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Discontinued Operations (Tables) | 12 Months Ended
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Dec. 31, 2016
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 values and book values as of December 31, 2016 and 2015:
|  | December 31, 2016 |  | December 31, 2015
Millions |  | Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
OBH Senior Notes |  | $ | 274.2 |  |  | $ | 273.2 |  |  | $ | 276.4 |  |  | $ | 272.9 |
MediaAlpha Bank Facility |  | 13.0 |  |  | 12.7 |  |  | 15.0 |  |  | 14.7 |
Schedule of discontinued operations balance sheet, income statement, and cash flows | Net Assets Held for Sale The following summarizes the assets and liabilities associated with business classified as held for sale. At December 31, 2016, the amounts presented relate to Star and Shield and SSIE. At December 31, 2015, amounts presented relate to Sirius Group, Tranzact, Star and Shield and SSIE.
|  | December 31,
Millions |  | 2016 |  | 2015
Assets held for sale |  |  |  |
Fixed maturity investments, at fair value |  | $ | 6.6 |  |  | $ | 2,383.5 |
Short-term investments, at amortized cost (which approximates fair value) |  | .2 |  |  | 352.1 |
Common equity securities, at fair value |  | — |  |  | 174.4 |
Other long-term investments |  | — |  |  | 72.2 |
Total Investments |  | 6.8 |  |  | 2,982.2 |
Cash |  | .9 |  |  | 150.2 |
Reinsurance recoverable on unpaid losses |  | .3 |  |  | 283.6 |
Reinsurance recoverable on paid losses |  | — |  |  | 10.2 |
Insurance and reinsurance premiums receivable |  | 1.5 |  |  | 326.6 |
Deferred acquisition costs |  | — |  |  | 74.6 |
Deferred tax asset |  | — |  |  | 303.1 |
Ceded unearned insurance and reinsurance premiums |  | — |  |  | 87.7 |
Accounts receivable on unsettled investment sales |  | — |  |  | 29.0 |
Goodwill and other intangible assets |  | — |  |  | 330.5 |
Other assets |  | .6 |  |  | 212.7 |
Total assets held for sale |  | $ | 10.1 |  |  | $ | 4,790.4 |
Liabilities held for sale |  |  |  |
Loss and loss adjustment expense reserves |  | $ | 5.0 |  |  | $ | 1,650.4 |
Unearned insurance and reinsurance premiums |  | 1.2 |  |  | 344.3 |
Debt |  | — |  |  | 506.4 |
Deferred tax liability |  | — |  |  | 270.6 |
Accrued incentive compensation |  | — |  |  | 64.2 |
Funds held under reinsurance treaties |  | — |  |  | 52.9 |
Other liabilities |  | (1.1 | ) |  | 158.6 |
Total liabilities held for sale |  | 5.1 |  |  | 3,047.4 |
Net assets held for sale |  | $ | 5.0 |  |  | $ | 1,743.0 |
Net Income (Loss) from Discontinued Operations The following summarizes the results of operations, including related income taxes associated with the business classified as discontinued operations. For the year ended December 31, 2016, the amounts presented relate to Sirius Group and Tranzact. For the years ended December 31, 2015 and 2014, the amounts presented relate to Sirius Group, Tranzact, Esurance, and the OneBeacon's runoff business. The results of discontinued operations from Sirius Group and Tranzact up to the closing date of the transaction inure to White Mountains.
