XML 102 R26.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Investment Securities (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2014
Investments, Debt and Equity Securities [Abstract] |
Pre-tax net investment income | Pre-tax net investment income for the three and six months ended June 30, 2014 and 2013 consisted of the following:
|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
Millions |  | 2014 |  | 2013 |  | 2014 |  | 2013
Investment income: |  |  |  |  |  |  |  |
Fixed maturity investments |  | $ | 25.6 |  |  | $ | 25.2 |  |  | $ | 48.0 |  |  | $ | 51.2 |
Short-term investments |  | .6 |  |  | 1.1 |  |  | 1.2 |  |  | 1.8 |
Common equity securities |  | 5.5 |  |  | 4.9 |  |  | 10.9 |  |  | 9.6 |
Convertible fixed maturity investments |  | .8 |  |  | .6 |  |  | 1.2 |  |  | 1.4 |
Other long-term investments |  | 1.4 |  |  | .8 |  |  | 1.7 |  |  | 1.5 |
Interest on funds held under reinsurance treaties |  | — |  |  | .1 |  |  | — |  |  | .2 |
Total investment income |  | 33.9 |  |  | 32.7 |  |  | 63.0 |  |  | 65.7 |
Less third-party investment expenses |  | (4.8 | ) |  | (4.0 | ) |  | (9.6 | ) |  | (8.5 | )
Net investment income, pre-tax |  | $ | 29.1 |  |  | $ | 28.7 |  |  | $ | 53.4 |  |  | $ | 57.2 |
Schedule of Realized and Unrealized Gain (Loss) on Investments [Table Text Block] | Net realized and unrealized investment gains and losses for the three and six months ended June 30, 2014 and 2013 consisted of the following:
|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
Millions |  | 2014 |  | 2013 |  | 2014 |  | 2013
Net realized investment gains, pre-tax |  | $ | 30.5 |  |  | $ | 22.8 |  |  | $ | 52.2 |  |  | $ | 59.4 |
Net unrealized investment gains (losses), pre-tax |  | 83.4 |  |  | (60.1 | ) |  | 125.5 |  |  | (21.5 | )
Net realized and unrealized investment gains (losses), pre-tax |  | 113.9 |  |  | (37.3 | ) |  | 177.7 |  |  | 37.9 |
Income tax (expense) benefit attributable to net realized and unrealized investment gains (losses) |  | (23.0 | ) |  | 12.5 |  |  | (38.7 | ) |  | (1.2 | )
Net realized and unrealized investment gains (losses), after tax |  | $ | 90.9 |  |  | $ | (24.8 | ) |  | $ | 139.0 |  |  | $ | 36.7 |
Realized Gain (Loss) on Investments | Net realized investment gains (losses) for the three and six months ended June 30, 2014 and 2013 consisted of the following:
|  | Three Months Ended |  | Three Months Ended
|  | June 30, 2014 |  | June 30, 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 |  | $ | 5.7 |  |  | $ | 3.0 |  |  | $ | 8.7 |  |  | $ | 6.8 |  |  | $ | (4.0 | ) |  | $ | 2.8 |
Short-term investments |  | — |  |  | — |  |  | — |  |  | .2 |  |  | .5 |  |  | .7 |
Common equity securities |  | 19.4 |  |  | — |  |  | 19.4 |  |  | 22.7 |  |  | .2 |  |  | 22.9 |
Convertible fixed maturity investments |  | 1.5 |  |  | — |  |  | 1.5 |  |  | (3.4 | ) |  | — |  |  | (3.4 | )
Other long-term investments |  | .6 |  |  | .3 |  |  | .9 |  |  | 3.0 |  |  | (3.0 | ) |  | — |
Forward contracts |  | — |  |  | — |  |  | — |  |  | (.2 | ) |  | — |  |  | (.2 | )
Net realized investment gains (losses), pre-tax |  | 27.2 |  |  | 3.3 |  |  | 30.5 |  |  | 29.1 |  |  | (6.3 | ) |  | 22.8 |
Income tax (expense) benefit attributable to net realized investment gains (losses) |  | (5.3 | ) |  | (1.0 | ) |  | (6.3 | ) |  | (5.5 | ) |  | 1.4 |  |  | (4.1 | )
Net realized investment gains (losses), after tax |  | $ | 21.9 |  |  | $ | 2.3 |  |  | $ | 24.2 |  |  | $ | 23.6 |  |  | $ | (4.9 | ) |  | $ | 18.7 |
