Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 24, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | WHITE MOUNTAINS INSURANCE GROUP LTD | ||
Entity Central Index Key | 776,867 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 3,889,471,650 | ||
Entity Common Stock, Shares Outstanding | 4,561,057 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Fixed maturity investments, at fair value | $ 4,250.2 | $ 2,630.2 |
Short-term investments, at amortized cost (which approximates fair value) | 287 | 211.2 |
Common equity securities, at fair value | 474.3 | 1,113.9 |
Other long-term investments | 323.3 | 315.8 |
Total investments | 5,334.8 | 4,271.1 |
Cash (restricted $0.0 and $5.8) | 149.8 | 173 |
Reinsurance recoverable on unpaid losses | 172.9 | 186 |
Reinsurance recoverable on paid losses | 6.6 | 7.5 |
Insurance premiums receivable | 229.9 | 220.3 |
Deferred acquisition costs | 106.9 | 107.6 |
Deferred Income Tax Assets | 126.7 | 112.8 |
Ceded unearned insurance premiums | 44.2 | 29.5 |
Accrued investment income | 26.1 | 13.9 |
Accounts receivable on unsettled investment sales | 6.2 | 41.9 |
Goodwill and intangible assets | 55.9 | 55.4 |
Other assets | 274.6 | 273.2 |
Assets held for sale | 10.1 | 4,790.4 |
Total assets | 6,544.7 | 10,282.6 |
Liabilities | ||
Loss and loss adjustment expense reserves | 1,365.6 | 1,389.8 |
Unearned insurance premiums | 658 | 610.5 |
Debt | 285.9 | 337.6 |
Accrued incentive compensation | 140 | 140.7 |
Funds held under insurance contracts | 153 | 137.8 |
Other liabilities | 199.9 | 250.8 |
Liabilities held for sale | 5.1 | 3,047.4 |
Total liabilities | 2,807.5 | 5,914.6 |
White Mountains’s common shareholders’ equity | ||
White Mountains’s common shares at $1 par value per share—authorized 50,000,000 shares; issued and outstanding 4,563,814 and 5,623,735 shares | 4.6 | 5.6 |
Paid-in surplus | 806.1 | 972.6 |
Retained earnings | 2,797.2 | 3,084.9 |
Accumulated other comprehensive loss, after-tax: | ||
Net unrealized foreign currency translation losses | (1.4) | (145.6) |
Pension liability and other | (3.2) | (4.3) |
Total White Mountains’s common shareholders’ equity | 3,603.3 | 3,913.2 |
Non-controlling interests | ||
Non-controlling interests | 133.9 | 454.8 |
Total equity | 3,737.2 | 4,368 |
Total liabilities and equity | $ 6,544.7 | $ 10,282.6 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Restricted cash | $ 0 | $ 5.8 |
Common shares, par value per share (in dollars per share) | $ 1 | $ 1 |
Common shares, authorized shares | 50,000,000 | 50,000,000 |
Common shares, issued shares | 4,563,814 | 5,623,735 |
Common shares, outstanding shares | 4,563,814 | 5,623,735 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Gain (loss) from sale of other discontinued operations, net of tax | $ 415.1 | $ 18.2 | $ (1.6) |
Revenues | |||
Earned insurance premiums | 1,114 | 1,188.2 | 1,185 |
Net investment income | 86.8 | 60.8 | 59.5 |
Net realized and unrealized investment gains | 10.3 | 225.4 | 78.5 |
Other revenue | 149.6 | 147.3 | 88.1 |
Total revenues | 1,360.7 | 1,621.7 | 1,411.1 |
Expenses | |||
Loss and loss adjustment expenses | 664 | 708.9 | 824 |
Insurance acquisition expenses | 211.6 | 220.1 | 206.2 |
Other underwriting expenses | 209.5 | 218.6 | 179.6 |
General and administrative expenses | 299.9 | 302.2 | 216.5 |
Interest expense on debt | 16.1 | 14.6 | 14.2 |
Total expenses | 1,401.1 | 1,464.4 | 1,440.5 |
Pre-tax (loss) income from continuing operations | (40.4) | 157.3 | (29.4) |
Income Tax Expense (Benefit) | 45.4 | 0.2 | 14.8 |
Net income (loss) from continuing operations | 5 | 157.5 | (14.6) |
Net (loss) income from discontinued operations, net of tax | (0.3) | 78.7 | 260.6 |
Income before equity in earnings of unconsolidated affiliates | 419.8 | 254.4 | 244.4 |
Equity in earnings of unconsolidated affiliates, net of tax | 0 | 25.1 | 45.6 |
Net income | 419.8 | 279.5 | 290 |
Net (income) loss attributable to non-controlling interests | (7.3) | 18.1 | 22.2 |
Net income attributable to White Mountains’s common shareholders | 412.5 | 297.6 | 312.2 |
Other comprehensive income, net of tax: | |||
Change in equity in net unrealized investment (losses) gains in Symetra common shares, net of tax | 0 | (34.9) | 75.3 |
OCI, Change in foreign currency transaction and translation adjustment, net of tax | 0.3 | (0.5) | (10.7) |
Recognition of foreign currency translation and other from sale of Sirius Group, net of tax | 0 | 0 | |
Comprehensive income | 558.1 | 197.2 | 207.3 |
Comprehensive (income) loss attributable to non-controlling interests | (0.3) | 0 | 3.3 |
Comprehensive income attributable to White Mountains’s common shareholders | $ 557.8 | $ 197.2 | $ 210.6 |
Basic earnings per share | |||
Continuing operations | $ (0.47) | $ 34.12 | $ 8.70 |
Discontinued operations | 82.71 | 16.48 | 42.43 |
Total consolidated operations | 82.24 | 50.60 | 51.13 |
Diluted earnings per share | |||
Continuing operations | (0.47) | 34.12 | 8.70 |
Discontinued operations | 82.66 | 16.48 | 42.43 |
Total consolidated operations | 82.19 | 50.60 | 51.13 |
Dividends declared and paid per White Mountains’s common share | $ 1 | $ 1 | $ 1 |
Sirius Group | |||
Gain (loss) from sale of other discontinued operations, net of tax | $ 363.2 | ||
Revenues | |||
Net realized and unrealized investment gains | 3.7 | $ 205 | $ 2.7 |
Tranzact | |||
Gain (loss) from sale of other discontinued operations, net of tax | 51.9 | ||
Esurance [Member] | |||
Gain (loss) from sale of other discontinued operations, net of tax | 0 | 17.9 | 3.2 |
Other Discontinued Operations [Member] | |||
Gain (loss) from sale of other discontinued operations, net of tax | 0 | 0.3 | (4.8) |
Sale of Sirius Group [Member] | |||
Other comprehensive income, net of tax: | |||
OCI, Change in foreign currency transaction and translation adjustment, net of tax | 32 | $ (65) | $ (169.5) |
Recognition of foreign currency translation and other from sale of Sirius Group, net of tax | $ 113.3 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Common shares and paid-in surplus | Retained earnings | AOCL, after-tax | Parent | Non-controlling Interests | Total Equity includes Noncontrolling Interest [Member] | Foreign Currency Gain (Loss)Common shares and paid-in surplus | Foreign Currency Gain (Loss)Retained earnings | Foreign Currency Gain (Loss)AOCL, after-tax | Foreign Currency Gain (Loss)Parent | Foreign Currency Gain (Loss)Non-controlling Interests | Foreign Currency Gain (Loss)Total Equity includes Noncontrolling Interest [Member] | Pension liability and other accumulated comprehensive itemsCommon shares and paid-in surplus | Pension liability and other accumulated comprehensive itemsRetained earnings | Pension liability and other accumulated comprehensive itemsAOCL, after-tax | Pension liability and other accumulated comprehensive itemsParent | Pension liability and other accumulated comprehensive itemsNon-controlling Interests | Pension liability and other accumulated comprehensive itemsTotal Equity includes Noncontrolling Interest [Member] | Recognition of foreign currency translation and other accumulated comprehensive items [Member]Common shares and paid-in surplus | Recognition of foreign currency translation and other accumulated comprehensive items [Member]Retained earnings | Recognition of foreign currency translation and other accumulated comprehensive items [Member]Non-controlling Interests | Recognition of foreign currency translation and other accumulated comprehensive items [Member]Total Equity includes Noncontrolling Interest [Member] | Prospector Turtle FundCommon shares and paid-in surplus | Prospector Turtle FundRetained earnings | Prospector Turtle FundAOCL, after-tax | Prospector Turtle FundParent | Prospector Turtle FundNon-controlling Interests | Prospector Turtle FundTotal Equity includes Noncontrolling Interest [Member] | Buzzmove [Member]Common shares and paid-in surplus | Buzzmove [Member]Retained earnings | Buzzmove [Member]AOCL, after-tax | Buzzmove [Member]Parent | Buzzmove [Member]Non-controlling Interests | TranzactNon-controlling Interests | Sirius GroupNon-controlling Interests | Sirius GroupTotal Equity includes Noncontrolling Interest [Member] | Sirius GroupRecognition of foreign currency translation and other accumulated comprehensive items [Member]AOCL, after-tax | Sirius GroupRecognition of foreign currency translation and other accumulated comprehensive items [Member]Parent | Sale of Sirius Group [Member] | Sale of Sirius Group [Member]Common shares and paid-in surplus | Sale of Sirius Group [Member]Retained earnings | Sale of Sirius Group [Member]AOCL, after-tax | Sale of Sirius Group [Member]Parent | TranzactNon-controlling Interests | TranzactTotal Equity includes Noncontrolling Interest [Member] |
Beginning balance at Dec. 31, 2013 | $ 1,051.1 | $ 2,801.9 | $ 52.1 | $ 3,905.1 | $ 491.7 | $ 4,396.8 | ||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ 290 | 0 | 312.2 | 0 | 312.2 | (22.2) | 290 | |||||||||||||||||||||||||||||||||||||||
Net change in unrealized investment (losses) gains on investments in unconsolidated affiliates, after tax | 75.3 | 0 | 0 | 75.3 | 75.3 | 0 | 75.3 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), after-tax | $ 0 | $ 0 | $ (8.7) | $ (8.7) | $ (3) | $ (11.7) | ||||||||||||||||||||||||||||||||||||||||
OCI, Change in foreign currency transaction and translation adjustment, net of tax | (10.7) | $ 0 | $ 0 | $ (168.2) | $ (168.2) | $ (0.3) | $ (168.5) | $ (169.5) | ||||||||||||||||||||||||||||||||||||||
Recognition of foreign currency translation and other from sale of Sirius Group, net of tax | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | 207.3 | 0 | 312.2 | (101.6) | 210.6 | (25.5) | 185.1 | |||||||||||||||||||||||||||||||||||||||
Dividends declared on common shares | 0 | (6.2) | 0 | (6.2) | 0 | (6.2) | ||||||||||||||||||||||||||||||||||||||||
Dividends/distributions to non-controlling interests | 0 | 0 | 0 | 0 | (40.7) | (40.7) | ||||||||||||||||||||||||||||||||||||||||
Issuances of common shares | 4.8 | 0 | 0 | 4.8 | 0 | 4.8 | ||||||||||||||||||||||||||||||||||||||||
Repurchases and retirements of common shares | (134.5) | (37.1) | (97.4) | 0 | (134.5) | 0 | (134.5) | |||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 0 | 0 | 0 | 0 | 8.3 | 8.3 | ||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest, Increase from Business Combination | 122.1 | $ 122.1 | ||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (14) | $ (14) | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of restricted share and option awards | 15.9 | 0 | 0 | 15.9 | 0.8 | 16.7 | ||||||||||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2014 | 1,034.7 | 3,010.5 | (49.5) | 3,995.7 | 542.7 | 4,538.4 | ||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Net income | 279.5 | 0 | 297.6 | 0 | 297.6 | (18.1) | 279.5 | |||||||||||||||||||||||||||||||||||||||
Net change in unrealized investment (losses) gains on investments in unconsolidated affiliates, after tax | (34.9) | 0 | 0 | (34.9) | (34.9) | 0 | (34.9) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), after-tax | $ 0 | $ 0 | 0.3 | 0.3 | 0 | 0.3 | ||||||||||||||||||||||||||||||||||||||||
OCI, Change in foreign currency transaction and translation adjustment, net of tax | (0.5) | 0 | 0 | (65.8) | (65.8) | 0 | (65.8) | (65) | ||||||||||||||||||||||||||||||||||||||
Recognition of foreign currency translation and other from sale of Sirius Group, net of tax | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | 197.2 | 0 | 297.6 | (100.4) | 197.2 | (18.1) | 179.1 | |||||||||||||||||||||||||||||||||||||||
Dividends declared on common shares | 0 | (6) | 0 | (6) | 0 | (6) | ||||||||||||||||||||||||||||||||||||||||
Dividends/distributions to non-controlling interests | 0 | 0 | 0 | 0 | (51.1) | (51.1) | ||||||||||||||||||||||||||||||||||||||||
Issuances of common shares | 0.9 | 0 | 0 | 0.9 | 0 | 0.9 | ||||||||||||||||||||||||||||||||||||||||
Repurchases and retirements of common shares | (284.2) | (67) | (217.2) | 0 | (284.2) | 0 | (284.2) | |||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 0 | 0 | 0 | 0 | 17.5 | 17.5 | ||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (5.3) | 0 | 0 | (5.3) | (2.7) | (8) | $ 0 | $ 0 | $ 0 | $ 0 | $ (31.5) | $ (31.5) | ||||||||||||||||||||||||||||||||||
Amortization of restricted share and option awards | 14.9 | 0 | 0 | 14.9 | (2) | 12.9 | ||||||||||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2015 | 3,913.2 | 978.2 | 3,084.9 | (149.9) | 3,913.2 | 454.8 | 4,368 | |||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Net income | 419.8 | 0 | 412.5 | 0 | 412.5 | 7.3 | 419.8 | |||||||||||||||||||||||||||||||||||||||
Net change in unrealized investment (losses) gains on investments in unconsolidated affiliates, after tax | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), after-tax | $ 0.6 | $ 0.6 | $ 0.3 | $ 0.9 | ||||||||||||||||||||||||||||||||||||||||||
OCI, Change in foreign currency transaction and translation adjustment, net of tax | 0.3 | $ 0 | $ 0 | $ 31.4 | $ 31.4 | $ 0 | $ 31.4 | 32 | ||||||||||||||||||||||||||||||||||||||
Recognition of foreign currency translation and other from sale of Sirius Group, net of tax | $ 0 | $ 0 | $ 0 | $ 113.3 | $ 113.3 | $ 113.3 | $ 113.3 | |||||||||||||||||||||||||||||||||||||||
Comprehensive income | 558.1 | 0 | 412.5 | 145.3 | 557.8 | 7.6 | 565.4 | |||||||||||||||||||||||||||||||||||||||
Dividends declared on common shares | 0 | (5.4) | 0 | (5.4) | 0 | (5.4) | ||||||||||||||||||||||||||||||||||||||||
Dividends/distributions to non-controlling interests | 0 | 0 | 0 | 0 | (22.7) | (22.7) | ||||||||||||||||||||||||||||||||||||||||
Issuances of common shares | 9.1 | 0 | 0 | 9.1 | 0 | 9.1 | ||||||||||||||||||||||||||||||||||||||||
Repurchases and retirements of common shares | (887.2) | (192.4) | (694.8) | 0 | (887.2) | 0 | (887.2) | |||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest, Decrease from Deconsolidation | $ (250) | $ (250) | $ 0 | $ 0 | $ 0 | $ 0 | $ (78.4) | $ (78.4) | ||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 27.3 | 27.3 | ||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest, Increase from Business Combination | 3.3 | $ 0 | $ 0 | $ 0 | $ 0 | $ 3.3 | ||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (2.7) | 0 | 0 | (2.7) | (8.8) | (11.5) | ||||||||||||||||||||||||||||||||||||||||
Amortization of restricted share and option awards | 18.5 | 0 | 0 | 18.5 | 0.8 | 19.3 | ||||||||||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2016 | $ 3,603.3 | $ 810.7 | $ 2,797.2 | $ (4.6) | $ 3,603.3 | $ 133.9 | $ 3,737.2 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operations: | |||
Net income | $ 419.8 | $ 279.5 | $ 290 |
Charges (credits) to reconcile net income to net cash (used for) provided from operations: | |||
Net realized and unrealized investment gains | (10.3) | (225.4) | (78.5) |
Net gain on sale of consolidated and unconsolidated affiliates | (0.5) | (16.1) | 0 |
Amortization and depreciation | 64.5 | 46.4 | 35.3 |
Deferred income tax expense (benefit) | 2.9 | 5.6 | (22.5) |
Undistributed equity in earnings from unconsolidated affiliates, after-tax | 0 | (25.1) | (45.6) |
Net loss (income) from discontinued operations | 0.3 | (78.7) | (260.6) |
Net (gain) loss on sale of discontinued operations | (415.1) | (18.2) | 1.6 |
Other operating items: | |||
Net change in loss and loss adjustment expense reserves | 25.2 | (45.8) | (282.2) |
Net change in reinsurance recoverable on paid and unpaid losses | 14.2 | (20.1) | (83.2) |
Net change in unearned insurance premiums | (46.5) | 4.1 | (57.6) |
Net change in ceded unearned insurance premiums | (14.7) | (11.6) | (3.5) |
Net change in insurance premiums receivable | (8.1) | 17.8 | (8.8) |
Net change in deferred acquisition costs | 0.7 | (0.4) | (1.8) |
Net change in funds held under insurance contracts | 15.3 | 56.7 | 17.7 |
Net change in restricted cash | 5.8 | 17.9 | 32.4 |
Net change in other assets and liabilities, net | (226.7) | 49.7 | (142.4) |
Net cash (used for) provided from continuing operations | (130.6) | 119.7 | 69.9 |
Net cash (used for) provided from discontinued operations | (24.7) | 56 | 48.9 |
Net cash (used for) provided from operations | (155.3) | 175.7 | 118.8 |
Cash flows from investing activities: | |||
Net change in short-term investments | (70.1) | 140 | (138) |
Sales of fixed maturity and convertible investments | 3,428.7 | 1,281.7 | 2,210.8 |
Maturities, calls and paydowns of fixed maturity and convertible investments | 726.9 | 335 | 452.4 |
Sales of common equity securities | 1,200.8 | 461.4 | 609.8 |
Distributions and redemptions of other long-term investments | 28.9 | 84.7 | 64.5 |
Sales of unconsolidated affiliates and consolidated subsidiaries, net of cash sold | 2,646.2 | 24 | 0 |
Proceeds paid to non-controlling common shareholders from the sale of consolidated subsidiaries | (141.6) | 0 | 0 |
Purchases of other long-term investments | (39.5) | (78) | (114.7) |
Proceeds paid to non-controlling common shareholders from the sale of consolidated subsidiaries | (402) | 17.5 | (88.1) |
Purchases of common equity securities | (538.3) | (409.9) | (289.7) |
Purchases of fixed maturity and convertible investments | (5,802.9) | (1,867.2) | (2,456.1) |
Purchases of consolidated and unconsolidated affiliates (net of cash acquired) | (13.4) | (2.6) | (205) |
Net change in unsettled investment purchases and sales | 35.7 | (4.6) | (44.7) |
Net (acquisitions) dispositions of property and equipment | (4.3) | 34.7 | (4.5) |
Net cash provided from (used for) investing activities — continuing operations | 1,055.1 | 16.7 | (3.3) |
Net cash provided from investing activities — discontinued operations | 221.7 | (5.4) | 51.2 |
Net cash provided from investing activities | 1,276.8 | 11.3 | 47.9 |
Cash flows from financing activities: | |||
Draw down of debt and revolving line of credit | 352.5 | 171.5 | 133.6 |
Repayment of debt and revolving line of credit | (404.6) | (76.1) | (65.2) |
Change in capital lease obligation | (1.7) | (5.4) | (5.3) |
Cash dividends paid to the Company’s common shareholders | (5.4) | (6) | (6.2) |
Payments to Acquire Additional Interest in Subsidiaries | 0 | (9.1) | 0 |
(Contributions to) distributions from discontinued operations | (3) | (7.6) | 12.1 |
Common shares repurchased | (881.3) | (268.6) | (128.2) |
OneBeacon Ltd. common shares repurchased and retired | (11.5) | (3.7) | (1.7) |
Proceeds from issuances of common shares | 3.7 | 0 | 0 |
Capital contributions from non-controlling interest of consolidated LPs | 0 | 0 | 4.9 |
Redemptions paid to non-controlling interest of consolidated LPs | 0 | 0 | (5.5) |
Distributions to non-controlling interest shareholders | (21.1) | (27.2) | (19.8) |
Payments to contingent considerations related to purchases of consolidated subsidiaries | (7.8) | 0 | 0 |
Capital contributions from BAM members | 38 | 29.2 | 16.2 |
Net cash used for financing activities — continuing operations | (942.2) | (203) | (65.1) |
Net cash used for financing activities — discontinued operations | (0.2) | (11.6) | (64.5) |
Net cash used for financing activities | (942.4) | (214.6) | (129.6) |
Effect of exchange rate changes on cash (excludes $0.0, $(4.5) and $(14.3) related to discontinued operations) | 0 | 0 | 0 |
Net change in cash during the period - continuing operations | (17.7) | (66.6) | 1.5 |
Less: cash held for sale at the end of period | 1.2 | 2.3 | 0 |
Add: cash held for sale at the beginning of period | 0.9 | 1.2 | 2.3 |
Cash balance at beginning of year | 167.2 | 232.7 | 233.5 |
Cash balance at end of year | $ 149.8 | $ 167.2 | $ 232.7 |
CONSOLIDATED STATEMENTS OF CAS7
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Cash Flows [Abstract] | |||
Restricted cash balances, beginning of period | $ 5.8 | $ 23.7 | $ 56.1 |
Restricted cash balances, end of period | 0 | 5.8 | 23.7 |
Discontinued operations, beginning of period | 150.2 | 116.8 | 93.2 |
Discontinued operations, end of period | 0.9 | 150.2 | 116.8 |
Effect of exchange rate on cash | $ 0 | $ (4.5) | $ (14.3) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and include the accounts of White Mountains Insurance Group, Ltd. (the “Company” or the “Registrant”), its subsidiaries (collectively with the Company, “White Mountains”) and and other entities required to be consolidated under GAAP. The Company is an exempted Bermuda limited liability company whose principal businesses are conducted through its insurance subsidiaries and other affiliates. The Company’s headquarters is located at 26 Reid Street, Hamilton, Bermuda HM 11, its principal executive office is located at 80 South Main Street, Hanover, New Hampshire 03755-2053 and its registered office is located at Clarendon House, 2 Church Street, Hamilton, Bermuda HM 11. White Mountains’s reportable segments are OneBeacon, HG Global/BAM and Other Operations. As discussed further in the Company’s consolidated financial statements in Note 2 — “Significant Transactions” , on April 18, 2016, White Mountains completed its sale of Sirius International Insurance Group, Ltd., and its subsidiaries (collectively, “Sirius Group”) to CM International Holding PTE Ltd. (“CMI”), the Singapore-based investment arm of China Minsheng Investment Corp., Ltd. Also, on July 21, 2016, White Mountains completed its sale of Tranzact Holdings, LLC (“Tranzact”) to an affiliate of Clayton, Dubilier & Rice, LLC. For the year ended December 31, 2016, Sirius Group and Tranzact have been presented as discontinued operations in the statement of operations and comprehensive income. Prior year amounts have been reclassified to conform to the current period’s presentation. The assets and liabilities of Sirius Group and Tranzact are classified as held for sale in the balance sheet as of December 31, 2015 . See Note 22 — “Held for Sale and Discontinued Operations” . The OneBeacon segment consists of OneBeacon Insurance Group, Ltd. (“OneBeacon Ltd.”), an exempted Bermuda limited liability company that owns a family of property and casualty insurance companies and Split Rock Insurance, Ltd. (“Split Rock”), a Bermuda based reinsurance company (collectively “OneBeacon”). OneBeacon is a specialty property and casualty insurance writer that offers a wide range of insurance products in the United States primarily through independent agencies, regional and national brokers, wholesalers and managing general agencies. As of December 31, 2016 and 2015 , White Mountains owned 76.1% and 75.5% of OneBeacon Ltd.’s outstanding common shares. As discussed further in Note 2 — “Significant Transactions” , in December 2014, OneBeacon completed the sale of its of runoff business consisting of assets, liabilities and capital related principally to OneBeacon’s non-specialty business, including the vast majority of its asbestos and environmental reserves (“Runoff Business”) to an affiliate of Armour Group Holdings Limited (the “Runoff Transaction”). Accordingly, OneBeacon’s runoff business is presented as discontinued operations in the statement of operations and comprehensive income. In the second quarter of 2015, OneBeacon completed the sale of its building in Canton, MA for $58.0 million . The HG Global/BAM segment consists of White Mountains’s investment in HG Global Ltd. (“HG Global”) and the consolidated results of Build America Mutual Assurance Company (“BAM”). BAM is the first and only mutual bond insurance company in the United States. By insuring the timely payment of principal and interest, BAM provides market access to, and lowers interest expense for, issuers of municipal bonds used to finance essential public purposes such as schools, utilities, and transportation facilities. BAM is owned by and operated for the benefit of its members, the municipalities that purchase BAM’s insurance for their debt issuances. HG Global was established to fund the startup of BAM and, through its wholly-owned subsidiary, HG Re Ltd. (“HG Re”), to provide 15% -of-par, first loss reinsurance protection for policies underwritten by BAM. HG Global, together with its subsidiaries, provided the initial capitalization of BAM through the purchase of $503.0 million of surplus notes issued by BAM (the “BAM Surplus Notes”). As of December 31, 2016 and 2015 , White Mountains owned 96.9% of HG Global's preferred equity and 88.4% of its common equity. White Mountains does not have an ownership interest in BAM. However, GAAP requires White Mountains to consolidate BAM’s results in its financial statements. BAM’s results are attributed to non-controlling interests. White Mountains’s Other Operations segment consists of the Company and its intermediate holding companies, its wholly-owned investment management subsidiary, White Mountains Advisors LLC (“WM Advisors”) and certain consolidated and unconsolidated private capital investments. The consolidated private capital investments consist of QL Holdings LLC (“MediaAlpha”), Wobi Insurance Agency Ltd. (“Wobi”), Star & Shield Services LLC, Star & Shield Risk Management LLC, and Star & Shield Claims Services LLC (collectively “Star & Shield”) and Removal Stars Ltd. (“Buzzmove”). Star & Shield provides management services for a fee to Star & Shield Insurance Exchange (“SSIE”), a reciprocal that is owned by its members, who are policyholders. SSRM’s role as the attorney-in-fact to SSIE gives it the power to direct the significant economic activities of SSIE. As a result, White Mountains is required to consolidate SSIE in its GAAP financial statements. SSIE’s results do not affect White Mountains’s common shareholders’ equity as they are attributable to non-controlling interests. On January 13, 2017, White Mountains reached an agreement to sell Star & Shield and the SSIE Surplus Notes to K2 Insurance Services LLC. As a result, White Mountains has presented Star & Shield’s and SSIE’s assets and liabilities as held for sale as of December 31, 2016 and 2015. White Mountains’s Other Operations segment also includes its variable annuity reinsurance business, White Mountains Life Reinsurance (Bermuda) Ltd. (“Life Re Bermuda”), which completed its runoff with all of its contracts maturing by June 30, 2016, and its U.S.-based service provider, White Mountains Financial Services LLC (collectively, “WM Life Re”). All significant intercompany transactions have been eliminated in consolidation. Certain amounts in the prior period financial statements have been reclassified to conform to the current presentation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant Accounting Policies Investment Securities As of December 31, 2016 , White Mountains’s invested assets consisted of securities and other investments held for general investment purposes. White Mountains’s portfolio of fixed maturity investments, common equity securities and other long-term investments held for general investment purposes are classified as trading securities and are reported at fair value as of the balance sheet date. Changes in net unrealized investment gains (losses) are reported pre-tax in revenues. Realized investment gains (losses) are accounted for using the specific identification method and are reported pre-tax in revenues. Premiums and discounts on all fixed maturity investments are amortized and accreted to income over the anticipated life of the investment. White Mountains’s invested assets that are measured at fair value include fixed maturity investments, common equity securities and other long-term investments, such as interests in hedge funds, private equity funds, various non-controlling interests in private capital investments and the OneBeacon Surplus Notes issued in connection with the Runoff Transaction. In determining its estimates of fair value, White Mountains uses a variety of valuation approaches and inputs. Whenever possible, White Mountains estimates fair value using valuation methods that maximize the use of quoted prices and other observable inputs. As of December 31, 2016 and 2015 , approximately 94% and 91% of the investment portfolio recorded at fair value was priced based upon quoted market prices or other observable inputs. Investments valued using Level 1 inputs include fixed maturity investments, primarily investments in U.S. Treasuries, short-term investments, which include U.S. Treasury Bills and common equity securities. Investments valued using Level 2 inputs are comprised of fixed maturity investments including debt securities issued by corporations, municipal obligations, mortgage and asset-backed securities, foreign government, agency and provincial obligations and preferred stocks. Fair value estimates for investments that trade infrequently and have few or no observable market prices are classified as Level 3 measurements. Level 3 fair value estimates based upon unobservable inputs include certain debt securities, including asset-backed securities, where quoted market prices are unavailable. White Mountains determines when transfers between levels have occurred as of the beginning of the period. White Mountains uses brokers and outside pricing services to assist in determining fair values. For investments in active markets, White Mountains uses the quoted market prices provided by outside pricing services to determine fair value. The outside pricing services used by White Mountains have indicated that if no observable inputs are available for a security, they will not provide a price. In those circumstances, White Mountains estimates the fair value using industry standard pricing methodologies and observable inputs such as benchmark interest rates, market comparables, broker quotes, issuer spreads, bids, offers, credit rating prepayment speeds and other relevant inputs. White Mountains performs procedures to validate the market prices obtained from the outside pricing sources. Such procedures, which cover substantially all of its fixed maturity investments include, but are not limited to, the evaluation of pricing methodologies and a review of the pricing services’ quality control processes and procedures on at least an annual basis, comparison of our invested asset market prices to prices obtained from different independent pricing vendors on at least a semi-annual basis, monthly analytical reviews of certain prices, and review of the underlying assumptions utilized by the pricing service for selected measurements on an ad hoc basis throughout the year. White Mountains also performs back-testing of selected sales activity to determine whether there are any significant differences between the market price used to value the security prior to sale and the actual sale price on an ad-hoc basis throughout the year. Prices provided by the pricing services that vary by more than 5% and $1.0 million from the expected price based on these procedures are considered outliers. Prices that have not changed from period to period and prices that have trended unusually compared to market conditions are also considered outliers. In circumstances where the results of White Mountains’s review process do not appear to support the market price provided by the pricing services, White Mountains challenges the price. During the past year, nine securities fell outside White Mountains’s expected results, thereby triggering the challenge with the pricing service. If White Mountains cannot gain satisfactory evidence to support the challenged price, it relies upon its own pricing methodologies to estimate the fair value of the security in question. The fair values of such securities are considered to be Level 3 measurements. White Mountains’s investments in debt securities, including mortgage and asset-backed securities, are generally valued using pricing evaluation techniques that considers relevant market information, relevant credit information, perceived market movements and sector news. Key inputs include benchmark yields, benchmark securities, reported trades, issuer spreads, bids, offers, credit ratings and prepayment speeds. Income on mortgage and asset-backed securities is recognized using an effective yield based on anticipated prepayments and the estimated economic life of the securities. When actual prepayments differ significantly from anticipated prepayments, the estimated economic life is recalculated and the remaining unamortized premium or discount is amortized prospectively over the remaining economic life. Short-term investments consist of interest bearing money market funds, certificates of deposit, time deposits and other securities which, at the time of purchase, mature or become available for use within one year. Short-term investments are carried at amortized cost, which approximated fair value as of December 31, 2016 and 2015 . Other Long-term Investments Other long-term investments consist primarily of hedge funds, private equity funds, various non-controlling interests in private capital investments and the OneBeacon Surplus Notes. See Note 5 — “Investment Securities” . White Mountains has taken the fair value option for most of its investments in hedge funds, private equity funds, various non-controlling interests in private capital investments and the OneBeacon Surplus Notes. For the investments for which White Mountains has taken the fair value option, changes in fair value are reported in revenues on a pre-tax basis. For those long-term investments for which White Mountains has not made the fair value election, White Mountains accounts for its interests under the equity method. Derivative Financial Instruments White Mountains occasionally holds a variety of derivative financial instruments for risk management purposes. White Mountains recognizes all derivatives as either assets or liabilities, measured at fair value, in the consolidated balance sheets. Changes in the fair value of derivative instruments are recognized in current period pre-tax income. Warrants From time to time, White Mountains holds warrants that it has received in the restructuring (e.g., securities received from bankruptcy proceedings) of certain of its common equity securities and fixed maturity investments. White Mountains accounts for its investments in warrants as derivatives. Derivatives—Variable Annuity Reinsurance White Mountains has entered into agreements to reinsure death and living benefit guarantees associated with certain variable annuities in Japan through its wholly owned subsidiary, WM Life Re. The accounting for benefit guarantees differs depending on whether or not the guarantee is classified as a derivative or an insurance liability. Guaranteed minimum accumulation benefits (“GMABs”) are paid to an annuitant for any shortfall between accumulated account value at the end of the accumulation period and the annuitant’s total deposit, less any withdrawal payments made to the annuitant during the accumulation period. GMABs meet the definition of a derivative for accounting purposes. Therefore, GMABs are carried at fair value, with changes thereon recognized in income in the period of the change. The liability for the reinsured GMAB contracts has been determined using internal valuation methodologies that use assumptions for interest rates, equity markets, foreign exchange rates and market volatilities at the valuation date, as well as annuitant-related actuarial assumptions, including surrender and mortality rates. If an annuitant dies during the accumulation period of an annuity contract, guaranteed minimum death benefits (“GMDBs”) are paid to the annuitant’s beneficiary for shortfalls between accumulated account value at the time of an annuitant’s death and the annuitant’s total deposit, less any living benefit payments or withdrawal payments previously made to the annuitant. White Mountains elected to measure its GMDB liabilities at fair value. The valuation of these liabilities involves significant judgment and is subject to change based upon changes in capital market assumptions and emerging surrender and mortality experience of the underlying contracts in force. WM Life Re has completed its run-off as all of its contracts matured as of June 30, 2016. WM Life Re entered into derivative contracts that were designed to economically hedge against changes in the fair value of living and death benefit liabilities associated with its variable annuity reinsurance arrangements. The derivatives included futures and over-the-counter option contracts on interest rates, major bond and equity indices, and foreign currencies. All WM Life Re’s derivative instruments were recorded as assets or liabilities at fair value on the balance sheet within other assets. These derivative financial instruments did not meet the criteria for hedge accounting treatment, and accordingly, changes in fair value were recognized in the appropriate period as gains or losses in the income statement within other revenues. WM Life Re included the effect of counterparty credit risk when determining the fair value of its derivative contracts and its GMAB and GMDB liabilities. Cash Cash includes amounts on hand and demand deposits with banks and other financial institutions. Amounts presented in the statement of cash flows are shown net of balances acquired and sold in the purchase or sale of the Company’s consolidated subsidiaries and exclude changes in amounts of restricted cash. See Note 9 — “Derivatives” . Insurance and Reinsurance Operations White Mountains accounts for insurance and reinsurance policies that it writes in accordance with ASC 944. Premiums written are recognized as revenues and are earned ratably over the term of the related policy or reinsurance treaty. Unearned premiums represent the portion of premiums written that are applicable to future insurance and reinsurance coverage provided by policies or treaties in force. White Mountains charges fees on certain of its insurance policies. Refundable fees are classified with premiums and recognized in earnings over the policy term. Fees that represent a reimbursement of expenses, such as installment fees, are recorded as a reduction of underwriting expenses. Deferred acquisition costs represent commissions, premium taxes, brokerage expenses and other costs which are directly attributable to and vary with the production of business. These costs are deferred and amortized to the extent they relate to successful contract acquisitions over the applicable premium recognition period as insurance and reinsurance acquisition expenses. Amortization of deferred acquisition costs are presented within insurance and reinsurance acquisition expenses. Deferred acquisition costs are limited to the amount expected to be recovered from future earned premiums and anticipated investment income. This limitation is referred to as a premium deficiency. A premium deficiency is recognized if the sum of expected loss and loss adjustment expenses (“LAE”), expected dividends to policyholders, unamortized acquisition costs, and maintenance costs exceeds related unearned premiums and anticipated investment income. A premium deficiency is recognized by charging any unamortized acquisition costs to expense to the extent required in order to eliminate the deficiency. If the premium deficiency exceeds unamortized acquisition costs then a liability is accrued for the excess deficiency. Losses and LAE are charged against income as incurred. Unpaid insurance losses and LAE are based on estimates (generally determined by claims adjusters, legal counsel and actuarial staff) of the ultimate costs of settling claims, including the effects of inflation and other societal and economic factors. Unpaid reinsurance losses and LAE are based primarily on reports received from ceding companies and actuarial projections. Unpaid loss and LAE reserves represent management’s best estimate of ultimate losses and LAE, net of estimated salvage and subrogation recoveries, if applicable. Such estimates are regularly reviewed and updated and any resulting adjustments are reflected in current operations. The process of estimating loss and LAE involves a considerable degree of judgment by management and the ultimate amount of expense to be incurred could be considerably greater than or less than the amounts currently reflected in the financial statements. White Mountains’s insurance and reinsurance subsidiaries enter into ceded reinsurance contracts from time to time to protect their businesses from losses due to concentration of risk, to manage their operating leverage ratios and to limit losses arising from catastrophic events. Such reinsurance contracts are executed through excess of loss treaties and catastrophe contracts under which the reinsurer indemnifies White Mountains for a specified part or all of certain types of losses over stipulated amounts arising from any one occurrence or event. White Mountains has also entered into quota share treaties with reinsurers under which all risks meeting prescribed criteria are covered on a pro-rata basis. The amount of each risk ceded by White Mountains is subject to maximum limits which vary by line of business and type of coverage. Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policies. The collectability of reinsurance recoverables is also subject to the solvency of the reinsurers. White Mountains is selective in regard to its reinsurers, principally placing reinsurance with those reinsurers with a strong financial condition, industry ratings and underwriting ability. Management monitors the financial condition and ratings of its reinsurers on an ongoing basis. Reinsurance premiums, commissions, expense reimbursements and reserves related to reinsured business are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Premiums ceded to other companies are reported as a reduction of premiums written. Expense allowances received in connection with reinsurance ceded have been accounted for as a reduction of the related policy acquisition costs and are deferred and amortized accordingly. Funds held by ceding companies represent amounts due to White Mountains in connection with certain assumed reinsurance agreements in which the ceding company retains a portion of the premium to provide security against future loss payments. The funds held by ceding companies are generally invested by the ceding company and a contractually agreed interest amount is credited to the Company and recognized as investment income. Funds held under insurance and reinsurance contracts represent contractual payments due to White Mountains that have been retained to secure such obligations. Such amounts are recorded as liabilities in the consolidated financial statements. Accruals for contingent commission liabilities are established for reinsurance contracts that provide for the stated commission percentage to increase or decrease based on the loss experience of the contract. Changes in the estimated liability for such arrangements are recorded as contingent commissions. Accruals for contingent commission liabilities are determined through the review of the contracts that have these adjustable features and are estimated based on expected loss and LAE. Municipal Bond Insurance All of the contracts issued by BAM are accounted for as insurance contracts under ASC 944-605, Financial Guarantee Insurance Contracts. Premiums are generally received upfront and an unearned premium revenue liability, equal to the amount of the premium received, is established at contract inception. Premium revenues are recognized in revenue over the period of the contracts in proportion to the amount of insurance protection provided using a constant rate. The constant rate is calculated based on the relationship between the par outstanding in a given reporting period compared with the sum of each of the par amounts outstanding for all periods. Deferred acquisition costs represent commissions, premium taxes, excise taxes and other costs which are directly attributable to and vary with the production of business. These costs are deferred and amortized to the extent they relate to successful contract acquisitions over the applicable premium recognition period as acquisition expenses. Deferred acquisition costs are limited to the amount expected to be recovered from future earned premiums and anticipated investment income. Funds Held Funds held under reinsurance contracts primarily represent amounts due to White Mountains in connection with the Standard Reinsurance Agreement (“SRA”) with the Federal Crop Insurance Corporation (“FCIC”), which is managed by an agency of the U.S. Department of Agriculture. The SRA governs the relationship, including the exchange of funds, between private insurance companies, including White Mountains, and the FCIC relating to our MPCI crop insurance business. Funds held under insurance contracts represents unrestricted collateral held by White Mountains primarily relating to the surety business. Mandatory Shared Market Mechanisms As a condition to its licenses to do business in certain states, White Mountains’s insurance operations must participate in various mandatory shared market mechanisms commonly referred to as “residual” or “involuntary” markets. These markets generally consist of risks considered to be undesirable from a standard or routine underwriting perspective. Each state dictates the levels of insurance coverage that are mandatorily assigned to participating insurers within these markets. The total amount of such business an insurer must accept in a particular state is generally based on that insurer’s market share of voluntary business written within that state. In certain cases, White Mountains is obligated to write business from shared market mechanisms at a future date based on its historical market share of all voluntary policies written within that state. Involuntary business generated from mandatory shared market mechanisms is accounted for as direct insurance business or as assumed reinsurance depending upon the structure of the mechanism. OneBeacon’s market assignments are typically required to be written in the current period, however, in certain cases OneBeacon is required to accept policy assignments at a future date. Anticipated losses associated with future market assignments are recognized when the amount of such anticipated losses is determined to be probable and can be reasonably estimated. Insurance-related Assessments Under existing guaranty fund laws in all states, insurers licensed to do business in those states can be assessed for certain obligations of insolvent insurance companies to policyholders and claimants. White Mountains records guaranty fund assessments when it is probable that an assessment will be made and the amount can be reasonably estimated. Deferred Software Costs White Mountains capitalizes costs related to computer software developed for internal use during the application development stage of software development projects. These costs generally consist of certain external, payroll and payroll-related costs. White Mountains begins amortization of these costs once the project is completed and ready for its intended use. Amortization is on a straight-line basis and over a useful life of eighteen months to five years. Costs related to software developed for sale to third parties are expensed until technological feasibility has been established. Once technological feasibility has been established, software development costs are capitalized and reported at their net realizable value. Upon product release, the amortization of software development costs is determined annually as the greater of the amount calculated using the ratio of current gross revenues to the total of current and expected gross revenues for the product or the straight-line method over the estimated economic life, which is generally between 18 to 36 months. As of December 31, 2016 and 2015 , White Mountains had unamortized deferred software costs of $16.4 million and $15.8 million . Amortization expense of software development costs of $6.3 million , $4.4 million and $2.9 million were recognized for the years ended December 31, 2016, 2015 and 2014, respectively. Commission and Other Revenue Recognition White Mountains recognizes agent commissions and other revenues when it has fulfilled all of its obligations necessary to earn the revenue and when it can reliably estimate both the amount of revenue, net of any amounts expected to be uncollectible, and any amounts associated with expected cancellations. Federal and Foreign Income Taxes A significant portion of White Mountains’s subsidiaries file consolidated tax returns in the United States. Income earned or losses generated by companies outside the United States are generally subject to an overall effective tax rate lower than that imposed by the United States. Deferred tax assets and liabilities are recorded when a difference between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for tax purposes exists, and for other temporary differences. The deferred tax asset or liability is recorded based on tax rates expected to be in effect when the difference reverses. The deferred tax asset is recognized when it is more likely than not that it will be realized. Foreign Currency Exchange The U.S. dollar is the functional currency for all of White Mountains’s businesses except for Sirius International and certain other smaller international activities. White Mountains also invests in securities denominated in foreign currencies. Assets and liabilities recorded in these foreign currencies are translated into U.S. dollars at exchange rates in effect at the balance sheet date, and revenues and expenses are converted using the weighted average exchange rates for the period. Net foreign exchange gains and losses arising from the translation of functional currencies are generally reported in shareholders’ equity, in accumulated other comprehensive income or loss. Assets and liabilities relating to foreign operations are translated into the functional currency using current exchange rates; revenues and expenses are translated into the functional currency using the weighted average exchange rate for the period. The resulting exchange gains and losses are reported as a component of net income in the period in which they arise. As of December 31, 2016 and 2015 , White Mountains had unrealized foreign currency translation losses of $1.4 million and $145.6 million recorded in accumulated other comprehensive income on its consolidated balance sheet. The following rates of exchange for the U.S. dollar have been used for the most significant operations: Currency Opening Rate 2016 Closing Rate 2016 Opening Rate 2015 Closing Rate 2015 Israeli Shekels 3.9051 3.8476 3.8865 3.9051 British Pound Sterling 0.6757 0.8074 0.6426 0.6757 Euro 0.9189 0.9479 0.8245 0.9189 Swedish Kronor (1) 8.4247 N/A 7.7737 8.4247 (1) On April 18, 2016 White Mountains completed its sale of Sirius Group. Goodwill and Other Intangible Assets Goodwill represents the excess of the amount paid to acquire subsidiaries over the fair value of identifiable net assets at the date of acquisition. Other intangible assets consist primarily of trademarks, URL and online names, customer relationships, information technology and insurance licenses. Goodwill is not amortized, but rather is evaluated for impairment on an annual basis, or whenever indications of potential impairment exist. In the absence of any indications of potential impairment, the evaluation of goodwill is performed during the fourth quarter of each year. White Mountains initially evaluates goodwill using a qualitative approach (“step zero”) to determine whether it is more likely than not that the fair value of goodwill is greater than its carrying value. If the results of the qualitative evaluation indicate that it is more likely than not that the carrying value of goodwill exceeds its fair value, White Mountains, performs the two-step quantitative test for impairment. Other intangible assets with finite lives are measured at their acquisi |
Significant Transactions
Significant Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Significant Transactions [Abstract] | |
Significant Transactions | Significant Transactions Acquisitions The following acquisitions are included in White Mountains’s consolidated financial statements from the date of acquisition. The total assets acquired and liabilities assumed have been measured at their acquisition date fair values. Buzzmove On August 4, 2016, White Mountains acquired a 70.9% ownership share in Buzzmove for a purchase price of GBP 6.1 million (approximately $8.1 million based upon the foreign exchange spot rate at the date of acquisition). White Mountains recognized total assets acquired related to Buzzmove of $11.5 million , including $7.6 million of goodwill and $1.1 million of intangible assets, and total liabilities assumed of $0.1 million , reflecting acquisition date fair values. MediaAlpha On March 14, 2014, White Mountains acquired 60.0% of the outstanding Class A common units of MediaAlpha. White Mountains paid an initial purchase price of $28.1 million . The purchase price was subject to adjustment equal to 62.5% of the 2015 gross profit in excess of the 2013 gross profit. On February 26, 2016, White Mountains paid $7.8 million in settlement of the final purchase adjustment. After adjustment for the estimated contingent purchase price adjustment, White Mountains recognized total assets acquired related to MediaAlpha of $70.1 million , including $18.3 million of goodwill and $38.5 million of other intangible assets, and total liabilities assumed of $10.0 million , reflecting acquisition date fair values. On January 15, 2016, MediaAlpha acquired certain assets from Oversee.net for a purchase price of $3.9 million . The majority of assets acquired, which are included in other intangible assets, consists of customer relationships, a customer contract, a non-compete agreement from the seller, domain names and technology. Wobi On February 19, 2014, White Mountains acquired 54.0% of the outstanding common shares of Wobi for NIS 14.4 million (approximately $4.1 million based upon the foreign exchange spot rate at the date of acquisition). During 2014, in addition to the common shares, White Mountains also purchased NIS 31.5 million (approximately $9.0 million based upon the foreign exchange spot rate at the dates of acquisition) of convertible preferred shares of Wobi. As of the acquisition date, White Mountains recognized total assets acquired related to Wobi of $13.4 million , including $5.5 million of goodwill and $2.9 million of other intangible assets; and total liabilities assumed of $0.7 million at their estimated acquisition date fair values. During 2015, White Mountains purchased NIS 79.6 million (approximately $20.7 million based upon the foreign exchange spot rate at the dates of acquisition) of convertible preferred shares of Wobi. In addition, during 2015 White Mountains also purchased NIS 11.8 million (approximately $ 3.1 million based upon the foreign exchange spot rate at the date of acquisition) of common shares of Wobi. On February 23, 2015, Wobi acquired 56.2% of the outstanding share capital of Tnuva Finansit Ltd. (“Cashboard”) for NIS 9.5 million (approximately $ 2.4 million ). The acquisition of Cashboard accelerated Wobi’s development of its pension products comparison service. As of the acquisition date, Wobi recognized total assets acquired of $5.5 million , including $0.3 million of goodwill and $ 2.8 million of other intangible assets; and total liabilities assumed of $ 1.2 million at their estimated acquisition date fair values. During 2015, Wobi purchased the remaining share capital of Cashboard for NIS 26.4 million (approximately $6.5 million ). During 2016, White Mountains purchased NIS 35.9 million (approximately $9.6 million based upon the foreign exchange spot rates at the dates of acquisitions) of convertible preferred shares of Wobi. As of December 31, 2016 and 2015, White Mountains’s ownership share was 95.0% and 96.1% . Star & Shield On January 31, 2014, White Mountains acquired certain assets and liabilities of Star & Shield Holdings LLC, including SSRM, the attorney-in-fact for SSIE, for a purchase price of $1.8 million . During 2015 and 2014, White Mountains also purchased $ 4.0 million and $17.0 million of SSIE Surplus Notes. Principal and interest on the SSIE Surplus Notes are payable to White Mountains only with approval from the Florida Office of Insurance Regulation. On July 1, 2016, SSIE voluntarily ceased writing new policies. As a result, White Mountains wrote off its investment in the SSIE Surplus Notes which resulted in a $21.0 million total decrease to net income attributable to White Mountain’s common shareholders and a corresponding increase to net income attributable to non-controlling interests. On January 13, 2017, White Mountains reached an agreement to sell Star & Shield and its investment in SSIE Surplus Notes to K2 Insurance Services LLC. As a result, White Mountains has presented Star & Shield's and SSIE’s assets and liabilities as held for sale as of December 31, 2016 and 2015. On December 30, 2016, SSIE entered into a Consent Order with the Florida Office of Insurance Regulation governing its wind down and the surrender and termination of SSIE’s Certificate of Authority as a domestic reciprocal in the State of Florida. Pursuant to the Consent Order, it is anticipated that SSIE will non-renew its last policy in August 2017. SSIE is a Florida-domiciled reciprocal insurance exchange providing private passenger auto insurance to the public safety community and their families. SSIE is a VIE. SSRM’s role as the attorney-in-fact for SSIE gives it the power to direct the significant economic activities of SSIE and therefore, White Mountains is required to consolidate SSIE. See Note 18 — “Variable Interest Entities” . Dispositions Sale of Sirius Group On April 18, 2016, White Mountains completed the sale of Sirius Group to CMI for approximately $2.6 billion . $161.8 million of this amount was used to purchase certain assets to be retained by White Mountains out of Sirius Group, including shares of OneBeacon. The amount paid at closing was based on an estimate of Sirius Group’s closing date tangible common shareholder’s equity. During 2016, White Mountains recorded $363.2 million of gain from sale of Sirius Group in discontinued operations and $113.3 million in other comprehensive income from discontinued operations. Through April 18, 2016, Sirius Group’s results are reported as discontinued operations and assets and liabilities held for sale within White Mountains’s GAAP financial statements. Assets held for sale do not include White Mountains’s investment in OneBeacon and certain other investments that were held in the Sirius Group legal entities as of December 31, 2015. The value of these investments, net of related tax effects, was approximately $686.2 million , of which $528.6 million was Symetra common shares, as of December 31, 2015. The transactions to purchase the investments in OneBeacon and the other investments held by Sirius Group prior to the closing are presented in the statement of cash flows as net settlement of investment cash flows with discontinued operations. See Note 22 — “Held for Sale and Discontinued Operations” . Symetra On February 1, 2016, White Mountains sold its investment in Symetra Financial Corporation (“Symetra”) for proceeds of $658.0 million , or $32.00 per share. See Note 17 — “Investments in Unconsolidated Affiliates” . Sale of Tranzact On July 21, 2016, White Mountains completed the sale of Tranzact to Clayton, Dubilier & Rice, LLC and received net proceeds of $221.3 million at closing. In connection with the sale of Tranzact, the purchaser directly repaid $56.3 million for the portion of Tranzact's debt attributable to White Mountains's common shareholders. On October 5, 2016, White Mountains received additional proceeds of $1.2 million following the release of the post-closing purchase price adjustment escrow. White Mountains recorded a $51.9 million gain from the sale of Tranzact in discontinued operations, which included a $ 30.2 million tax expense for the reversal of a tax valuation allowance that is offset by a tax benefit recorded in continuing operations. See Note 8 — “Income Taxes” . The increase to White Mountains’s book value from the sale of Tranzact was $82.1 million . A reconciliation of the gain reported in discontinued operations to the impact to White Mountains's book value is as follows: Millions Gain from sale of Tranzact reported in discontinued operations $ 51.9 Add back reclassification from continuing operations for the release of a tax valuation allowance 30.2 Comprehensive income from sale of Tranzact $ 82.1 Through July 21, 2016, Tranzact’s results of operations are reported as discontinued operations and assets and liabilities held for sale within White Mountains's GAAP financial statements. See Note 22 — “Held for Sale and Discontinued Operations” . OneBeacon Crop Business On July 31, 2015, OneBeacon exited its multiple peril crop insurance (“MPCI”) and its related crop-hail business (collectively, “Crop Business”) as its exclusive managing general agency, Climate Crop Insurance Agency (“CCIA”), exited the business through a sale of the agency to an affiliate of AmTrust. As a result of the transaction, OneBeacon and CCIA agreed to an early termination of the existing five-year agreement. During the year ended December 31, 2015, in connection with the termination of the agreement, OneBeacon received a payment of $3.0 million recorded in other revenues. Also related to the transaction, OneBeacon withdrew its 2016 Plan of Operations, which previously authorized it to write MPCI for the 2016 Reinsurance Year, and affiliates of AmTrust agreed to reinsure the Company’s remaining net Crop Business exposure for the 2015 Reinsurance Year under a related 100% quota share reinsurance agreement which, coupled with other transfer and assignment agreements as well as communications with policyholders and agents, had the effect of assumption reinsurance. Sale of OneBeacon Runoff Business On December 23, 2014, OneBeacon completed the sale of its Runoff Business to Trebuchet US Holdings, Inc., a wholly-owned subsidiary of Armour Group Holdings Limited (“Armour”). Financing was provided in the form of the OneBeacon Surplus Notes of $101.0 million that had a fair value of $64.9 million on the date of sale. Subsequent to closing, the OneBeacon Surplus Notes are included in OneBeacon’s investment portfolio, categorized within other long-term investments. See Note 5 - “Investment Securities” . The difference of $36.1 million between the par value and the fair value of the OneBeacon Surplus Notes at the date of sale is included in the loss from sale of discontinued operations. See Note 22 — “Held for Sale and Discontinued Operations” . Sale of Essentia Insurance Company Effective January 1, 2013, OneBeacon completed the sale of Essentia Insurance Company (“Essentia”), an indirect wholly-owned subsidiary which wrote the collector cars and boats business, to Markel Corporation. Concurrently therewith, OneBeacon and Hagerty Insurance Agency (“Hagerty”) terminated their underwriting arrangement with respect to the collector cars and boats business. OneBeacon recognized a pre-tax gain on sale of $23.0 million ( $15.0 million after tax) in the first quarter of 2013. During the year ended December 31, 2015, OneBeacon recognized in other revenues a $3.7 million negative adjustment to the pre-tax gain on sale of Essentia in connection with an assessment from the Michigan Catastrophic Claims Association (“MCCA”) payable to Markel Corporation pursuant to the indemnification provisions in the stock purchase agreement governing the sale of Essentia. |