|  | Year Ended December 31, 2016
Millions |  | Sirius Group |  | Other Disc Ops |  | Total
Revenues |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 240.1 |  |  | $ | — |  |  | $ | 240.1 |
Net investment income |  | 14.4 |  |  | — |  |  | 14.4 |
Net realized and unrealized investment losses |  | (1.5 | ) |  | — |  |  | (1.5 | )
Other revenue |  | .6 |  |  | 119.6 |  |  | 120.2 |
Total revenues |  | 253.6 |  |  | 119.6 |  |  | 373.2 |
Expenses |  |  |  |  |  |
Loss and loss adjustment expenses |  | 154.9 |  |  | — |  |  | 154.9 |
Insurance and reinsurance acquisition expenses |  | 59.0 |  |  | — |  |  | 59.0 |
Other underwriting expenses |  | 30.9 |  |  | — |  |  | 30.9 |
Interest expense on debt |  | 7.9 |  |  | 3.2 |  |  | 11.1 |
General and administrative expenses |  | 8.3 |  |  | 118.8 |  |  | 127.1 |
Total expenses |  | 261.0 |  |  | 122.0 |  |  | 383.0 |
Pre-tax loss |  | (7.4 | ) |  | (2.4 | ) |  | (9.8 | )
Income tax benefit |  | 3.1 |  |  | 6.4 |  |  | 9.5 |
Net (loss) income from discontinued operations |  | (4.3 | ) |  | 4.0 |  |  | (.3 | )
Gain from sale of Sirius Group, net of tax |  | 363.2 |  |  | — |  |  | 363.2 |
Gain from sale of Tranzact, net of tax |  | — |  |  | 51.9 |  |  | 51.9 |
Total income from discontinued operations |  | 358.9 |  |  | 55.9 |  |  | 414.8 |
Change in foreign currency translation and other from discontinued operations, net of tax |  | 32.0 |  |  | — |  |  | 32.0 |
Recognition of foreign currency translation and other from sale of Sirius Group, net of tax |  | 113.3 |  |  | — |  |  | 113.3 |
Comprehensive income from discontinued operations |  | $ | 504.2 |  |  | $ | 55.9 |  |  | $ | 560.1 |
|  | Year Ended December 31, 2015
Millions |  | Sirius Group |  | Other Disc Ops |  | Total
Revenues |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 847.0 |  |  | $ | — |  |  | $ | 847.0 |
Net investment income |  | 40.7 |  |  | — |  |  | 40.7 |
Net realized and unrealized investment gains |  | 15.1 |  |  | — |  |  | 15.1 |
Other (loss) revenue |  | (20.6 | ) |  | 186.2 |  |  | 165.6 |
Total revenues |  | 882.2 |  |  | 186.2 |  |  | 1,068.4 |
Expenses |  |  |  |  |  |  |
Loss and loss adjustment expenses |  | 422.7 |  |  | — |  |  | 422.7 |
Insurance and reinsurance acquisition expenses |  | 189.8 |  |  | — |  |  | 189.8 |
Other underwriting expenses |  | 107.9 |  |  | — |  |  | 107.9 |
Interest expense on debt |  | 26.6 |  |  | 4.0 |  |  | 30.6 |
General and administrative expenses |  | 27.0 |  |  | 185.3 |  |  | 212.3 |
Total expenses |  | 774.0 |  |  | 189.3 |  |  | 963.3 |
Pre-tax income (loss) |  | 108.2 |  |  | (3.1 | ) |  | 105.1 |
Income tax (expense) benefit |  | (27.1 | ) |  | .7 |  |  | (26.4 | )
Net income (loss) from discontinued operations |  | 81.1 |  |  | (2.4 | ) |  | 78.7 |
Gain from sale of OneBeacon, net of tax |  | — |  |  | .3 |  |  | .3 |
Gain from sale of Esurance and AFI, net of tax |  | — |  |  | 17.9 |  |  | 17.9 |
Total income from discontinued operations |  | 81.1 |  |  | 15.8 |  |  | 96.9 |
Change in foreign currency translation and other from discontinued operations, net of tax |  | (65.0 | ) |  | — |  |  | (65.0 | )
Comprehensive income from discontinued operations |  | $ | 16.1 |  |  | $ | 15.8 |  |  | $ | 31.9 |
|  | Year Ended December 31, 2014
Millions |  | Sirius Group |  | Other Disc Ops |  | Total
Revenues |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 873.9 |  |  | $ | .1 |  |  | $ | 874.0 |
Net investment income |  | 40.9 |  |  | — |  |  | 40.9 |
Net realized and unrealized investment gains |  | 205.4 |  |  | — |  |  | 205.4 |
Other (loss) revenue |  | (62.4 | ) |  | 43.0 |  |  | (19.4 | )
Total revenues |  | 1,057.8 |  |  | 43.1 |  |  | 1,100.9 |
Expenses |  |  |  |  |  |  |
Loss and loss adjustment expenses |  | 345.3 |  |  | (.7 | ) |  | 344.6 |
Insurance and reinsurance acquisition expenses |  | 193.6 |  |  | .1 |  |  | 193.7 |
Other underwriting expenses |  | 129.7 |  |  | 3.5 |  |  | 133.2 |
Interest expense on debt |  | 26.3 |  |  | 1.4 |  |  | 27.7 |
General and administrative expenses |  | 30.5 |  |  | 41.2 |  |  | 71.7 |
Total expenses |  | 725.4 |  |  | 45.5 |  |  | 770.9 |
Pre-tax income (loss) |  | 332.4 |  |  | (2.4 | ) |  | 330.0 |
Income tax (expense) benefit |  | (70.4 | ) |  | 1.0 |  |  | (69.4 | )
Net income (loss) from discontinued operations |  | 262.0 |  |  | (1.4 | ) |  | 260.6 |
Gain from sale of FFIC, net of tax |  | — |  |  | 14.0 |  |  | 14.0 |
Loss from sale of OneBeacon, net of tax |  | — |  |  | (18.8 | ) |  | (18.8 | )
Gain from sale of Esurance and AFI, net of tax |  | — |  |  | 3.2 |  |  | 3.2 |
Total income (loss) from discontinued operations |  | 262.0 |  |  | (3.0 | ) |  | 259.0 |
Change in foreign currency translation and other from discontinued operations, net of tax |  | (169.5 | ) |  | — |  |  | (169.5 | )
Comprehensive income (loss) from discontinued operations |  | $ | 92.5 |  |  | $ | (3.0 | ) |  | $ | 89.5 |
Net Change in Cash from Discontinued Operations The following summarizes the net change in cash associated with the businesses classified as discontinued operations:
|  | Year ended
|  | December 31,
Millions |  | 2016 |  | 2015 |  | 2014
Net cash (used for) provided from operations |  | $ | (24.7 | ) |  | $ | 56.0 |  |  | $ | 48.9 |
Net cash provided from investing activities |  | 221.7 |  |  | (5.4 | ) |  | 51.2 |
Net cash used for financing activities |  | (.2 | ) |  | (11.6 | ) |  | (64.5 | )
Effect of exchange rate changes on cash |  | — |  |  | (4.5 | ) |  | (14.3 | )
Net change in cash during the period |  | 196.8 |  |  | 34.5 |  |  | 21.3 |
Cash balances at beginning of period |  | 150.2 |  |  | 116.8 |  |  | 93.2 |
Net change in cash held for sale |  | (.3 | ) |  | (1.1 | ) |  | 2.3 |
Cash sold as part of sale of consolidated subsidiaries |  | 345.8 |  |  | — |  |  | — |
Cash balances at end of period |  | $ | .9 |  |  | $ | 150.2 |  |  | $ | 116.8 |
Discontinued operations, computation of earnings per share | The following table outlines the computation of earnings per share for discontinued operations for the years ended December 31, 2016, 2015 and 2014:
|  | Year Ended December 31,
|  | 2016 |  | 2015 |  | 2014
Basic and diluted earnings per share numerators (in millions): |  |  |  |  |  |  |  |
Net income attributable to White Mountains’s common shareholders |  | $ | 414.8 |  |  | $ | 96.9 |  |  | $ | 259.0 |
Allocation of income for participating unvested restricted common shares (1) |  | (5.4 | ) |  | (1.1 | ) |  | (3.3 | )
Net income attributable to White Mountains’s common shareholders, net of restricted common share amounts (2) |  | $ | 409.4 |  |  | $ | 95.8 |  |  | $ | 255.7 |
Basic earnings per share denominators (in thousands): |  |  |  |  |  |  |  |
Total average common shares outstanding during the period |  | 5,014.9 |  |  | 5,879.2 |  |  | 6,104.9 |
Average unvested restricted common shares (3) |  | (64.8 | ) |  | (68.0 | ) |  | (78.9 | )
Basic earnings per share denominator |  | 4,950.1 |  |  | 5,811.2 |  |  | 6,026.0 |
Diluted earnings per share denominator (in thousands): |  |  |  |  |  |  |  |
Total average common shares outstanding during the period |  | 5,018.1 |  |  | 5,879.2 |  |  | 6,104.9 |
Average unvested restricted common shares(3) |  | (64.8 | ) |  | (68.0 | ) |  | (78.9 | )
Diluted earnings per share denominator(4) |  | 4,953.3 |  |  | 5,811.2 |  |  | 6,026.0 |
Basic earnings per share (in dollars): |  | $ | 82.71 |  |  | $ | 16.48 |  |  | $ | 42.43 |
Diluted earnings per share (in dollars): |  | $ | 82.66 |  |  | $ | 16.48 |  |  | $ | 42.43 |
(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, 2016, 2015 and 2014.
(3) | Restricted common shares outstanding vest either in equal annual installments or upon a stated date. See Note 13 — “Employee Share-Based Incentive Compensation Plans”.
(4) | The diluted earnings (loss) per share denominator for the years ended December 31, 2016, includes the impact of 40,000 common shares issuable upon exercise of the non-qualified options outstanding, which results in 3,217 incremental shares outstanding over the period.
Sirius Group |
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 the Sirius Group financials instruments, the SIG Senior Notes and the SIG Preference Shares, and the Tranzact Bank Facility, which were carried at face value less unamortized issuance costs, as of December 31, 2015:
|  | December 31, 2015
Millions |  | Fair Value |  | Carrying Value
SIG Senior Notes |  | $ | 410.0 |  |  | $ | 399.8 |
SIG Preference Shares |  | 255.0 |  |  | 250.0 |
Tranzact Bank Facility |  | 102.8 |  |  | 102.9 |

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