EX-12 2 wtm10-k2017ex12.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
|  | 2017 |  | 2016 (1) |  | 2015 |  | 2014 (2) |  | 2013 (3)
Consolidated pre-tax income (loss) from continuing operations before equity in earnings of affiliates, accounting changes and extraordinary items |  | $ | 7.8 |  |  | $ | (147.3 | ) |  | $ | 129.2 |  |  | $ | (78.8 | ) |  | $ | (25.1 | )
Interest expense on debt |  | 2.3 |  |  | 3.0 |  |  | 1.6 |  |  | 1.2 |  |  | 3.2 |
Interest portion of rental expense |  | 1.2 |  |  | 1.1 |  |  | .7 |  |  | .6 |  |  | .5 |
Earnings (loss) |  | $ | 11.3 |  |  | $ | (143.2 | ) |  | $ | 131.5 |  |  | $ | (77.0 | ) |  | $ | (21.4 | )
Interest expense on debt |  | $ | 2.3 |  |  | $ | 3.0 |  |  | $ | 1.6 |  |  | $ | 1.2 |  |  | $ | 3.2 |
Interest portion of rental expense |  | 1.2 |  |  | 1.1 |  |  | .7 |  |  | .6 |  |  | .5 |
Fixed charges |  | $ | 3.5 |  |  | $ | 4.1 |  |  | $ | 2.3 |  |  | $ | 1.8 |  |  | $ | 3.7 |
Ratio of earnings to fixed charges |  | 3.2 |  |  | (34.9 | ) |  | 57.2 |  |  | (42.8 | ) |  | (5.8) |

(1) Earnings were inadequate to cover fixed charges by $147.3 for the year ended December 31, 2016.
(2) Earnings were inadequate to cover fixed charges by $78.8 for the year ended December 31, 2014.
(3) Earnings were inadequate to cover fixed charges by $25.1 for the year ended December 31, 2013.