Reserves for Unpaid Losses and
Reserves for Unpaid Losses and Loss Adjustment Expenses | 12 Months Ended |
Dec. 31, 2016 | |
Insurance Loss Reserves [Abstract] | |
Reserves for Unpaid Losses and Loss Adjustment Expenses | Reserves for Unpaid Losses and Loss Adjustment Expenses Insurance Operations White Mountains establishes loss and LAE reserves that are estimates of amounts needed to pay claims and related expenses in the future for insured events that have already occurred. The process of estimating reserves involves a considerable degree of judgment by management and, as of any given date, is inherently uncertain. Loss and LAE reserves are typically comprised of (1) case reserves for claims reported and (2) IBNR reserves, which include a provision for expected future development on case reserves and for losses that have occurred but for which claims have not yet been reported. Case reserves are estimated based on the experience and knowledge of claims staff regarding the nature and potential cost of each claim and are adjusted as additional information becomes known or payments are made. IBNR reserves are derived by subtracting paid loss and LAE and case reserves from estimates of ultimate loss and LAE. Actuaries estimate ultimate loss and LAE using various generally accepted actuarial methods applied to known losses and other relevant information. Like case reserves, IBNR reserves are adjusted as additional information becomes known or payments are made. Ultimate loss and LAE are generally determined by extrapolation of claim emergence and settlement patterns observed in the past that can reasonably be expected to persist into the future. In forecasting ultimate loss and LAE with respect to any line of business, past experience with respect to that line of business is the primary resource, but cannot be relied upon in isolation. White Mountains’s own experience, particularly claims development experience, such as trends in case reserves, payments on and closings of claims, as well as changes in business mix and coverage limits, is the most important information for estimating its reserves. External data, available from organizations such as statistical bureaus, consulting firms and reinsurance companies, is sometimes used to supplement or corroborate White Mountains’s own experience. External data can be especially useful for estimating costs on newer lines of business (e.g., Programs and Surety). For some lines of business, such as “long-tail” coverages discussed below, claims data reported in the most recent accident or report year or years is often too limited to provide a meaningful basis for analysis due to the typical delay in reporting and settling of claims. For this type of business, White Mountains uses an expected loss ratio method for the initial accident year or years. This is a standard and accepted actuarial reserve estimation method in these circumstances in which the loss ratio is selected based upon information used in pricing policies for that line of business, as well as any publicly available industry data, such as industry pricing, experience and trends, for that line of business. Uncertainties in estimating ultimate loss and LAE are magnified by the time lag between when a claim actually occurs and when it is reported and eventually settled. This time lag is sometimes referred to as the “claim-tail”. The claim-tail for most property coverages is typically short (usually a few days up to a few months). The claim-tail for casualty coverages, such as automobile liability, general liability including the liability portion of multiple peril coverage, workers compensation, and professional liability can be especially long as claims are often reported and ultimately paid or settled years, even decades, after the related loss events occur. During the long claims reporting and settlement period, additional facts regarding coverages written in prior accident years, as well as about actual claims and trends may become known that cause White Mountains to adjust its reserves. If management determines that an adjustment is appropriate, the adjustment is booked in the accounting period in which such determination is made. Accordingly, should reserves need to be increased or decreased in the future from amounts currently established, future results of operations would be negatively or positively impacted. In determining ultimate loss and LAE, the cost to indemnify claimants, provide needed legal defense and other services for insureds and administer the investigation and adjustment of claims are considered. These claim costs are influenced by many factors that change over time, such as expanded coverage definitions as a result of new court decisions, inflation in costs to repair or replace damaged property, inflation in the cost of medical services, and legislated changes in statutory benefits, as well as by the particular, unique facts that pertain to each claim. As a result, the rate at which claims arose in the past and the costs to settle them may not always be representative of what will occur in the future. The factors influencing changes in claim costs are often difficult to isolate or quantify and developments in paid and incurred losses from historical trends are frequently subject to multiple and conflicting interpretations. Changes in coverage terms or claims handling practices may also cause future experience and/or development patterns to vary from the past. A key objective of actuaries in developing estimates of ultimate loss and LAE and resulting IBNR reserves is to identify aberrations and systemic changes occurring within historical experience and accurately adjust for them so that the future can be projected more reliably. Because of the factors previously discussed, this process requires the use of informed judgment and is inherently uncertain. White Mountains’s actuaries use several generally accepted actuarial methods to evaluate its loss reserves, each of which has its own strengths and weaknesses. Management places more or less reliance on a particular method based on the facts and circumstances at the time the reserve estimates are made. These methods generally fall into one of the following categories or are hybrids of one or more of the following categories: • Historical paid loss development methods: These methods use historical loss payments over discrete periods of time to estimate future losses. Historical paid loss development methods assume that the ratio of losses paid in one period to losses paid in an earlier period will remain constant. These methods necessarily assume that factors that have affected paid losses in the past, such as inflation or the effects of litigation, will remain constant in the future. Because historical paid loss development methods do not use case reserves to estimate ultimate losses, they can be more reliable than the other methods discussed below that look to case reserves (such as actuarial methods that use incurred losses) in situations where there are significant changes in how case reserves are established by a company’s claims adjusters. However, historical paid loss development methods are more leveraged, meaning that small changes in payments have a larger impact on estimates of ultimate losses, than actuarial methods that use incurred losses because cumulative loss payments take much longer to approach the expected ultimate losses than cumulative incurred amounts. In addition, and for similar reasons, historical paid loss development methods are often slow to react to situations when new or different factors arise than those that have affected paid losses in the past. • Historical incurred loss development methods: These methods, like historical paid loss development methods, assume that the ratio of losses in one period to losses in an earlier period will remain constant in the future. However, instead of using paid losses, these methods use incurred losses (i.e., the sum of cumulative historical loss payments plus outstanding case reserves) over discrete periods of time to estimate future losses. Historical incurred loss development methods can be preferable to historical paid loss development methods because they explicitly take into account open cases and the claims adjusters’ evaluations of the cost to settle all known claims. However, historical incurred loss development methods necessarily assume that case reserving practices are consistently applied over time. Therefore, when there have been significant changes in how case reserves are established, using incurred loss data to project ultimate losses can be less reliable than other methods. • Expected loss ratio methods: These methods are based on the assumption that ultimate losses vary proportionately with premiums. Expected loss ratios are typically developed based upon the information used in pricing, and are multiplied by the total amount of premiums earned to calculate ultimate losses. Expected loss ratio methods are useful for estimating ultimate losses in the early years of long-tailed lines of business, when little or no paid or incurred loss information is available. • Bornhuetter-Ferguson methods: These methods are a blend of the expected loss ratio and loss development methods. The percent of incurred (or paid) loss to ultimate loss implied by the selected development pattern from the incurred (or paid) loss development method is used to determine the percentage of ultimate loss yet to be developed. Inception to date losses are added to losses yet to be developed, yielding an estimate of ultimate for each accident year. • Adjusted historical paid and incurred loss development methods: These methods take traditional historical paid and incurred loss development methods and adjust them for the estimated impact of changes from the past in factors such as inflation, the speed of claim payments or the adequacy of case reserves. Adjusted historical paid and incurred loss development methods are often more reliable methods of predicting ultimate losses in periods of significant change, provided the actuaries can develop methods to reasonably quantify the impact of changes. White Mountains performs an actuarial review of its recorded reserves each quarter. As part of that review, White Mountains’s actuaries compare the previous quarter’s projections of incurred, paid and case reserve activity, including amounts incurred but not reported, to amounts experienced in the quarter. Differences between previous estimates and actual experience are evaluated to determine whether a given actuarial method for estimating loss and LAE should be relied upon to a greater or lesser extent than it had been in the past. While some variance is expected each quarter due to the inherent uncertainty in loss and LAE, persistent or large variances would indicate that prior assumptions and/or reliance on certain reserving methods may need to be revised going forward. Upon completion of each quarterly review, White Mountains’s actuaries select indicated reserve levels based on the results of the actuarial methods described previously, which are the primary consideration in determining management's best estimate of required reserves. However, in making its best estimate, management also considers other qualitative factors that may lead to a difference between held reserves and the actuarial central estimate of reserves. Typically, these factors exist when management and our actuaries conclude that there is insufficient historical incurred and paid loss information or that trends included in the historical incurred and paid loss information are unlikely to repeat in the future. Such factors include, among others, recent entry into new markets or new products, improvements in the claims department that are expected to lessen future ultimate loss costs, legal and regulatory developments, or other volatilities that may arise. OneBeacon Reserve Estimation by Line of Business The process of establishing loss and LAE reserves, including amounts incurred but not reported, is complex and imprecise as it must consider many variables that are subject to the outcome of future events. As a result, informed subjective estimates and judgments as to the ultimate exposure to losses are an integral component of the loss and LAE reserving process. OneBeacon categorizes and tracks insurance reserves by “line of business”, which are summarized herein as either property short-tailed lines, casualty long-tailed lines, or other (accident, surety, and credit) lines. OneBeacon regularly reviews the appropriateness of reserve levels at the line of business level, considering the variety of trends that impact the ultimate settlement of claims for the subsets of claims in each particular line of business. For loss and allocated LAE reserves, the key assumption as of December 31, 2016 was that the impact of the various reserving factors, as described below, on future paid losses would be similar to the impact of those factors on the historical loss data with the exception of severity trends. Severity trends have been relatively stable over the relevant historical period. The actuarial methods used would project losses assuming continued stability in severity trends. OneBeacon has considered a range of assumptions regarding future increases in loss severity trends, including the impact of inflation, in making its reserve selections. The major causes of material uncertainty (“reserving factors”) generally will vary for each line, as well as for each separately analyzed component of the line. The following section details reserving factors by product line. Also, reserving factors can have offsetting or compounding effects on estimated reserves. For example, in workers compensation, the use of expensive medical procedures that result in medical cost inflation may enable workers to return to work faster, thereby lowering indemnity costs. Thus, in almost all cases, it is impossible to discretely measure the effect of a single reserving factor and construct a meaningful sensitivity expectation. Actual results will likely vary from expectations for each of these assumptions, resulting in an ultimate claim liability that is different from that being estimated currently. Additional causes of material uncertainty exist in most product lines and may impact the types of claims that could occur within a particular underwriting unit or book of business. Examples where reserving factors, within an underwriting unit or book of business, are subject to change include changing types of insured (e.g. type of insured vehicle, size of account, industry insured, jurisdiction, etc.), changing underwriting standards, or changing policy provisions (e.g. deductibles, policy limits, or endorsements). Following is a detailed description of the reserve factors and consideration for each of the major product lines. Property The property short-tailed lines represent lines for which the payout of the claim liability occurs shortly after the occurrence of the loss. Reserving for property lines generally involves less uncertainty given the short-tailed nature of these lines. Property lines, including the property portion of the multiple peril coverage and Inland Marine, cover losses to a business' premises, inventory and equipment as a result of weather, fire, theft and other causes. Claims associated with property coverage generally take a relatively short period of time to close. The reserve risk is driven by occasional catastrophic events or large single losses. The relatively high attachment points and insured values of the property policies underwritten in the Specialty Property underwriting units present a potentially longer tail and greater uncertainty than our standard property business. Property also includes the comprehensive and collision coverages of automobile policies characterized by low severity payments that are made quickly. Additionally, Property includes all of the Ocean Marine products. Ocean Marine has property and liability exposure related to commercial hull, marine, and cargo products. The exposure is generally low severity and short to medium tailed. Casualty The casualty long-tailed lines represent lines for which the loss may not be paid, or even reported, until well after the loss occurred. As a result, the amount of liability may not be known at the date of the loss. Reserving for casualty lines generally involves more uncertainty given these factors. Casualty lines cover a variety of losses associated with policies that cover general liability, the liability portion of commercial multiple peril, professional liability, workers compensation, and commercial automobile liability lines. Losses associated with casualty coverage generally take a longer period of time to close claims. Most of the general reserving factors for casualty are applicable across these underwriting units, while certain underwriting units have additional reserving factors. Casualty policies can generally be written on either a claims made or occurrence form. Most professional liability, management liability, and medical professional policies are written on a claims made basis, under which the trigger of loss is based on the date the loss is discovered or the loss is reported to OneBeacon. Professional liability policies cover the defense expenses and damages related to negligence claims brought against the insured professional services firm or government entity. The coverage focuses on damages resulting from an alleged failure to perform, error or omission in the product or service provided by the policyholder. OneBeacon liability policies cover the defense expenses and damages related to alleged wrongful acts committed by the directors and officers of the insured organization. Medical professional liability policies cover the defense expenses and damages related to negligence claims brought against the insured health care institution or provider. The coverage focuses on damages resulting from an alleged failure to perform, error or omission in the service provided by the policyholder. Most general liability policies are written on an occurrence basis under which the trigger of loss is based on the date the loss happened. They cover businesses for any liability resulting from bodily injury and property damage arising from general business operations, accidents on business premises and the products manufactured or sold. Reserves for these policies generally include two components: bodily injury and property damage. Bodily injury payments reimburse the claimant for damages pertaining to physical injury as a result of the policyholder's legal obligation arising from non-intentional acts such as negligence, subject to the insurance policy provisions. In some cases the damages can include future wage loss, which is a function of future earnings power and wage inflation, and future medical treatment costs. Property damage payments result from damages to the claimant’s private property arising from the policyholder's legal obligation for non-intentional acts. In most cases, property damage losses are a function of costs as of the loss date or soon thereafter. Defense costs are also a part of the insured costs covered by liability policies and can be significant, sometimes greater than the cost of the actual paid claims, though for some products this risk is mitigated by policy language such that the insured portion of defense costs erodes the amount of policy limit available to pay the claim. Casualty coverages are generally considered long-tail line business, as it takes a relatively long period of time to finalize and settle claims from a given accident year. The speed of claim reporting and claim settlement is a function of the specific coverage provided and the jurisdiction, among other factors. There are numerous components underlying these product lines. Some of these have relatively moderate payment patterns, with most of the claims for a given accident year closed within 5 to 7 years, while others can have extreme lags in both reporting and payment of claims (e.g., a reporting lag of a decade for construction defect claims). Examples of common reserving factors across casualty lines that can change and, thus, affect estimated casualty reserves include: • Changes in claim handling philosophies (e.g., case reserving standards), including the use of third party claims administrators • Changes in the pattern of underlying claims, including frequency and severity • Changes in policy provisions or court interpretations of such provisions • New theories of liability (e.g., cyber related claims) • Trends in litigation or jury awards, including the propensity to sue • Changes in statutes of limitations • Shifts in lawsuit mix between federal and state courts • Changes in tort or case law • Distortions from losses resulting from large single accounts or single issues • Subrogation opportunities While these reserving factors are applicable to most casualty reserving product lines, there are certain underwriting units within the casualty major product line that have additional unique reserving factors. These include commercial automobile liability and workers compensation. Commercial automobile liability coverage insures relatively short-tailed property damage liability claims and longer-tailed, more difficult to estimate, bodily injury claims. In general, claim reporting lags are minor, claim complexity is not a major issue, and the line is viewed as high frequency, low to moderate severity. In addition to the examples of common reserving factors related to casualty described above, other examples that affect estimated commercial automobile liability reserves include: • Frequency of claims with payment capped by policy limits • Change in average severity of accidents, or proportion of severe accidents • Frequency of visits to health providers • Number of medical procedures given during visits to health providers • Types of health providers used • Types of medical treatments received • Changes in cost of medical treatments • Degree of patient responsiveness to treatment Workers compensation covers an employer's liability for injuries, disability or death of employees, without regard to fault, as prescribed by state workers compensation law and other statutes. Workers compensation is a long-tail coverage as it takes a relatively long period of time to finalize claims from a given accident year. While certain payments such as initial medical treatment or temporary wage replacement for the injured worker are made quickly, some other payments are made over the course of several years, such as awards for permanent partial injuries. In addition, some payments can run as long as the injured worker's life, such as permanent disability benefits and ongoing medical care. Despite the possibility of long payment tails, the reporting lags are generally short, settlements are generally not complex, and most of the claims can be considered high frequency with moderate severity. The largest reserve risk generally comes from the low frequency, high severity claims providing lifetime coverage for medical expenses arising from a worker's injury. Examples of common reserving factors that can change and, thus, affect the estimated workers compensation reserves include: • Changes in the type, frequency of utilization or cost of medical treatments (e.g. changes in the use of pharmaceutical drugs, types of health providers used, use of preferred provider networks and other medical cost containment practices) • Availability of new medical processes and equipment • Degree of patient responsiveness to treatment • Mortality trends of injured workers with lifetime indemnity and medical treatment benefits • Degree of cost shifting between workers compensation and health insurance • Time required to recover from the injury and return to regular or transitional work • Future wage inflation for states that index benefits Other lines Other lines represent lines that do not fall into either the property or casualty definition. These lines have unique characteristics that are taken into consideration during the reserving process. Accident includes accidental death and dismemberment, occupational accident, sports accident, non-truckers liability and other accident coverages. It has a short to medium tailed development pattern and moderate severity profile. Credit represents primarily the Tuition Reimbursement underwriting operating segment which provides insurance protection for schools and parents from the financial consequences of a student's withdrawal or dismissal. The reserve risk for this line is relatively low given the extremely short-tailed and low severity nature. Surety , which also has a significant credit risk component, is a short-tailed but high severity coverage. As a newer business, lack of historical data means external data is heavily relied upon where available and applicable. Surety reserving factors that can change and, thus, affect estimated surety reserves include size of payment (severity) which is impacted by the bond limit, the ability of the principal (insured) or OneBeacon to mitigate the loss, or amount and collectability of assets or other collateral available to mitigate loss. Cumulative Number of Reported Claims OneBeacon counts a claim for each unique combination of individual claimant and major coverage (e.g. auto liability - bodily injury, auto liability - property damage, auto physical damage, etc.). The claim is counted only if, net of any applicable deductibles, a payment has been made or a case reserve has been recorded. As a point of clarification, it is counted if a case reserve is established and the claim is later closed with no payment. For a relatively small amount of bulk-coded assumed reinsurance and pools & association losses there are no claim counts available. Discount OneBeacon discounts its long-term workers compensation loss and LAE reserves, as such liabilities constitute unpaid but settled claims under which the payment pattern and ultimate costs are fixed and determinable on an individual basis. OneBeacon discounts these reserves using the statutory rate ( 2.5% as of both December 31, 2016 and 2015 ). For the years ended December 31, 2016 and 2015, reserves for unpaid loss and LAE were reduced by $1.6 million and $1.1 million . Changes in loss and LAE reserves resulting from a change in the average long-term workers compensation discount rate is recorded within incurred loss and LAE expense. Loss and Loss Adjustment Expense Reserve Summary The following table summarizes the loss and LAE reserve activities of White Mountains’s insurance subsidiaries for the years ended December 31, 2016, 2015 and 2014 : Year Ended December 31, Millions 2016 2015 2014 Gross beginning balance $ 1,389.8 $ 1,342.2 $ 1,054.3 Less beginning reinsurance recoverable on unpaid losses (186.0 ) (161.6 ) (80.2 ) Net loss and LAE reserves 1,203.8 1,180.6 974.1 Loss and LAE reserves consolidated - SSIE — — 13.6 Add: SSIE reserves held for sale at the beginning of the period (1) 5.5 7.7 — Losses and LAE incurred relating to: Current year losses 649.2 712.9 732.0 Prior year losses 14.8 (4.0 ) 92.0 Total incurred losses and LAE 664.0 708.9 824.0 Loss and LAE paid relating to: Current year losses (192.8 ) (208.8 ) (202.6 ) Prior year losses (483.1 ) (479.1 ) (420.8 ) Total loss and LAE payments (675.9 ) (687.9 ) (623.4 ) Less: SSIE reserves held for sale at the end of the period (1) 4.7 5.5 7.7 Net ending balance 1,192.7 1,203.8 1,180.6 Plus ending reinsurance recoverable on unpaid losses 172.9 186.0 161.6 Gross ending balance $ 1,365.6 $ 1,389.8 $ 1,342.2 (1) See Note 22 - “Held for Sale and Discontinued Operations” . Loss and LAE development —2016 During the year ended December 31, 2016 , White Mountains experienced $14.8 million of net unfavorable loss reserve development, which consisted of $15.4 million of net unfavorable loss reserve development at OneBeacon partially offset by $0.6 million of net favorable loss reserve development at SSIE. The net unfavorable loss reserve development at OneBeacon was primarily due to unfavorable net loss reserve development in the Healthcare ( $40.7 million ) and Programs ( $13.3 million ) underwriting units, partially offset by favorable net loss reserve development in the Accident ( $16.1 million ), Entertainment ( $9.4 million ), Technology ( $9.3 million ) and Financial Services ( $8.2 million ) underwriting units. The $40.7 million unfavorable net loss reserve development from OneBeacon’s Healthcare business was principally related to the complex risk business, which provides professional liability coverage to hospitals, physicians, and physician groups as well as physicians’ extended reporting period coverage, and the senior living business, which provides medical malpractice and general liability insurance for extended care facilities, including assisted living, memory care and continuing care facilities. As a result of the continuing loss activity experienced in these areas, OneBeacon management conducted in-depth claim file and actuarial reviews and determined that increased frequency in the more recent prior accident years and adverse loss trends in the more high-risk categories of business within the senior living business warranted an increase to its best estimate of prior accident year loss reserves. OneBeacon management also increased its loss provisions for the current accident year based on the updated actuarial indications. In addition, also within OneBeacon’s Healthcare business, there were two large claims within the managed care errors and omissions business related to unexpected outcomes from mediation and extended costs associated with claim defense, which contributed to the unfavorable development in prior accident years. Despite the reserve actions taken through the first three quarters of 2016, case incurred loss activity continued to exceed expectations during the fourth quarter of 2016. The adverse development was driven by recent prior accident years spread across the complex risks, extended care, managed care errors and omissions, and medical excess businesses. Loss and LAE development —2015 During the year ended December 31, 2015 , White Mountains experienced $4.0 million of net favorable loss reserve development, which consisted of $1.8 million of net favorable loss reserve development at OneBeacon and $2.2 million of net favorable loss reserve development at SSIE. The OneBeacon net favorable loss reserve development was primarily attributable to favorable loss reserve development in Technology, Collector Cars and Boats, Specialty Property and Financial Services businesses, offset by unfavorable net loss reserve development from the Entertainment and Ocean Marine businesses. Loss and LAE development —2014 During the year ended December 31, 2014 , White Mountains experienced $92.0 million of net unfavorable loss reserve development, which consists of $89.8 million of net unfavorable loss reserve development at OneBeacon, of which $75.5 million related to the 2014 fourth quarter reserve increase described below, and $2.2 million of net unfavorable loss reserve development at SSIE. OneBeacon 2014 Fourth Quarter Loss and LAE Reserve Increase Through the first nine months of 2014, OneBeacon recorded $14.3 million of unfavorable loss and LAE reserve development, driven by greater-than-expected large losses in several underwriting units, primarily in the professional and management liability lines within Professional Insurance. In 2015, Professional Insurance was reorganized into Other Professional Lines, Management Liability, Financial Services and Healthcare. This large loss activity, which occurred mostly during the second and third quarters of 2014, also impacted the current accident year loss and LAE estimates. Additionally, OneBeacon incurred higher-than-usual claim coverage determination costs, a component of LAE expenses, during the first nine months of 2014. Other underwriting units also reported increased claim activity, including the Entertainment, Government Risks, and Accident underwriting units. Since the increased level of loss and LAE activity continued into the early part of the fourth quarter of 2014, the high level of activity in the second and third quarters no longer seemed to be isolated occurrences. As such, during the fourth quarter of 2014, OneBeacon enhanced its actuarial and claims review in several areas. OneBeacon isolated the recent large loss activity in each of its underwriting units and examined the emergence of large losses relative to the timing and amounts of expected large losses. OneBeacon also conducted additional analyses in the lawyers’ professional liability line within Professional Insurance. These new analyses includ |
Third Party Reinsurance
Third Party Reinsurance | 12 Months Ended |
Dec. 31, 2016 | |
Reinsurance Disclosures [Abstract] | |
Third-Party Reinsurance | Third-Party Reinsurance In the normal course of business, White Mountains’s insurance subsidiaries seek to limit losses that may arise from catastrophes or other events by reinsuring with third-party reinsurers. White Mountains remains liable for risks reinsured in the event that the reinsurer does not honor its obligations under reinsurance contracts. The effects of reinsurance on White Mountains’s insurance subsidiaries’ written and earned premiums and on losses and LAE were as follows (see Note 10 — “Municipal Bond Guarantee Insurance” for balances related to White Mountains financial guarantee business): Year ended December 31, 2016 Millions OneBeacon HG/BAM (1) Other Total Written premiums: Direct $ 1,193.3 $ 38.6 $ 13.3 $ 1,245.2 Assumed 28.0 — — 28.0 Gross written premiums 1,221.3 38.6 13.3 1,273.2 Ceded (120.6 ) — (6.8 ) (127.4 ) Net written premiums $ 1,100.7 $ 38.6 $ 6.5 $ 1,145.8 Earned premiums: Direct $ 1,177.0 $ 5.9 $ 15.2 $ 1,198.1 Assumed 29.4 — — 29.4 Gross earned premiums 1,206.4 5.9 15.2 1,227.5 Ceded (105.8 ) — (7.7 ) (113.5 ) Net earned premiums $ 1,100.6 5.9 $ 7.5 $ 1,114.0 Losses and LAE: Direct $ 679.5 $ — $ 14.3 $ 693.8 Assumed 21.2 — — 21.2 Gross losses and LAE 700.7 — 14.3 715.0 Ceded (44.7 ) — (6.3 ) (51.0 ) Net losses and LAE $ 656.0 $ — $ 8.0 $ 664.0 (1) During 2016, BAM ceded $27.2 in written premiums and $21.0 in earned premiums to HG Global, which have been eliminated within the HG/BAM segment. Year ended December 31, 2015 Millions OneBeacon HG/BAM (1) Other Total Written premiums: Direct $ 1,279.9 $ 25.9 $ 19.9 $ 1,325.7 Assumed 36.0 — — 36.0 Gross written premiums 1,315.9 25.9 19.9 1,361.7 Ceded (179.3 ) (2) — (9.8 ) (189.1 ) Net written premiums $ 1,136.6 $ 25.9 $ 10.1 $ 1,172.6 Earned premiums: Direct $ 1,298.0 $ 3.3 $ 20.7 $ 1,322.0 Assumed 45.9 — — 45.9 Gross earned premiums 1,343.9 3.3 20.7 1,367.9 Ceded (167.7 ) (2) — (12.0 ) (179.7 ) Net earned premiums $ 1,176.2 3.3 $ 8.7 $ 1,188.2 Losses and LAE: Direct $ 783.0 $ — $ 19.5 $ 802.5 Assumed 55.7 — — 55.7 Gross losses and LAE 838.7 — 19.5 858.2 Ceded (138.0 ) (2) — (11.3 ) (149.3 ) Net losses and LAE $ 700.7 $ — $ 8.2 $ 708.9 (1) During 2015, BAM ceded $ 19.3 in written premiums and $ 16.0 in earned premiums to HG Global, which have been eliminated within the HG/BAM segment. (2) During 2015, OneBeacon recorded ceded $33.3 in written premiums, $33.3 in earned premiums and $33.4 in loss and LAE as a result of the exit of the Crop Business due to the 100% quota share reinsurance agreement with AmTrust. Year ended December 31, 2014 Millions OneBeacon HG/BAM (1) Other (2) Total Written premiums: Direct $ 1,257.5 $ 16.2 $ 22.6 $ 1,296.3 Assumed 65.9 — — 65.9 Gross written premiums 1,323.4 16.2 22.6 1,362.2 Ceded (106.5 ) — (16.7 ) (123.2 ) Net written premiums $ 1,216.9 $ 16.2 $ 5.9 $ 1,239.0 Earned premiums: Direct $ 1,209.1 $ 1.8 $ 22.6 $ 1,233.5 Assumed 70.9 — — 70.9 Gross earned premiums 1,280.0 1.8 22.6 1,304.4 Ceded (102.9 ) — (16.5 ) (119.4 ) Net earned premiums $ 1,177.1 $ 1.8 $ 6.1 $ 1,185.0 Losses and LAE: Direct $ 778.7 $ — $ 24.1 $ 802.8 Assumed 115.7 — — 115.7 Gross losses and LAE 894.4 — 24.1 918.5 Ceded (79.3 ) — (15.2 ) (94.5 ) Net losses and LAE $ 815.1 $ — $ 8.9 $ 824.0 (1) During 2014, BAM ceded $ 12.3 in written premiums and $ 1.4 in earned premiums to HG Global, which have been eliminated within the HG/BAM segment. (2) During 2014, SSIE ceded $16.0 in written premiums, $15.7 in earned premiums, and $16.9 in loss and LAE to OneBeacon, which have been eliminated in consolidation. OneBeacon The timing and size of catastrophe losses are unpredictable and the level of losses experienced in any year could be material to OneBeacon’s operating results and financial condition. Examples of catastrophes include losses caused by earthquakes, wildfires, hurricanes and other types of storms and terrorist acts. The extent of losses caused by a catastrophic event is a function of severity and the amount and type of insured exposure in the affected area. In the normal course of business, OneBeacon's insurance subsidiaries seek to limit losses that may arise from catastrophes or other events through individual risk selection, imposing deductibles and limits, limiting its concentration of insurance in catastrophe-prone areas, such as coastal regions, and reinsuring with third-party reinsurers. OneBeacon uses models (primarily AIR Worldwide Touchstone version 4.1) to estimate potential losses from catastrophes. OneBeacon uses this model output in conjunction with other data to manage its exposure to catastrophe losses based on a probable maximum loss forecast to quantify its exposure to an extreme catastrophe event. OneBeacon utilizes a general catastrophe reinsurance treaty with third-party reinsurers to manage its exposure to large catastrophe losses. Effective May 1, 2016, OneBeacon renewed its property catastrophe reinsurance program through April 30, 2017. The program provides coverage for OneBeacon’s property business as well as certain acts of terrorism. Under the program, the first $20.0 million of losses resulting from any single catastrophe are retained and 100% of the next $110.0 million of losses resulting from the catastrophe are reinsured. Any part of a catastrophe loss in excess of $130.0 million would be retained in full. In the event of a catastrophe, OneBeacon’s property catastrophe reinsurance program is reinstated for the remainder of the original contract term by paying a reinstatement premium that is based on the percentage of coverage reinstated and the original property catastrophe coverage premium. OneBeacon’s current third party reinsurance programs provide varying degrees of coverage for terrorism events. The Company's overall terrorism exposure is impacted by the Terrorism Risk Insurance Program (the “Terrorism Act”), which is a federal program administered by the Department of the Treasury that provides for a shared system of public and private compensation for commercial property and casualty losses resulting from events that reach the threshold for losses ( $140.0 million in 2017 and increasing $20.0 million in subsequent years until the threshold becomes $200.0 million in 2020) and are certified as an act of terrorism by the U.S. Secretary of the Treasury, in concurrence with the Secretary of Homeland Security and the Attorney General of the United States. The Terrorism Act limits the industry's aggregate liability for losses from certified terrorist acts by requiring the federal government to share a set amount of losses ( 83% in 2017 and decreasing 1% annually in subsequent years until it reaches a floor of 80% in 2020) once a company meets a specific retention or deductible as determined by its prior year's direct written premiums. It also limits the aggregate liability to be paid by the government and industry without further action by Congress to $100.0 billion . In exchange for this “backstop,” primary insurers are required to make coverage available to commercial insureds for losses from acts of terrorism as specified in the Terrorism Act. The following types of coverage are excluded from the program: commercial automobile, burglary and theft, surety, farmowners multi-peril and all professional liability coverage except directors and officers coverage. All losses that result from a nuclear, biological, chemical or radiological terrorist attack are excluded from OneBeacon’s current third party reinsurance program. OneBeacon’s property catastrophe treaty also excludes acts of terrorism certified pursuant to the Terrorism Act and committed by an individual or individuals acting on behalf of any foreign person or foreign interest. OneBeacon's casualty clash treaty provides coverage for losses that result from certified and non-certified acts of terrorism, on an aggregated basis, subject to a maximum of one full treaty limit. OneBeacon's property per risk, casualty and workers compensation treaties each provide full coverage for certified acts of terrorism on behalf of a non-foreign person or interest, but are sublimited to one full treaty limit for certified acts of terrorism committed on behalf of any foreign person or foreign interest. OneBeacon’s healthcare treaty is sublimited to one full treaty limit of coverage for all acts of terrorism. OneBeacon estimates its individual retention level for commercial policies subject to the Terrorism Act to be approximately $140.0 million in 2017. The federal government will pay 83% of covered terrorism losses that exceed OneBeacon’s or the industry’s retention levels in 2017, up to a total of $100.0 billion . As indicated above, OneBeacon’s 17% copay will increase annually beginning in 2017 by 1% until it reaches a limit of 20% in 2020. In addition to the corporate catastrophe reinsurance protection, OneBeacon also purchases dedicated reinsurance protection for certain lines of business. The following table summarizes the reinsurance coverage currently in effect as of December 31, 2016: $ in millions Coverage Contract Type Renewal Date First-Dollar Retention Per Risk Limit Purchased Maximum Retention Corporate Property Catastrophe - Property and Inland Marine Excess of Loss 5/1 $ 20.0 $ 110.0 $ 20.0 Property Per Risk - Property and Inland Marine Excess of Loss 5/1 3.0 100.0 3.0 Specialty Property - Excess and Surplus Property Catastrophe Excess of Loss 5/1 6.0 34.0 6.0 Medical Excess - HMO/Provider Excess Excess of Loss 1/1 5.0 Unlimited 5.0 Ocean and Inland Marine Excess of Loss 4/1 2.5 57.5 7.0 Surety Excess of Loss 10/1 5.0 45.0 5.0 Film Completion Bonds Excess of Loss 6/1 2.0 38.0 2.0 Casualty Clash/Workers Compensation Catastrophe Excess of Loss 6/1 6.0 34.0 6.0 Workers Compensation Catastrophe Excess of Loss 6/1 40.0 20.0 6.0 Financial Institutions - Professional Liability Quota Share 6/1 N/A 10.0 5.0 Combined Healthcare/Casualty 2nd Layer - Various lines Excess of Loss 6/1 10.0 / 11.0 10.0 3.0 Casualty Per Policy - Various lines Excess of Loss 6/1 3.0 8.0 3.0 Workers Compensation Per Occurrence Excess of Loss 6/1 2.0 8.0 2.0 Healthcare Professional Liability Excess of Loss 6/1 3.0 7.0 3.0 As of December 31, 2016 , OneBeacon had $6.6 million and $172.9 million of reinsurance recoverables on paid and unpaid losses. As reinsurance contracts do not relieve OneBeacon of its obligation to its policyholders, collectability of balances due from reinsurers is important to OneBeacon’s financial strength. OneBeacon is selective with its reinsurers, placing reinsurance with only those reinsurers having a strong financial condition. OneBeacon monitors the financial strength of its reinsurers on an ongoing basis. Uncollectible amounts historically have not been significant. The following table summarizes A.M. Best Company, Inc. (“A.M. Best”) ratings for OneBeacon’s reinsurers. A.M. Best’s Rating (1) $ in millions Balance at December 31, 2016 % of Total A+ or better $ 73.9 41 % A- to A 79.7 44 % B, Not rated and other (2) 25.9 15 % Total $ 179.5 100 % (1) A.M. Best’s ratings as detailed above are “A+ or better” (Superior), “A- to A” (Excellent) and “B” (Fair). (2) Includes reinsurance recoverable on unpaid losses of $18.3 million related to OBIC, an unrated entity sold to Armour as part of the sale of the Runoff Business. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities White Mountains’s invested assets consist of investment securities and other long-term investments held for general investment purposes. The portfolio of investment securities includes fixed maturity investments, short-term investments, common equity securities, and other-long term investments which are all classified as trading securities. Trading securities are reported at fair value as of the balance sheet date. Net realized and unrealized investment gains (losses) on trading securities are reported in pre-tax revenues. White Mountains’s fixed maturity investments are generally valued using industry standard pricing methodologies. Key inputs include benchmark yields, benchmark securities, reported trades, issuer spreads, bids, offers, credit ratings and prepayment speeds. Income on mortgage and asset-backed securities is recognized using an effective yield based on anticipated prepayments and the estimated economic life of the securities. When actual prepayments differ significantly from anticipated prepayments, the estimated economic life is recalculated and the remaining unamortized premium or discount is amortized prospectively over the remaining economic life. Realized investment gains (losses) resulting from sales of investment securities are accounted for using the specific identification method. Premiums and discounts on all fixed maturity investments are amortized or accreted to income over the anticipated life of the investment. Short-term investments consist of interest-bearing money market funds, certificates of deposit and other securities which, at the time of purchase, mature or become available for use within one year. Short-term investments are carried at amortized or accreted cost, which approximated fair value as of December 31, 2016 and December 31, 2015 . Other long-term investments consist primarily of hedge funds, private equity funds, non-controlling interests in private capital investments and the OneBeacon Surplus Notes. Net Investment Income White Mountains’s net investment income is comprised primarily of interest income associated with White Mountains’s fixed maturity investments and short-term investments and dividend income from its common equity securities and other long-term investments. Pre-tax net investment income for 2016, 2015 and 2014 consisted of the following: Year Ended December 31, Millions 2016 2015 2014 Investment income: Fixed maturity investments $ 77.3 $ 52.6 $ 51.3 Short-term investments 1.1 .2 .1 Common equity securities 7.5 10.1 16.6 Other long-term investments 4.0 3.3 4.4 Total investment income 89.9 66.2 72.4 Third-party investment expenses (3.1 ) (5.4 ) (12.9 ) Net investment income, pre-tax $ 86.8 $ 60.8 $ 59.5 Net Realized and Unrealized Investment Gains (Losses) Net realized and unrealized investment gains (losses) consisted of the following: Year Ended December 31, Millions 2016 2015 2014 Net realized investment gains, pre-tax $ 280.3 $ 77.3 $ 166.8 Net unrealized investment (losses) gains, pre-tax (270.0 ) 148.1 (88.3 ) Net realized and unrealized investment gains, pre-tax 10.3 225.4 78.5 Income tax expense attributable to net realized and unrealized investment gains (8.8 ) (35.2 ) (18.0 ) Net realized and unrealized investment gains, after tax $ 1.5 $ 190.2 $ 60.5 Net realized investment gains Net realized investment gains for 2016, 2015 and 2014 consisted of the following: Year ended December 31, 2016 Millions Net realized (losses) gains Net foreign Total net realized (losses) gains reflected in earnings Fixed maturity investments $ (2.1 ) $ .4 $ (1.7 ) Short-term investments .4 — .4 Common equity securities 280.7 — 280.7 Other long-term investments .9 — .9 Net realized investment gains, pre-tax 279.9 .4 280.3 Income tax expense attributable to net realized investment gains (49.5 ) — (49.5 ) Net realized investment gains, after-tax $ 230.4 $ .4 $ 230.8 Year ended December 31, 2015 Millions Net realized gains Net foreign Total net realized Fixed maturity investments $ 1.9 $ — $ 1.9 Common equity securities 64.4 .4 64.8 Other long-term investments 10.6 — 10.6 Net realized investment gains, pre-tax 76.9 .4 77.3 Income tax expense attributable to net realized investment gains (22.8 ) — (22.8 ) Net realized investment gains, after-tax $ 54.1 $ .4 $ 54.5 Year ended December 31, 2014 Millions Net realized gains Net foreign Total net realized Fixed maturity investments $ 5.8 $ — $ 5.8 Common equity securities 138.0 — 138.0 Other long-term investments 23.0 — 23.0 Net realized investment gains, pre-tax 166.8 — 166.8 Income tax expense attributable to net realized investment gains (28.4 ) — (28.4 ) Net realized investment gains, after-tax $ 138.4 $ — $ 138.4 Net unrealized investment gains (losses) The following table summarizes net unrealized investment gains (losses) and changes in the carrying value of investments measured at fair value: Year ended December 31, 2016 Millions Net unrealized losses Net foreign exchange gains (losses) Total net unrealized losses reflected in earnings Fixed maturity investments $ (12.1 ) $ 2.1 $ (10.0 ) Common equity securities (254.6 ) (3.3 ) (257.9 ) Other long-term investments (.6 ) (.3 ) (.9 ) Forward contracts — (1.2 ) (1.2 ) Net unrealized investment losses, pre-tax (267.3 ) (2.7 ) (270.0 ) Income tax benefit attributable to net unrealized investment losses 40.7 — 40.7 Net unrealized investment losses, after-tax $ (226.6 ) $ (2.7 ) $ (229.3 ) Year ended December 31, 2015 Millions Net Net foreign Total net unrealized Fixed maturity investments $ (15.6 ) $ — $ (15.6 ) Common equity securities 207.6 (3.7 ) 203.9 Other long-term investments (39.1 ) (1.1 ) (40.2 ) Net unrealized investment gains (losses), pre-tax 152.9 (4.8 ) 148.1 Income tax expense attributable to net unrealized investment gains (losses) (12.3 ) (.1 ) (12.4 ) Net unrealized investment gains (losses), after-tax $ 140.6 $ (4.9 ) $ 135.7 Year ended December 31, 2014 Millions Net unrealized gains (losses) Net foreign exchange losses Total net unrealized gains (losses) reflected in earnings Fixed maturity investments $ 11.3 $ — $ 11.3 Common equity securities (83.0 ) (7.7 ) (90.7 ) Other long-term investments (7.6 ) (1.3 ) (8.9 ) Net unrealized investment losses, pre-tax (79.3 ) (9.0 ) (88.3 ) Income tax benefit attributable to net unrealized investment losses 9.9 .5 10.4 Net unrealized investment losses, after-tax $ (69.4 ) $ (8.5 ) $ (77.9 ) White Mountains recognized gross realized investment gains of $315.5 million , $112.9 million and $194.0 million and gross realized investment losses of $35.2 million , $35.6 million and $27.2 million on sales of investment securities during 2016, 2015 and 2014. The following table summarizes the amount of total gains (losses) included in earnings attributable to net unrealized investment gains (losses) for Level 3 investments for the years ended December 31, 2016, 2015 and 2014 . Year Ended December 31, Millions 2016 2015 2014 Fixed maturity investments $ .1 $ (1.1 ) $ 1.9 Common equity securities — (9.0 ) 5.8 Other long-term investments 6.1 (13.0 ) — Total net unrealized investment gains (losses), pre-tax - Level 3 investments $ 6.2 $ (23.1 ) $ 7.7 The components of White Mountains’s net realized and unrealized investment gains (losses), after-tax, as recorded on the statements of operations and comprehensive income were as follows: Year Ended December 31, Millions 2016 2015 2014 Net change in pre-tax unrealized investment (losses) gains on investments in unconsolidated affiliates $ — $ (39.2 ) $ 81.2 Income tax benefit (expense) — 2.9 (5.9 ) Net change in unrealized investment (losses) gains on investments in unconsolidated affiliates, after tax — (36.3 ) 75.3 Reversal of accumulated other comprehensive income related to change in accounting for the investment in Symetra — 1.4 — Total investment (losses) gains through accumulated other comprehensive income — (34.9 ) 75.3 Net realized and unrealized investment gains, after-tax 1.5 190.2 60.5 Total investment gains recorded during the period, after-tax $ 1.5 $ 155.3 $ 135.8 Investment Holdings The cost or amortized cost, gross unrealized investment gains (losses), net foreign currency gains, and carrying values of White Mountains’s fixed maturity investments as of December 31, 2016 and 2015 , were as follows: December 31, 2016 Millions Cost or amortized cost Gross unrealized gains Gross unrealized losses Net foreign currency gains Carrying value US Government and agency obligations $ 281.7 $ .1 $ (3.5 ) $ — $ 278.3 Debt securities issued by corporations 1,512.6 8.4 (13.7 ) 2.1 1,509.4 Municipal obligations 308.8 1.9 (1.7 ) — 309.0 Mortgage and asset-backed securities 2,141.7 2.6 (11.4 ) — 2,132.9 Foreign government, agency and provincial obligations 12.9 .3 — — 13.2 Preferred stocks 8.3 5.7 — — 14.0 Total fixed maturity investments 4,266.0 19.0 (30.3 ) 2.1 4,256.8 Fixed maturity investments reclassified to (6.6 ) Total fixed maturity investments $ 4,250.2 December 31, 2015 Millions Cost or amortized cost Gross unrealized gains Gross unrealized losses Net foreign currency gains (losses) Carrying value US Government and agency obligations $ 160.4 $ — $ (.4 ) $ — $ 160.0 Debt securities issued by corporations 1,001.0 4.3 (5.3 ) — 1,000.0 Municipal obligations 227.8 2.2 (1.2 ) — 228.8 Mortgage and asset-backed securities 1,170.6 2.0 (5.6 ) — 1,167.0 Foreign government, agency and provincial obligations 1.0 .2 — — 1.2 Preferred stocks 78.3 4.4 — — 82.7 Total fixed maturity investments 2,639.1 13.1 (12.5 ) $ — 2,639.7 Fixed maturity investments reclassified to assets held for sale related to SSIE (9.5 ) Total fixed maturity investments $ 2,630.2 The weighted average duration of White Mountains’s fixed income portfolio was approximately 2.8 years, including short-term investments, and approximately 3.0 years excluding short-term investments as of December 31, 2016 . The cost or amortized cost and carrying value of White Mountains’s fixed maturity investments as of December 31, 2016 is presented below by contractual maturity. Actual maturities could differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties. December 31, 2016 Millions Cost or amortized cost Carrying value Due in one year or less $ 212.8 $ 213.3 Due after one year through five years 1,272.6 1,270.2 Due after five years through ten years 462.8 458.4 Due after ten years 167.8 168.0 Mortgage and asset-backed securities 2,141.7 2,132.9 Preferred stocks 8.3 14.0 Total $ 4,266.0 $ 4,256.8 (1) Includes carrying value of $6.6 in fixed maturity investments that are classified as assets held for sale related to SSIE. The cost or amortized cost, gross unrealized investment gains (losses), net foreign currency gains (losses), and carrying values of White Mountains’s common equity securities and other long-term investments as of December 31, 2016 and 2015 were as follows: December 31, 2016 Millions Cost or amortized cost Gross unrealized gains Gross unrealized losses Net foreign currency losses Carrying value Common equity securities $ 440.8 $ 35.9 $ (2.4 ) $ — $ 474.3 Other long-term investments $ 314.9 $ 40.3 $ (28.0 ) $ (3.9 ) $ 323.3 December 31, 2015 Millions Cost or amortized cost Gross unrealized gains Gross unrealized losses Net foreign currency losses Carrying value Common equity securities $ 822.5 $ 302.8 $ (11.4 ) $ — $ 1,113.9 Other long-term investments $ 304.5 $ 32.0 $ (18.4 ) $ (2.3 ) $ 315.8 Proceeds from the sales and maturities of investments, excluding short-term investments, totaled $5.4 billion , $2.2 billion and $3.3 billion for the years ended December 31, 2016, 2015 and 2014 . Investments Held on Deposit or as Collateral As of December 31, 2016 and 2015 , investments of $165.9 million and $143.6 million , were held in trusts required to be maintained in relation to various reinsurance agreements. White Mountains’s insurance subsidiaries are required to maintain deposits with certain insurance regulatory agencies in order to maintain their insurance licenses. The fair value of such deposits which are included within total investments totaled $93.5 million and $88.0 million as of December 31, 2016 and 2015 . As of December 31, 2016 and 2015 , OneBeacon held unrestricted collateral from its customers, which is included in cash and invested assets, relating to its surety business of $153.0 million and $137.7 million . The obligation to return these funds is included in funds held under insurance and reinsurance contracts in the consolidated balance sheets. Fair value measurements as of December 31, 2016 Fair value measurements are categorized into a hierarchy that distinguishes between inputs based on market data from independent sources (“observable inputs”) and a reporting entity's internal assumptions based upon the best information available when external market data is limited or unavailable (“unobservable inputs”). Quoted prices in active markets for identical assets or liabilities have the highest priority (“Level 1”), followed by observable inputs other than quoted prices, including prices for similar but not identical assets or liabilities (“Level 2”) and unobservable inputs, including the reporting entity's estimates of the assumptions that market participants would use, having the lowest priority (“Level 3”). As of December 31, 2016 and December 31, 2015 White Mountains used quoted market prices or other observable inputs to determine fair value for approximately 94% and 91% of its investment portfolio. Investments valued using Level 1 inputs include fixed maturity investments, primarily investments in U.S. Treasuries, short-term investments, which include U.S. Treasury Bills and common equity securities. Investments valued using Level 2 inputs are primarily comprised of fixed maturity investments, which have been disaggregated into classes, including debt securities issued by corporations, municipal obligations, mortgage and asset-backed securities, foreign government, agency and provincial obligations and preferred stocks. Investments valued using Level 2 inputs also include certain passive exchange traded funds (“ETFs”) that track U.S. stock indices such as the S&P 500 but are traded on foreign exchanges and that management values using the fund manager’s published NAV to account for the difference in market close times. Fair value estimates for investments that trade infrequently and have few or no observable market prices are classified as Level 3 measurements. Level 3 fair value estimates based upon unobservable inputs include White Mountains’s investments in the OneBeacon Surplus Notes, as well as certain investments in fixed maturity investments, common equity securities and other long-term investments where quoted market prices are unavailable or are not considered reasonable. Transfers between levels are based on investments held as of the beginning of the period. White Mountains uses brokers and outside pricing services to assist in determining fair values. For investments in active markets, White Mountains uses the quoted market prices provided by outside pricing services to determine fair value. The outside pricing services White Mountains uses have indicated that they will only provide prices where observable inputs are available. In circumstances where quoted market prices are unavailable or are not considered reasonable, White Mountains estimates the fair value using industry standard pricing methodologies and observable inputs such as benchmark yields, reported trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers, credit ratings, prepayment speeds, reference data including research publications and other relevant inputs. Given that many fixed maturity investments do not trade on a daily basis, the outside pricing services evaluate a wide range of fixed maturity investments by regularly drawing parallels from recent trades and quotes of comparable securities with similar features. The characteristics used to identify comparable fixed maturity investments vary by asset type and take into account market convention. White Mountains’s process to assess the reasonableness of the market prices obtained from the outside pricing sources covers substantially all of its fixed maturity investments and includes, but is not limited to, the evaluation of pricing methodologies and a review of the pricing services’ quality control processes and procedures on at least an annual basis, a comparison of its invested asset prices obtained from alternate independent pricing vendors on at least a semi-annual basis, monthly analytical reviews of certain prices and a review of the underlying assumptions utilized by the pricing services for select measurements on an ad hoc basis throughout the year. White Mountains also performs back-testing of selected sales activity to determine whether there are any significant differences between the market price used to value the security prior to sale and the actual sale price on an ad-hoc basis throughout the year. Prices provided by the pricing services that vary by more than 5% and $1.0 million from the expected price based on these assessment procedures are considered outliers. Also considered outliers are prices that have not changed from period to period and prices that have trended unusually compared to market conditions. In circumstances where the results of White Mountains’s review process does not appear to support the market price provided by the pricing services, White Mountains challenges the vendor provided price. If White Mountains cannot gain satisfactory evidence to support the challenged price, it relies upon its own pricing methodologies to estimate the fair value of the security in question. The valuation process described above is generally applicable to all of White Mountains’s fixed maturity investments. The techniques and inputs specific to asset classes within White Mountains’s fixed maturity investments for Level 2 securities that use observable