EX-12 4 wtm10-k123115ex12.htm EXHIBIT 12
Exhibit 12
WHITE MOUNTAINS INSURANCE GROUP, LTD.
Statement Re Computation of Ratio of Earnings to Fixed Charges
($ in millions except ratios)

|  | Year Ended
|  | 2015 |  | 2014 (1) |  | 2013 |  | 2012 |  | 2011
Consolidated pre-tax income (loss) from continuing operations before equity in earnings of affiliates, accounting changes and extraordinary items |  | $ | 154.9 |  |  | $ | (29.0 | ) |  | $ | 158.6 |  |  | $ | 97.9 |  |  | $ | 55.7 |
Interest expense on debt |  | 18.6 |  |  | 15.6 |  |  | 16.2 |  |  | 18.6 |  |  | 23.6 |
Interest portion of rental expense |  | 6.1 |  |  | 5.1 |  |  | 5.3 |  |  | 6.1 |  |  | 7.8 |
Earnings (loss) |  | 179.6 |  |  | (8.3 | ) |  | 180.1 |  |  | 122.6 |  |  | 87.1 |
Interest expense on debt |  | 18.6 |  |  | 15.6 |  |  | 42.5 |  |  | 18.6 |  |  | 23.6 |
Interest portion of rental expense |  | 6.1 |  |  | 5.1 |  |  | 5.3 |  |  | 6.1 |  |  | 7.8 |
Fixed charges |  | 24.7 |  |  | 20.7 |  |  | 47.8 |  |  | 24.7 |  |  | 31.4 |
Ratio of earnings to fixed charges |  | 7.3 |  |  | — |  |  | 3.8 |  |  | 5.0 |  |  | 2.8 |

(1) Earnings were inadequate to cover fixed charges by $29.0 for the year ended December 31, 2014.