EX-12 5 wtm10-k123116ex12.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
|  | 2016 (1) |  | 2015 |  | 2014 (2) |  | 2013 |  | 2012
Consolidated pre-tax income (loss) from continuing operations before equity in earnings of affiliates, accounting changes and extraordinary items |  | $ | (40.4 | ) |  | $ | 157.3 |  |  | $ | (29.4 | ) |  | $ | 158.6 |  |  | $ | 97.9 |
Interest expense on debt |  | 16.1 |  |  | 14.6 |  |  | 14.2 |  |  | 16.2 |  |  | 18.6 |
Interest portion of rental expense |  | 4.7 |  |  | 4.7 |  |  | 4.3 |  |  | 5.3 |  |  | 6.1 |
Earnings (loss) |  | $ | (19.6 | ) |  | $ | 176.6 |  |  | $ | (10.9 | ) |  | $ | 180.1 |  |  | $ | 122.6 |
Interest expense on debt |  | $ | 16.1 |  |  | $ | 14.6 |  |  | $ | 14.2 |  |  | $ | 16.2 |  |  | $ | 18.6 |
Interest portion of rental expense |  | 4.7 |  |  | 4.7 |  |  | 4.3 |  |  | 5.3 |  |  | 6.1 |
Fixed charges |  | $ | 20.8 |  |  | $ | 19.3 |  |  | $ | 18.5 |  |  | $ | 21.5 |  |  | $ | 24.7 |
Ratio of earnings to fixed charges |  | — |  |  | 9.2 |  |  | — |  |  | 8.4 |  |  | 5.0 |

(1) Earnings were inadequate to cover fixed charges by $40.4 for the year ended December 31, 2016.
(2) Earnings were inadequate to cover fixed charges by $29.4 for the year ended December 31, 2014.