|  | Six Months Ended |  | Six Months Ended
|  | June 30, 2014 |  | June 30, 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 |  | $ | 10.1 |  |  | $ | (.5 | ) |  | $ | 9.6 |  |  | $ | 29.4 |  |  | $ | (18.6 | ) |  | $ | 10.8 |
Short-term investments |  | — |  |  | — |  |  | — |  |  | .1 |  |  | .7 |  |  | .8 |
Common equity securities |  | 38.3 |  |  | (.1 | ) |  | 38.2 |  |  | 45.3 |  |  | — |  |  | 45.3 |
Convertible fixed maturity investments |  | 3.9 |  |  | — |  |  | 3.9 |  |  | (.6 | ) |  | — |  |  | (.6 | )
Other long-term investments |  | .3 |  |  | .3 |  |  | .6 |  |  | 5.9 |  |  | (3.0 | ) |  | 2.9 |
Forward contracts |  | (.1 | ) |  | — |  |  | (.1 | ) |  | .2 |  |  | — |  |  | .2 |
Net realized investment gains (losses), pre-tax |  | 52.5 |  |  | (.3 | ) |  | 52.2 |  |  | 80.3 |  |  | (20.9 | ) |  | 59.4 |
Income tax (expense) benefit attributable to net realized investment gains (losses) |  | (9.9 | ) |  | (.1 | ) |  | (10.0 | ) |  | (17.3 | ) |  | 4.7 |  |  | (12.6 | )
Net realized investment gains (losses), after tax |  | $ | 42.6 |  |  | $ | (.4 | ) |  | $ | 42.2 |  |  | $ | 63.0 |  |  | $ | (16.2 | ) |  | $ | 46.8 |
Schedule of unrealized gain (loss) on investments | The following table summarizes net unrealized investment gains (losses) for the three and six months ended June 30, 2014 and 2013:
|  | Three Months Ended |  | Three Months Ended
|  | June 30, 2014 |  | June 30, 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 exchange gains (losses) |  | Total net unrealized gains (losses) reflected in earnings
Fixed maturity investments |  | $ | 24.9 |  |  | $ | 28.2 |  |  | $ | 53.1 |  |  | $ | (80.8 | ) |  | $ | 36.5 |  |  | $ | (44.3 | )
Common equity securities |  | 21.0 |  |  | 1.4 |  |  | 22.4 |  |  | (20.4 | ) |  | 1.0 |  |  | (19.4 | )
Convertible fixed maturity investments |  | (2.4 | ) |  | 0.3 |  |  | (2.1 | ) |  | (1.7 | ) |  | 0.3 |  |  | (1.4 | )
Other long-term investments |  | 8.7 |  |  | 1.3 |  |  | 10.0 |  |  | 0.9 |  |  | 4.1 |  |  | 5.0 |
Net unrealized investment gains (losses), pre-tax |  | 52.2 |  |  | 31.2 |  |  | 83.4 |  |  | (102.0 | ) |  | 41.9 |  |  | (60.1 | )
Income tax (expense) benefit attributable to net unrealized investment gains (losses) |  | (9.8 | ) |  | (6.9 | ) |  | (16.7 | ) |  | 25.8 |  |  | (9.2 | ) |  | 16.6 |
Net unrealized investment gains (losses), after tax |  | $ | 42.4 |  |  | $ | 24.3 |  |  | $ | 66.7 |  |  | $ | (76.2 | ) |  | $ | 32.7 |  |  | $ | (43.5 | )
|  | Six Months Ended |  | Six Months Ended
|  | June 30, 2014 |  | June 30, 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 |  | $ | 44.3 |  |  | $ | 40.4 |  |  | $ | 84.7 |  |  | $ | (111.4 | ) |  | $ | 41.1 |  |  | $ | (70.3 | )
Common equity securities |  | 25.0 |  |  | 1.9 |  |  | 26.9 |  |  | 41.6 |  |  | .9 |  |  | 42.5 |
Convertible fixed maturity investments |  | (1.7 | ) |  | .3 |  |  | (1.4 | ) |  | (2.9 | ) |  | .1 |  |  | (2.8 | )
Other long-term investments |  | 13.6 |  |  | 1.7 |  |  | 15.3 |  |  | 4.5 |  |  | 4.6 |  |  | 9.1 |
Net unrealized investment gains (losses), pre-tax |  | 81.2 |  |  | 44.3 |  |  | 125.5 |  |  | (68.2 | ) |  | 46.7 |  |  | (21.5 | )
Income tax (expense) benefit attributable to net unrealized investment gains (losses) |  | (18.9 | ) |  | (9.8 | ) |  | (28.7 | ) |  | 21.7 |  |  | (10.3 | ) |  | 11.4 |
Net unrealized investment gains (losses), after tax |  | $ | 62.3 |  |  | $ | 34.5 |  |  | $ | 96.8 |  |  | $ | (46.5 | ) |  | $ | 36.4 |  |  | $ | (10.1 | )
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 and six months ended June 30, 2014 and 2013:
|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
Millions |  | 2014 |  | 2013 |  | 2014 |  | 2013
Fixed maturity investments |  | $ | .2 |  |  | $ | (.4 | ) |  | $ | .4 |  |  | $ | (.2 | )
Common equity securities |  | 2.0 |  |  | .8 |  |  | 2.8 |  |  | .7 |
Convertible fixed maturity investments |  | 3.2 |  |  | — |  |  | 3.2 |  |  | — |
Other long-term investments |  | 8.9 |  |  | 1.4 |  |  | 15.0 |  |  | 7.8 |
Total unrealized investment gains, pre-tax - Level 3 investments |  | $ | 14.3 |  |  | $ | 1.8 |  |  | $ | 21.4 |  |  | $ | 8.3 |
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 June 30, 2014 and December 31, 2013 were as follows:
|  | June 30, 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 |  | $ | 438.4 |  |  | $ | .7 |  |  | $ | (.4 | ) |  | $ | .5 |  |  | $ | 439.2 |
Debt securities issued by corporations |  | 2,364.2 |  |  | 58.2 |  |  | (3.2 | ) |  | 12.2 |  |  | 2,431.4 |
Municipal obligations |  | 64.5 |  |  | .8 |  |  | (.2 | ) |  | — |  |  | 65.1 |
Mortgage-backed and asset-backed securities |  | 1,818.2 |  |  | 8.3 |  |  | (3.3 | ) |  | 2.9 |  |  | 1,826.1 |
Foreign government, agency and provincial obligations |  | 362.1 |  |  | 3.7 |  |  | (.2 | ) |  | (2.1 | ) |  | 363.5 |
Preferred stocks |  | 79.8 |  |  | 6.8 |  |  | — |  |  | (.1 | ) |  | 86.5 |
Total fixed maturity investments including assets held for sale |  | $ | 5,127.2 |  |  | $ | 78.5 |  |  | $ | (7.3 | ) |  | $ | 13.4 |  |  | $ | 5,211.8 |
Fixed maturity investments reclassified to assets held for sale related to the Runoff Transaction |  |  |  |  |  |  |  |  |  | (203.8 | )
Total fixed maturity investments |  |  |  |  |  |  |  |  |  | $ | 5,008.0 |
|  | December 31, 2013
Millions |  | Cost or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Net foreign currency 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 June 30, 2014 and December 31, 2013 were as follows:
|  | June 30, 2014
Millions |  | Cost or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Net foreign currency gains (losses) |  | Carrying value
Common equity securities |  | $ | 913.5 |  |  | $ | 296.2 |  |  | $ | (4.7 | ) |  | $ | 1.1 |  |  | $ | 1,206.1 |
Convertible fixed maturity investments |  | $ | 63.2 |  |  | $ | 7.7 |  |  | $ | (.4 | ) |  | $ | .2 |  |  | $ | 70.7 |
Other long-term investments |  | $ | 242.4 |  |  | $ | 89.5 |  |  | $ | (18.2 | ) |  | $ | (.7 | ) |  | $ | 313.0 |
|  | December 31, 2013
Millions |  | Cost or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Net foreign currency 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 Other long-term investments consist of the following at June 30, 2014 and December 31, 2013:
|  | Fair Value at
Millions |  | June 30, 2014 |  | December 31, 2013
Hedge funds and private equity funds, at fair value(1) |  | $ | 260.8 |  |  | $ | 239.0 |
Partnership investments accounted for under the equity method |  | 24.5 |  |  | 26.6 |
Limited liability companies, at fair value(1) |  | 22.3 |  |  | 20.3 |
Other(1) |  | 5.3 |  |  | 3.1 |
Forward contracts at fair value (see Note 8) |  | .1 |  |  | (.1 | )
Total other-long term investments |  | $ | 313.0 |  |  | $ | 288.9 |
(1) See Fair Value Measurements by Level table.
Other long-term investments | The following table summarizes investments in hedge funds and private equity interests by investment objective and sector at June 30, 2014 and December 31, 2013:
|  | June 30, 2014 |  | December 31, 2013
Millions |  | Fair Value |  | Unfunded Commitments |  | Fair Value |  | Unfunded Commitments
Hedge funds |  |  |  |  |  |  |  |  |  |  |  |
Long/short equity |  | $ | 68.4 |  |  | $ | — |  |  | $ | 62.6 |  |  | $ | — |
Long/short credit & distressed |  | 24.2 |  |  | — |  |  | 22.8 |  |  | — |
Long/short equity REIT |  | 19.3 |  |  | — |  |  | 18.3 |  |  | — |
Long/short equity activist |  | 16.9 |  |  | — |  |  | 16.8 |  |  | — |
Long bank loan |  | .2 |  |  | — |  |  | .2 |  |  | — |
Long diversified strategies |  | — |  |  | — |  |  | .1 |  |  | — |
Total hedge funds |  | 129.0 |  |  | — |  |  | 120.8 |  |  | — |
Private equity funds |  |  |  |  |  |  |  |  |  |  |  |
Energy infrastructure & services |  | 47.2 |  |  | 11.4 |  |  | 45.9 |  |  | 13.1 |
Multi-sector |  | 24.8 |  |  | 6.2 |  |  | 23.8 |  |  | 6.5 |
Manufacturing/Industrial |  | 18.3 |  |  | 15.2 |  |  | 11.2 |  |  | 15.5 |
Aerospace/Defense/Government |  | 12.2 |  |  | 13.4 |  |  | 5.8 |  |  | 19.2 |
Private equity secondaries |  | 9.4 |  |  | 3.1 |  |  | 9.5 |  |  | 3.1 |
Healthcare |  | 7.8 |  |  | 2.8 |  |  | 5.6 |  |  | 2.8 |
Real estate |  | 4.4 |  |  | 3.3 |  |  | 8.2 |  |  | 3.3 |
Insurance |  | 2.3 |  |  | 41.3 |  |  | 2.3 |  |  | 41.3 |
Venture capital |  | 1.6 |  |  | .3 |  |  | 1.6 |  |  | .3 |
International multi-sector, Asia |  | — |  |  | — |  |  | — |  |  | 2.7 |
International multi-sector, Europe |  | 3.8 |  |  | 2.7 |  |  | 3.9 |  |  | 2.8 |
Distressed residential real estate |  | — |  |  | — |  |  | .4 |  |  | — |
Total private equity funds |  | 131.8 |  |  | 99.7 |  |  | 118.2 |  |  | 110.6 |
Total hedge and private equity funds included in other long-term investments |  | $ | 260.8 |  |  | $ | 99.7 |  |  | $ | 239.0 |  |  | $ | 110.6 |
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 June 30, 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 |  | $ | 4.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 5.8 |  |  | $ | 10.3 |
Quarterly |  | 30.4 |  |  | 31.5 |  |  | 12.0 |  |  | 8.4 |  |  | 82.3 |
Semi-annual |  | — |  |  | 26.4 |  |  | — |  |  | — |  |  | 26.4 |
Annual |  | — |  |  | — |  |  | 9.8 |  |  | .2 |  |  | 10.0 |
Total |  | $ | 34.9 |  |  | $ | 57.9 |  |  | $ | 21.8 |  |  | $ | 14.4 |  |  | $ | 129.0 |
Fair Value of private equity funds subject to lock-up periods | At June 30, 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 |  | $6.4 |  | $26.3 |  | $79.1 |  | $20.0 |  | $131.8
Fair value measurements by level, investment securities | The following tables summarize White Mountains’s fair value measurements for investments at June 30, 2014 and December 31, 2013, by level:
|  | June 30, 2014
Millions |  | Fair value |  | Level 1 |  | Level 2 |  | Level 3
Fixed maturity investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agency obligations |  | $ | 439.2 |  |  | $ | 375.7 |  |  | $ | 63.5 |  |  | $ | — |
Debt securities issued by corporations: |  |  |  |  |  |  |  |  |
Consumer |  | 751.2 |  |  | — |  |  | 751.2 |  |  | — |
Financials |  | 483.1 |  |  | — |  |  | 483.1 |  |  | — |
Communications |  | 289.8 |  |  | — |  |  | 289.8 |  |  | — |
Industrial |  | 255.3 |  |  | — |  |  | 255.3 |  |  | — |
Energy |  | 188.9 |  |  | — |  |  | 188.9 |  |  | — |
Utilities |  | 149.6 |  |  | — |  |  | 149.6 |  |  | — |
Basic Materials |  | 141.9 |  |  | — |  |  | 141.9 |  |  | — |
Technology |  | 90.5 |  |  | — |  |  | 90.5 |  |  | — |
Other |  | 81.1 |  |  | — |  |  | 81.1 |  |  | — |
Total debt securities issued by corporations: |  | 2,431.4 |  |  | — |  |  | 2,431.4 |  |  | — |
Mortgage-backed and asset-backed securities |  | 1,826.1 |  |  | — |  |  | 1,739.2 |  |  | 86.9 |
Foreign government, agency and provincial obligations |  | 363.5 |  |  | 43.0 |  |  | 320.5 |  |  | — |
Preferred stocks |  | 86.5 |  |  | — |  |  | 15.0 |  |  | 71.5 |
Municipal obligations |  | 65.1 |  |  | — |  |  | 65.1 |  |  | — |
Total fixed maturity investments (1) |  | 5,211.8 |  |  | 418.7 |  |  | 4,634.7 |  |  | 158.4 |
Short-term investments |  | 564.0 |  |  | 537.7 |  |  | 26.3 |  |  | — |
Common equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Financials |  | 362.3 |  |  | 308.8 |  |  | — |  |  | 53.5 |
Consumer |  | 327.0 |  |  | 327.0 |  |  | — |  |  | — |
Industrial |  | 119.3 |  |  | 119.3 |  |  | — |  |  | — |
Energy |  | 94.4 |  |  | 94.4 |  |  | — |  |  | — |
Communications |  | 64.8 |  |  | 64.8 |  |  | — |  |  | — |
Basic materials |  | 55.2 |  |  | 55.2 |  |  | — |  |  | — |
Technology |  | 41.9 |  |  | 41.9 |  |  | — |  |  | — |
Utilities |  | 37.2 |  |  | 37.2 |  |  | — |  |  | — |
Other |  | 104.0 |  |  | 24.3 |  |  | 79.4 |  |  | .3 |
Total common equity securities |  | 1,206.1 |  |  | 1,072.9 |  |  | 79.4 |  |  | 53.8 |
Convertible fixed maturity investments |  | 70.7 |  |  | — |  |  | 59.9 |  |  | 10.8 |
Other long-term investments (2) |  | 288.4 |  |  | — |  |  | — |  |  | 288.4 |
Total investments |  | $ | 7,341.0 |  |  | $ | 2,029.3 |  |  | $ | 4,800.3 |  |  | $ | 511.4 |
(1) Carrying value includes $203.8 that is classified as assets held for sale relating to discontinued operations. (2) Excludes carrying value of $24.5 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 |  |  | — |
Financials |  | 434.4 |  |  | — |  |  | 434.4 |  |  | — |
Industrial |  | 281.1 |  |  | — |  |  | 281.1 |  |  | — |
Communications |  | 265.0 |  |  | — |  |  | 265.0 |  |  | — |
Utilities |  | 173.6 |  |  | — |  |  | 173.6 |  |  | — |
Energy |  | 159.7 |  |  | — |  |  | 159.7 |  |  | — |
Basic materials |  | 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 |  |  | — |  |  | — |
Technology |  | 60.6 |  |  | 60.6 |  |  | — |  |  | — |
Communications |  | 57.1 |  |  | 57.1 |  |  | — |  |  | — |
Basic materials |  | 53.4 |  |  | 53.4 |  |  | — |  |  | — |
Utilities |  | 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 June 30, 2014 and December 31, 2013:
|  | Fair Value at
Millions |  | June 30, 2014 |  | December 31, 2013
AAA |  | $ | — |  |  | $ | — |
AA |  | 220.6 |  |  | 228.8 |
A |  | 1,037.6 |  |  | 1,039.5 |
BBB |  | 1,167.1 |  |  | 1,075.5 |
BB |  | — |  |  | — |
Other |  | 6.1 |  |  | 3.4 |
Debt securities issued by corporations(1) |  | $ | 2,431.4 |  |  | $ | 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 June 30, 2014 and December 31, 2013:
|  | June 30, 2014 |  | December 31, 2013
Millions |  | Fair Value |  | Level 2 |  | Level 3 |  | Fair Value |  | Level 2 |  | Level 3
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GNMA |  | $ | 437.7 |  |  | $ | 437.7 |  |  | $ | — |  |  | $ | 512.3 |  |  | $ | 512.3 |  |  | $ | — |
FNMA |  | 57.6 |  |  | 57.6 |  |  | — |  |  | 81.2 |  |  | 81.2 |  |  | — |
FHLMC |  | 39.5 |  |  | 39.5 |  |  | — |  |  | 91.3 |  |  | 91.3 |  |  | — |
Total Agency(1) |  | 534.8 |  |  | 534.8 |  |  | — |  |  | 684.8 |  |  | 684.8 |  |  | — |
Non-agency: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | 191.6 |  |  | 146.4 |  |  | 45.2 |  |  | 125.7 |  |  | 125.7 |  |  | — |
Commercial |  | 343.2 |  |  | 323.5 |  |  | 19.7 |  |  | 282.3 |  |  | 282.3 |  |  | — |
Total Non-agency |  | 534.8 |  |  | 469.9 |  |  | 64.9 |  |  | 408.0 |  |  | 408.0 |  |  | — |
Total mortgage-backed securities |  | 1,069.6 |  |  | 1,004.7 |  |  | 64.9 |  |  | 1,092.8 |  |  | 1,092.8 |  |  | — |
Other asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit card receivables |  | 396.7 |  |  | 374.7 |  |  | 22.0 |  |  | 311.4 |  |  | 289.4 |  |  | 22.0 |
Vehicle receivables |  | 159.2 |  |  | 159.2 |  |  | — |  |  | 365.0 |  |  | 365.0 |  |  | — |
Other |  | 200.6 |  |  | 200.6 |  |  | — |  |  | 245.3 |  |  | 245.3 |  |  | — |
Total other asset-backed securities |  | 756.5 |  |  | 734.5 |  |  | 22.0 |  |  | 921.7 |  |  | 899.7 |  |  | 22.0 |
Total mortgage and asset-backed securities |  | $ | 1,826.1 |  |  | $ | 1,739.2 |  |  | $ | 86.9 |  |  | $ | 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 June 30, 2014 are as follows:
|  |  |  |  |  | Security Issuance Year |  |  |  |
Millions |  | Fair Value |  | 2004 |  | 2005 |  | 2006 |  | 2007 |  | 2008 | 2009 |  | 2010 |  | 2011 |  | 2012 |  | 2013 |  | 2014
Non-agency RMBS |  | $ | 191.6 |  |  | $ | 10.5 |  |  | $ | 17.6 |  |  | $ | 11.0 |  |  | $ | — |  |  | $ | 18.3 |  | $ | — |  |  | $ | 22.0 |  |  | $ | 25.0 |  |  | $ | — |  |  | $ | 31.0 |  |  | $ | 56.2 |
Non-agency CMBS |  | 343.2 |  |  | — |  |  | — |  |  | 8.6 |  |  | 4.9 |  |  | — |  | — |  |  | 12.6 |  |  | 26.2 |  |  | 127.8 |  |  | 94.7 |  |  | 68.4 |
Total |  | $ | 534.8 |  |  | $ | 10.5 |  |  | $ | 17.6 |  |  | $ | 19.6 |  |  | $ | 4.9 |  |  | $ | 18.3 |  | $ | — |  |  | $ | 34.6 |  |  | $ | 51.2 |  |  | $ | 127.8 |  |  | $ | 125.7 |  |  | $ | 124.6 |
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 June 30, 2014:
Millions |  | Fair Value |  | Super Senior (1) |  | Senior (2) |  | Subordinate (3)
Prime |  | $ | 169.6 |  |  | $ | 74.7 |  |  | $ | 94.9 |  |  | $ | — |
Non-prime |  | 16.3 |  |  | — |  |  | 16.3 |  |  | — |
Sub-prime |  | 5.7 |  |  | 5.7 |  |  | — |  |  | — |
Total |  | $ | 191.6 |  |  | $ | 80.4 |  |  | $ | 111.2 |  |  | $ | — |
(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 June 30, 2014:
Millions |  | Fair Value |  | Super Senior (1) |  | Senior (2) |  | Subordinate (3)
Fixed rate CMBS |  | $ | 231.5 |  |  | $ | 119.1 |  |  | $ | 75.5 |  |  | $ | 36.9 |
Floating rate CMBS |  | 111.7 |  |  | 4.9 |  |  | — |  |  | 106.8 |
Total |  | $ | 343.2 |  |  | $ | 124.0 |  |  | $ | 75.5 |  |  | $ | 143.7 |
(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.
Rollforward of fair value investments by level | The following tables summarize the changes in White Mountains’s fair value measurements by level for the six months ended June 30, 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 | 67.3 |  | 89.8 |  | .9 |  | 2.7 |  | 3.2 |  | 16.8 |  |  | 180.7 |  | (4)
Foreign currency losses through OCI | (6.8 | ) | (50.8 | ) | (.4 | ) | — |  | — |  | (1.4 | ) |  | (59.4 | ) |
Amortization/Accretion | (.3 | ) | (22.0 | ) | (.1 | ) | — |  | — |  | — |  |  | (22.4 | ) |
Purchases | 953.5 |  | 1,632.0 |  | 76.1 |  | 5.0 |  | 1.5 |  | 17.4 |  |  | 2,685.5 |  |
Sales | (896.1 | ) | (1,875.6 | ) | — |  | — |  | — |  | (6.8 | ) |  | (2,778.5 | ) |
Net change in investments related to (sales) purchases of consolidated affiliates | (2.7 | ) | 7.3 |  | — |  | — |  | — |  | — |  |  | 4.6 |  |
Transfers in | — |  | 19.6 |  | 8.5 |  | — |  | — |  | — |  |  | 28.1 |  |
Transfers out | — |  | (8.5 | ) | (19.6 | ) | — |  | — |  | — |  |  | (28.1 | ) |
Balance at June 30, 2014 | $ | 1,491.6 |  | $ | 4,774.0 |  | $ | 158.4 |  | $ | 53.8 |  | $ | 10.8 |  | $ | 288.4 |  |  | $ | 6,777.0 |  | (1)(2)(3)(4)
(1) Excludes carrying value of $26.6 and $24.5 at January 1, 2014 and June 30, 2014 associated with other long-term investments accounted for using the equity method and $(0.1) and $0.1 at January 1, 2014 and June 30, 2014 related to forward contracts. (2) Carrying value includes $236.3 and $203.8 at January 1, 2014 and June 30, 2014 that is classified as assets held for sale relating to discontinued operations. (3) Excludes carrying value of $635.9 and $564.0 at January 1, 2014 and June 30, 2014 associated with short-term investments. (4) Excludes $1.8 realized and unrealized losses associated with the Prospector Funds consolidation of investment-related liabilities.
|  |  | 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) | 89.9 |  | (55.3 | ) | (.3 | ) | .8 |  | — |  | 14.2 |  |  | 49.3 |  | (4)
Foreign currency losses through OCI | (5.6 | ) | (44.2 | ) | — |  | — |  | — |  | (1.5 | ) |  | (51.3 | ) |
Amortization/Accretion | (.6 | ) | (27.0 | ) | — |  | — |  | — |  | — |  |  | (27.6 | ) |
Purchases | 549.0 |  | 2,345.5 |  | 32.3 |  | .5 |  | — |  | 35.9 |  |  | 2,963.2 |  |
Sales | (583.4 | ) | (2,713.9 | ) | — |  | — |  | — |  | (38.7 | ) |  | (3,336.0 | ) |
Net change in investments related to purchases of consolidated affiliates | 14.5 |  | 2.7 |  | — |  | — |  | — |  | — |  |  | 17.2 |  |
Transfers in | 1.7 |  | 8.0 |  | — |  | — |  | — |  | — |  |  | 9.7 |  |
Transfers out | — |  | (.7 | ) | (8.0 | ) | (1.0 | ) | — |  | — |  |  | (9.7 | ) |
Balance at June 30, 2013 | $ | 1,420.6 |  | $ | 4,721.2 |  | $ | 116.9 |  | $ | 37.6 |  | $ | — |  | $ | 269.2 |  |  | $ | 6,565.5 |  | (1)(2)(3)
(1) Excludes carrying value of $35.0 and $34.2 at January 1, 2013 and June 30, 2013 associated with other long-term investment limited partnerships accounted for using the equity method and $(0.1) and $(0.1) at January 1, 2013 and June 30, 2013 related to forward contracts. (2) Carrying value includes $338.1 and 260.8 at January 1, 2013 and June 30, 2013 that is classified as assets held for sale relating to discontinued operations. (3) Excludes carrying value of $630.6 and $606.8 at January 1, 2013 and June 30, 2013 and realized and unrealized loss for the period of $0.8 associated with short-term investments. (4) Excludes $9.9 realized and unrealized gains associated with the Prospector Funds consolidation of investment-related liabilities.
Schedule of significant unobservable inputs used in estimating the fair value of investment securities | The following summarizes significant unobservable inputs used in estimating the fair value of investment securities classified within Level 3 other than hedge funds and private equity funds as of June 30, 2014 and December 31, 2013. The fair value of investments in hedge funds and private equity funds, which are classified within Level 3, are estimated using the net asset value of the funds.
