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Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract] |
Pre-tax net investment income | Pre-tax net investment income for the three months ended March 31, 2014 and 2013 consisted of the following:
|  | Three Months Ended
|  | March 31,
Millions |  | 2014 |  | 2013
Investment income: |  |  |  |
Fixed maturity investments |  | $ | 22.4 |  |  | $ | 26.0 |
Short-term investments |  | .6 |  |  | .8 |
Common equity securities |  | 5.4 |  |  | 4.7 |
Convertible fixed maturity investments |  | .4 |  |  | .8 |
Other long-term investments |  | .3 |  |  | .7 |
Total investment income |  | 29.1 |  |  | 33.0 |
Less third-party investment expenses |  | (4.8 | ) |  | (4.5 | )
Net investment income, pre-tax |  | $ | 24.3 |  |  | $ | 28.5 |
Schedule of Realized and Unrealized Gain (Loss) on Investments [Table Text Block] | Net realized and unrealized investment gains and losses for the three months ended March 31, 2014 and 2013 consisted of the following:
|  | Three Months Ended
|  | March 31,
Millions |  | 2014 |  | 2013
Net realized investment gains, pre-tax |  | $ | 21.7 |  |  | $ | 36.5 |
Net unrealized investment gains, pre-tax |  | 42.1 |  |  | 38.7 |
Net realized and unrealized investment gains, pre-tax |  | 63.8 |  |  | 75.2 |
Income tax expense attributable to net realized and unrealized investment gains |  | (15.7 | ) |  | (13.7 | )
Net realized and unrealized investment gains, after tax |  | $ | 48.1 |  |  | $ | 61.5 |
Realized Gain (Loss) on Investments [Table Text Block] | Net realized investment gains (losses) for the three months ended March 31, 2014 and 2013 consisted of the following:
|  | Three Months Ended |  | Three Months Ended
|  | March 31, 2014 |  | March 31, 2013
Millions |  | Net realized gains (losses) |  | Net foreign exchange gains (losses) |  | Total net realized gains (losses) reflected in earnings |  | Net realized gains (losses) |  | Net foreign currency gains (losses) |  | Total net realized gains (losses) reflected in earnings
Fixed maturity investments |  | $ | 4.4 |  |  | $ | (3.5 | ) |  | $ | .9 |  |  | $ | 22.6 |  |  | $ | (14.6 | ) |  | $ | 8.0 |
Short-term investments |  | — |  |  | — |  |  | — |  |  | — |  |  | .1 |  |  | .1 |
Common equity securities |  | 18.9 |  |  | (.1 | ) |  | 18.8 |  |  | 22.6 |  |  | (.2 | ) |  | 22.4 |
Convertible fixed maturity investments |  | 2.4 |  |  | — |  |  | 2.4 |  |  | 2.7 |  |  | — |  |  | 2.7 |
Other long-term investments |  | (.3 | ) |  | — |  |  | (.3 | ) |  | 2.9 |  |  | — |  |  | 2.9 |
Forward contracts |  | (.1 | ) |  | — |  |  | (.1 | ) |  | .4 |  |  | — |  |  | .4 |
Net realized investment gains (losses), pre-tax |  | 25.3 |  |  | (3.6 | ) |  | 21.7 |  |  | 51.2 |  |  | (14.7 | ) |  | 36.5 |
Income tax expense attributable to net realized investment (losses) gains |  | (4.6 | ) |  | .9 |  |  | (3.7 | ) |  | (11.8 | ) |  | 3.3 |  |  | (8.5 | )
Net realized investment gains (losses), after tax |  | $ | 20.7 |  |  | $ | (2.7 | ) |  | $ | 18.0 |  |  | $ | 39.4 |  |  | $ | (11.4 | ) |  | $ | 28.0 |
Schedule of unrealized gain (loss) on investments | he following table summarizes net unrealized investment gains (losses) for the three months ended March 31, 2014 and 2013:
|  | Three Months Ended |  | Three Months Ended
|  | March 31, 2014 |  | March 31, 2013
Millions |  | Net unrealized gains (losses) |  | Net foreign exchange gains (losses) |  | Total net unrealized gains (losses) reflected in earnings |  | Net unrealized gains (losses) |  | Net foreign currency gains (losses) |  | Total net unrealized gains (losses) reflected in earnings
Fixed maturity investments |  | $ | 19.4 |  |  | $ | 12.2 |  |  | $ | 31.6 |  |  | $ | (30.6 | ) |  | $ | 4.6 |  |  | $ | (26.0 | )
