common shares outstanding during the period |  | 6,200.4 |  |  | 6,799.8 |  |  | 7,881.0 |
Average unvested restricted common shares (1) |  | (91.4 | ) |  | (91.1 | ) |  | (69.4 | )
Basic earnings (loss) per share denominator |  | 6,109.0 |  |  | 6,708.7 |  |  | 7,811.6 |
Diluted earnings (loss) per share denominator (in thousands): |  |  |  |  |  |  |  |
Total average common shares outstanding during the period |  | 6,200.4 |  |  | 6,799.8 |  |  | 7,881.0 |
Average unvested restricted common shares (1) |  | (91.4 | ) |  | (91.1 | ) |  | (69.4 | )
Average outstanding dilutive options to acquire common shares (2) |  | — |  |  | — |  |  | — |
Diluted earnings (loss) per share denominator |  | 6,109.0 |  |  | 6,708.7 |  |  | 7,811.6 |
Basic and diluted earnings (loss) per share (in dollars): |  | $ | .74 |  |  | $ | (16.91 | ) |  | $ | 78.88 |
(1) | Restricted common shares outstanding vest either in equal annual installments or upon a stated date (see Note 12).
(2) | The diluted earnings per share denominator for the years ended December 31, 2013, 2012 and 2011 do not include the impact of 125,000 common shares issuable upon exercise of the non-qualified options outstanding as they are anti-dilutive to the calculation.
(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, 2013, 2012 and 2011.

X
- Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of asbestos and environmental loss and LAE reserve activities including beginning balance, incurred losses and LAE, paid losses and LAE and ending balance. + References No definition available. + Details
Name: | wtm_ScheduleOfAsbestosAndEnvironmentalLossAndLossAdjustmentExpensesReserveTableTextBlock
Namespace Prefix: | wtm_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the numerators and the denominators of the basic and diluted per-share (or per-unit) computations for income from discontinued operations, including the effect that has been given to preferred dividends. + References No definition available. + Details
Name: | wtm_ScheduleOfDiscontinuedOperationsCalculationOfNumeratorAndDenominatorInEarningsPerShareTableTextBlock
Namespace Prefix: | wtm_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration