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v2.4.1.9

Third Party Reinsurance (Tables) | 12 Months Ended
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Dec. 31, 2014
Ceded Credit Risk [Line Items] |
Schedule of direct assumed and ceded amounts | The effects of reinsurance on White Mountains’s insurance and reinsurance subsidiaries’ written and earned premiums and on losses and LAE were as follows (see Note 10 for balances related to White Mountains financial guarantee business):
|  | Year ended December 31, 2014
Millions |  | OneBeacon |  | Sirius Group |  | HG/BAM (1) |  | Other (2) |  | Total
Written premiums: |  |  |  |  |  |  |  |  |  |
Direct |  | $ | 1,257.5 |  |  | $ | 208.7 |  |  | $ | 16.2 |  |  | $ | 22.6 |  |  | $ | 1,505.0 |
Assumed |  | 65.9 |  |  | 927.9 |  |  | — |  |  | — |  |  | 993.8 |
Gross written premiums |  | 1,323.4 |  |  | 1,136.6 |  |  | 16.2 |  |  | 22.6 |  |  | 2,498.8 |
Ceded |  | (106.5 | ) |  | (254.1 | ) |  | — |  |  | (16.7 | ) |  | (377.3 | )
Net written premiums |  | $ | 1,216.9 |  |  | $ | 882.5 |  |  | $ | 16.2 |  |  | $ | 5.9 |  |  | $ | 2,121.5 |
Earned premiums: |  |  |  |  |  |  |  |  |  |
Direct |  | $ | 1,209.1 |  |  | $ | 200.2 |  |  | $ | 1.8 |  |  | $ | 22.6 |  |  | $ | 1,433.7 |
Assumed |  | 70.9 |  |  | 925.4 |  |  | — |  |  | — |  |  | 996.3 |
Gross earned premiums |  | 1,280.0 |  |  | 1,125.6 |  |  | 1.8 |  |  | 22.6 |  |  | 2,430.0 |
Ceded |  | (102.9 | ) |  | (251.7 | ) |  | — |  |  | (16.5 | ) |  | (371.1 | )
Net earned premiums |  | $ | 1,177.1 |  |  | $ | 873.9 |  |  | 1.8 |  |  | $ | 6.1 |  |  | $ | 2,058.9 |
Losses and LAE: |  |  |  |  |  |  |  |  |  |
Direct |  | $ | 830.7 |  |  | $ | 117.8 |  |  | $ | — |  |  | $ | 24.1 |  |  | $ | 972.6 |
Assumed |  | 63.7 |  |  | 378.1 |  |  | — |  |  | — |  |  | 441.8 |
Gross losses and LAE |  | 894.4 |  |  | 495.9 |  |  | — |  |  | 24.1 |  |  | 1,414.4 |
Ceded |  | (79.3 | ) |  | (150.6 | ) |  | — |  |  | (15.2 | ) |  | (245.1 | )
Net losses and LAE |  | $ | 815.1 |  |  | $ | 345.3 |  |  | $ | — |  |  | $ | 8.9 |  |  | $ | 1,169.3 |
(1) During 2014, BAM ceded $12.3 in written premiums ($1.4 in earned premiums) to HG Global, which have been eliminated within the HG/BAM segment. (2) During 2014, SSIE ceded $16.0 in written premiums ($15.7 in earned premiums) to OneBeacon, which have been eliminated in consolidation.
|  | Year ended December 31, 2013
Millions |  | OneBeacon |  | Sirius Group |  | Total
Written premiums: |  |  |  |  |  |
Direct |  | $ | 1,103.1 |  |  | $ | 177.3 |  |  | $ | 1,280.4 |
Assumed |  | 59.8 |  |  | 943.1 |  |  | 1,002.9 |
Gross written premiums |  | 1,162.9 |  |  | 1,120.4 |  |  | 2,283.3 |
Ceded |  | (74.3 | ) |  | (243.8 | ) |  | (318.1 | )
Net written premiums |  | $ | 1,088.6 |  |  | $ | 876.6 |  |  | $ | 1,965.2 |
Earned premiums: |  |  |  |  |  |
Direct |  | $ | 1,043.3 |  |  | $ | 174.0 |  |  | $ | 1,217.3 |
Assumed |  | 148.5 |  |  | 938.6 |  |  | 1,087.1 |
Gross earned premiums |  | 1,191.8 |  |  | 1,112.6 |  |  | 2,304.4 |
Ceded |  | (71.4 | ) |  | (246.2 | ) |  | (317.6 | )
Net earned premiums |  | $ | 1,120.4 |  |  | $ | 866.4 |  |  | $ | 1,986.8 |
Losses and LAE: |  |  |  |  |  |
Direct |  | $ | 584.9 |  |  | $ | 98.1 |  |  | $ | 683.0 |
Assumed |  | 76.3 |  |  | 455.5 |  |  | 531.8 |
Gross losses and LAE |  | 661.2 |  |  | 553.6 |  |  | 1,214.8 |
Ceded |  | (39.1 | ) |  | (135.2 | ) |  | (174.3 | )
Net losses and LAE |  | $ | 622.1 |  |  | $ | 418.4 |  |  | $ | 1,040.5 |
|  | Year ended December 31, 2012
Millions |  | OneBeacon |  | Sirius Group |  | Total
Written premiums: |  |  |  |  |  |
Direct |  | $ | 1,204.0 |  |  | $ | 186.1 |  |  | $ | 1,390.1 |
Assumed |  | 55.2 |  |  | 992.7 |  |  | 1,047.9 |
Gross written premiums |  | 1,259.2 |  |  | 1,178.8 |  |  | 2,438.0 |
Ceded |  | (80.0 | ) |  | (231.1 | ) |  | (311.1 | )
Net written premiums |  | $ | 1,179.2 |  |  | $ | 947.7 |  |  | $ | 2,126.9 |
Earned premiums: |  |  |  |  |  |
Direct |  | $ | 1,158.3 |  |  | $ | 169.9 |  |  | $ | 1,328.2 |
Assumed |  | 52.8 |  |  | 988.3 |  |  | 1,041.1 |
Gross earned premiums |  | 1,211.1 |  |  | 1,158.2 |  |  | 2,369.3 |
Ceded |  | (79.1 | ) |  | (226.6 | ) |  | (305.7 | )
Net earned premiums |  | $ | 1,132.0 |  |  | $ | 931.6 |  |  | $ | 2,063.6 |
Losses and LAE: |  |  |  |  |  |
Direct |  | $ | 687.5 |  |  | $ | 96.9 |  |  | $ | 784.4 |
Assumed |  | 29.6 |  |  | 523.9 |  |  | 553.5 |
Gross losses and LAE |  | 717.1 |  |  | 620.8 |  |  | 1,337.9 |
Ceded |  | (67.1 | ) |  | (76.9 | ) |  | (144.0 | )
Net losses and LAE |  | $ | 650.0 |  |  | $ | 543.9 |  |  | $ | 1,193.9 |
Industry Loss Warranty | In addition to the above, Sirius Group periodically purchases industry loss warranty (“ILW”) contracts to augment its overall retrocessional program. The following ILW contracts are currently in force:
Scope |  | Limit in millions |  | Trigger in billions |  | Expiration Date
European wind & flood |  | 5.0 |  |  | 7.5 |  |  | March 31, 2015
European wind & flood |  | 5.0 |  |  | 5.0 |  |  | March 31, 2015
European all natural perils |  | 15.0 |  |  | 15.0 |  |  | December 31, 2015 (second event aggregate excess cover)
European wind & earthquake |  | 7.5 |  |  | 5.0 |  | 7.5 |  | March 31, 2016
United States all natural peril |  | 5.0 |  |  | 20.0 |  |  | June 30, 2015
United States, European, Japan wind & earthquake |  | 30.0 |  |  | 5.0 |  | 10.0 |  | December 31, 2015 (multiple layer covers)
OneBeacon |
Ceded Credit Risk [Line Items] |
Ceded Credit Risk | The reinsurance balances associated with the Runoff Business are included in discontinued operations (see Note 22).
Standard & Poor’s Rating(1) |  | Balance at December 31, 2014 |  | % of Total
AA |  | $ | 53.8 |  |  | 31 | %
A |  | 93.2 |  |  | 54 | %
BBB+, Not rated and other (2) |  | 26.8 |  |  | 15 | %
Total |  | $ | 173.8 |  |  | 100 | %
(1) Standard & Poor’s ratings as detailed above are: “AA” (Very strong), “A” (Strong) and “BBB+” (Adequate).
Sirius Group |
Ceded Credit Risk [Line Items] |
Ceded Credit Risk | The following table provides a listing of Sirius Group’s gross and net recoverable amounts by the reinsurer’s Standard & Poor’s rating and the percentage of total recoverables.
Rating(1) |  | Gross |  | Collateral |  | Net |  | % of Net Total
AA |  | $ | 114.6 |  |  | $ | 1.6 |  |  | $ | 113.0 |  |  | 34 | %
A |  | 138.8 |  |  | 7.1 |  |  | 131.7 |  |  | 42 | %
BBB+ |  | 8.9 |  |  | — |  |  | 8.9 |  |  | 3 | %
BBB or lower |  | 9.6 |  |  | — |  |  | 9.6 |  |  | 3 | %
Not rated |  | 61.7 |  |  | 21.5 |  |  | 40.2 |  |  | 18 | %
Total |  | $ | 333.6 |  |  | $ | 30.2 |  |  | $ | 303.4 |  |  | 100 | %
(1) Standard & Poor’s ratings as detailed above are: “AAA” (Extremely strong), “AA” (Very strong), “A” (Strong), and “BBB+” and “BBB” (Adequate).

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