EX-12 4 wtm-20131231x10kxex12.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
| 2013 | 2012 | 2011 | 2010 | 2009
Consolidated pre-tax income from continuing operations before equity in earnings of affiliates, accounting changes and extraordinary items | $ | 344.9 |  | $ | 262.8 |  | $ | 98.0 |  | $ | 189.3 |  | $ | 781.0 |
Distributed income of equity investees |  |  |  | — | —
Interest expense on debt | 42.5 |  | 44.8 |  | 55.2 |  | 57.3 |  | 70.8 |
Interest portion of rental expense | 6.7 |  | 6.3 |  | 7.6 |  | 9.4 |  | 11.7 |
Earnings | $ | 394.1 |  | $ | 313.9 |  | $ | 160.8 |  | $ | 256.0 |  | $ | 863.5 |
Interest expense on debt | $ | 42.5 |  | $ | 44.8 |  | $ | 55.2 |  | $ | 57.3 |  | $ | 70.8 |
Interest portion of rental expense | 6.7 |  | 6.3 |  | 7.6 |  | 9.4 |  | 11.7 |
Fixed charges | $ | 49.2 |  | $ | 51.1 |  | $ | 62.8 |  | $ | 66.7 |  | $ | 82.5 |
Ratio of earnings to fixed charges | 8.0 |  | 6.1 |  | 2.6 |  | 3.8 |  | 10.5 |