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Discontinued Operations (Tables) | 9 Months Ended
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Sep. 30, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
Summary of the fair value and carrying value of financial instruments | The following table summarizes the fair value and carrying value of these financial instruments as of September 30, 2015 and December 31, 2014:
|  | September 30, 2015 |  | December 31, 2014
Millions |  | Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
2012 OBH Senior Notes |  | $ | 279.8 |  |  | $ | 274.8 |  |  | $ | 286.0 |  |  | $ | 274.7 |
Tranzact Bank Facility |  | 94.6 |  |  | 93.8 |  |  | 68.7 |  |  | 67.4 |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures | Summary of Reclassified Balances and Related Items Net Assets Held for Sale The following summarizes the assets and liabilities associated with the business classified as held for sale, which all relate to Sirius Group with the exception of the building held by OneBeacon at December 31, 2014:
Millions |  | September 30, 2015 |  | December 31, 2014
Assets held for sale |  |  |  |
Fixed maturity investments |  | $ | 2,394.3 |  |  | $ | 2,362.3 |
Short-term investments |  | 360.5 |  |  | 494.9 |
Common equity securities |  | 164.3 |  |  | 189.9 |
Convertible fixed maturity and preferred investments |  | — |  |  | 6.6 |
Other long-term investments |  | 82.1 |  |  | 89.0 |
Total investments |  | 3,001.2 |  |  | 3,142.7 |
Cash |  | 147.4 |  |  | 111.5 |
Reinsurance recoverable on unpaid losses |  | 276.5 |  |  | 322.2 |
Reinsurance recoverable on paid losses |  | 11.0 |  |  | 11.4 |
Reinsurance premiums receivable |  | 416.6 |  |  | 306.6 |
Funds held by ceding entities |  | 81.1 |  |  | 91.9 |
Deferred acquisition costs |  | 82.7 |  |  | 69.9 |
Deferred tax asset |  | 309.6 |  |  | 341.5 |
Ceded unearned reinsurance premiums |  | 118.4 |  |  | 76.2 |
Goodwill and intangible assets |  | 10.2 |  |  | 15.2 |
Other assets |  | 73.4 |  |  | 83.4 |
Other assets - OneBeacon building |  | — |  |  | 58.1 |
Total assets held for sale |  | $ | 4,528.1 |  |  | $ | 4,630.6 |
Liabilities held for sale |  |  |  |
Loss and loss adjustment expense reserves |  | $ | 1,662.9 |  |  | $ | 1,809.8 |
Unearned insurance premiums |  | 429.4 |  |  | 338.6 |
Debt |  | 403.5 |  |  | 403.5 |
Deferred tax liability |  | 257.8 |  |  | 282.8 |
Accrued incentive compensation |  | 55.5 |  |  | 76.5 |
Ceded reinsurance payable |  | 131.4 |  |  | 71.5 |
Funds held under reinsurance treaties |  | 45.1 |  |  | 57.9 |
Other liabilities |  | 47.2 |  |  | 64.7 |
Total liabilities held for sale |  | $ | 3,032.8 |  |  | $ | 3,105.3 |
Net Income from Discontinued Operations The following summarizes the results of operations, including related income taxes associated with the business classified as discontinued operations. The results of Sirius Group through the closing date of the transaction inures to White Mountains.
|  | Three Months Ended |  | Three Months Ended
|  | September 30, 2015 |  | September 30, 2014
Millions |  | Sirius Group |  | Other Disc Ops |  | Total |  | Sirius Group |  | Other Disc Ops |  | Total
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 202.8 |  |  | $ | — |  |  | $ | 202.8 |  |  | $ | 231.4 |  |  | $ | .3 |  |  | $ | 231.7 |
Net investment income |  | 10.5 |  |  | — |  |  | 10.5 |  |  | 9.7 |  |  | — |  |  | 9.7 |
Net realized and unrealized (losses) gains |  | (.9 | ) |  | — |  |  | (.9 | ) |  | 48.3 |  |  | — |  |  | 48.3 |
Other revenue |  | 1.8 |  |  | (.1 | ) |  | 1.7 |  |  | (22.8 | ) |  | — |  |  | — |
Total revenues |  | 214.2 |  |  | (.1 | ) |  | 214.2 |  |  | 266.6 |  |  | .3 |  |  | 266.9 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss adjustment expenses |  | 121.7 |  |  | — |  |  | 121.7 |  |  | 103.6 |  |  | — |  |  | 103.6 |
Insurance and reinsurance acquisition expenses |  | 45.4 |  |  | — |  |  | 45.4 |  |  | 50.1 |  |  | .1 |  |  | 50.2 |
Other underwriting expenses |  | 24.8 |  |  | — |  |  | 24.8 |  |  | 29.7 |  |  | .8 |  |  | 30.5 |
General and administrative expenses |  | 9.4 |  |  | — |  |  | 9.4 |  |  | 6.3 |  |  | — |  |  | 6.3 |
Interest expense |  | 6.6 |  |  | — |  |  | 6.6 |  |  | 6.6 |  |  | — |  |  | 6.6 |
Total expenses |  | 207.9 |  |  | — |  |  | 207.9 |  |  | 196.3 |  |  | .9 |  |  | 197.2 |
Pre-tax income (loss) |  | 6.3 |  |  | (.1 | ) |  | 6.2 |  |  | 70.3 |  |  | (.6 | ) |  | 69.7 |
Income tax (expense) benefit |  | (2.3 | ) |  | — |  |  | (2.3 | ) |  | (13.1 | ) |  | .3 |  |  | (12.8 | )
Net income (loss) from discontinued operations |  | 4.0 |  |  | (.1 | ) |  | 3.9 |  |  | 57.2 |  |  | (.3 | ) |  | 56.9 |
Net gain from sales of discontinued operations - FFIC |  | — |  |  | — |  |  | — |  |  | — |  |  | 14.0 |  |  | 14.0 |
Net losses from sales of discontinued operations - OneBeacon |  | — |  |  | — |  |  | — |  |  | — |  |  | (7.0 | ) |  | (7.0 | )
Net gain from sales of discontinued operations - Esurance |  | — |  |  | 10.3 |  |  | 10.3 |  |  | — |  |  | — |  |  | — |
Total income from discontinued operations |  | $ | 4.0 |  |  | $ | 10.2 |  |  | $ | 14.2 |  |  | $ | 57.2 |  |  | $ | 6.7 |  |  | $ | 63.9 |
Change in foreign currency translation and other from discontinued operations |  | $ | (18.4 | ) |  | $ | — |  |  | $ | (18.4 | ) |  | $ | (64.1 | ) |  | $ | — |  |  | $ | (64.1 | )
Comprehensive income from discontinued operations |  | $ | (14.4 | ) |  | $ | 10.2 |  |  | $ | (4.2 | ) |  | $ | (6.9 | ) |  | $ | 6.7 |  |  | $ | (.2 | )
|  | Nine Months Ended |  | Nine Months Ended
|  | September 30, 2015 |  | September 30, 2014
Millions |  | Sirius Group |  | Other Disc Ops |  | Total |  | Sirius Group |  | Other Disc Ops |  | Total
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 623.3 |  |  | $ | — |  |  | $ | 623.3 |  |  | $ | 656.5 |  |  | $ | .1 |  |  | $ | 656.6 |
Net investment income |  | 28.6 |  |  | — |  |  | 28.6 |  |  | 30.0 |  |  | — |  |  | 30.0 |
Net realized and unrealized gains |  | 31.4 |  |  | — |  |  | 31.4 |  |  | 134.1 |  |  | — |  |  | 134.1 |
Other revenue |  | (20.2 | ) |  | (.4 | ) |  | (20.6 | ) |  | (47.3 | ) |  | — |  |  | (47.3 | )
Total revenues |  | 663.1 |  |  | (.4 | ) |  | 662.7 |  |  | 773.3 |  |  | .1 |  |  | 773.4 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss adjustment expenses |  | 311.3 |  |  | — |  |  | 311.3 |  |  | 273.8 |  |  | (.7 | ) |  | $ | 273.1 |
Insurance and reinsurance acquisition expenses |  | 135.5 |  |  | — |  |  | 135.5 |  |  | 146.3 |  |  | .1 |  |  | $ | 146.4 |
Other underwriting expenses |  | 78.0 |  |  | — |  |  | 78.0 |  |  | 91.7 |  |  | 2.2 |  |  | $ | 93.9 |
General and administrative expenses |  | 22.4 |  |  | — |  |  | 22.4 |  |  | 21.6 |  |  | — |  |  | $ | 21.6 |
Interest expense |  | 20.0 |  |  | — |  |  | 20.0 |  |  | 19.8 |  |  | — |  |  | $ | 19.8 |
Total expenses |  | 567.2 |  |  | — |  |  | 567.2 |  |  | 553.2 |  |  | 1.6 |  |  | 554.8 |
Pre-tax income (loss) |  | 95.9 |  |  | (.4 | ) |  | 95.5 |  |  | 220.1 |  |  | (1.5 | ) |  | 218.6 |
Income tax (expense) benefit |  | (22.2 | ) |  | — |  |  | (22.2 | ) |  | (52.4 | ) |  | .6 |  |  | $ | (51.8 | )
Net income (loss) from discontinued operations |  | 73.7 |  |  | (.4 | ) |  | 73.3 |  |  | 167.7 |  |  | (.9 | ) |  | 166.8 |
Net gain from sales of discontinued operations - FFIC |  | — |  |  | — |  |  | — |  |  | — |  |  | 14.0 |  |  | $ | 14.0 |
Net losses from sales of discontinued operations - OneBeacon |  | — |  |  | .3 |  |  | .3 |  |  | — |  |  | (7.5 | ) |  | $ | (7.5 | )
Net gain from sales of discontinued operations - Esurance |  | — |  |  | 17.9 |  |  | 17.9 |  |  | — |  |  | 3.2 |  |  | $ | 3.2 |
Total income from discontinued operations |  | $ | 73.7 |  |  | $ | 17.8 |  |  | $ | 91.5 |  |  | $ | 167.7 |  |  | $ | 8.8 |  |  | $ | 176.5 |
Change in foreign currency translation and other from discontinued operations |  | $ | (62.1 | ) |  | $ | — |  |  | $ | (62.1 | ) |  | $ | (99.9 | ) |  | $ | — |  |  | $ | (99.9 | )
Comprehensive income from discontinued operations |  | $ | 11.6 |  |  | $ | 17.8 |  |  | $ | 29.4 |  |  | $ | 67.8 |  |  | $ | 8.8 |  |  | $ | 76.6 |
Net Change in Cash from Discontinued Operations The following summarizes the net change in cash, including income tax (payment to) refund from national governments and interest paid associated with the business classified as discontinued operations:
|  | Nine Months Ended
|  | September 30,
(Millions) |  | 2015 |  | 2014
Net cash provided from operations |  | $ | 6.7 |  |  | $ | 49.8 |
Net cash provided from investing activities |  | 35.7 |  |  | 47.5 |
Net cash used for financing activities |  | (2.4 | ) |  | (55.6 | )
Effect of exchange rate changes on cash |  | (4.1 | ) |  | (10.6 | )
Net change in cash during the period |  | 35.9 |  |  | 31.1 |
Cash balances at beginning of period |  | 111.5 |  |  | 93.2 |
Cash balances at end of period |  | $ | 147.4 |  |  | $ | 124.3 |
Supplemental cash flows information: |  |  |  |
Interest paid |  | $ | (25.5 | ) |  | $ | (34.9 | )
Net income tax (payment to) refund from national governments |  | $ | (30.3 | ) |  | $ | 7.5 |
Earnings Per Share Basic earnings per share amounts are based on the weighted average number of common shares outstanding including unvested restricted shares that are considered participating securities. Diluted earnings per share amounts are based on the weighted average number of common shares including unvested restricted shares and the net effect of potentially dilutive common shares outstanding. The following table outlines the computation of earnings per share for discontinued operations for the three and nine months ended September 30, 2015 and 2014:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
|  | 2015 |  | 2014 |  | 2015 |  | 2014
Basic and diluted earnings per share numerators (in millions): |  |  |  |  |  |  |  |  |
Net income attributable to White Mountains’s common shareholders |  | $ | 14.2 |  |  | $ | 63.9 |  |  | $ | 91.5 |  |  | $ | 176.5 |
Allocation of income for participating unvested restricted common shares(1) |  | (.2 | ) |  | (.9 | ) |  | (1.0 | ) |  | (2.2 | )
Net income attributable to White Mountains’s common shareholders, net of restricted common share amounts (2) |  | $ | 14.0 |  |  | $ | 63.0 |  |  | $ | 90.5 |  |  | $ | 174.3 |
Basic earnings per share denominators (in thousands): |  |  |  |  |  |  |  |  |
Total average common shares outstanding during the period |  | 5,890.1 |  |  | 6,091.4 |  |  | 5,951.1 |  |  | 6,140.9 |
Average unvested restricted common shares(3) |  | (70.9 | ) |  | (81.3 | ) |  | (67.1 | ) |  | (77.7 | )
Basic earnings per share denominator |  | 5,819.2 |  |  | 6,010.1 |  |  | 5,884.0 |  |  | 6,063.2 |
Diluted earnings per share denominator (in thousands): |  |  |  |  |  |  |  |  |
Total average common shares outstanding during the period |  | 5,890.1 |  |  | 6,091.4 |  |  | 5,951.1 |  |  | 6,140.9 |
Average unvested restricted common shares(3) |  | (70.9 | ) |  | (81.3 | ) |  | (67.1 | ) |  | (77.7 | )
Average outstanding dilutive options to acquire common shares(4) |  | — |  |  | — |  |  | — |  |  | — |
Diluted earnings per share denominator |  | 5,819.2 |  |  | 6,010.1 |  |  | 5,884.0 |  |  | 6,063.2 |
Basic and diluted earnings per share (in dollars): |  | $ | 2.41 |  |  | $ | 10.49 |  |  | $ | 15.37 |  |  | $ | 28.74 |
(1) Restricted shares issued by White Mountains contain dividend participation features, and therefore, are considered participating securities. (2) Net earnings attributable to White Mountains’s common shareholders, net of restricted share amounts, is equal to undistributed earnings for the three and nine months ended September 30, 2015 and 2014. (3) Restricted common shares outstanding vest either in equal annual installments or upon a stated date. (See Note 15 - “Employee Share-Based Compensation Plans”). (4) The diluted earnings per share denominator for the three and nine months ended September 30, 2015 and 2014 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.
Interest Rate Cap [Member] |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
Fair Value of Assets and Liabilities Measured on Recurring and Non-recurring Basis Table | The following tables summarize the changes in the fair value of the Interest Rate Cap for the three and nine months ended September 30, 2015 and 2014:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
Millions |  | 2015 |  | 2014 |  | 2015 |  | 2014
Beginning of period |  | $ | 3.3 |  |  | $ | 6.2 |  |  | $ | 4.1 |  |  | $ | 11.1 |
Net realized and unrealized losses |  | (1.1 | ) |  | (.8 | ) |  | (1.9 | ) |  | (5.7 | )
End of period |  | $ | 2.2 |  |  | $ | 5.4 |  |  | $ | 2.2 |  |  | $ | 5.4 |
Discontinued Operations [Member] |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
Summary of the fair value and carrying value of financial instruments | The following table summarizes the fair value and carrying value of these financial instruments as of September 30, 2015 and December 31, 2014:
|  | September 30, 2015 |  | December 31, 2014
Millions |  | Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
SIG Senior Notes |  | $ | 423.6 |  |  | $ | 399.8 |  |  | $ | 437.8 |  |  | $ | 399.7 |
SIG Preference Shares |  | 252.5 |  |  | 250.0 |  |  | 260.0 |  |  | 250.0 |

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