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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.