($ in Millions) |  | June 30, 2014
Description |  | Fair Value |  | Rating (2) |  | Valuation Technique(s) |  | Unobservable Input
Non-agency commercial mortgage backed securities(1) |  | $11.1 |  | NR |  | Discounted cash flow |  | Discount spread over swap |  | 1.2% |
|  |  |  |  |  |  |  | Prepayment rate |  | 0.0% | CPY
|  |  |  |  |  |  |  | Default rate |  | 0.0% | CDR
Asset-backed securities(1) |  | $22.0 |  | AA+ |  | Broker pricing |  | Broker quote |  |  |
Non-agency residential mortgage backed securities(1) |  | $45.3 |  | AAA |  | Broker pricing |  | Broker quote |  |  |
Non-agency residential mortgage backed securities(1) |  | $8.6 |  | NR |  | Broker pricing |  | Broker quotes |  |  |
Preferred stock(1) |  | $71.5 |  | NR |  | Discounted cash flow |  | Discount yield |  | 6.6% |
Private equity security(1) |  | $37.4 |  | NR |  | Multiple of GAAP book value |  | Book value multiple |  | 1.0 |
Private equity security(1) |  | $15.7 |  | NR |  | Share price of recent transaction |  | Share price |  | $1.10 |
Convertible preferred security(1) |  | $6.3 |  | NR |  | Multiple of EBITDA |  | EBITDA multiple |  | 6X |
Convertible preferred security(1) |  | $4.5 |  | NR |  | Share price of recent transaction |  | Share price |  | $0.71 |
(1) As of June 30, 2014, consists of one security. (2) Credit ratings are assigned based on the following hierarchy: 1) Standard and Poor's and 2) Moody’s.
($ 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 |  | 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.

X
- Definition Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1),(d) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisGainLossIncludedInEarningsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.8) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.2) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.7(a),(b)) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.9) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 + Details
Name: | us-gaap_InvestmentIncomeTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of realized gains and losses on investments reported in the statement of income. + References No definition available. + Details
Name: | us-gaap_RealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investments in trading securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.2) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6871852&loc=d3e26610-111562 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6871852&loc=d3e26626-111562 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Trading Securities -URI http://asc.fasb.org/extlink&oid=6526789 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6467456&loc=d3e113888-111728 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (c),(e) -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 + Details
Name: | us-gaap_TradingSecuritiesAndCertainTradingAssetsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of unrealized gains and losses on investments. + References No definition available. + Details
Name: | us-gaap_UnrealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of assets measured at fair value on a recurring basis, including a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: total gains or losses for the period (realized and unrealized), amortization or accretion of discount, purchases, sales, issuances, transfers in and transfers out of each level of the fair value hierarchy by class of asset. + References No definition available. + Details
Name: | wtm_FairValueAssetsMeasuredOnRecurringBasisMeasurementInputReconciliationTableTextBlock
Namespace Prefix: | wtm_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of hedge funds and private equity investments held at fair value by investment objective or sector and the amount of unfunded commitments associated with each objective or sector. + References No definition available. + Details
Name: | wtm_HedgeFundAndPrivateEquityInvestmentByObjectiveOrSectorTableTextBlock
Namespace Prefix: | wtm_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Fair value of hedge funds subject to restrictions on redemption frequency and advance notice period requirements for investments in active hedge funds. + References No definition available. + Details
Name: | wtm_HedgeFundRedemptionFrequencyNoticePeriodTableTextBlock
Namespace Prefix: | wtm_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of fixed maturity securities by credit quality indicator. + References No definition available. + Details
Name: | wtm_InvestmentFixedMaturitySecuritiesCreditQualityIndicatorsTableTextBlock
Namespace Prefix: | wtm_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of non-agency commercial mortgage-backed securities by type and by seniority level. + References No definition available. + Details
Name: | wtm_NonAgencyCommercialMortgageBackedSecuritiesInterestRateAndSeniorityTableTextBlock
Namespace Prefix: | wtm_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of non-agency residential mortgage-backed securities by credit quality indicator and seniority. + References No definition available. + Details
Name: | wtm_NonAgencyResidentialMortgageBackedSecuritiesCreditQualityIndicatorsAndSeniorityTableTextBlock
Namespace Prefix: | wtm_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of expected lock up period of private equity investments. + References No definition available. + Details
Name: | wtm_PrivateEquityLockUpPeriodTableTextBlock
Namespace Prefix: | wtm_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of realized and unrealized gains and losses on investments reported in the statement of income. + References No definition available. + Details
Name: | wtm_ScheduleOfRealizedAndUnrealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | wtm_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of security issuance years of investments in non-agency RMBS and non-agency CMBS securities. + References No definition available. + Details
Name: | wtm_ScheduleOfSecurityIssuanceYearsOfInvestmentsInMortgageBackedSecuritiesIssuedByPrivateEnterprisesTableTextBlock
Namespace Prefix: | wtm_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration