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Discontinued Operations (Tables) | 12 Months Ended
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Dec. 31, 2014
Discontinued Operations and Disposal Groups [Abstract] |
Schedule illustrating the valuation adjustments between par and fair value [Table Text Block] | Below is a table illustrating the valuation adjustments taken to arrive at the estimated fair value of the OBIC Surplus Notes as of December 31, 2014:
|  | Type of Surplus Note |  |
Millions |  | Seller Priority |  | Pari Passu |  | Total
Par Value |  | $ | 57.9 |  |  | $ | 43.1 |  |  | $ | 101.0 |
Fair value adjustments to reflect: |  |  |  |  |  |
Current market rates on public debt and contract-based repayments(1) |  | 1.6 |  |  | (8.2 | ) |  | (6.6 | )
Regulatory approval (2) |  | (4.6 | ) |  | (8.0 | ) |  | (12.6 | )
Liquidity adjustment (3) |  | (11.0 | ) |  | (5.7 | ) |  | (16.7 | )
Total adjustments |  | (14.0 | ) |  | (21.9 | ) |  | (35.9 | )
Fair value |  | $ | 43.9 |  |  | $ | 21.2 |  |  | $ | 65.1 |
(1) | Represents the value of the OBIC Surplus Notes, at current market yields on publicly traded debt, and assuming issuer is allowed to make principal and interest payments when its financial capacity is available, as measured by statutory capital in excess of a 250% RBC score.
(2) | Represents anticipated delay in securing regulatory approvals of interest and principal payments to reflect graduated changes in Issuer’s statutory surplus.
(3) | Represents impact of liquidity spread to account for OneBeacon’s sole ownership of the surplus notes, lack of a trading market and ongoing regulatory approval risk.
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
Assets held for sale |  |
Fixed maturity investments, at fair value |  | $ | 236.3 |
Reinsurance recoverable on unpaid losses |  | 1,604.7 |
Reinsurance recoverable on paid losses |  | 10.7 |
Insurance premiums receivable |  | 9.1 |
Deferred tax asset |  | 3.3 |
Other assets |  | 16.0 |
Total assets held for sale |  | $ | 1,880.1 |
Liabilities held for sale |  |
Loss and loss adjustment expense reserves |  | $ | 1,793.1 |
Unearned insurance premiums |  | .2 |
Ceded reinsurance payable |  | 12.3 |
Other liabilities |  | 74.5 |
Total liabilities held for sale |  | 1,880.1 |
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 |  | 2014 |  | 2013 |  | 2012
Revenues |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | .1 |  |  | $ | .8 |  |  | $ | 10.6 |
Other revenue |  | — |  |  | 10.8 |  |  | — |
Total revenues |  | .1 |  |  | 11.6 |  |  | 10.6 |
Expenses |  |  |  |  |  |  |  |  |
Loss and loss adjustment expenses |  | (.7 | ) |  | 78.9 |  |  | 48.4 |
Insurance and reinsurance acquisition expenses |  | .1 |  |  | — |  |  | (2.1 | )
Other underwriting expenses |  | 3.5 |  |  | (.2 | ) |  | 1.7 |
Total expenses |  | 2.9 |  |  | 78.7 |  |  | 48.0 |
Pre-tax loss |  | (2.8 | ) |  | (67.1 | ) |  | (37.4 | )
Income tax benefit |  | 1.0 |  |  | 25.0 |  |  | 13.4 |
Loss from discontinued operations |  | (1.8 | ) |  | (42.1 | ) |  | (24.0 | )
Net (loss) gain from sales of discontinued operations |  | (1.6 | ) |  | 46.6 |  |  | (91.0 | )
Net (loss) income from discontinued operations |  | $ | (3.4 | ) |  | $ | 4.5 |  |  | $ | (115.0 | )
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, 2014, 2013 and 2012:
|  | Year Ended December 31,
|  | 2014 |  | 2013 |  | 2012
Basic and diluted earnings (loss) per share numerators (in millions): |  |  |  |  |  |  |  |
Net (loss) income attributable to White Mountains’s common shareholders |  | $ | (3.4 | ) |  | $ | 4.5 |  |  | $ | (115.0 | )
Allocation of income for participating unvested restricted common shares (1) |  | — |  |  | — |  |  | 1.5 |
Net (loss) income attributable to White Mountains’s common shareholders, net of restricted common share amounts (2) |  | $ | (3.4 | ) |  | $ | 4.5 |  |  | $ | (113.5 | )
Basic earnings (loss) per share denominators (in thousands): |  |  |  |  |  |  |  |
Total average common shares outstanding during the period |  | 6,104.9 |  |  | 6,200.4 |  |  | 6,799.8 |
Average unvested restricted common shares (3) |  | (78.9 | ) |  | (91.4 | ) |  | (91.1 | )
Basic earnings (loss) per share denominator |  | 6,026.0 |  |  | 6,109.0 |  |  | 6,708.7 |
Diluted earnings (loss) per share denominator (in thousands): |  |  |  |  |  |  |  |
Total average common shares outstanding during the period |  | 6,104.9 |  |  | 6,200.4 |  |  | 6,799.8 |
Average unvested restricted common shares (3) |  | (78.9 | ) |  | (91.4 | ) |  | (91.1 | )
Average outstanding dilutive options to acquire common shares (4) |  | — |  |  | — |  |  | — |
Diluted earnings (loss) per share denominator |  | 6,026.0 |  |  | 6,109.0 |  |  | 6,708.7 |
Basic and diluted earnings (loss) per share (in dollars): |  | $ | (.56 | ) |  | $ | 0.74 |  |  | $ | (16.91 | )
(1) | Restricted shares issued by White Mountains contain dividend participation features, and therefore, are considered participating securities.
(2) | Net income (loss) attributable to White Mountains’s common shareholders, net of restricted share amounts, is equal to undistributed earnings for the years ended December 31, 2014, 2013 and 2012.
(3) | Restricted common shares outstanding vest either in equal annual installments or upon a stated date (see Note 13).
(4) | The diluted earnings (loss) per share denominator for the years ended December 31, 2014, 2013 and 2012 does 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.

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- Definition Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 + Details
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- Definition Tabular disclosure of the numerators and the denominators of the basic and diluted per-share (or per-unit) computations for income from discontinued operations, including the effect that has been given to preferred dividends. + References No definition available. + Details
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