Short-term investments |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Common equity securities |  | 4.0 |  |  | .5 |  |  | 4.5 |  |  | 61.9 |  |  | — |  |  | 61.9 |
Convertible fixed maturity investments |  | .7 |  |  | — |  |  | .7 |  |  | (1.1 | ) |  | (.2 | ) |  | (1.3 | )
Other long-term investments |  | 4.9 |  |  | .4 |  |  | 5.3 |  |  | 3.6 |  |  | .5 |  |  | 4.1 |
Forward contracts |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net unrealized investment gains (losses), pre-tax |  | 29.0 |  |  | 13.1 |  |  | 42.1 |  |  | 33.8 |  |  | 4.9 |  |  | 38.7 |
Income tax expense attributable to net unrealized investment (losses) gains |  | (9.1 | ) |  | (2.9 | ) |  | (12.0 | ) |  | (4.1 | ) |  | (1.1 | ) |  | (5.2 | )
Net unrealized investment gains (losses), after tax |  | $ | 19.9 |  |  | $ | 10.2 |  |  | $ | 30.1 |  |  | $ | 29.7 |  |  | $ | 3.8 |  |  | $ | 33.5 |
Net unrealized investment gains (losses) for Level 3 investments | The following table summarizes the amount of total pre-tax gains included in earnings attributable to unrealized investment gains for Level 3 investments for the three months ended March 31, 2014 and 2013:
|  | Three Months Ended
|  | March 31,
Millions |  | 2014 |  | 2013
Fixed maturity investments |  | $ | .2 |  |  | $ | .2 |
Common equity securities |  | .8 |  |  | (.1 | )
Other long-term investments |  | 6.1 |  |  | 6.4 |
Total unrealized investment gains, pre-tax - Level 3 investments |  | $ | 7.1 |  |  | $ | 6.5 |
Investment holdings, equity securities, convertible fixed maturities and other long-term investments | The cost or amortized cost, gross unrealized investment gains and losses, net foreign currency gains and losses, and carrying values of White Mountains’s fixed maturity investments as of March 31, 2014 and December 31, 2013 were as follows:
|  | March 31, 2014
Millions |  | Cost or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Net foreign currency gains (losses) |  | Carrying value
U.S. Government and agency obligations |  | $ | 539.2 |  |  | $ | .6 |  |  | $ | (.8 | ) |  | $ | (.6 | ) |  | $ | 538.4 |
Debt securities issued by corporations |  | 2,311.6 |  |  | 48.3 |  |  | (7.1 | ) |  | (6.3 | ) |  | 2,346.5 |
Municipal obligations |  | 33.5 |  |  | .2 |  |  | (.2 | ) |  | — |  |  | 33.5 |
Mortgage-backed and asset-backed securities |  | 1,847.9 |  |  | 4.1 |  |  | (6.3 | ) |  | (3.5 | ) |  | 1,842.2 |
Foreign government, agency and provincial obligations |  | 366.4 |  |  | 3.4 |  |  | (1.1 | ) |  | (4.3 | ) |  | 364.4 |
Preferred stocks |  | 79.9 |  |  | 6.1 |  |  | — |  |  | (.1 | ) |  | 85.9 |
Total fixed maturity investments including assets held for sale |  | $ | 5,178.5 |  |  | $ | 62.7 |  |  | $ | (15.5 | ) |  | $ | (14.8 | ) |  | $ | 5,210.9 |
Fixed maturity investments reclassified to assets held for sale related to the Runoff Transaction |  |  |  |  |  |  |  |  |  | (222.2 | )
Total fixed maturity investments |  |  |  |  |  |  |  |  |  | $ | 4,988.7 |
|  | December 31, 2013
Millions |  | Cost or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Net foreign currency gains (losses) |  | Carrying value
U.S. Government and agency obligations |  | $ | 365.5 |  |  | $ | .5 |  |  | $ | (1.0 | ) |  | $ | (2.5 | ) |  | $ | 362.5 |
Debt securities issued by corporations |  | 2,330.7 |  |  | 44.0 |  |  | (13.2 | ) |  | (14.3 | ) |  | 2,347.2 |
Municipal obligations |  | 18.3 |  |  | — |  |  | (.4 | ) |  | — |  |  | 17.9 |
Mortgage-backed and asset-backed securities |  | 2,027.3 |  |  | 2.4 |  |  | (9.9 | ) |  | (5.3 | ) |  | 2,014.5 |
Foreign government, agency and provincial obligations |  | 444.2 |  |  | 3.7 |  |  | (3.2 | ) |  | (4.8 | ) |  | 439.9 |
Preferred stocks |  | 79.9 |  |  | 5.1 |  |  | — |  |  | (.2 | ) |  | 84.8 |
Total fixed maturity investments including assets held for sale |  | $ | 5,265.9 |  |  | $ | 55.7 |  |  | $ | (27.7 | ) |  | $ | (27.1 | ) |  | $ | 5,266.8 |
Fixed maturity investments reclassified to assets held for sale related to the Runoff Transaction |  |  |  |  |  |  |  |  |  |  |  |  |  | (236.3 | )
Total fixed maturity investments |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5,030.5 |
The cost or amortized cost, gross unrealized investment gains and losses, net foreign currency gains and losses, and carrying values of White Mountains’s common equity securities, convertible fixed maturities and other long-term investments as of March 31, 2014 and December 31, 2013 were as follows:
|  | March 31, 2014
Millions |  | Cost or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Net foreign currency gains (losses) |  | Carrying value
Common equity securities |  | $ | 905.6 |  |  | $ | 273.9 |  |  | $ | (4.5 | ) |  | $ | (.4 | ) |  | $ | 1,174.6 |
Convertible fixed maturity investments |  | $ | 64.3 |  |  | $ | 10.6 |  |  | $ | (1.0 | ) |  | $ | (.1 | ) |  | $ | 73.8 |
Other long-term investments |  | $ | 246.4 |  |  | $ | 83.4 |  |  | $ | (25.5 | ) |  | $ | (2.0 | ) |  | $ | 302.3 |
|  | December 31, 2013
Millions |  | Cost or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Net foreign currency gains (losses) |  | Carrying value
Common equity securities |  | $ | 890.2 |  |  | $ | 271.0 |  |  | $ | (3.6 | ) |  | $ | (.8 | ) |  | $ | 1,156.8 |
Convertible fixed maturity investments |  | $ | 71.7 |  |  | $ | 9.9 |  |  | $ | (.9 | ) |  | $ | (.2 | ) |  | $ | 80.5 |
Other long-term investments |  | $ | 238.3 |  |  | $ | 79.6 |  |  | $ | (26.6 | ) |  | $ | (2.4 | ) |  | $ | 288.9 |
Other long-term investments | The following table summarizes investments in hedge funds and private equity interests by investment objective and sector at March 31, 2014 and December 31, 2013:
|  | March 31, 2014 |  | December 31, 2013
Millions |  | Fair Value |  | Unfunded Commitments |  | Fair Value |  | Unfunded Commitments
Hedge funds |  |  |  |  |  |  |  |  |  |  |  |
Long/short equity |  | $ | 67.6 |  |  | $ | — |  |  | $ | 62.6 |  |  | $ | — |
Long/short credit & distressed |  | 23.3 |  |  | — |  |  | 22.8 |  |  | — |
Long/short equity REIT |  | 18.8 |  |  | — |  |  | 18.3 |  |  | — |
Long/short equity activist |  | 16.3 |  |  | — |  |  | 16.8 |  |  | — |
Long bank loan |  | .2 |  |  | — |  |  | .2 |  |  | — |
Long diversified strategies |  | — |  |  | — |  |  | .1 |  |  | — |
Total hedge funds |  | 126.2 |  |  | — |  |  | 120.8 |  |  | — |
Private equity funds |  |  |  |  |  |  |  |  |  |  |  |
Energy infrastructure & services |  | 46.8 |  |  | 12.7 |  |  | 45.9 |  |  | 13.1 |
Multi-sector |  | 24.1 |  |  | 6.4 |  |  | 23.8 |  |  | 6.5 |
Manufacturing/Industrial |  | 11.5 |  |  | 15.2 |  |  | 11.2 |  |  | 15.5 |
Aerospace/Defense/Government |  | 10.6 |  |  | 15.5 |  |  | 5.8 |  |  | 19.2 |
Private equity secondaries |  | 9.2 |  |  | 3.1 |  |  | 9.5 |  |  | 3.1 |
Healthcare |  | 7.8 |  |  | 2.8 |  |  | 5.6 |  |  | 2.8 |
Real estate |  | 7.1 |  |  | 3.3 |  |  | 8.2 |  |  | 3.3 |
Insurance |  | 2.4 |  |  | 41.3 |  |  | 2.3 |  |  | 41.3 |
Venture capital |  | 1.6 |  |  | .3 |  |  | 1.6 |  |  | .3 |
International multi-sector, Asia |  | — |  |  | 2.7 |  |  | — |  |  | 2.7 |
International multi-sector, Europe |  | 3.8 |  |  | 2.8 |  |  | 3.9 |  |  | 2.8 |
Total private equity funds |  | 124.9 |  |  | 106.1 |  |  | 118.2 |  |  | 110.6 |
Total hedge and private equity funds included in other long-term investments(1) |  | $ | 251.1 |  |  | $ | 106.1 |  |  | $ | 239.0 |  |  | $ | 110.6 |
(1) Excludes carrying value of $25.0 and $26.6 at March 31, 2014 and December 31, 2013 associated with hedge funds and private equity funds accounted for using the equity method.
Fair value of hedge funds subject to restrictions on redemption frequency and advance notice period requirements for investments in active hedge funds | The following summarizes the March 31, 2014 fair value of hedge funds subject to restrictions on redemption frequency and advance notice period requirements for investments in active hedge funds:
|  | Notice Period
Millions Redemption frequency |  | 30-59 days notice |  | 60-89 days notice |  | 90-119 days notice |  | 120+ days notice |  | Total
Monthly |  | $ | 4.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 5.5 |  |  | $ | 10.4 |
Quarterly |  | 29.4 |  |  | 30.4 |  |  | 11.9 |  |  | 8.8 |  |  | 80.5 |
Semi-annual |  | — |  |  | 25.8 |  |  | — |  |  | — |  |  | 25.8 |
Annual |  | — |  |  | — |  |  | 9.3 |  |  | .2 |  |  | 9.5 |
Total |  | $ | 34.3 |  |  | $ | 56.2 |  |  | $ | 21.2 |  |  | $ | 14.5 |  |  | $ | 126.2 |
Fair Value of private equity funds subject to lock-up periods | At March 31, 2014, investments in private equity funds were subject to lock-up periods as follows:
Millions |  | 1-3 years |  | 3 – 5 years |  | 5 – 10 years |  | >10 years |  | Total
Private Equity Funds — expected lock-up period remaining |  | $6.5 |  | $29.5 |  | $75.7 |  | $13.2 |  | $124.9
Fair value measurements by level, investment securities | The following tables summarize White Mountains’s fair value measurements for investments at March 31, 2014 and December 31, 2013, by level:
|  | March 31, 2014
Millions |  | Fair value |  | Level 1 |  | Level 2 |  | Level 3
Fixed maturity investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agency obligations |  | $ | 538.4 |  |  | $ | 471.7 |  |  | $ | 66.7 |  |  | $ | — |
Debt securities issued by corporations: |  |  |  |  |  |  |  |  |
Consumer |  | 741.0 |  |  | — |  |  | 741.0 |  |  | — |
Financials |  | 446.0 |  |  | — |  |  | 446.0 |  |  | — |
Communications |  | 267.5 |  |  | — |  |  | 267.5 |  |  | — |
Industrial |  | 251.5 |  |  | — |  |  | 251.5 |  |  | — |
Energy |  | 194.2 |  |  | — |  |  | 194.2 |  |  | — |
Utilities |  | 132.7 |  |  | — |  |  | 132.7 |  |  | — |
Basic Materials |  | 140.1 |  |  | — |  |  | 140.1 |  |  | — |
Technology |  | 91.5 |  |  | — |  |  | 91.5 |  |  | — |
Other |  | 82.0 |  |  | — |  |  | 82.0 |  |  | — |
Total debt securities issued by corporations: |  | 2,346.5 |  |  | — |  |  | 2,346.5 |  |  | — |
Mortgage-backed and asset-backed securities |  | 1,842.2 |  |  | — |  |  | 1,800.6 |  |  | 41.6 |
Foreign government, agency and provincial obligations |  | 364.4 |  |  | 42.8 |  |  | 321.6 |  |  | — |
Preferred stocks |  | 85.9 |  |  | — |  |  | 14.6 |  |  | 71.3 |
Municipal obligations |  | 33.5 |  |  | — |  |  | 33.5 |  |  | — |
Total fixed maturity investments (1) |  | 5,210.9 |  |  | 514.5 |  |  | 4,583.5 |  |  | 112.9 |
Short-term investments |  | 674.0 |  |  | 666.6 |  |  | 7.4 |  |  | — |
Common equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Financials |  | 359.8 |  |  | 312.9 |  |  | — |  |  | 46.9 |
Consumer |  | 313.8 |  |  | 313.8 |  |  | — |  |  | — |
Industrial |  | 106.5 |  |  | 106.5 |  |  | — |  |  | — |
Energy |  | 81.1 |  |  | 81.1 |  |  | — |  |  | — |
Communications |  | 56.5 |  |  | 56.5 |  |  | — |  |  | — |
Basic materials |  | 56.0 |  |  | 56.0 |  |  | — |  |  | — |
Technology |  | 44.9 |  |  | 44.9 |  |  | — |  |  | — |
Utilities |  | 36.7 |  |  | 36.7 |  |  | — |  |  | — |
Other |  | 119.3 |  |  | 42.7 |  |  | 76.3 |  |  | .3 |
Total common equity securities |  | 1,174.6 |  |  | 1,051.1 |  |  | 76.3 |  |  | 47.2 |
Convertible fixed maturity investments |  | 73.8 |  |  | — |  |  | 67.7 |  |  | 6.1 |
Other long-term investments (2) |  | 277.4 |  |  | — |  |  | — |  |  | 277.4 |
Total investments |  | $ | 7,410.7 |  |  | $ | 2,232.2 |  |  | $ | 4,734.9 |  |  | $ | 443.6 |
(1) Carrying value includes $222.2 that is classified as assets held for sale relating to discontinued operations. (2) Excludes carrying value of $25.0 associated with other long-term investment limited partnerships accounted for using the equity method and $(0.1) related to forward contracts.
|  | December 31, 2013
Millions |  | Fair value |  | Level 1 |  | Level 2 |  | Level 3
Fixed maturity investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agency obligations |  | $ | 362.5 |  |  | $ | 295.8 |  |  | $ | 66.7 |  |  | $ | — |
Debt securities issued by corporations: |  |  |  |  |  |  |  |  |  |  |  |
Consumer |  | 754.4 |  |  | — |  |  | 754.4 |  |  | — |
Industrial |  | 434.4 |  |  | — |  |  | 434.4 |  |  | — |
Communications |  | 281.1 |  |  | — |  |  | 281.1 |  |  | — |
Financials |  | 265.0 |  |  | — |  |  | 265.0 |  |  | — |
Basic materials |  | 173.6 |  |  | — |  |  | 173.6 |  |  | — |
Energy |  | 159.7 |  |  | — |  |  | 159.7 |  |  | — |
Utilities |  | 149.1 |  |  | — |  |  | 149.1 |  |  | — |
Technology |  | 91.2 |  |  | — |  |  | 91.2 |  |  | — |
Other |  | 38.7 |  |  | — |  |  | 38.7 |  |  | — |
Total debt securities issued by corporations: |  | 2,347.2 |  |  | — |  |  | 2,347.2 |  |  | — |
Mortgage-backed and asset-backed securities |  | 2,014.5 |  |  | — |  |  | 1,992.5 |  |  | 22.0 |
Foreign government, agency and provincial obligations |  | 439.9 |  |  | 44.5 |  |  | 395.4 |  |  | — |
Preferred stocks |  | 84.8 |  |  | — |  |  | 13.8 |  |  | 71.0 |
Municipal obligations |  | 17.9 |  |  | — |  |  | 17.9 |  |  | — |
Total fixed maturity investments (1) |  | 5,266.8 |  |  | 340.3 |  |  | 4,833.5 |  |  | 93.0 |
Short-term investments |  | 635.9 |  |  | 621.5 |  |  | 14.4 |  |  | — |
Common equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Financials |  | 360.4 |  |  | 314.3 |  |  | — |  |  | 46.1 |
Consumer |  | 308.2 |  |  | 308.2 |  |  | — |  |  | — |
Industrial |  | 105.4 |  |  | 105.4 |  |  | — |  |  | — |
Energy |  | 78.6 |  |  | 78.6 |  |  | — |  |  | — |
Utilities |  | 60.6 |  |  | 60.6 |  |  | — |  |  | — |
Communications |  | 57.1 |  |  | 57.1 |  |  | — |  |  | — |
Basic materials |  | 53.4 |  |  | 53.4 |  |  | — |  |  | — |
Technology |  | 34.3 |  |  | 34.3 |  |  | — |  |  | — |
Other |  | 98.8 |  |  | 24.5 |  |  | 74.3 |  |  | — |
Total common equity securities |  | 1,156.8 |  |  | 1,036.4 |  |  | 74.3 |  |  | 46.1 |
Convertible fixed maturity investments |  | 80.5 |  |  | — |  |  | 74.4 |  |  | 6.1 |
Other long-term investments (2) |  | 262.4 |  |  | — |  |  | — |  |  | 262.4 |
Total investments |  | $ | 7,402.4 |  |  | $ | 1,998.2 |  |  | $ | 4,996.6 |  |  | $ | 407.6 |
(1) Carrying value includes $236.3 that is classified as assets held for sale relating to discontinued operations. (2) Excludes carrying value of $26.6 associated with other long-term investment limited partnerships accounted for using the equity method and $(0.1) related to currency forward contracts.
Debt securities issued by corporations, credit ratings | The following table summarizes the ratings of the corporate debt securities held in White Mountains’s investment portfolio as of March 31, 2014 and December 31, 2013:
|  | Fair Value at
Millions |  | March 31, 2014 |  | December 31, 2013
AAA |  | $ | — |  |  | $ | — |
AA |  | 221.3 |  |  | 228.8 |
A |  | 1,028.9 |  |  | 1,039.5 |
BBB |  | 1,089.9 |  |  | 1,075.5 |
BB |  | — |  |  | — |
Other |  | 6.4 |  |  | 3.4 |
Debt securities issued by corporations(1) |  | $ | 2,346.5 |  |  | $ | 2,347.2 |
(1) Credit ratings are assigned based on the following hierarchy: 1) Standard and Poor's Financial Services LLC ("Standard & Poor’s") and 2) Moody’s Investor Service ("Moody's").
Mortgage-backed, asset-backed securities | The following table summarizes mortgage and asset-backed securities as of March 31, 2014 and December 31, 2013:
|  | March 31, 2014 |  | December 31, 2013
Millions |  | Fair Value |  | Level 2 |  | Level 3 |  | Fair Value |  | Level 2 |  | Level 3
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GNMA |  | $ | 464.8 |  |  | $ | 464.8 |  |  | $ | — |  |  | $ | 512.3 |  |  | $ | 512.3 |  |  | $ | — |
FNMA |  | 167.3 |  |  | 167.3 |  |  | — |  |  | 81.2 |  |  | 81.2 |  |  | — |
FHLMC |  | 85.6 |  |  | 85.6 |  |  | — |  |  | 91.3 |  |  | 91.3 |  |  | — |
Total Agency(1) |  | 717.7 |  |  | 717.7 |  |  | — |  |  | 684.8 |  |  | 684.8 |  |  | — |
Non-agency: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | 132.3 |  |  | 132.3 |  |  | — |  |  | 125.7 |  |  | 125.7 |  |  | — |
Commercial |  | 329.7 |  |  | 310.1 |  |  | 19.6 |  |  | 282.3 |  |  | 282.3 |  |  | — |
Total Non-agency |  | 462.0 |  |  | 442.4 |  |  | 19.6 |  |  | 408.0 |  |  | 408.0 |  |  | — |
Total mortgage-backed securities |  | 1,179.7 |  |  | 1,160.1 |  |  | 19.6 |  |  | 1,092.8 |  |  | 1,092.8 |  |  | — |
Other asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit card receivables |  | 229.7 |  |  | 207.7 |  |  | 22.0 |  |  | 311.4 |  |  | 289.4 |  |  | 22.0 |
Vehicle receivables |  | 231.5 |  |  | 231.5 |  |  | — |  |  | 365.0 |  |  | 365.0 |  |  | — |
Other |  | 201.3 |  |  | 201.3 |  |  | — |  |  | 245.3 |  |  | 245.3 |  |  | — |
Total other asset-backed securities |  | 662.5 |  |  | 640.5 |  |  | 22.0 |  |  | 921.7 |  |  | 899.7 |  |  | 22.0 |
Total mortgage and asset-backed securities |  | $ | 1,842.2 |  |  | $ | 1,800.6 |  |  | $ | 41.6 |  |  | $ | 2,014.5 |  |  | $ | 1,992.5 |  |  | $ | 22.0 |
(1) Represents publicly traded mortgage-backed securities which carry the full faith and credit guaranty of the U.S. government (i.e., GNMA) or are guaranteed by a government sponsored entity (i.e., FNMA, FHLMC).
Schedule of security issuance years of investments in non-agency RMBS and non-agency CMBS securities | The security issuance years of White Mountains’s investments in non-agency RMBS and non-agency CMBS securities as of March 31, 2014 are as follows:
|  |  |  |  |  | Security Issuance Year |  |  |  |
Millions |  | Fair Value |  | 2004 |  | 2005 |  | 2006 |  | 2007 |  | 2008 | 2009 |  | 2010 |  | 2011 |  | 2012 |  | 2013 |  | 2014
Non-agency RMBS |  | $ | 132.3 |  |  | $ | 11.3 |  |  | $ | 20.2 |  |  | $ | 11.0 |  |  | $ | — |  |  | $ | 19.6 |  | $ | — |  |  | $ | 26.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 32.8 |  |  | $ | 11.0 |
Non-agency CMBS |  | 329.7 |  |  | — |  |  | — |  |  | 8.5 |  |  | 5.0 |  |  | 26.4 |  | — |  |  | 13.0 |  |  | 27.0 |  |  | 131.8 |  |  | 94.3 |  |  | 23.7 |
Total |  | $ | 462.0 |  |  | $ | 11.3 |  |  | $ | 20.2 |  |  | $ | 19.5 |  |  | $ | 5.0 |  |  | $ | 46.0 |  | $ | — |  |  | $ | 39.4 |  |  | $ | 27.0 |  |  | $ | 131.8 |  |  | $ | 127.1 |  |  | $ | 34.7 |
Non-agency residential mortgage securities, collateral quality and tranche levels | The classification of the underlying collateral quality and the tranche levels of White Mountains’s non-agency RMBS securities are as follows as of March 31, 2014:
Millions |  | Fair Value |  | Super Senior (1) |  | Senior (2) |  | Subordinate (3)
Prime |  | $ | 105.9 |  |  | $ | 32.4 |  |  | $ | 73.5 |  |  | $ | — |
Non-prime |  | 19.2 |  |  | — |  |  | 19.2 |  |  | — |
Sub-prime |  | 7.2 |  |  | 7.2 |  |  | — |  |  | — |
Total |  | $ | 132.3 |  |  | $ | 39.6 |  |  | $ | 92.7 |  |  | $ | — |
(1) At issuance, Super Senior, or in the case of resecuritization, the underlying securities, were rated "AAA" by Standard & Poor’s, "Aaa" by Moody’s or "AAA" by Fitch and were senior to other "AAA" or "Aaa" bonds. (2) At issuance, Senior, or in the case of resecuritization, the underlying securities, were rated "AAA" by Standard & Poor’s, "Aaa" by Moody’s or "AAA" by Fitch and were senior to non-"AAA" or non-"Aaa" bonds. (3) At issuance, Subordinate were not rated "AAA" by Standard & Poor’s, "Aaa" by Moody’s or "AAA" by Fitch and were junior to "AAA" or "Aaa" bonds.
Non-agency commercial mortgage securities, type of interest rate and tranche levels | The amount of fixed and floating rate securities and their tranche levels of White Mountains’s non-agency CMBS securities are as follows as of March 31, 2014:
Millions |  | Fair Value |  | Super Senior (1) |  | Senior (2) |  | Subordinate (3)
Fixed rate CMBS |  | $ | 225.1 |  |  | $ | 123.5 |  |  | $ | 76.0 |  |  | $ | 25.6 |
Floating rate CMBS |  | 104.6 |  |  | 5.0 |  |  | 26.4 |  |  | 73.2 |
Total |  | $ | 329.7 |  |  | $ | 128.5 |  |  | $ | 102.4 |  |  | $ | 98.8 |
(1) At issuance, Super Senior, or in the case of resecuritization, the underlying securities, were rated "AAA" by Standard & Poor’s, "Aaa" by Moody’s or "AAA" by Fitch and were senior to other "AAA" or "Aaa" bonds. (2) At issuance, Senior, or in the case of resecuritization, the underlying securities, were rated "AAA" by Standard & Poor’s, "Aaa" by Moody’s or "AAA" by Fitch and were senior to non-"AAA" or non-"Aaa" bonds. (3) At issuance, Subordinate were not rated "AAA" by Standard & Poor’s, "Aaa" by Moody’s or "AAA" by Fitch and were junior to "AAA" or "Aaa" bonds.
Rollforward of fair value investments by level | The following tables summarize the changes in White Mountains’s fair value measurements by level for the three months ended March 31, 2014 and 2013:
|  |  | Level 3 Investments |  |  |
Millions | Level 1 Investments | Level 2 Investments | Fixed Maturities | Common equity securities | Convertible fixed maturities | Other long-term investments |  | Total |
Balance at January 1, 2014 | $ | 1,376.7 |  | $ | 4,982.2 |  | $ | 93.0 |  | $ | 46.1 |  | $ | 6.1 |  | $ | 262.4 |  |  | $ | 6,766.5 |  | (1)(2)(3)
Total realized and unrealized gains (losses) | 22.2 |  | 34.7 |  | .4 |  | .8 |  | — |  | 6.3 |  |  | 64.4 |  | (4)
Foreign currency losses through OCI | (2.9 | ) | (10.5 | ) | (.1 | ) | — |  | — |  | (.3 | ) |  | (13.8 | ) |
Amortization/Accretion | (.2 | ) | (11.1 | ) | — |  | — |  | — |  | — |  |  | (11.3 | ) |
Purchases | 352.6 |  | 840.4 |  | 19.6 |  | .3 |  | — |  | 12.7 |  |  | 1,225.6 |  |
Sales | (180.1 | ) | (1,115.5 | ) | — |  | — |  | — |  | (3.7 | ) |  | (1,299.3 | ) |
Net change in investments related to (sales) purchases of consolidated affiliates | (2.7 | ) | 7.3 |  | — |  | — |  | — |  | — |  |  | 4.6 |  |
Transfers in | — |  | — |  | — |  | — |  | — |  | — |  |  | — |  |
Transfers out | — |  | — |  | — |  | — |  | — |  | — |  |  | — |  |
Balance at March 31, 2014 | $ | 1,565.6 |  | $ | 4,727.5 |  | $ | 112.9 |  | $ | 47.2 |  | $ | 6.1 |  | $ | 277.4 |  |  | $ | 6,736.7 |  | (1)(2)(3)(4)
(1) Excludes carrying value of $26.6 and $25.0 at January 1, 2014 and March 31, 2014 associated with other long-term investments accounted for using the equity method and $(0.1) and $(0.1) at January 1, 2014 and March 31, 2014 related to forward contracts. (2) Carrying value includes $236.3 and $222.2 at January 1, 2014 and March 31, 2014 that is classified as assets held for sale relating to discontinued operations. (3) Excludes carrying value of $635.9 and $674.0 at January 1, 2014 and March 31, 2014 associated with short-term investments. (4) Excludes $0.7 realized and unrealized gains associated with the Prospector Funds consolidation of investment-related liabilities and $1.2 realized and unrealized losses associated with other long-term investments accounted for using the equity method.
|  |  | Level 3 Investments |  |  |
Millions | Level 1 Investments | Level 2 Investments | Fixed Maturities | Common equity securities | Convertible fixed maturities | Other long-term investments |  | Total |
Balance at January 1, 2013 | $ | 1,355.1 |  | $ | 5,206.1 |  | $ | 92.9 |  | $ | 37.3 |  | $ | — |  | $ | 259.3 |  |  | $ | 6,950.7 |  | (1)(2)(3)
Total realized and unrealized gains (losses) | 80.1 |  | (10.8 | ) | .1 |  | (.1 | ) | — |  | 5.8 |  |  | 75.1 |  | (3)
Foreign currency losses through OCI | (.4 | ) | (4.8 | ) | — |  | — |  | — |  | (.4 | ) |  | (5.6 | ) |
Amortization/Accretion | (.4 | ) | (14.0 | ) | — |  | — |  | — |  | — |  |  | (14.4 | ) |
Purchases | 318.6 |  | 1,445.8 |  | 8.0 |  | — |  | — |  | 18.9 |  |  | 1,791.3 |  |
Sales | (382.3 | ) | (1,828.3 | ) | — |  | — |  | — |  | (23.1 | ) |  | (2,233.7 | ) |
Net change in investments related to purchases (sales) of consolidated affiliates | 14.5 |  | 2.7 |  | — |  | — |  | — |  | — |  |  | 17.2 |  |
Transfers in | 1.2 |  | — |  | — |  | — |  | — |  | — |  |  | 1.2 |  |
Transfers out | — |  | (.8 | ) | — |  | (.4 | ) | — |  | — |  |  | (1.2 | ) |
Balance at March 31, 2013 | 1,386.4 |  | 4,795.9 |  | 101.0 |  | 36.8 |  | — |  | 260.5 |  |  | 6,580.6 |  | (1)(2)(3)
(1) Excludes carrying value of $35.0 and $34.9 at January 1, 2013 and March 31, 2013 associated with other long-term investment limited partnerships accounted for using the equity method and $(0.1) and $(0.2) at January 1, 2013 and March 31, 2013 related to forward contracts. (2) Carrying value includes $338.1 and 296.9 at January 1, 2013 and March 31, 2013 that is classified as assets held for sale relating to discontinued operations. (3) Excludes carrying value of $630.6 and $654.4 at January 1, 2013 and March 31, 2013 and realized and unrealized loss for the period of $0.1 associated with short-term investments.
Schedule of significant unobservable inputs used in estimating the fair value of investment securities | The following summarizes significant unobservable inputs used in estimating the fair value of investment securities classified within Level 3 other than hedge funds and private equity funds. The fair value of investments in hedge funds and private equity funds, which are classified within Level 3, are estimated using the net asset value of the funds.
($ in Millions) |  | March 31, 2014
Description |  | Fair Value |  | Rating (2) |  | Valuation Technique(s) |  | Unobservable Input
Non-agency commercial mortgage backed securities(1) |  | $13.3 |  | AAA |  | Discounted cash flow |  | Discount Spread over Swap |  | 0.8% |
|  |  |  |  |  |  |  | Prepayment rate |  | 0.0% | CPY
|  |  |  |  |  |  |  | Default rate |  | 0.0% | CDR
Asset-backed securities(1) |  | $22.0 |  | AA+ |  | Broker pricing |  | Broker quote |  |  |
Non-agency commercial mortgage backed securities(1) |  | $6.3 |  | BBB- |  | Broker pricing |  | Broker quote |  |  |
Preferred stock(1) |  | $71.3 |  | NR |  | Discounted cash flow |  | Discount yield |  | 6.9% |
Private equity security(1) |  | $36.4 |  | NR |  | Multiple of GAAP book value |  | Book value multiple |  | 1.0 |
Private equity security(1) |  | $10.5 |  | NR |  | Share price of recent transaction |  | Average share price |  | $1.10 |
Convertible preferred securities |  | $6.1 |  | NR |  | Share price of recent transaction |  | Recent market transaction |  | $6.1 |
(1) As of March 31, 2014, consists of one security. (2) Credit ratings are assigned based on the following hierarchy: 1) Standard and Poor's and 2) Moody’s.
($ in Millions) |  | December 31, 2013
Description |  | Fair Value |  | Rating (2) |  | Valuation Technique(s) |  | Unobservable Input
Asset-backed securities(1) |  | $22.0 |  | AA+ |  | Broker pricing |  | Broker quote |  |  |
Preferred stock(1) |  | $71.0 |  | NR |  | Discounted cash flow |  | Discount yield |  | 7.4% |
Private equity security(1) |  | $35.6 |  | NR |  | Multiple of GAAP book value |  | Book value multiple |  | 1.0 |
Private equity security(1) |  | $10.5 |  | NR |  | Share price of recent transaction |  | Average share price |  | $1.10 |
Convertible preferred securities |  | $6.1 |  | NR |  | Share price of recent transaction |  | Recent market transaction |  | $6.1 |
(1) As of December 31, 2013, consists of one security. (2) Credit ratings are assigned based on the following hierarchy: 1) Standard and Poor's and 2) Moody’s.

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