inputs are as follow: Debt securities issued by corporations: The fair value of debt securities issued by corporations is determined from a pricing evaluation technique that uses information from market sources and integrates relative credit information, observed market movements, and sector news. Key inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including sector, coupon, credit quality ratings, duration, credit enhancements, early redemption features and market research publications. Mortgage and asset-backed securities: The fair value of mortgage and asset-backed securities is determined from a pricing evaluation technique that uses information from market sources and leveraging similar securities. Key inputs include benchmark yields, reported trades, underlying tranche cash flow data, collateral performance, plus new issue data, as well as broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including issuer, vintage, loan type, collateral attributes, prepayment speeds, default rates, recovery rates, cash flow stress testing, credit quality ratings and market research publications. Municipal obligations: The fair value of municipal obligations is determined from a pricing evaluation technique that uses information from market makers, brokers-dealers, buy-side firms, and analysts along with general market information. Key inputs include benchmark yields, reported trades, issuer financial statements, material event notices and new issue data, as well as broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including type, coupon, credit quality ratings, duration, credit enhancements, geographic location and market research publications. Foreign government, agency and provincial obligations: The fair value of foreign government, agency and provincial obligations is determined from a pricing evaluation technique that uses feeds from data sources in each respective country, including active market makers and inter-dealer brokers. Key inputs include benchmark yields, reported trades, broker-dealer quotes, two-sided markets, benchmark securities, bids, offers, local exchange prices, foreign exchange rates and reference data including coupon, credit quality ratings, duration and market research publications. Preferred stocks: The fair value of preferred stocks is determined from a pricing evaluation technique that calculates the appropriate spread over a comparable security for each issue. Key inputs include exchange prices (underlying and common stock of same issuer), benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including sector, coupon, credit quality ratings, duration, credit enhancements, early redemption features and market research publications. Level 3 valuations are generated from techniques that use assumptions not observable in the market. These unobservable assumptions reflect White Mountains’s assumptions that market participants would use in valuing the investment. Generally, certain securities may start out as Level 3 when they are originally issued but as observable inputs become available in the market, they may be reclassified to Level 2. White Mountains employs a number of procedures to assess the reasonableness of the fair value measurements for its other long-term investments, including obtaining and reviewing periodic and audited annual financial statements of hedge funds and private equity funds and discussing each fund’s pricing with the fund manager throughout the year. However, since the fund managers do not provide sufficient information to evaluate the pricing inputs and methods for each underlying investment, the inputs are considered to be unobservable. The fair value of White Mountains’s investments in hedge funds and private equity funds has generally been determined using the fund manager’s NAV. In the event White Mountains believes that its estimate of NAV of a hedge fund or private equity fund differs from that reported by the fund manager due to illiquidity or other factors, White Mountains will adjust the reported NAV to more appropriately represent the fair value of its interest in the hedge fund or private equity fund investment. As of December 31, 2016 and 2015, White Mountains recorded negative adjustments of $5.0 million and $2.4 million to the reported NAV of certain investments in private equity funds. Fair Value Measurements by Level The following tables summarize White Mountains’s fair value measurements for investments as of December 31, 2016 and 2015 by level. The major security types were based on the legal form of the securities. White Mountains has disaggregated its fixed maturity investments based on the issuing entity type, which impacts credit quality, with debt securities issued by U.S. government entities carrying minimal credit risk, while the credit and other risks associated with other issuers, such as corporations, foreign governments, municipalities or entities issuing mortgage and asset-backed securities vary depending on the nature of the issuing entity type. White Mountains further disaggregates debt securities issued by corporations and common equity securities by industry sector because investors often reference commonly used benchmarks and their subsectors to monitor risk and performance. Accordingly, White Mountains has further disaggregated these asset classes into subclasses based on the similar sectors and industry classifications it uses to evaluate investment risk and performance against commonly used benchmarks, such as the Bloomberg Barclays U.S. Intermediate Aggregate and S&P 500 indices. The fair value measurements for derivative assets associated with White Mountains’s variable annuity business are presented in Note 9 . December 31, 2016 Millions Fair value Level 1 Level 2 Level 3 Fixed maturity investments: U.S. Government and agency obligations $ 278.3 $ 268.8 $ 9.5 $ — Debt securities issued by corporations: Consumer 385.6 — 385.6 — Health Care 244.2 — 244.2 — Utilities 180.3 — 180.3 — Financials 176.0 — 176.0 — Industrial 146.4 — 146.4 — Communications 131.4 — 131.4 — Materials 102.6 — 102.6 — Technology 89.4 — 89.4 — Energy 53.5 — 53.5 — Total debt securities issued by corporations: 1,509.4 — 1,509.4 — Mortgage and asset-backed securities 2,132.9 — 2,132.9 — Municipal obligations 309.0 — 309.0 — Foreign government, agency and provincial obligations 13.2 .6 12.6 — Preferred stocks 14.0 — 14.0 — Total fixed maturity investments (4) 4,256.8 269.4 3,987.4 — Short-term investments (4)(5) 287.1 274.4 12.7 — Common equity securities: Exchange traded funds (1) 321.6 270.4 51.2 — Health Care 20.9 20.9 — — Consumer 12.9 12.9 — — Financials 11.6 11.6 — — Technology 11.0 11.0 — — Communications 10.5 10.5 — — Energy 3.7 3.7 — — Industrial 2.2 2.2 — — Other 79.9 — 79.9 — Total common equity securities 474.3 343.2 131.1 — Other long-term investments (2)(3) 177.7 — — 177.7 Total investments (2)(3)(4) $ 5,195.9 $ 887.0 $ 4,131.2 $ 177.7 (1) ETFs traded on foreign exchanges are priced using the fund's published NAV to account for the difference in market close times and are therefore designated a level 2 measurement. (2) Excludes carrying value of $3.5 associated with other long-term investment limited partnerships accounted for using the equity method and $(1.2) related to foreign currency forward contracts. Excludes carrying value of $12.3 associated with a tax advantaged federal affordable housing development fund accounted for using the proportional amortization method. (3) Excludes carrying value of $131.0 associated with hedge funds and private equity funds for which fair value is measured at NAV using the practical expedient. (4) Includes carrying value of $6.6 in fixed maturity investments and $0.1 in short-term investments that are classified as assets held for sale related to SSIE. (5) Short-term investments are measured at amortized cost, which approximates fair value. December 31, 2015 Millions Fair value Level 1 Level 2 Level 3 Fixed maturity investments: U.S. Government and agency obligations $ 160.0 $ 133.4 $ 26.6 $ — Debt securities issued by corporations: Consumer 253.3 — 253.3 — Financials 175.9 — 175.9 — Health Care 151.3 — 151.3 — Industrial 135.6 — 135.6 — Energy 82.0 — 82.0 — Utilities 61.5 — 61.5 — Technology 60.0 — 60.0 — Communications 49.2 — 49.2 — Materials 31.2 — 31.2 — Total debt securities issued by corporations: 1,000.0 — 1,000.0 — Mortgage and asset-backed securities 1,167.0 — 1,167.0 — Municipal obligations 228.8 — 228.8 — Foreign government, agency and provincial obligations 1.2 .6 .6 — Preferred stocks 82.7 — 12.7 70.0 Total fixed maturity investments (4) 2,639.7 134.0 2,435.7 70.0 Short-term investments (4)(5) 211.3 211.3 — — Common equity securities: Financials 653.2 653.2 — — Exchange traded funds (1) 183.3 162.0 21.3 — Consumer 70.0 70.0 — — Communications 43.7 43.7 — — Health Care 35.7 35.7 — — Technology 27.0 27.0 — — Industrial 26.6 26.6 — — Other 74.4 — 74.4 — Total common equity securities 1,113.9 1,018.2 95.7 — Other long-term investments (2)(3) 169.5 — — 169.5 Total investments (2)(3)(4) $ 4,134.4 $ 1,363.5 $ 2,531.4 $ 239.5 (1) ETFs traded on foreign exchanges are priced using the fund's published NAV to account for the difference in market close times and are therefore designated a level 2 measurement. (2) Excludes carrying value of $3.8 associated with other long-term investment limited partnerships accounted for using the equity method. Excludes carrying value of $14.7 associated with a tax advantaged federal affordable housing development fund accounted for using the proportional amortization method. (3) Excludes carrying value of $127.8 associated with hedge funds and private equity funds for which fair value is measured at NAV using the practical expedient. (4) Includes carrying value of $9.5 in fixed maturity investments and $0.1 in short-term investments that are classified as assets held for sale related to SSIE. (5) Short-term investments are measured at amortized cost, which approximates fair value. Debt securities issued by corporations The following table summarizes the ratings of debt securities issued by corporations held in White Mountains’s investment portfolio as of December 31, 2016 and 2015: Fair Value at December 31, Millions 2016 2015 AA $ 100.9 $ 95.2 A 381.9 397.7 BBB 786.5 507.1 BB 214.0 — B 26.1 — Debt securities issued by corporations (1) $ 1,509.4 $ 1,000.0 (1) Credit ratings are assigned based on the following hierarchy: 1) Standard & Poors Financial Services LLC (“Standard & Poor’s”) and 2) Moody’s Investor Services (“Moody’s”) Mortgage and Asset-backed Securities White Mountains purchases commercial mortgage-backed securities (“CMBS”) and residential mortgage-backed securities (“RMBS”) with the goal of maximizing risk adjusted returns in the context of a diversified portfolio. White Mountains considers sub-prime mortgage-backed securities as those that have underlying loan pools that exhibit weak credit characteristics, or those that are issued from dedicated sub-prime shelf registrations or dedicated second-lien shelf registrations (i.e., White Mountains considers investments backed primarily by second-liens to be sub-prime risks regardless of credit scores or other metrics). White Mountains categorizes mortgage-backed securities as “non-prime” (also called “Alt A” or “A-”) if they are backed by collateral that has overall credit quality between prime and sub-prime based on White Mountains’s review of the characteristics of their underlying mortgage loan pools, such as credit scores and financial ratios. White Mountains’s non-agency RMBS portfolio is generally moderate-term and structurally senior. White Mountains does not own any collateralized loan obligations. White Mountains does not own any collateralized debt obligations, with the exception of $30.2 million of non-agency residential mortgage resecuritization tranches, each a senior tranche in its own right and each collateralized by a single earlier vintage Super Senior or Senior non-agency RMBS. The following table summarizes the carrying value of White Mountains’s mortgage and asset-backed securities as of December 31, 2016 and December 31, 2015 : December 31, 2016 December 31, 2015 Millions Fair Value Level 2 Level 3 Fair Value Level 2 Level 3 Mortgage-backed securities: Agency: GNMA $ 283.9 $ 283.9 $ — $ 265.5 $ 265.5 $ — FNMA 278.3 278.3 — 42.2 42.2 — FHLMC 89.8 89.8 — 22.8 22.8 — Total Agency (1) 652.0 652.0 — 330.5 330.5 — Non-agency: Residential 205.3 205.3 — 133.2 133.2 — Commercial 127.5 127.5 — 140.4 140.4 — Total Non-agency 332.8 332.8 — 273.6 273.6 — Total mortgage-backed securities 984.8 984.8 — 604.1 604.1 — Other asset-backed securities: Vehicle receivables 479.5 479.5 — 269.7 269.7 — Credit card receivables 438.3 438.3 — 217.7 217.7 — Other 230.3 230.3 — 75.5 75.5 — Total other asset-backed securities 1,148.1 1,148.1 — 562.9 562.9 — Total mortgage and asset-backed securities $ 2,132.9 $ 2,132.9 $ — $ 1,167.0 $ 1,167.0 $ — (1) Represents publicly traded mortgage-backed securities which carry the full faith and credit guaranty of the U.S. government (i.e., GNMA) or are guaranteed by a government sponsored entity (i.e., FNMA, FHLMC). Non-agency Mortgage-backed Securities The security issuance years of White Mountains’s investments in non-agency RMBS and non-agency CMBS securities as of December 31, 2016 are as follows: Security Issuance Year Millions Fair Value 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Non-agency RMBS $ 205.3 $ 19.4 $ 5.7 $ 3.0 $ — $ 2.7 $ — $ 7.4 $ 9.9 $ 5.0 $ 15.3 $ 53.3 $ 48.3 $ 35.3 Non-agency CMBS 127.5 — — — — — — 4.3 — 18.1 11.5 23.4 44.4 $ 25.8 Total $ 332.8 $ 19.4 $ 5.7 $ 3.0 $ — $ 2.7 $ — $ 11.7 $ 9.9 $ 23.1 $ 26.8 $ 76.7 $ 92.7 $ 61.1 Non-agency Residential Mortgage-backed Securities The classification of the underlying collateral quality and the tranche levels of White Mountains’s non-agency RMBS securities are as follows as of December 31, 2016 : Millions Fair Value Super Senior (1) Senior (2) Subordinate (3) Prime $ 205.3 $ 150.6 $ 54.7 $ — Non-prime — — — — Sub-prime — — — — Total non-agency RMBS $ 205.3 $ 150.6 $ 54.7 $ — (1) At issuance, Super Senior, or in the case of resecuritization, the underlying securities, were rated “AAA” by Standard & Poor’s, “Aaa” by Moody’s or “AAA” by Fitch R |
Debt and Standby Letter of Cred
Debt and Standby Letter of Credit Facilities | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt and Standby Letter of Credit Facilities | Debt White Mountains’s debt outstanding as of December 31, 2016 and 2015 consisted of the following: December 31, Effective December 31, Effective Millions 2016 Rate (1) 2015 Rate (1) WTM Bank Facility $ — N/A $ 50.0 3.9% OneBeacon Bank Facility — N/A — N/A OBH Senior Notes, at face value 275.0 4.7% 275.0 4.7% Unamortized original issue discount and debt issuance costs (1.8 ) (2.1 ) OBH Senior Notes, carrying value 273.2 272.9 MediaAlpha Bank Facility 12.9 5.7% 15.0 5.5% Unamortized issuance cost (.2 ) (.3 ) MediaAlpha Bank Facility, carrying value 12.7 14.7 Total debt $ 285.9 $ 337.6 (1) Effective rate considers the effect of the debt issuance costs. A schedule of contractual repayments of White Mountains’s debt as of December 31, 2016 , follows: Millions December 31, Due in one year or less $ 5.0 Due in two to three years 7.9 Due in four to five years — Due after five years 275.0 Total $ 287.9 WTM Bank Facility On August 14, 2013, White Mountains entered into a revolving credit facility with a syndicate of lenders administered by Wells Fargo Bank, N.A. which has a total commitment of $425.0 million and has a maturity date of August 14, 2018 (the “WTM Bank Facility”). The WTM Bank Facility replaced White Mountains’s previous revolving credit facility, which had a total commitment of $375.0 million . During 2016, White Mountains borrowed a total of $350.0 million and repaid a total of $400.0 million under the WTM Bank Facility at a blended interest rate of 3.85% . During 2015, White Mountains borrowed a total of $125.0 million and repaid a total of $75.0 million under the WTM Bank Facility at a blended interest rate of 3.74% . As of December 31, 2016 , the WTM Bank Facility was undrawn. White Mountains recorded $1.2 million , $0.1 million , $0.3 million of interest expense on the WTM Bank Facility for the years ended December 31, 2016, 2015 and 2014 . The WTM Bank Facility contains various affirmative, negative and financial covenants that White Mountains considers to be customary for such borrowings, including certain minimum net worth and maximum debt to capitalization standards. These covenants can restrict White Mountains in several ways, including its ability to incur additional indebtedness. OneBeacon Bank Facility On September 29, 2015, OneBeacon Ltd. and OBH, as co-borrowers and co-guarantors, entered into a revolving credit facility administered by U.S. Bank N.A. and also including BMO Harris Bank N.A., which has a total commitment of $65.0 million and has a maturity date of September 29, 2019 (the “OneBeacon Bank Facility”). As of December 31, 2016 , the OneBeacon Bank Facility was undrawn. The OneBeacon Bank Facility contains various affirmative, negative and financial covenants which White Mountains considers to be customary for such borrowings, including certain minimum net worth and maximum debt to capitalization standards. These covenants can restrict White Mountains in several ways, including its ability to incur additional indebtedness. OBH Senior Notes In November 2012, OneBeacon U.S. Holdings, Inc. (“OBH”), an intermediate holding company of OneBeacon, issued $275.0 million face value of senior unsecured notes (“OBH Senior Notes”) through a public offering, at an issue price of 99.9% and received $272.9 million of proceeds. The OBH Senior Notes bear an annual interest rate of 4.6% payable semi-annually in arrears on May 9 and November 9, until maturity on November 9, 2022, and are fully and unconditionally guaranteed as to the payment of principal and interest by OneBeacon Ltd. Taking into effect the amortization of the original issue discount and all underwriting and issuance expenses, the OBH Senior Notes have an effective yield to maturity of approximately 4.7% per annum. In December 2012, the proceeds from the OBH Senior Notes were utilized to repurchase the remaining $269.8 million of outstanding senior notes issued in 2003 by OBH with an annual interest rate of 5.875% for $275.9 million . The repurchase resulted in a $6.3 million loss, including transaction fees and the write-off of the remaining $0.2 million in unamortized deferred costs and original issue discount at the time of repurchase. OBH recorded $13.1 million , $13.0 million and $ 13.0 million in interest expense on the OBH Senior Notes for the years ended December 31, 2016, 2015 and 2014 . The OBH Senior Notes were issued under indentures that contain restrictive covenants which, among other things, limit the ability of OneBeacon Ltd., OBH, and their respective subsidiaries to create liens and enter into sale and leaseback transactions and limits the ability of OneBeacon Ltd. and OBH and their respective subsidiaries to consolidate, merge or transfer their properties and assets. The indentures do not contain any financial ratios or specified levels of net worth or liquidity to which OneBeacon Ltd. or OBH must adhere. MediaAlpha Bank Facility On July 23, 2015, MediaAlpha entered into a credit facility with Opus Bank, which has a total commitment of $20.0 million and has a maturity date of July 23, 2019 (the “MediaAlpha Bank Facility”). The MediaAlpha Bank Facility consists of a $15.0 million term loan facility, which had an outstanding balance of $12.9 million as of December 31, 2016, and a $5.0 million revolving credit facility, which was undrawn as of December 31, 2016 . During 2016, MediaAlpha repaid a total of $2.1 million under the term loan facility and borrowed and repaid $2.5 million under the revolving loan facility. The MediaAlpha Bank Facility carries a variable interest rate that is based on the Prime Rate, as published by the Wall Street Journal, plus a spread of 1.5% as of December 31, 2016 . The MediaAlpha Bank Facility is secured by the intellectual property and the common stock of MediaAlpha's subsidiaries, and contains various affirmative, negative and financial covenants that White Mountains considers to be customary for such borrowings, including a maximum leverage ratio. Debt Covenants As of December 31, 2016 , White Mountains was in compliance with all of the covenants under all of its debt facilities. Interest Total interest expense incurred by White Mountains for its indebtedness was $16.1 million , $14.6 million and $14.2 million in 2016, 2015 and 2014 . Total interest paid by White Mountains for its indebtedness was $14.8 million , $12.8 million , and $13.0 million in 2016, 2015 and 2014 . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets White Mountains has recognized goodwill and other identifiable intangible assets at the acquisition date fair values in connection with its purchases of subsidiaries. The following table shows the economic lives, acquisition date values, accumulated amortization and net carrying values for other intangible assets and goodwill, for each company acquired: $ in millions Weighted Average Economic life (in years) December 31, 2016 December 31, 2015 Acquisition date fair value Accumulated amortization Net carrying value Acquisition date fair value Accumulated amortization Net carrying value Goodwill: MediaAlpha N/A $ 18.3 $ — $ 18.3 $ 18.3 $ — $ 18.3 Wobi N/A 5.8 — 5.8 5.8 — 5.8 Buzzmove N/A 7.6 — 7.6 — — — Total goodwill 31.7 — 31.7 24.1 — 24.1 Other intangible assets: MediaAlpha Customer relationships 3 10.0 6.2 3.8 6.5 2.9 3.6 Information technology 5 32.4 17.9 14.5 32.0 11.2 20.8 Subtotal 42.4 24.1 18.3 38.5 14.1 24.4 Wobi Trademark 8 2.1 .8 1.3 2.1 .5 1.6 Information technology 7 3.6 1.2 2.4 3.6 .7 2.9 Subtotal 5.7 2.0 3.7 5.7 1.2 4.5 Buzzmove Trademark 7 .6 .1 .5 — — — Information technology 5 .5 — .5 — — — Subtotal 1.1 .1 1.0 — — — OneBeacon 10 9.4 8.2 1.2 9.4 7.0 2.4 Total other intangible assets 58.6 34.4 24.2 53.6 22.3 31.3 Total goodwill and other intangible assets (1) $ 90.3 $ 34.4 $ 55.9 $ 77.7 $ 22.3 $ 55.4 (1) Excludes amounts related to Star & Shield. See Note 22 — “Held for Sale and Discontinued Operations” . The goodwill recognized for the above acquisitions is attributed to expected future cash flows. The acquisition date fair values of other intangible assets with finite lives are estimated using income approach techniques, which use future expected cash flows to develop a discounted present value amount. The multi-period-excess-earnings method estimates fair value using the present value of the incremental after-tax cash flows attributable solely to the intangible asset over its remaining life. This approach was used to estimate the fair value of intangible assets associated with trademarks, brand names, customer relationships and contracts and information technology. The relief-from-royalty method was used to estimate fair value for intangible assets that relate to rights that could be obtained via a license from a third-party owner. Under this method, the fair value is estimated using the present value of license fees avoided by owning rather than leasing the asset. This technique was used to estimate the fair value of domain names. The with-or-without method estimates the fair value of an intangible asset that provides an incremental benefit. Under this method, the fair value of the intangible asset is calculated by comparing the value of the entity with and without the intangible asset. This approach was used to estimate the fair value of favorable lease terms, which is included in other. The following table shows the change in goodwill and other intangible assets: December 31, 2016 2015 Millions Goodwill Other intangible assets Goodwill Other intangible assets Beginning balance $ 24.1 $ 31.3 $ 23.8 $ 38.7 Add: Star & Shield amounts held for sale at beginning of the period (1) — .4 — .8 Acquisitions of businesses 7.6 1.1 .3 2.8 Acquisitions of other intangible assets — 3.9 — — Amortization, including foreign currency translation — (12.5 ) — (10.6 ) Less: Star & Shield amounts held for sale at end of the period (1) — — — .4 Ending balance $ 31.7 $ 24.2 $ 24.1 $ 31.3 (1) See Note 22 — “Held for Sale and Discontinued Operations” . Amortization expense was $12.5 million , $10.6 million and $8.3 million for the years ended December 31, 2016, 2015 and 2014 . White Mountains expects to recognize amortization expense in each of the next five years as follows: Millions Amortization expense 2017 $ 10.9 2018 8.3 2019 2.3 2020 .7 2021 .9 Total $ 23.1 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company and its Bermuda domiciled subsidiaries are not subject to Bermuda income tax under current Bermuda law. In the event there is a change in the current law such that taxes are imposed, the Company and its Bermuda domiciled subsidiaries would be exempt from such tax until March 31, 2035, pursuant to the Bermuda Exempted Undertakings Tax Protection Act of 1966. The Company has subsidiaries and branches that operate in various other jurisdictions around the world that are subject to tax in the jurisdictions in which they operate. The jurisdictions in which the Company’s subsidiaries and branches are subject to tax are Barbados, Gibraltar, Ireland, Israel, Luxembourg, the Netherlands, the United Kingdom and the United States. The total income tax benefit for the years ended December 31, 2016, 2015 and 2014 consisted of the following: Year Ended December 31, Millions 2016 2015 2014 Current tax benefit (expense): U.S. federal $ 50.7 $ 9.1 $ (4.3 ) State (1.6 ) (1.8 ) (2.0 ) Non-U.S. (.8 ) (1.5 ) (1.4 ) Total current tax benefit (expense) 48.3 5.8 (7.7 ) Deferred tax (expense) benefit: U.S. federal (2.3 ) (6.7 ) 22.8 State (.6 ) 1.1 (.3 ) Total deferred tax (expense) benefit (2.9 ) (5.6 ) 22.5 Total income tax benefit $ 45.4 $ .2 $ 14.8 Effective Rate Reconciliation A reconciliation of taxes calculated using the 35% U.S. statutory rate (the tax rate at which the majority of White Mountains’s worldwide operations are taxed) to the income tax (expense) benefit on pre-tax income follows: Year Ended December 31, Millions 2016 2015 2014 Tax benefit (expense) at the U.S. statutory rate $ 14.1 $ (55.1 ) $ 10.3 Differences in taxes resulting from: Tax reserve adjustments 13.7 (1.7 ) 5.2 Change in valuation allowance 9.1 (19.4 ) (35.7 ) Non-U.S. earnings, net of foreign taxes 6.9 76.7 37.8 Tax rate changes (3.5 ) — — Tax exempt interest and dividends 2.5 2.6 2.5 Withholding tax (.5 ) (1.2 ) (2.4 ) Other, net 3.1 (1.7 ) (2.9 ) Total income tax benefit on pre-tax income $ 45.4 $ .2 $ 14.8 The non-U.S. component of pre-tax income was $16.3 million , $208.5 million and $60.4 million for the years ended December 31, 2016, 2015 and 2014 . Tax Payments and Receipts Net income (receipts from) tax payments to national governments (primarily the United States) totaled $(12.8) million , $(6.5) million , and $2.7 million for the years ended December 31, 2016, 2015 and 2014 . Deferred Tax Inventory Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for tax purposes. An outline of the significant components of White Mountains’s deferred tax assets and liabilities follows: December 31, Millions 2016 2015 Deferred income tax assets related to: U.S. federal net operating and capital loss carryforwards $ 189.3 $ 191.0 Incentive compensation 42.5 49.0 Unearned premiums 37.8 37.5 Non-U.S. net operating loss carryforwards 29.5 33.8 Tax credit carryforwards 20.7 16.9 Loss reserve discount 18.1 26.8 Runoff Transaction 12.6 12.6 Deferred compensation 5.7 6.2 Accrued interest 2.2 1.3 Other items 4.0 8.6 Total gross deferred income tax assets 362.4 383.7 Less: valuation allowances (146.6 ) (165.4 ) Total net deferred income tax assets 215.8 218.3 Deferred income tax liabilities related to: Deferred acquisition costs 33.6 34.9 Members surplus contributions 30.0 19.0 SSIE Surplus Notes 7.1 — Pension and benefit accruals 6.4 3.5 Capitalized software 4.7 4.5 Investment basis difference 4.1 15.2 Net unrealized investment gains 2.9 28.4 Other items .3 — Total deferred income tax liabilities 89.1 105.5 Net deferred tax asset $ 126.7 $ 112.8 White Mountains’s deferred tax assets are net of U.S. federal, state, and non-U.S. valuation allowances and, to the extent they relate to non-U.S. jurisdictions, they are shown at year-end exchange rates. Valuation Allowance White Mountains records a valuation allowance against deferred tax assets if it becomes more likely than not that all or a portion of a deferred tax asset will not be realized. Changes in valuation allowances from period to period are included in income tax expense in the period of change. In determining whether or not a valuation allowance, or change therein, is warranted, White Mountains considers factors such as prior earnings history, expected future earnings, carryback and carryforward periods and strategies that if executed would result in the realization of a deferred tax asset. It is possible that certain planning strategies or projected earnings in certain subsidiaries may not be feasible to utilize the entire deferred tax asset, which could result in material changes to White Mountains’s deferred tax assets and tax expense. Of the $146.6 million valuation allowance as of December 31, 2016 , $117.3 million relates to deferred tax assets on net operating losses in the United States and other federal and state deferred tax benefits, $24.4 million relates to deferred tax assets on net operating losses in Luxembourg subsidiaries, $4.6 million relates to net operating losses in the Israel subsidiaries and $0.3 million relates to net operating losses in the United Kingdom subsidiary. Of the $165.4 million valuation allowance as of December 31, 2015 , $131.5 million relates to deferred tax assets on U.S. losses and other federal and state deferred tax benefits, $28.3 million relates to deferred tax assets on net operating losses in Luxembourg subsidiaries, $5.5 million relates to net operating losses in the Israel subsidiaries and $0.1 million relates to net operating losses in the Netherlands subsidiary. United States During 2016 and 2015, White Mountains recorded tax expense of $17.1 million and $9.1 million to establish a valuation allowance against deferred tax assets of Guilford Holdings, Inc. and subsidiaries (“Guilford”), as White Mountains management does not anticipate sufficient taxable income to utilize the deferred tax assets. Guilford consists of service companies and certain other investments that are included in the Other Operations segment. Also during 2016, Guilford has income in discontinued operations that is available to offset its loss from continuing operations. However, ASC 740 includes an exception to the general principle of intra-period tax allocations that requires a consolidated tax group, such as Guilford, with a current period loss within continuing operations to consider income recorded in other categories, including discontinued operations, in determining the tax benefit that is allocated to continuing operations. As a result of Guilford’s current period losses within continuing operations, White Mountains recorded a tax benefit of $21.4 million in continuing operations, with an offsetting tax expense in discontinued operations. During 2016 and 2015, White Mountains recorded tax expense of $3.6 million and $6.3 million to establish valuation allowances against deferred tax assets of BAM, as it is uncertain if it will have sufficient taxable income to utilize its deferred tax assets. Also during 2016 and 2015, BAM has income in other comprehensive income that is available to offset its loss from continuing operations, as a result, BAM recorded a tax benefit of $11.0 million and $8.7 million , in continuing operations, with an offsetting tax expense in other comprehensive income. However, since BAM is a mutual insurance company that is owned by its members, its results do not affect White Mountains’s common shareholders’ equity, as they are attributable to non-controlling interests. During 2016, Houston General Insurance Exchange (“HGIE”) recorded tax expense of $0.1 million as it is uncertain if it will have sufficient taxable income to utilize its deferred tax assets. During 2015, HGIE recorded a tax benefit of $0.5 million to reduce a valuation allowance, primarily due to the restructuring of the surplus note issued by HGIE (“HGIE Surplus Notes”). During 2016, SSIE recorded a tax benefit of $6.9 million to reduce a valuation allowance, primarily due to the write down of the SSIE Surplus Notes. During 2015, SSIE recorded tax expense of $1.2 million , as it is uncertain if it will have sufficient taxable income to utilize its deferred tax assets. SSIE is a reciprocal, which is included in the White Mountains’s consolidated results as a variable interest entity. See Note 18 — “Variable Interest Entities” . Non-U.S. jurisdictions During 2016, White Mountains recorded tax expense of $2.8 million for a reduction to deferred tax assets, and a corresponding reduction to the valuation allowance, which primarily related to a decrease in the corporate income tax rate for Luxembourg-domiciled subsidiaries. During 2015, White Mountains recorded tax expense of $0.3 million to establish a valuation allowance against deferred tax assets at certain Luxembourg-domiciled subsidiaries, as White Mountains management does not anticipate sufficient taxable income to utilize the deferred tax assets. During 2016 and 2015, White Mountains recorded tax expense of $1.1 million and $3.0 million to establish a valuation allowance against deferred tax assets at certain Israeli-domiciled subsidiaries, as White Mountains management does not anticipate sufficient taxable income to utilize the deferred tax assets. During 2016, White Mountains recorded tax expense of $0.1 million to establish a valuation allowance against deferred tax assets at certain United Kingdom-domiciled subsidiaries, as White Mountains management does not anticipate sufficient taxable income to utilize the deferred tax assets. Net Operating Loss and Capital Loss Carryforwards Net operating loss and capital loss carryforwards as of December 31, 2016 , the expiration dates and the deferred tax assets thereon are as follows: December 31, 2016 Millions United States Luxembourg United Kingdom Israel Total 2017-2021 $ .8 $ — $ — $ — $ .8 2022-2026 1.6 — — — 1.6 2027-2036 556.3 — — — 556.3 No expiration date — 93.8 3.2 19.8 116.8 Total $ 558.7 $ 93.8 $ 3.2 $ 19.8 $ 675.5 Gross deferred tax asset 189.3 24.4 .5 4.6 218.8 Valuation allowance (115.4 ) (24.4 ) (.5 ) (4.6 ) (144.9 ) Net deferred tax asset $ 73.9 $ — $ — $ — $ 73.9 Included in the U.S. net operating loss carryforwards are losses of $4.2 million subject to an annual limitation on utilization under Internal Revenue Code Section 382. These loss carryforwards will begin to expire in 2025. Also included in the U.S. net operating loss carryforwards are losses of $9.9 million due to additional deductions related to equity compensation. These loss carryforwards begin to expire in 2030. As of December 31, 2016 , there are U.S. foreign tax credit carryforwards available of $0.4 million , which begin to expire in 2023. As of December 31, 2016 , there are U.S. alternative minimum tax credit carryforwards of $2.3 million which do not expire. As of December 31, 2016 , there are U.S. low income housing credit carryforwards of $18.0 million , which begin to expire in 2031. Uncertain Tax Positions Recognition of the benefit of a given tax position is based upon whether a company determines that it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. In evaluating the more-likely-than-not recognition threshold, White Mountains must presume that the tax position will be subject to examination by a taxing authority with full knowledge of all relevant information. If the recognition threshold is met, then the tax position is measured at the largest amount of benefit that is more than 50% likely of being realized upon ultimate settlement. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Millions Permanent Differences (1) Temporary Differences (2) Interest and Penalties (3) Total Balance at January 1, 2014 $ 8.4 $ 16.6 $ 8.7 $ 33.7 Changes in prior year tax positions (2.2 ) (.8 ) (1.9 ) (4.9 ) Tax positions taken during the current year — 7.3 — 7.3 Lapse in statute of limitations (.8 ) — (.3 ) (1.1 ) Balance at December 31, 2014 5.4 23.1 6.5 35.0 Changes in prior year tax positions — (12.4 ) 1.7 (10.7 ) Balance at December 31, 2015 5.4 10.7 8.2 24.3 Changes in prior year tax positions — (5.5 ) .1 (5.4 ) Settlements with tax authorities (5.4 ) — (8.3 ) (13.7 ) Balance at December 31, 2016 $ — $ 5.2 $ — $ 5.2 (1) Represents the amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate. (2) Represents the amount of unrecognized tax benefits that, if recognized would create a temporary difference between the reported amount of an item in White Mountains’s Consolidated Balance Sheet and its tax basis. (3) Net of tax benefit. If White Mountains determines in the future that its reserves for unrecognized tax benefits on temporary differences are not needed, the reversal of $5.2 million of such reserves as of December 31, 2016 would not impact the effective tax rate due to deferred tax accounting but would accelerate the payment of cash to the taxing authority. The vast majority of White Mountains’s reserves for unrecognized tax benefits on temporary differences relate to deductions for loss reserves where the timing of the deductions is uncertain. White Mountains classifies all interest and penalties on unrecognized tax benefits as part of income tax expense. During the years ended December 31, 2016, 2015 and 2014 , White Mountains recognized $(8.2) million , $1.7 million , $(2.2) million in net interest (income) expense. There was no accrued interest as of December 31, 2016. The accrued interest as of December 31, 2015 is $8.2 million , net of any tax benefit. Tax Examinations With few exceptions, White Mountains is no longer subject to U.S. federal, state, or non-U.S. income tax examinations by tax authorities for years before 2012. On May 27, 2016, White Mountains received the Closing Letter (Letter 1156) from the IRS Revenue Agent relating to the examination of tax years 2010, 2011 and 2012 for certain U.S. subsidiaries of OneBeacon. All disputed items have now been agreed to and resolved. As the receipt of the Closing Letter described above represents formal settlement, White Mountains recorded a tax benefit of $3.5 million in the second quarter of 2016 related to tax years 2010, 2011 and 2012. On January 19, 2016, White Mountains received Form 870-AD (Offer to Waive Restrictions on Assessment and Collection Tax Deficiency and to Accept Overassessment) from the IRS Appeals Office relating to the examination of tax years 2007, 2008 and 2009 for certain U.S. subsidiaries of OneBeacon. All disputed items have now been agreed to and resolved with the Joint Committee on Taxation. As the receipt of the Form 870-AD described above represents formal settlement, White Mountains recorded a tax benefit of $12.8 million in the first quarter of 2016 related to tax years 2007, 2008 and 2009. White Mountains recorded a tax benefit of $5.0 million in the first quarter of 2014 relating to the examination of tax years 2005 and 2006 for certain U.S. subsidiaries of OneBeacon. On June 22, 2016, White Mountains received the Closing Letter (Letter 1156) from the IRS Revenue Agent relating to the examination of tax year 2012 for Guilford Holdings, Inc. and subsidiaries. All disputed items have now been agreed to and resolved. As the receipt of the Closing Letter described above represents formal settlement, White Mountains recorded an increase to the deferred tax asset on net operating loss carryforwards of $0.6 million, and a corresponding increase to the valuation allowance, related to tax year 2012. |
Derivatives
Derivatives | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | ||
Derivatives | Derivatives | |
Variable Annuity Reinsurance | ||
Derivative [Line Items] | ||
Derivatives | Variable Annuity Reinsurance White Mountains entered into agreements to reinsure death and living benefit guarantees associated with certain variable annuities in Japan. During the third quarter of 2015, the variable annuity contracts reinsured by WM Life Re began to mature and were fully runoff by June 30, 2016. The reinsurance agreement was commuted in December 2016. The following table summarizes the pre-tax operating results of WM Life Re for the years ended December 31, 2016, 2015 and 2014 : Year Ended December 31, Millions 2016 2015 2014 Fees, included in other revenue $ 1.2 $ 9.3 $ 18.6 Change in fair value of variable annuity liability, included in other revenue (.3 ) (.4 ) 52.9 Change in fair value of derivatives, included in other revenue (2.0 ) (8.8 ) (72.4 ) Foreign exchange, included in other revenue 1.3 (1.3 ) (3.2 ) Other investment income and losses — (.4 ) (1.4 ) Total revenues .2 (1.6 ) (5.5 ) Change in fair value of variable annuity death benefit liabilities, included in general and administrative expenses — — .6 Death benefit claims paid, included in general and administrative expenses (.3 ) (.1 ) (.1 ) General and administrative expenses (2.6 ) (4.0 ) (4.3 ) Pre-tax loss $ (2.7 ) $ (5.7 ) $ (9.3 ) During 2013, the ratio of annuitants’ aggregate account values to the aggregate guarantee value provided by WM Life Re increased, and as a result, annuitants surrendered their policies at higher rates than WM Life Re observed in the past. In response to this trend, WM Life Re adjusted the projected surrender assumptions used in the valuation of its variable annuity reinsurance liability upward. In 2014, surrender rates continued to outpace assumptions and WM Life Re again adjusted the projected surrender assumptions. For the year ended December 31, 2014, the change in the fair value of the variable annuity liability included $0.2 million of losses associated with changes in projected surrender assumptions. There was no change in projected surrender assumptions in 2015 or 2016. The following summarizes net realized and unrealized derivative gains (losses) recognized in other revenue for the years ended December 31, 2016, 2015 and 2014 and the carrying values, included in other assets, as of December 31, 2016 and 2015 by type of instrument: Carrying Value Year Ended December 31, December 31, Millions 2016 2015 2014 2016 2015 Fixed income/interest rate $ 1.8 $ 6.4 $ (33.7 ) $ — $ .5 Foreign exchange (4.8 ) (7.3 ) (1.3 ) — 14.8 Equity 1.0 (7.9 ) (37.4 ) — 4.8 Total $ (2.0 ) $ (8.8 ) $ (72.4 ) $ — $ 20.1 The following table summarizes the changes in White Mountains’s variable annuity reinsurance liabilities and derivative instruments for the year ended December 31, 2016, 2015 and 2014 : Variable Annuity (Liabilities) Derivative Instruments Millions Level 3 Level 3 (1)(6) Level 2 (1)(2) Level 1 (3) Total (4) Balance at January 1, 2016 $ .3 $ 2.7 $ 16.5 $ .9 $ 20.1 Purchases — — — — — Net realized and unrealized (losses) gains (.3 ) (5) 2.9 (.7 ) (4.2 ) (2.0 ) Transfers in (out) — — — — — Sales/settlements — (5.6 ) (15.8 ) 3.3 (18.1 ) Balance at December 31, 2016 $ — $ — $ — $ — $ — Variable Annuity (Liabilities) Derivative Instruments Millions Level 3 Level 3 (1)(6) Level 2 (1)(2) Level 1 (3) Total (4) Balance at January 1, 2015 $ .7 $ 18.9 $ 33.8 $ 3.7 $ 56.4 Purchases — — — — — Net realized and unrealized (losses) gains (.4 ) (5) (9.7 ) (7.5 ) 8.4 (8.8 ) Transfers in (out) — — — — — Sales/settlements — (6.5 ) (9.8 ) (11.2 ) (27.5 ) Balance at December 31, 2015 $ .3 $ 2.7 $ 16.5 $ .9 $ 20.1 Variable Annuity (Liabilities) Derivative Instruments Millions Level 3 Level 3 (1)(6) Level 2 (1)(2) Level 1 (3) Total (4) Balance at January 1, 2014 $ (52.8 ) $ 63.4 $ 4.7 $ 1.1 $ 69.2 Purchases — — — — — Net realized and unrealized gains (losses) 53.5 (5) (38.6 ) (71.0 ) 37.2 (72.4 ) Transfers in (out) — — — — — Sales/settlements — (5.9 ) 100.1 (34.6 ) 59.6 Balance at December 31, 2014 $ .7 $ 18.9 $ 33.8 $ 3.7 $ 56.4 (1) Consists of over-the-counter instruments. (2) Consists of interest rate swaps, total return swaps, foreign currency forward contracts, and bond forwards. Fair value measurement based upon bid/ask pricing quotes for similar instruments that are actively traded, where available. Swaps for which an active market does not exist have been priced using observable inputs including the swap curve and the underlying bond index. (3) Consists of exchange traded equity index, foreign currency and interest rate futures. Fair value measurements based upon quoted prices for identical instruments that are actively traded. (4) In addition to derivative instruments, WM Life Re held cash, short-term and fixed maturity investments of $0.0 , $5.8 and $33.2 as of December 31, 2016, 2015 and 2014 posted as collateral to its reinsurance counterparties. (5) There was no changes in the fair value of variable annuity death benefit liabilities for the years ended December 31, 2016 and December 31, 2015. In 2014, $0.6 related to the change in the fair value of variable annuity death benefit liabilities, which are included in general and administrative expenses. (6) Consists of foreign currency options and equity options. In addition to derivative instruments, WM Life Re held cash and fixed maturity investments posted as collateral to its variable annuity reinsurance counterparties. The total collateral includes the following: December 31, Millions 2016 2015 Cash $ — $ 5.8 Fixed maturity investments — — Total $ — $ 5.8 Collateral in the form of fixed maturity securities consisted of Government of Japan Bonds, recorded at fair value. Collateral in the form of short-term investments consisted of money-market instruments, carried at amortized cost, which approximated fair value. All of White Mountains’s variable annuity reinsurance liabilities were classified as Level 3 measurements. The fair value of White Mountains’s variable annuity reinsurance liabilities were estimated using actuarial and capital market assumptions related to the projected discounted cash flows over the term of the reinsurance agreement. Actuarial assumptions regarding future policyholder behavior, including surrender and lapse rates, were generally unobservable inputs and significantly impacted the fair value estimates. Generally, the liabilities associated with these guarantees increased with declines in the equity markets, interest rates and currencies against the Japanese yen, as well as with increases in market volatilities. White Mountains used derivative instruments to mitigate the risks associated with changes in the fair value of the reinsured variable annuity guarantees. The types of inputs used to estimate the fair value of these derivative instruments, with the exception of actuarial assumptions regarding policy holder behavior and risk margins, were generally the same as those used to estimate the fair value of variable annuity liabilities. There were no open derivatives instruments remaining as of December 31, 2016. WM Life Re entered into both over-the-counter (“OTC”) and exchange traded derivative instruments to economically hedge the liability from the variable annuity benefit guarantee. In the case of OTC derivatives, WM Life Re had exposure to credit risk for amounts that were uncollateralized by counterparties. WM Life Re’s internal risk management guidelines established net counterparty exposure thresholds that took into account OTC counterparties’ credit ratings. The OTC derivative contracts were subject to restrictions on liquidation of the instruments and distribution of proceeds under collateral agreements. In the case of exchange traded instruments, WM Life Re had exposure to credit risk for amounts uncollateralized by margin balances. WM Life Re had master netting agreements with certain of its counterparties whereby the collateral provided (held) was calculated on a net basis. The following summarizes amounts offset under master netting agreements: December 31, 2015 Millions Gross asset amounts before offsets (1) Gross liability amounts offset under master netting arrangements Net amounts recognized in Other Assets Interest rate contracts OTC $ 2.4 $ (2.1 ) $ .3 Exchange traded .1 (.1 ) — Foreign exchange contracts OTC 15.0 — 15.0 Exchange traded .1 (.3 ) (.2 ) Equity contracts OTC 4.4 (.6 ) 3.8 Exchange traded 1.2 — 1.2 Total (2) $ 23.2 $ (3.1 ) $ 20.1 (1) Amount equal to fair value of instrument as recognized in other assets. (2) All derivative instruments held by WM Life Re were subject to master netting arrangements. There were no open derivative instruments as of December 31, 2016 and no exposure to credit losses on OTC and exchanged traded derivatives as of that date. The following summarizes the value, collateral held or provided by WM Life Re and net exposure to credit losses on OTC and exchange traded derivative instruments by counterparty recorded within other assets as of December 31, 2015: December 31, 2015 Millions Net amount of assets reflected in Balance Sheet Collateral provided to counterparty - Cash Collateral provided to counter-party - Financial Instruments Net amount of exposure after effect of collateral provided Excess collateral provided to counter-party- Cash Excess collateral provided - Financial Instruments Counter-party collateral held by WM Life Re- Cash Net amount of exposure to counter-party Standard & Poor's Rating (1) JP Morgan $ 8.5 $ — $ — $ 8.5 $ — $ — $ 5.5 $ 3.0 A + Bank of America .7 $ — — .7 $ — — — .7 A Citigroup - OTC 9.9 — — 9.9 — — 1.4 8.5 A Citigroup - Exchange Traded 1.0 — — 1.0 5.8 — — 6.8 A Total $ 20.1 $ — $ — $ 20.1 $ 5.8 $ — $ 6.9 $ 19.0 (1) Standard & Poor’s ratings as detailed above are: “A+” (Strong, which is the fifth highest of twenty-three creditworthiness ratings),“A” (which is the sixth highest of twenty-three creditworthiness ratings), “A-” (which is the seventh highest of twenty-three creditworthiness ratings), and BBB+ (which is the eighth highest of twenty-three creditworthiness ratings). |
Municipal Bond Guarantee Insura
Municipal Bond Guarantee Insurance | 12 Months Ended |
Dec. 31, 2016 | |
Insurance [Abstract] | |
Municipal Bond Guarantee Insurance | Municipal Bond Guarantee Insurance In 2012, HG Global was capitalized with $594.5 million from White Mountains and $14.5 million from non-controlling interests to fund BAM, a newly formed mutual municipal bond insurer. As of December 31, 2016 , White Mountains owned 96.9% of HG Global’s preferred equity and 88.4% of its common equity. HG Global, together with its subsidiaries, provided the initial capitalization of BAM through the purchase of $503.0 million of BAM Surplus Notes. HG Global provides first loss reinsurance protection for policies underwritten by BAM of up to 15% of par outstanding on a per policy basis through HG Re, which had statutory capital and surplus of $467.2 million and $452.9 million as of December 31, 2016 and 2015. HG Re’s obligations to BAM are collateralized in trusts, and there is an aggregate loss limit that is equal to the total assets in the collateral trusts at any point in time. At December 31, 2016 and 2015, the collateral trusts held assets of $465.4 million and $441.0 million , which included $300 million of BAM Surplus Notes. As of December 31, 2016 and 2015 , HG Global had pre-tax income of $22.2 million and $17.9 million , which included $17.8 million and $15.8 million of interest income on the BAM Surplus Notes. As of December 31, 2016 and 2015 , BAM had a pre-tax loss of $48.9 million and $47.3 million that was recorded in net loss attributable to non-controlling interests, which included $17.8 million and $15.8 million of interest expense on the BAM Surplus Notes. As of December 31, 2016, HG Global has accrued $108.0 million of interest receivable on the BAM Surplus Notes. The following table provides a schedule of BAM’s insured obligations: December 31, 2016 December 31, 2015 Contracts outstanding 4,807 3,103 Remaining weighted average contract period (in years) 10.8 12.8 Contractual debt service outstanding (in millions): Principal $ 33,057.3 $ 22,556.0 Interest $ 16,396.6 $ 11,984.4 Gross unearned insurance premiums $ 83.0 $ 50.2 The following table is a schedule of BAM’s expected premiums to be collected as of December 31, 2016 : Millions December 31, 2016 January 1, 2017 - March 31, 2017 $ 1.9 April 1, 2017 - June 30, 2017 1.8 July 1, 2017 - September 30, 2017 1.8 October 1, 2017 - December 31, 2017 1.8 7.3 2018 7.0 2019 6.6 2020 6.3 2021 5.9 2022 and thereafter 49.9 Total $ 83.0 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 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 Company’s computation of earnings per share from continuing operations for the years ended December 31, 2016, 2015 and 2014 . See Note 22 — “Held for Sale and Discontinued Operations” for earnings per share amounts for discontinued operations. Year Ended December 31, 2016 2015 2014 Basic and diluted earnings per share numerators (in millions): Net income from continuing operations attributable to White Mountains’s common shareholders $ (2.3 ) $ 200.7 $ 53.2 Allocation of income for unvested restricted common shares (1) — (2.3 ) (0.7 ) Dividends declared on participating restricted common shares (1) — (.1 ) (.1 ) Total allocation to restricted common shares — (2.4 ) (0.8 ) Net income attributable to White Mountains’s common shareholders, $ (2.3 ) $ 198.3 $ 52.4 Undistributed net earnings (in millions): Net income attributable to White Mountains’s common shareholders, $ (2.3 ) $ 198.3 $ 52.4 Dividends declared net of restricted common share amounts (1) (5.4 ) (5.9 ) (6.1 ) Total undistributed net earnings, net of restricted common share amounts $ (7.7 ) $ 192.4 $ 46.3 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 (2) (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 (2) (64.8 ) (68.0 ) (78.9 ) Diluted earnings per share denominator (3) 4,953.3 5,811.2 6,026.0 Basic earnings per share (in dollars): Net income attributable to White Mountains’s common shareholders $ (0.47 ) $ 34.12 $ 8.70 Dividends declared and paid (1.00 ) (1.00 ) (1.00 ) Undistributed (loss) earnings $ (1.47 ) $ 33.12 $ 7.70 Diluted earnings per share (in dollars) Net income attributable to White Mountains’s common shareholders $ (0.47 ) $ 34.12 $ 8.70 Dividends declared and paid (1.00 ) (1.00 ) (1.00 ) Undistributed (loss) earnings $ (1.47 ) $ 33.12 $ 7.70 (1) Restricted shares issued by White Mountains receive dividends, and therefore, are considered participating securities. (2) Restricted common shares outstanding vest either in equal annual installments or upon a stated date. See Note 13 — “Employee Share-Based Incentive Compensation Plans” . (3) The diluted earnings (loss) per share denominator for the year 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. Prior periods do 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. |
Retirement and Postretirement P
Retirement and Postretirement Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement and Postretirement Plans | Retirement and Postretirement Plans OneBeacon previously sponsored the OneBeacon qualified pension plan (the “Qualified Plan”). During the year ended December 31, 2016, the Qualified Plan finalized its termination by purchasing group annuity contracts from the Principal Financial Group (“Principal”), and making lump sum distributions to Qualified Plan participants electing such payments, which eliminated the remaining Qualified Plan liability and also ceased administratively paying benefits. During the year ended December 31, 2016, OneBeacon recognized an estimated pre-tax pension settlement gain of $3.0 million , primarily resulting from a refund from Principal related to the final settlement of the Qualified Plan. As of December 31, 2016, OneBeacon no longer has a projected benefit obligation with respect to the Qualified Plan. During the year ended December 31, 2016, OneBeacon transferred $47.1 million of excess invested assets from the Qualified Plan into the trust supporting the OneBeacon 401(k) Savings and Employee Stock Ownership Plan (“KSOP”), which OneBeacon determined to be the Qualified Replacement Plan (“QRP”). See Note 13 — “Employee Share-Based Incentive Compensation Plans” . As of December 31, 2016, an additional $13.0 million of excess invested assets remain in the Qualified Plan trust for potential post-termination obligations of that plan, as approved by a March 2016 private letter ruling from the IRS. The invested assets related to both the Qualified Plan and the QRP are included in other assets and are accounted for at fair value with related income recognized in net other revenues (expenses). OneBeacon continues to sponsor a non-qualified, non-contributory, defined benefit pension plan (“Non-qualified Plan”) covering certain employees who were employed as of December 31, 2001 and former employees who had met the eligibility requirements, as well as retirees. The Non-qualified Plan was frozen and curtailed in 2002, resulting in the pension benefit obligation being equal to the accumulated benefit obligation. The benefits are based primarily on years of service and employees’ compensation through December 31, 2002. OneBeacon’s funding policy is generally to contribute amounts to satisfy actual disbursements for the calendar year. There are no regulatory funding requirements that apply to the Non-qualified Plan. The following tables set forth the obligations and funded status, assumptions, plan assets and cash flows associated with the Plans as of December 31, 2016 and 2015 : Pension Benefits December 31, Millions 2016 2015 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 109.5 $ 119.7 Service cost .2 .9 Interest cost 1.5 4.6 Settlement loss (gain) on projected benefit obligation (1)(2) 1.2 (1.8 ) Assumption changes (.9 ) (3.5 ) Actuarial loss .4 .9 Annuity contract purchases related to termination of Qualified Plan (3) (69.0 ) — Benefits, including lump sum payments, and expenses paid with plan assets (3) (17.0 ) (13.7 ) Benefits paid directly by OneBeacon (2.1 ) (2.2 ) Remeasurement due to plan termination (4) — 4.6 Projected benefit obligation at end of year $ 23.8 $ 109.5 Change in plan assets: Fair value of plan assets at beginning of year $ 139.8 $ 146.0 Actual return on plan assets 6.3 7.5 Annuity contract purchases related to termination of Qualified Plan (3) (69.0 ) — Transfer of assets to the QRP (5) (47.1 ) — Benefits and expenses paid (17.0 ) (13.7 ) Fair value of plan assets at end of year $ 13.0 $ 139.8 (Unfunded) over funded status at end of year $ (10.8 ) $ 30.3 (1) During the year ended December 31, 2016, OneBeacon recognized a $1.2 million settlement loss primarily resulting from final settlement of the Qualified Plan. (2) During the fourth quarter of 2015, OneBeacon triggered settlement accounting for the Qualified Plan as the total lump sum payments exceeded the service plus interest costs, resulting in a $1.8 adverse effect on accumulated other comprehensive income. (3) During the year ended December 31, 2016, the Qualified Plan finalized its termination by purchasing group annuity contracts for $69.0 million from Principal and making lump sum distributions, included in the $17.0 million above, to Qualified Plan participants electing such payments. (4) As of December 31, 2015, the projected benefit obligation was valued on a plan termination basis. (5) During the year ended December 31, 2016, OneBeacon transferred excess invested assets from the Qualified Plan after its termination into the trust supporting the QRP. The unfunded status of the consolidated pension plans as of December 31, 2016 was $10.8 million , which includes $13.0 million of excess invested assets remaining in the Qualified Plan trust for potential post-termination obligations of that plan and an under-funding of $23.8 million related to the Non-qualified Plan. The Non-qualified Plan, which is unfunded, does not hold any assets. OneBeacon has set aside $20.6 million in an irrevocable rabbi trust for the benefit of Non-qualified Plan participants. Assets held in the rabbi trust are not reflected in the unfunded status of the consolidated pension plans as presented but are included in other assets in the consolidated balance sheet. During the year ended December 31, 2016, OneBeacon transferred $47.1 million of excess invested assets from the Qualified Plan into the QRP. Amounts recognized in the financial statements as of December 31, 2016 and 2015 consist of: December 31, Millions 2016 2015 Net balance sheet asset recorded in other assets $ 13.0 $ 55.8 Net balance sheet liability recorded in other liabilities (23.8 ) (25.5 ) Net amount recognized in the financial statements $ (10.8 ) $ 30.3 Information for the Non-qualified Plan, which had accumulated benefit obligations in excess of plan assets, was as follows: December 31, Millions 2016 2015 Projected benefit obligation $ 23.8 $ 25.5 Accumulated benefit obligation $ 23.8 $ 25.5 Fair value of plan assets $ — $ — During the year ended December 31, 2016, information for the Qualified Plan, which had accumulated benefit obligations less than plan assets until its termination, was finalized. Information for the Qualified Plan was as follows: December 31, Millions 2016 2015 Projected benefit obligation $ — $ 84.0 (1) Accumulated benefit obligation $ — $ 84.0 (1) Fair value of plan net assets $ 13.0 $ 139.8 (1) Measured on a plan termination basis The amounts recognized in accumulated other comprehensive loss on a pre-tax basis and before non-controlling interest for the years ended December 31, 2016 and 2015 were as follows: December 31, Millions 2016 2015 Accumulated other comprehensive loss beginning balance $ (8.0 ) $ (8.0 ) Increase (decrease) in accumulated other comprehensive loss: Amortization of net actuarial gains recognized during the year 1.3 1.3 Net actuarial gains (losses) occurring during the year (1) 3.2 (1.3 ) Qualified Plan termination impact (2) (3.0 ) — Accumulated other comprehensive loss ending balance $ (6.5 ) $ (8.0 ) (1) Net actuarial gains in 2016 resulted from investment returns and demographic experience different than assumed. The 2015 net actuarial losses reflect the valuation of the Qualified Plan on a termination basis. (2) During the year ended December 31, 2016, OneBeacon recognized a $ 3.0 million gain resulting from the final settlement of the Qualified Plan. The amount in accumulated other comprehensive loss, on a pre-tax basis, that has not yet been recognized as a component of net periodic benefit cost for the year ended December 31, 2016 is attributable to net losses. During 2017, OneBeacon expects $0.9 million will be amortized from accumulated other comprehensive loss into net periodic benefit cost. The components of net periodic benefit cost (income) for the years ended December 31, 2016, 2015 and 2014 were as follows: Year Ended December 31, Millions 2016 2015 2014 Service cost $ .2 $ .9 $ .6 Interest cost 1.5 4.6 4.7 Expected return on plan assets (1.0 ) (8.7 ) (8.5 ) Amortization of net actuarial losses 1.3 1.3 .3 Net periodic pension (cost) income before special termination benefits 2.0 (1.9 ) (2.9 ) Settlement gain (1) (3.0 ) — — Special termination benefits expense (2) — — .3 Total net periodic benefit income $ (1.0 ) $ (1.9 ) $ (2.6 ) (1) Represents the impact of the termination of the Qualified Plan during the year ended December 31, 2016. (2) Special termination benefits represent additional payments made from the Qualified Plan to certain vested participants when their employment was terminated due to a reduction in force. Assumptions The weighted average discount rate assumptions used to determine benefit obligations was 3.78% and 3.22% as of December 31, 2016 and 2015 . The weighted average assumptions used to determine net periodic benefit cost included a 3.88% discount rate and 3.00% expected long-term rate of return on plan assets for the year ended December 31, 2016 . The weighted average assumptions used to determine net periodic benefit cost included a 3.91% discount rate and 6.00% expected long-term rate of return on plan assets for the year ended December 31, 2015 . OneBeacon’s discount rate assumptions used to account for the Plans reflect the rates at which the benefit obligations could be effectively settled. In addition to consideration of published yields for high quality long-term corporate bonds, U.S. Treasuries and insurance company annuity contract pricings, consideration was given to cash flow matching analyses. OneBeacon performed an analysis of expected long-term rates of return based on the allocation of its Qualified Plan assets as of December 31, 2015 and 2014 to develop expected rates of return for 2016 and 2015 for each significant asset class or economic indicator. A range of returns was developed based both on forecasts and on broad market historical benchmarks for expected return, correlation, and volatility for each asset class. During 2015, OneBeacon changed the asset allocation to more fixed income and shorter duration in anticipation of the plan termination, which resulted in a decrease in this assumption as compared to the prior year. Plan Assets The remaining assets of the Qualified Plan, which are managed internally by OneBeacon and consist substantially of common equity securities tracking the S&P 500 and Russell 1000 indices, are held for potential post-termination obligations of the plan, as approved by a March 2016 private letter ruling from the IRS. The Qualified Plan's investments are stated at fair value. The fair value of the Qualified Plan’s assets and their related inputs as of December 31, 2016 and 2015 by asset category were as follows: December 31, 2016 December 31, 2015 Millions Fair Value (1) Level 1 Inputs Level 2 Inputs Level 3 Inputs Fair Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Common equity securities $ 12.8 $ 12.8 $ — $ — $ — $ — $ — $ — Fixed maturity investments — — — — 132.4 132.4 — — Short-term investments — — — — 7.0 7.0 — — Total $ 12.8 $ 12.8 $ — $ — $ 139.4 $ 139.4 $ — $ — (1) Excludes cash and short-term investments There were no transfers between Levels 1, 2 or 3 during the years ended December 31, 2016 and 2015 . The Qualified Plan’s asset allocations as of December 31, 2016 and 2015 , by asset category were as follows: Plan Assets at December 31, Asset Category 2016 2015 Common equity securities 98.5 % — % Fixed maturity investments — 95.0 Cash and short-term investments 1.5 5.0 Total 100.0 % 100.0 % Cash Flows OneBeacon anticipates contributing $2.1 million to the Non-qualified Plan in 2017, for which OneBeacon has assets held in a rabbi trust. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Millions Expected Benefit Payments 2017 $ 2.1 2018 2.1 2019 2.0 2020 2.0 2021 1.9 2022 - 2026 8.4 Other Benefit Plans OneBeacon sponsors a defined contribution plan, the OneBeacon 401(k) Savings and KSOP, covering the majority of its employees. The contributory plan provides qualifying employees with matching contributions of 50% up to the first 6% of salary (subject to U.S. federal limits on allowable contributions in a given year). During 2016, the matching contribution of the contributory plan was replaced with a fixed 3% of salary employer contribution (subject to federal limits on allowable contributions in a given year). The total expense for employer contributions to the plan was $3.2 million , $3.0 million and $2.7 million in 2016, 2015 and 2014 . The employee stock ownership component of the KSOP provides all of its participants with an annual base contribution in common shares equal to 3% of their salary, up to the applicable Social Security wage base ( $118,500 for 2016 ). Additionally, those participants not otherwise eligible to receive certain other OneBeacon benefits can earn a variable contribution of up to 6% of their salary, subject to the applicable IRS annual covered compensation limits ( $265,000 for 2016 ) and contingent upon OneBeacon’s performance. White Mountains recorded $5.5 million , $5.7 million and $4.4 million in compensation expense to pay benefits and allocate common shares to participant’s accounts for the years ended 2016, 2015 and 2014 . OneBeacon had a post-employment benefit liability, which primarily relates to disability and health benefits available to former employees, of $3.1 million and $4.1 million as of December 31, 2016 and 2015 . OneBeacon also had a post-employment benefit liability related to death benefits to beneficiaries of former executives of $12.8 million and $12.5 million as of December 31, 2016 and 2015 . OneBeacon has set aside funds to satisfy its obligation in a rabbi trust of $29.3 million and $33.9 million as of December 31, 2016 and 2015 . During 2016, OneBeacon withdrew $5.5 million from the rabbi trust in accordance with the trust agreement, which remains overfunded. |
Employee Share-Based Incentive
Employee Share-Based Incentive Compensation Plans | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Share-Based Incentive Compensation Plans | Employee Share-Based Incentive Compensation Plans White Mountains’s share-based incentive compensation plans are designed to incentivize key employees and service providers to maximize shareholder value over long periods of time. White Mountains believes that this is best pursued by utilizing a pay-for-performance program that closely aligns the financial interests of management with those of its shareholders. White Mountains accomplishes this by emphasizing highly variable long-term compensation that is contingent on performance over a number of years rather than entitlements. White Mountains expenses all its share-based compensation. As a result, White Mountains’s calculation of its owners’ returns includes the expense of all outstanding share-based compensation awards. Incentive Compensation Plans White Mountains’s Long-Term Incentive Plan (the “WTM Incentive Plan”) provides for grants of various types of share-based and non-share-based incentive awards to key employees and service providers of White Mountains. The WTM Incentive Plan was adopted by the Board, was approved by the Company’s sole shareholder in 1985 and was subsequently amended by its shareholders in 1995, 2001, 2003, 2005, 2010 and 2013. Share-based incentive awards that may be granted under the plan include performance shares, restricted shares, incentive stock options and non-qualified stock options (“Non-Qualified Options”). Performance shares are conditional grants of a specified maximum number of common shares or an equivalent amount of cash. Awards generally vest at the end of a three -year period, are subject to the attainment of pre-specified performance goals, and are valued based on the market value of common shares at the time awards are paid. Performance shares earned under the WTM Incentive Plan are typically paid in cash but may be paid in common shares. Compensation expense is recognized on a pro rata basis over the vesting period of the awards. The OneBeacon Long-Term Incentive Plan (the “OneBeacon Incentive Plan”) provides for grants to key employees of OneBeacon various types of share-based incentive awards, including performance shares, restricted shares, restricted stock units and Non-Qualified Options. White Mountains offers certain types of share-based compensation under qualified retirement plans. The defined contribution plan sponsored by OneBeacon, the OneBeacon 401(k) Savings and Employee Stock Ownership Plan (“KSOP”), offers U.S. domiciled participants the ability to invest their balances in several different investment options, including the common shares of the Company or OneBeacon. The employee stock ownership component of the KSOP provides all participants with an annual base contribution in common shares of the Company or OneBeacon, depending on their employer, equal to 3% of their salary, up to the applicable Social Security wage base ( $118,500 for 2016 ). Additionally, those participants not otherwise eligible to receive certain other benefits can earn a variable contribution of up to 6% of their salary, subject to the applicable IRS annual covered compensation limits ( $265,000 for 2016 ) and contingent upon the Company’s or OneBeacon’s performance. Performance Shares Performance shares are designed to reward company-wide performance. The level of payout ranges from zero to two times the number of shares initially granted, depending on White Mountains’s financial performance. Performance shares become payable at the conclusion of a performance cycle (typically three years) if pre-defined financial targets are met. The principal performance measure used for determining performance share payouts is after-tax growth in White Mountains’s intrinsic business value per share. The Compensation Committee historically has considered the growth in intrinsic business value per share to be based equally on the growth of economic value per share and growth in adjusted book value per share, both inclusive of dividends. Economic value is calculated by adjusting the GAAP book value per share for differences between the GAAP carrying values of certain assets and liabilities and White Mountains’s estimate of their underlying economic values (for example, the time value discount in loss reserves). The following summarizes performance share activity for the years ended December 31, 2016, 2015 and 2014 for performance shares granted under the WTM Incentive Plan: Year Ended December 31, 2016 2015 2014 $ in millions Target Performance Shares Outstanding Accrued Expense Target Performance Shares Outstanding Accrued Expense Target Performance Shares Outstanding Accrued Expense Beginning of period 93,654 $ 57.7 111,257 $ 44.4 108,605 $ 54.9 Shares paid or expired (1) (36,294 ) (41.0 ) (42,959 ) (30.8 ) (33,730 ) (24.5 ) New grants 22,615 — 29,195 — 39,590 — Assumed forfeitures and cancellations (2) 378 .5 (3,839 ) (.3 ) (3,208 ) (.1 ) Expense recognized — 25.2 — 44.4 — 14.1 End of period (3) 80,353 $ 42.4 93,654 $ 57.7 111,257 $ 44.4 (1) WTM performance share payments in 2016 for the 2013-2015 performance cycle ranged from 140% to 142% of target. WTM performance shares payments in 2015 for the 2012-2014 performance cycle ranged from 91% to 145.5% of target. WTM performance shares payments in 2014 for the 2011-2013 performance cycle ranged from 88% to 131.5% of target. (2) Amounts include changes in assumed forfeitures, as required under GAAP. (3) Outstanding performance share awards as of December 31, 2016, 2015 and 2014 exclude 7,315 , 10,826 and 12,607 unvested performance shares awards for employees of Sirius Group. For the 2013-2015 performance cycle, the Company issued common shares for 5,000 performance shares earned and all other performance shares earned were settled in cash. For the 2012-2014 performance cycle, all performance shares earned were settled in cash. For 2011-2013 performance cycle, the Company issued 3,570 performance shares earned and all performance shares earned were settled in cash. If the outstanding WTM performance shares had vested on December 31, 2016 , the total additional compensation cost to be recognized would have been $23.1 million , based on accrual factors as of December 31, 2016 (common share price and payout assumptions). Performance shares granted under the WTM Incentive Plan The following table summarizes performance shares outstanding and accrued expense for performance shares awarded under the WTM Incentive Plan as of December 31, 2016 for each performance cycle: $ in millions Target WTM Performance Shares Outstanding Accrued Expense Performance cycle: 2016 – 2018 19,615 $ 5.4 2015 – 2017 31,795 19.1 2014 – 2016 30,167 18.6 Sub-total 81,577 43.1 Assumed forfeitures (1,224 ) (.7 ) Total at December 31, 2016 80,353 $ 42.4 For the 2016-2018 performance cycle, the Compensation Committee will use its judgment to evaluate management’s performance by taking into account all facts the Compensation Committee deems relevant including the Company’s growth in intrinsic business value per share to determine the payout of the performance shares on a 0% - 200% scale. For the 2015-2017 performance cycle, the targeted performance goal for full payment of outstanding performance shares granted under the WTM Incentive Plan to non-investment personnel is an 8% growth in intrinsic business value per share. Growth of 2% or less would result in no payout and growth of 14% or more would result in a payout of 200% . For the 2014-2016 performance cycle, the targeted performance goal for full payment of outstanding performance shares granted under the WTM Incentive Plan to non-investment personnel is a 9% growth in intrinsic business value per share. Growth of 3% or less would result in no payout and growth of 15% or more would result in a payout of 200% . For investment personnel, the targeted performance goal for full payment of outstanding performance shares granted under the WTM Incentive Plan is based one-third on growth in intrinsic business value per share (as described above), one-third on achieving a total return on invested assets as measured against metrics based on U.S. Treasury Note returns and one-third on achieving a total return on invested assets as measured against metrics based on the Bloomberg Barclays U.S. Intermediate Aggregate Index returns. Restricted Shares The following outlines the unrecognized compensation cost associated with the outstanding restricted share awards under the WTM Incentive Plan for the years ended December 31, 2016, 2015 and 2014 : Year Ended December 31, 2016 2015 2014 $ in millions Restricted Shares Unamortized Issue Date Fair Value Restricted Shares Unamortized Issue Date Fair Value Restricted Shares Unamortized Issue Date Fair Value Non-vested, Beginning of period 70,675 $ 15.7 83,314 $ 14.3 94,130 $ 17.0 Issued 25,365 20.2 23,640 15.7 23,440 13.1 Vested (24,620 ) — (36,279 ) — (33,205 ) — Forfeited (800 ) (.3 ) — — (1,051 ) (.5 ) Expense recognized — (15.9 ) — (14.3 ) — (15.3 ) End of period (1) 70,620 $ 19.7 70,675 $ 15.7 83,314 $ 14.3 (1) Outstanding restricted share awards as of December 31, 2016, 2015 and 2014 include 5,235 , 9,205 , and 12,477 unvested restricted shares for employees of Sirius Group. During 2016, White Mountains issued 24,615 restricted shares that vest on January 1, 2019 and 750 restricted shares that vest on January 1, 2018. During 2015, White Mountains issued 23,640 restricted shares that vest on January 1, 2018. During 2014, White Mountains issued 23,440 restricted shares that vest on January 1, 2017. The unrecognized compensation cost as of December 31, 2016 is expected to be recognized ratably over the remaining vesting periods. Stock Options Non-Qualified Options As of December 31, 2016 and 2015, the Company’s Chairman and CEO held 40,000 and 125,000 Non-Qualified Options, which are exercisable at a fixed price of $742 per common share and expire on January 20, 2017. During 2016, 5,000 Non-Qualified Options, with an intrinsic value of $0.4 million , were exercised at $742 per common share and 80,000 Non-Qualified Options, with an intrinsic value of $8.4 million , were exercised in exchange for 9,930 common shares with an equal total market value. Intrinsic value represents the difference between the market price of the Company’s common shares at the date of exercise less the strike price of $742 per common share. The Non-Qualified Options were fully amortized as of 2011. Share-Based Compensation Based on OneBeacon Ltd. Common Shares The OneBeacon Long-Term Incentive Plan (the “OneBeacon Incentive Plan”) provides for grants to key employees of OneBeacon various types of share-based and non share-based incentive awards. OneBeacon’s share-based incentive awards include OneBeacon performance shares and restricted shares. OneBeacon Performance Shares The following summarizes activity for the years ended December 31, 2016, 2015 and 2014 for OneBeacon performance shares granted under the OneBeacon Incentive Plan: Year Ended December 31, 2016 2015 2014 $ in millions Target Performance Shares Outstanding Accrued Expense Target Performance Shares Outstanding Accrued Expense Target Performance Shares Outstanding Accrued Expense Beginning of period 449,435 $ 1.4 517,470 $ 3.4 493,421 $ 4.0 Payments and deferrals (1) (167,300 ) (.6 ) (181,290 ) (1.5 ) (142,138 ) (1.0 ) New awards 163,150 — 154,887 — 165,800 — Forfeitures and cancellations (2) 7,234 — (41,632 ) (.1 ) 387 — Expense recognized — .8 — (.4 ) — .4 End of period 452,519 $ 1.6 449,435 $ 1.4 517,470 $ 3.4 (1) OneBeacon performance share payments in 2016 for the 2013-2015 performance cycle were at 24.3% of target. OneBeacon performance share payments in 2015 for the 2012-2014 performance cycle were at 45.7% of target. OneBeacon performance share payments in 2014 for the 2011-2013 performance cycle were at 37.1% of target. (2) Amounts include changes in assumed forfeitures, as required under GAAP. The following summarizes OneBeacon performance shares outstanding awarded under the OneBeacon Incentive Plan as of December 31, 2016 for each performance cycle: $ in millions Target OneBeacon Performance Shares Outstanding Accrued Expense Performance cycle: 2016 – 2018 163,150 $ .9 2015 – 2017 146,659 .7 2014 – 2016 142,710 — Total at December 31, 2016 452,519 $ 1.6 If the outstanding OneBeacon performance shares had been vested on December 31, 2016 , the total additional compensation cost to be recognized would have been $2.1 million , based on December 31, 2016 accrual factors (common share price, accumulated dividends and payout assumptions). The targeted performance goal for full payment of the outstanding OneBeacon performance shares granted during 2016 is growth in book value per share of 12% . At a growth in book value per share of 5% or less, no performance shares would be earned and at a growth in book value per share of 19% or more, 200% of performance shares would be earned. The targeted performance goal for full payment of the outstanding OneBeacon performance shares granted during 2015 is growth in book value per share of 13% . At a growth in book value per share of 6% or less, no performance shares would be earned and at a growth in book value per share of 20% or more, 200% of performance shares would be earned. The targeted performance goal for full payment of the outstanding OneBeacon performance shares granted during 2014 is growth in book value per share of 14% . At a growth in book value per share of 7% or less, no performance shares would be earned and at a growth in book value per share of 21% or more, 200% of performance shares would be earned. OneBeacon Restricted Shares The following table summarizes the unrecognized compensation cost associated with the outstanding OneBeacon restricted stock awards for the years ended December 31, 2016, 2015 and 2014 . Year Ended December 31, 2016 2015 2014 $ in millions Restricted Shares Unamortized Issue Date Fair Value Restricted Shares Unamortized Issue Date Fair Value Restricted Shares Unamortized Issue Date Fair Value Beginning of period 382,722 $ 2.5 612,500 $ 3.5 915,000 $ 6.5 Issued 170,650 2.3 75,950 1.1 — — Vested (157,500 ) — (296,000 ) — (300,000 ) — Forfeited — — (9,728 ) (.1 ) (2,500 ) — Expense recognized — (2.7 ) — (2.0 ) — (3.0 ) End of period 395,872 $ 2.1 382,722 $ 2.5 612,500 $ 3.5 On February 24, 2016, OneBeacon issued 170,650 shares of restricted stock, of which 92,500 restricted shares vest on February 24, 2018 and 78,150 vest on January 1, 2019. On February 24, 2015, OneBeacon issued to certain employees 75,950 shares of restricted stock, which are scheduled to cliff vest on January 1, 2018. On May 25, 2011, OneBeacon issued 630,000 restricted shares to its CEO that vest in four equal annual installments beginning on February 22, 2014, 2015, 2016 and 2017. Concurrently with the grant of the restricted shares, 35,000 OneBeacon performance shares issued to OneBeacon’s CEO for the 2011-2013 performance share cycle were forfeited and performance share awards to OneBeacon’s CEO for the subsequent 5 years have been or will also be reduced by 35,000 shares. The restricted shares contain dividend participation features, and therefore, are considered participating securities. The unrecognized compensation cost as of December 31, 2016 is expected to be recognized ratably over the remaining vesting periods. OneBeacon Restricted Stock Units During the year ended December 31, 2016 , 233,461 RSUs were issued, with 214,506 RSUs outstanding as of December 31, 2016 that are scheduled to cliff vest on December 31, 2018. During the year ended December 31, 2015, 226,778 RSUs were issued, with 173,042 RSUs outstanding as of December 31, 2016 that are scheduled to cliff vest on December 31, 2017. At vesting the RSUs will be paid out in cash or common shares at the discretion of the Compensation Committee. Compensation expense associated with the RSUs, which is recognized ratably over the three year vesting period, was $2.1 million and $0.8 million for the year ended December 31, 2016 and 2015. If 100% of the outstanding RSUs had been vested on December 31, 2016, the total additional compensation cost to be recognized would have been $3.9 million , based on current accrual factors (common share price and accumulated dividends) as of December 31, 2016. Share-based Compensation Under Qualified Retirement Plans Contributions to the KSOP with respect to the years ended 2016, 2015 and 2014 were made with either the Company’s or OneBeacon Ltd.’s common shares, dependent on the employer. The variable contribution amounts for eligible participants of the KSOP constituted approximately 3% , 3% and 2% of salary for the years ended 2016, 2015 and 2014 . White Mountains recorded $5.5 million , $5.7 million and $4.4 million in compensation expense to pay benefits and allocate common shares to participant’s accounts for the years ended 2016, 2015 and 2014 . As of December 31, 2016 and 2015 , the plans owned less than 3% or less of either of the Company’s or OneBeacon Ltd.’s total common shares outstanding. All White Mountains common shares held by the KSOP are considered outstanding for earnings (loss) per share computations. |
Common Shareholders_ Equity and
Common Shareholders’ Equity and Non-controlling Interests | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Common Shareholder's Equity | Common Shareholders’ Equity and Non-controlling Interests Common Shares Repurchased and Retired During the past several years, White Mountains’s board of directors authorized the Company to repurchase its common shares, from time to time, subject to market conditions. Shares may be repurchased on the open market or through privately negotiated transactions. The repurchase authorizations do not have a stated expiration date. As of December 31, 2016 , White Mountains may repurchase an additional 878,130 shares under these board authorizations. In addition, from time to time White Mountains has also repurchased its common shares through tender offers that were separately approved by its board of directors. During 2016, the Company repurchased 1,106,145 common shares for $887.2 million at an average share price of $802 , which were comprised of 1,098,123 common shares repurchased under the board authorization for $881.4 million at an average share price of $803 and 8,022 common shares repurchased pursuant to employee benefit plans. Shares repurchased pursuant to employee benefit plans do not fall under the board authorizations referred to above. During 2015, the Company repurchased 387,495 common shares for $284.2 million at an average share price of $733 , which were comprised of 361,839 common shares repurchased under the board authorization for $267.4 million at an average share price of $739 and 10,802 common shares repurchased pursuant to employee benefit plans. During 2014, the Company repurchased 217,879 common shares for $134.5 million at an average share price of $617 , which were comprised of 207,404 common shares repurchased under the board authorization for $128.2 million at an average share price of $618 and 10,475 common shares repurchased pursuant to employee benefit plans. Common Shares Issued During 2016 , the Company issued a total of 47,030 common shares, which consisted of 25,365 restricted shares to key personnel, 14,930 shares issued to the Company’s Chairman and CEO as a result of exercised options, 5,000 shares issued in satisfaction of performance shares and 1,735 shares issued to directors of the Company. During 2015 , the Company issued a total of 25,016 common shares, which consisted of 23,640 restricted shares issued to key management personnel and 1,376 shares issued to directors of the Company. During 2014 , the Company issued a total of 28,405 common shares, which consisted of 23,440 restricted shares to key personnel, 3,570 shares issued in satisfaction of performance shares and 1,395 shares issued to directors of the Company. Dividends on Common Shares For the years ended December 31, 2016, 2015 and 2014 , the Company declared and paid cash dividends totaling $5.4 million , $6.0 million and $6.2 million (or $1.00 per common share). Non-controlling Interests Non-controlling interests consist of the ownership interests of non-controlling shareholders in consolidated entities and are presented separately on the balance sheet. The following table details the balance of non-controlling interests included in White Mountains’s total equity and the related percentage of each consolidated entity’s total equity owned by non-controlling shareholders as of December 31, 2016 and 2015: December 31, 2016 December 31, 2015 $ in millions Non-controlling Percentage Non-controlling Equity Non-controlling Percentage Non-controlling Equity OneBeacon Ltd. 23.9 % $ 244.6 24.5 % $ 245.6 SIG Preference Shares — — 100.0 250.0 Other, excluding mutuals and reciprocals HG Global 3.1 16.6 3.1 17.1 MediaAlpha 40.0 11.7 40.0 14.4 Dewar 18.8 3.9 19.0 3.7 Buzzmove 29.1 2.9 — — Wobi 5.0 .7 3.9 .6 Tranzact — — 36.8 79.4 Total other, excluding mutuals and reciprocals 35.8 115.2 Mutuals and reciprocals BAM 100.0 (150.9 ) 100.0 (140.0 ) SSIE 100.0 4.4 100.0 (16.0 ) Total mutuals and reciprocals (146.5 ) (156.0 ) Total non-controlling interests $ 133.9 $ 454.8 |
Statutory Capital and Surplus
Statutory Capital and Surplus | 12 Months Ended |
Dec. 31, 2016 | |
Insurance [Abstract] | |
Statutory Capital and Surplus | Statutory Capital and Surplus White Mountains’s insurance operations are subject to regulation and supervision in each of the jurisdictions where they are domiciled and licensed to conduct business. Generally, regulatory authorities have broad supervisory and administrative powers over such matters as licenses, standards of solvency, premium rates, policy forms, investments, security deposits, methods of accounting, form and content of financial statements, reserves for unpaid loss and LAE, reinsurance, minimum capital and surplus requirements, dividends and other distributions to shareholders, periodic examinations and annual and other report filings. In general, such regulation is for the protection of policyholders rather than shareholders. The NAIC uses risk-based capital (“RBC”) standards for U.S. property and casualty insurers as a means of monitoring certain aspects affecting the overall financial condition of insurance companies. As of December 31, 2016 , White Mountains’s active U.S. insurance operating subsidiaries exceeded their respective RBC requirements. The Insurance Act 1978 of Bermuda and related regulations, as amended (“Insurance Act”), regulates the insurance business of Bermuda-domiciled insurers. Under the Insurance Act, insurers are required to maintain available statutory capital and surplus at a level equal to or in excess of its enhanced capital requirement which is established by reference to either a Bermuda Solvency Capital Requirement (“BSCR”) model or an approved internal capital model. Generally, the Bermuda Monetary Authority (“BMA”) has broad supervisory and administrative powers over such matters as licenses, standards of solvency, investments, methods of accounting, form and content of financial statements, minimum capital and surplus requirements, and annual and other report filings. OneBeacon: OneBeacon’s U.S. combined statutory surplus was $624.8 million and $622.3 million as of December 31, 2016 and 2015 . OneBeacon’s combined U.S. statutory net income (loss) for the years ended December 31, 2016, 2015 and 2014 was $36.7 million , $44.5 million and $(14.2) million . The minimum policyholders' surplus necessary to satisfy OneBeacon’s top tier regulated U.S. insurance subsidiary, ASIC, regulatory requirements was $107.5 million as of December 31, 2016 , which equals the authorized control level of the NAIC risk-based capital of ASIC’s policyholders’ surplus. Split Rock’s statutory capital and surplus was $270.2 million and $249.5 million as of December 31, 2016 and 2015, which met Bermuda’s statutory capital and surplus requirements. Split Rock reported $42.4 million , $45.5 million and $46.2 million of statutory net income for the years ended December 31, 2016, 2015 and 2014 . The principle differences between OneBeacon’s combined U.S. and Split Rock’s statutory reported amounts, and the amounts reported in accordance with GAAP include deferred acquisition costs, deferred taxes, and market value adjustments for debt securities. OneBeacon’s insurance subsidiaries' statutory policyholders’ surplus as of December 31, 2016 was in excess of the minimum requirements of relevant state and Bermuda insurance regulations. HG Global/BAM: HG Re is a Special Purpose Insurer under Bermuda insurance regulations and is subject to regulation and supervision by the BMA. As of December 31, 2016 , HG Re had statutory capital and surplus of $467.2 million . As a Special Purpose Insurer, HG Re does not have minimum regulatory capital requirements. BAM is domiciled in New York and is subject to regulation by the New York State Department of Financial Services (“NYDFS”). New York financial guarantee insurance law establishes single risk and aggregate limits with respect to insured obligations insured by financial guarantee insurers. BAM’s statutory net loss for the years ended December 31, 2016, 2015 and 2014 was $32.7 million , $32.0 million and $31.8 million . BAM’s members’ surplus, as reported to regulatory authorities as of December 31, 2016 was $431.5 million , which exceeds the minimum members’ surplus necessary for BAM to maintain its New York State financial guarantee insurance license of $66.0 million . Other Operations: SSIE’s policyholders’ surplus, as reported to regulatory authorities as of December 31, 2016 and 2015, was $4.4 million and $5.0 million . SSIE’s statutory net income (loss) for the year ended December 31, 2016 and 2015 was $20.4 million and $(3.5) million . The minimum policyholders’ surplus necessary to satisfy SSIE’s regulatory requirements was $0.4 million as of December 31, 2016, which equals the authorized control level of the NAIC risk-based capital based on SSIE’s policyholders’ surplus. On December 30, 2016, SSIE entered into a Consent Order with the Florida Office of Insurance Regulation governing its wind down and the surrender and termination of SSIE’s Certificate of Authority as a domestic reciprocal in the State of Florida. Pursuant to the Consent Order, it is anticipated that SSIE will non-renew its last policy in August 2017. Dividend Capacity There are no restrictions under Bermuda law or the law of any other jurisdiction on the payment of dividends from retained earnings by White Mountains, provided that after the payment of any dividend, the Company would continue to be able to pay its liabilities as they become due and the realizable value of the Company’s assets would remain greater that its liabilities. However, under the insurance laws of the states and jurisdictions under which White Mountains’s insurance operating subsidiaries are domiciled, an insurer is restricted with respect to the timing and the amount of dividends it may pay without prior approval by regulatory authorities. As of December 31, 2016 , White Mountains’s top tier insurance subsidiaries have approximately $562.5 million of GAAP shareholders’ equity (net of $177.1 million of non-controlling interest at OneBeacon), $60.0 million of which can be distributed to White Mountains without prior regulatory approval. As a result, as of December 31, 2016 , $502.5 million of White Mountains’s GAAP shareholders’ equity held in its insurance subsidiaries was not available for the payment of dividends without prior regulatory approval, and approximately $2.3 billion of White Mountains’s retained earnings is unrestricted with respect to the payment of dividends to White Mountains’s common shareholders. When determining whether to make distributions from its insurance subsidiaries, White Mountains also considers factors such as internal capital targets and rating agency capital requirements. Accordingly, there can be no assurance regarding the amount of such dividends that may be paid by such subsidiaries in the future. Following is a description of the dividend capacity of White Mountains’s insurance operating subsidiaries: OneBeacon: On December 23, 2014, OneBeacon Insurance Company (subsequently renamed Bedivere) distributed ASIC to its immediate parent at a value of $700.5 million as part of the Runoff Transaction. OBIC also distributed $151.2 million of cash and other securities to its immediate parent in accordance with the prescribed minimum capital to be included in the company at the time of its sale to Armour, as approved by the PID. OneBeacon’s top-tier regulated U.S. insurance subsidiary, ASIC, has the ability to pay dividends to its immediate parent without the prior approval of regulatory authorities in an amount set by formula based on the lesser of (i) adjusted net investment income, as defined by statute, or (ii) 10% of statutory surplus, in both cases as most recently reported to regulatory authorities, subject to the availability of earned surplus. Based upon the formula above, ASIC currently has the ability to pay $11.4 million of dividends without prior approval of regulatory authorities. As of December 31, 2016 , ASIC had $624.8 million of statutory surplus and $69.0 million of earned surplus. During 2016, ASIC paid $26.5 million of dividends to its immediate parent. In 2017, Split Rock has the ability to distribute statutory capital without the prior approval of the BMA, provided it does not reduce its total statutory capital, as shown in the previous year’s statutory financial statements, by 15% or more. In addition, Split Rock has the ability to pay dividends without the prior notification of regulatory authorities of up to 25% of its previous financial year’s total statutory capital and surplus, subject to meeting all appropriate liquidity and solvency requirements as specified in the Insurance Act of 1978 and the Companies Act of 1981. As of December 31, 2016, Split Rock had $210.1 million of statutory capital and $60.1 million of statutory surplus for total statutory capital and surplus of $270.2 million . Based upon the limitations described above, Split Rock currently has the ability to distribute up to $31.5 million of statutory capital and pay up to $60.1 million of dividends during 2017 without the prior approval of regulatory authorities. During 2016, Split Rock paid $25.0 million of dividends to its immediate parent and paid no such dividends during 2015. Also, during 2015, OneBeacon Ltd., through an intermediary holding company, contributed $85.0 million to Split Rock as statutory capital. During 2016 and 2015, OneBeacon’s unregulated insurance subsidiaries paid $5.7 million and $5.3 million of dividends to their immediate parent. As of December 31, 2016 , OneBeacon’s unregulated insurance subsidiaries had $56.4 million of net unrestricted cash, short-term investments and fixed maturity investments and $71.9 million of other long-term investments, consisting of the OneBeacon Surplus Notes. During 2016 and 2015, OneBeacon Ltd. paid $79.2 million and $80.0 million of regular quarterly dividends to its common shareholders. For both 2016 and 2015, White Mountains received $60.3 million of these dividends. As of December 31, 2016 , OneBeacon Ltd. and its intermediate holding companies subsidiaries had $64.5 million of net unrestricted cash, short-term investments and fixed maturity investments and $11.9 million of common equity securities outside of its regulated and unregulated insurance subsidiaries. HG Global/BAM: As of December 31, 2016 , HG Global had $619.0 million face value of preferred shares outstanding, of which White Mountains owned 96.9% . Holders of the HG Global preferred shares receive cumulative dividends at a fixed annual rate of 6.0% on a quarterly basis, when and if declared by HG Global. HG Global did not declare or pay any preferred dividends in 2016. As of December 31, 2016 , HG Global has accrued $186.2 million of dividends payable to holders of its preferred shares, $180.2 million of which is payable to White Mountains and eliminated in consolidation. HG Re is a Special Purpose Insurer subject to regulation and supervision by the BMA, but does not require regulatory approval to pay dividends. However, HG Re’s dividend capacity is limited to amounts held outside of the collateral trusts pursuant to the first loss reinsurance treaty (“FLRT”) with BAM. As of December 31, 2016 , HG Re had statutory capital and surplus of $467.2 million , of which $465.4 million was held in the collateral trusts pursuant to the FLRT with BAM. Effective January 1, 2014, HG Global and BAM agreed to change the interest rate on the BAM Surplus Notes for the five years ending December 31, 2018 from a fixed rate of 8.0% to a variable rate equal to the one-year U.S. treasury rate plus 300 basis points, set annually, which was 3.54% for 2016 and is 3.78% for 2017. Prior to the end of 2018, BAM has the option to extend the variable rate period for an additional three years. At the end of the variable rate period, the interest rate will be fixed at the higher of the then current variable rate or 8.0% . BAM is required to seek regulatory approval to pay interest and principal on the BAM Surplus Notes only when adequate capital resources have accumulated beyond BAM’s initial capitalization and a level that continues to support its outstanding obligations, business plan and ratings. BAM did not pay any interest on the BAM Surplus Notes in 2016, 2015 or 2014. Other Operations: During 2016 , WM Advisors did not pay any dividends to its immediate parent. As of December 31, 2016 , WM Advisors held $17.8 million of net unrestricted cash and short-term investments. During 2016, White Mountains paid a $5.4 million common share dividend. As of December 31, 2016 , the Company and its intermediate holding companies held $1,655.0 million of net unrestricted cash, short-term investments and fixed maturity investments, $285.6 million of common equity securities and $66.9 million of other long-term investments included in its Other Operations segment. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information White Mountains has determined that its reportable segments are OneBeacon, HG Global/BAM and Other Operations. As a result of the Sirius Group and Tranzact sale, the results of operations for Sirius Group and Tranzact have been classified as discontinued operations and are now presented as such, net of related income taxes, in the statement of operations and comprehensive income. Prior year amounts have been reclassified to conform to the current period’s presentation. See Note 22 — “Held for Sale and Discontinued Operations” . White Mountains has made its segment determination based on consideration of the following criteria: (i) the nature of the business activities of each of the Company’s subsidiaries and affiliates; (ii) the manner in which the Company’s subsidiaries and affiliates are organized; (iii) the existence of primary managers responsible for specific subsidiaries and affiliates; and (iv) the organization of information provided to the chief operating decision makers and the Board of Directors. OneBeacon is a specialty property and casualty insurance writer that offers a wide range of insurance products through independent agencies, regional and national brokers, wholesalers and managing general agencies. The HG Global/BAM segment consists of White Mountains’s investment in HG Global and the consolidated results of BAM. BAM is a municipal bond insurer domiciled in New York that was established to provide insurance on bonds issued to support essential U.S. public purposes such as schools, utilities, core governmental functions and existing transportation facilities. HG Global, together with its subsidiaries, provided the initial capitalization of BAM through the purchase of BAM Surplus Notes. HG Global also provides 15% -of-par, first loss reinsurance protection for policies underwritten by BAM. BAM's results are attributed to non-controlling interests. Other Operations consists of the Company and its intermediate holding companies, its wholly-owned investment management subsidiary, WM Advisors, WM Life Re, WM Capital Investments, which includes the consolidated results of MediaAlpha, Wobi, Buzzmove and Star & Shield, and various other investments. In 2016, White Mountains reached an agreement to sell Star & Shield and its investment in SSIE Surplus Notes. As a result, White Mountains has presented Star & Shield’s and SSIE’s assets and liabilities as held for sale as of December 31, 2016 and 2015. SSIE’s results are attributed to non-controlling interests. Significant intercompany transactions among White Mountains’s segments have been eliminated herein. Financial information for White Mountains’s segments follows: HG Global/BAM Millions OneBeacon HG Global BAM (1) Other Operations Total Year Ended December 31, 2016 Earned insurance and reinsurance premiums $ 1,100.6 $ 4.4 $ 1.5 $ 7.5 $ 1,114.0 Net investment income 50.6 2.2 6.8 27.2 86.8 Net investment income (loss) - BAM Surplus Note — 17.8 (17.8 ) — — Net realized and unrealized investment gains (losses) 37.7 .1 .6 (28.1 ) 10.3 Other revenue 5.5 — 1.1 143.0 (4) 149.6 Total revenues (3) 1,194.4 24.5 (7.8 ) 149.6 1,360.7 Losses and LAE 656.0 — — 8.0 664.0 Insurance and reinsurance acquisition expenses 206.0 .9 2.5 2.2 211.6 Other underwriting expenses 209.0 — .4 .1 209.5 General and administrative expenses 13.0 1.4 38.2 234.8 (5) 287.4 Amortization of intangible assets 1.2 — — 11.3 12.5 Interest expense 13.1 — — 3.0 16.1 Total expenses 1,098.3 2.3 41.1 259.4 1,401.1 Pre-tax income (loss) $ 96.1 $ 22.2 $ (48.9 ) $ (109.8 ) $ (40.4 ) HG Global/BAM Millions OneBeacon HG Global BAM (1) Other Operations Total Year Ended December 31, 2015 Earned insurance and reinsurance premiums $ 1,176.2 $ 2.5 $ .8 $ 8.7 $ 1,188.2 Net investment income 45.9 1.9 4.2 8.8 60.8 Net investment income (loss) - BAM Surplus Note — 15.8 (15.8 ) — — Net realized and unrealized investment (losses) gains (35.1 ) (.3 ) .9 259.9 (2) 225.4 Other (loss) revenue (.6 ) — .7 147.2 (4) 147.3 Total revenues (3) 1,186.4 19.9 (9.2 ) 424.6 1,621.7 Losses and LAE 700.7 — — 8.2 708.9 Insurance and reinsurance acquisition expenses 213.8 .6 2.3 3.4 220.1 Other underwriting expenses 218.2 — .4 — 218.6 General and administrative expenses 14.1 1.4 35.4 240.7 (5) 291.6 Amortization of intangible assets 1.3 — — 9.3 10.6 Interest expense 13.0 — — 1.6 14.6 Total expenses 1,161.1 2.0 38.1 263.2 1,464.4 Pre-tax income (loss) $ 25.3 $ 17.9 $ (47.3 ) $ 161.4 $ 157.3 HG Global/BAM Millions OneBeacon HG Global BAM (1) Other Operations Total Year Ended December 31, 2014 Earned insurance and reinsurance premiums $ 1,177.1 $ 1.4 $ .4 $ 6.1 $ 1,185.0 Net investment income 43.4 1.4 5.7 9.0 59.5 Net investment income (loss) - BAM Surplus Note — 15.7 (15.7 ) — — Net realized and unrealized investment gains 40.4 1.7 6.6 29.8 78.5 Other revenue 5.8 — .6 81.7 (4) 88.1 Total revenues (3) 1,266.7 20.2 (2.4 ) 126.6 1,411.1 Losses and LAE 815.1 — — 8.9 824.0 Insurance and reinsurance acquisition expenses 203.3 .3 1.8 0.8 206.2 Other underwriting expenses 179.2 — .4 — 179.6 General and administrative expenses 12.4 1.6 35.9 158.3 (5) 208.2 Amortization of intangible assets 1.4 — — 6.9 8.3 Interest expense 13.0 — — 1.2 14.2 Total expenses 1,224.4 1.9 38.1 176.1 1,440.5 Pre-tax income (loss) $ 42.3 $ 18.3 $ (40.5 ) $ (49.5 ) $ (29.4 ) (1) BAM manages its affairs on a statutory accounting basis. BAM’s statutory surplus includes BAM Surplus Notes and is not reduced by accruals of interest expense on the BAM Surplus Notes. BAM’s statutory surplus is reduced only after a payment of principal or interest has been approved by the New York Department of Financial Services. (2) Net realized and unrealized investment gains (losses) in the Other Operations segment includes the unrealized investment gain of $258.8 related to the investment in Symetra common shares, representing the difference between the carrying value under the equity method at November 5, 2015 and the fair value at December 31, 2015. See Note 17 — “Investments in Unconsolidated Affiliates” . (3) Total revenues includes both revenues from customers, as well as, investment performance. (4) Includes $116.5 from MediaAlpha for the year ended December 31, 2016; $105.5 from MediaAlpha for the year ended December 31, 2015; $65.3 from MediaAlpha for the year ended December 31, 2014. (5) Includes $109.6 from MediaAlpha for the year ended December 31, 2016; and $99.0 from MediaAlpha for the year ended December 31, 2015; $60.6 from MediaAlpha for the year ended December 31, 2014. HG Global/BAM Selected Balance Sheet Data Millions OneBeacon HG Global BAM Other Operations Eliminations Held for Sale Total December 31, 2016: Total investments $ 2,620.4 $ 161.6 $ 468.1 $ 2,084.7 $ — $ — $ 5,334.8 Reinsurance recoverable on paid and unpaid losses 179.5 — — — — — 179.5 Assets held for sale — — — — — 10.1 10.1 Total assets 3,589.4 787.0 (78.9 ) (1) 2,417.3 (180.2 ) 10.1 6,544.7 Loss and LAE reserves 1,365.6 — — — — — 1,365.6 Liabilities held for sale — — — — — 5.1 5.1 Total liabilities 2,564.2 247.6 72.0 98.8 (180.2 ) 5.1 2,807.5 Total White Mountains’s common shareholders’ equity 780.6 522.8 — 2,294.9 — 5.0 3,603.3 Non-controlling interest 244.6 16.6 (150.9 ) 23.6 — — 133.9 December 31, 2015: Total investments $ 2,591.4 $ 136.2 $ 460.3 $ 1,083.2 $ — $ — $ 4,271.1 Reinsurance recoverable on paid and unpaid losses 193.5 — — — — — 193.5 Assets held for sale — — — — — 4,790.4 4,790.4 Total assets 3,600.8 739.0 (91.1 ) (1) 1,378.8 (135.3 ) 4,790.4 10,282.6 Loss and LAE reserves 1,389.8 — — — — — 1,389.8 Liabilities held for sale — — — — — 3,047.4 3,047.4 Total liabilities 2,596.3 181.2 48.9 176.1 (135.3 ) 3,047.4 5,914.6 Total White Mountains’s 755.2 540.7 — 1,124.3 — 1,493.0 3,913.2 Non-controlling interest 249.3 17.1 (140.0 ) 78.4 — — (2) 204.8 (1) BAM total assets reflect the elimination of $503.0 in the BAM Surplus Notes issued to HG Global and its subsidiaries, and $108.0 and $90.2 in accrued interest related to the BAM Surplus Notes as of December 31, 2016 and 2015. (2) Excludes $250.0 related to SIG Preference Shares. See Note 14 — “Common Shareholders’ Equity and Non-controlling Interests”. As of December 31, 2016 and 2015, HG Global has accrued $180.2 million and $135.3 million of preferred dividends payable to Lone Tree Holdings, which is included in the Other Operations segment and eliminated in consolidation. As of December 31, 2016 and 2015, the total amount of capital White Mountains has committed to HG Global/BAM, comprised of total common shareholders’ equity and the preferred dividends receivable at Lone Tree Holdings, is $703.0 million and $676.0 million . |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Affiliates | Investments in Unconsolidated Affiliates White Mountains’s investments in unconsolidated affiliates represent investments in other companies in which White Mountains has a significant voting and economic interest but does not control the entity. Symetra In 2004, White Mountains, Berkshire Hathaway, Inc. and several other private investors capitalized Symetra in order to purchase the life and investment operations of Safeco Corporation for $1.35 billion , during which White Mountains invested $195 million in Symetra. As of February 1, 2016 and December 31, 2015, White Mountains owned 20,562,379 common shares of Symetra, a 17.7% common share ownership. On February 1, 2016, Symetra closed its merger agreement with Sumitomo Life Insurance Company (“Sumitomo Life”) and White Mountains received proceeds of $658 million , or $32 per common share. In August 2015, Symetra announced it had entered into a merger agreement with Sumitomo Life pursuant to which Sumitomo Life would acquire all of the outstanding shares of Symetra. Following the announcement and Symetra shareholders’ November 5, 2015 meeting to approve the transaction, White Mountains relinquished its representation on Symetra’s board of directors. As a result, White Mountains changed its accounting for Symetra common shares from the equity method to fair value. During the fourth quarter of 2015, White Mountains recognized $258.8 million ( $241.1 million after tax) of unrealized investment gains through net income, representing the difference between the carrying value of Symetra common shares under the equity method at the date of change and fair value at December 31, 2015. During the first quarter of 2016, White Mountains recognized an additional $4.7 million of unrealized investment gains through net income. As of December 31, 2011, White Mountains concluded that its investment in Symetra common shares was other-than-temporarily impaired and wrote down the GAAP book value of the investment to its estimated fair value of $261.0 million or $15 per share. This impairment, as well as the effect of Symetra capital transactions, resulted in a basis difference between the GAAP carrying value of White Mountains’s investment in Symetra common shares under the equity method and the amount derived by multiplying the percentage of White Mountains common share ownership by Symetra’s total GAAP equity. As of November 5, 2015, the pre-tax unamortized basis difference was $159.9 million , of which $32.6 million is attributable to equity in earnings of unconsolidated affiliates and $127.3 million is attributable to equity in net unrealized investment gains from investments in unconsolidated affiliates. The pre-tax basis differences were to be amortized over a 30 -year period, based on estimated future cash flows associated with Symetra’s underlying assets and liabilities to which the basis differences were attributed. White Mountains recognized the amortization of the basis differences through equity in earnings of unconsolidated affiliates and equity in net unrealized investment gains (losses) from investments in unconsolidated affiliates consistent with the original attribution of the basis differences between equity in earnings and equity in net unrealized investment gains (losses). For the period ended November 5, 2015, White Mountains recognized after-tax amortization of $2.2 million through equity in earnings of unconsolidated affiliates and $8.9 million through equity in net unrealized investment gains from investments in unconsolidated affiliates. For 2014, White Mountains recognized after-tax amortization of $2.8 million through equity in earnings of unconsolidated affiliates and $11.7 million through equity in net unrealized investment gains from investments in unconsolidated affiliates. The following table summarizes amounts recorded by White Mountains under the equity method relating to its investment in Symetra through November 5, 2015: Millions Equity method carrying value of investment in Symetra as of December 31, 2014 (1) $ 411.4 Equity in earnings (2)(3)(4) 25.1 Equity in net unrealized investment losses from Symetra’s fixed maturity portfolio (5)(6) (39.2 ) Distribution from Prospector Offshore Fund (7) 12.4 Dividends received (16.9 ) Equity method carrying value of investment in Symetra as of November 5, 2015 (1)(8) $ 392.8 (1) Includes White Mountains’s equity in net unrealized investment (losses) gains from Symetra’s fixed maturity portfolio of $(1.6) and $37.6 , as of November 5, 2015 and December 31, 2014, which excludes tax benefit (expense) of $0.2 and $(2.7) . (2) Equity in earnings for the period ended November 5, 2015 excludes tax expense of $1.6 . (3) Equity in earnings for the period ended November 5, 2015 includes an increase of $2.3 relating to the pre-tax amortization of the Symetra common share basis difference. (4) Equity in earnings for the period ended November 5, 2015 includes losses of $(0.1) from the dilutive effect of Symetra’s yearly dividend and the issuance of restricted shares by Symetra (5) Net unrealized investment losses for the period ended November 5, 2015 includes an increase of $9.4 relating to the pre-tax amortization of the Symetra common share basis difference. (6) Net unrealized investment losses from Symetra’s fixed maturity portfolio excludes a tax benefit of $2.9 for the period ended November 5, 2015. (7) During 2015, pursuant to the redemption of White Mountains's investments in the Prospector Funds, 513,500 common shares of Symetra were distributed to White Mountains. (8) The aggregate value of White Mountains’s investment in common shares of Symetra was $651.2 based upon the quoted market price of $31.67 per share as of November 5, 2015. The following table summarizes financial information for Symetra as of September 30, 2015: September 30, Millions 2015 Symetra balance sheet data: Total investments $ 32,409.2 Separate account assets 885.9 Total assets 34,962.8 Policyholder liabilities 29,492.0 Long-term debt 697.5 Separate account liabilities 885.9 Total liabilities 31,836.7 Common shareholders’ equity 3,126.1 The following table summarizes financial information for Symetra for the nine months ended September 30, 2015 and year ended December 31, 2014: Nine months ended September 30, Year ended December 31, Millions 2015 2014 Symetra income statement data: Net premiums earned $ 539.3 $ 629.1 Net investment income 994.3 1,320.5 Total revenues 1,605.9 2,182.4 Policy benefits 1,143.7 1,399.7 Total expenses 1,543.6 1,882.5 Net income 89.6 254.4 Comprehensive net (loss) income (234.1 ) 397.0 Hamer On May 27, 2015, White Mountains sold its interest in Hamer LLC, a small manufacturing company that White Mountains received in 2012 in connection with the liquidation of a limited partnership fund, which resulted in a gain of $20.0 million recorded in other revenue. Prior to the sale, White Mountains recorded equity in earnings of $1.6 million for the six months ended June 30, 2015 and $1.9 million for the year ended December 31, 2014. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2016 | |
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | |
Variable Interest Entities | Variable Interest Entities BAM As a mutual insurance company, BAM is owned by its members. BAM charges an insurance premium on each municipal bond insurance policy it insures, a portion of which is contributed to BAM’s qualified statutory capital and conveys to the issuer certain interests in BAM. During 2012, White Mountains formed and capitalized HG Global to fund the startup of BAM through the purchase of $503.0 million of BAM Surplus Notes. The equity at risk funded by BAM’s members is not sufficient to fund its operations without the additional subordinated financial support provided by the BAM Surplus Notes and accordingly, BAM is considered to be a VIE. BAM and HG Global, through its wholly-owned subsidiary, HG Re, entered into a first loss reinsurance treaty (“FLRT”), under which HG Re will provide first loss protection up to 15% of par outstanding on each bond insured by BAM in exchange for 60% of the premium, net of a ceding commission, charged by BAM. HG Re’s obligations under the FLRT are satisfied by the assets in two collateral trusts: a Regulation 114 Trust and a Supplemental Trust. Losses required to be reimbursed to BAM by HG Re are subject to an aggregate limit equal to the assets held in the collateral trusts at any point in time. In addition, HG Global has the right to designate two directors for election to BAM’s board of directors. White Mountains is required to consolidate the results of BAM. Since BAM is owned by its members, its equity and results of operations are included in non-controlling interests. Reciprocals Reciprocals are policyholder-owned insurance carriers organized as unincorporated associations. Each policyholder insured by the reciprocal shares risk with the other policyholders. Policyholders share profits and losses in the same proportion as the amount of insurance purchased but are not subject to assessment for net losses of the reciprocal. Houston General Insurance Exchange Houston General Management Company, a wholly-owned indirect subsidiary of OneBeacon provides management services for a fee to a reciprocal, HGIE. OneBeacon holds HGIE Surplus Notes, the remaining balance of which is $5.0 million as of December 31, 2016 . The principal and interest on the HGIE Surplus Notes is repayable to OneBeacon only with regulatory approval. The obligation to repay principal on the note is subordinated to all other liabilities including obligations to policyholders and claimants for benefits under insurance policies. OneBeacon has no ownership interest in the reciprocal. OneBeacon has determined that HGIE qualifies as a VIE. Furthermore, OneBeacon has determined that it is the primary beneficiary as a result of the management services provided to the reciprocal and the funds loaned to it. Accordingly, OneBeacon consolidates HGIE. Consolidated amounts related to HGIE included total assets of $5.1 million and total liabilities of $5.0 million as of both December 31, 2016 and 2015 . As of December 31, 2016 , the net amount of capital at risk is equal to the HGIE Surplus Notes of $5.0 million less the accumulated losses of $0.5 million which includes accrued interest on the HGIE Surplus Notes of $0.6 million that eliminates in consolidation. Star & Shield Insurance Exchange SSRM’s role as the attorney-in-fact to SSIE gives it the power to direct the significant economic activities of SSIE. Furthermore, White Mountains has determined that it is the primary beneficiary as a result of the management services provided to the reciprocal. Thus, SSIE qualifies as a VIE and is required to consolidate SSIE in its GAAP financial statements. As of December 31, 2015, White Mountains held $21.0 million of SSIE Surplus Notes. On July 1, 2016, SSIE voluntarily ceased writing new policies. As a result, White Mountains wrote off its investment in the SSIE Surplus Notes which resulted in a $21.0 million decrease to net income attributable to White Mountains’s common shareholders and a corresponding increase to net income attributable to non-controlling interests. On August 19, 2016, White Mountains reached an agreement to sell Star & Shield and its investment in SSIE Surplus Notes to National General Holdings Corp., which was subsequently terminated on December 2, 2016. On January 13, 2017, White Mountains reached an agreement to sell Star & Shield and its investment in SSIE Surplus Notes to K2 Insurance Services LLC. Consequently, White Mountains has presented Star & Shield’s and SSIE’s assets and liabilities as held for sale as of December 31, 2016 and 2015. As of December 31, 2016 and 2015, SSIE had total assets of $9.2 million and $14.2 million and total liabilities of $4.8 million and $30.3 million . Prospector Offshore Fund In 2015, White Mountains redeemed its interest in the Prospector Offshore Fund, Ltd. of which White Mountains’s owned 67.6% prior to the redemption on June 30, 2015. The consolidated results of the Prospector Offshore Fund are included in Other Operations from January 1, 2015 through June 30, 2015, at which point the results of the Prospector Offshore Fund were no longer consolidated by White Mountains. Prior to the redemption, White Mountains determined that the Prospector Offshore Fund was a VIE of which White Mountains was the primary beneficiary and was required to consolidate. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments White Mountains accounts for its financial instruments at fair value with the exception of the OBH Senior Notes and MediaAlpha Bank Facility, which are recorded as debt at face value less unamortized original issue discount. 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 The fair value estimate for the OBH Senior Notes has been determined using observable inputs and is considered a Level 2 measurement. The fair value estimate for the MediaAlpha Bank Facility has been determined based on a discounted cash flows approach and is considered to be Level 3 measurement. |
Transactions with Related Perso
Transactions with Related Persons | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Transactions with Related Persons | Transactions with Related Persons Prospector Mr. John Gillespie, the founder and Managing Member of Prospector, retired from the WTM Board of Directors in May 2015. Until June 30, 2015, Prospector served as a discretionary adviser with respect to specified assets, primarily common equity securities and convertible fixed maturity investments, managed directly or through WM Advisors on behalf of White Mountains and other clients of WM Advisors. At that time, the investment management agreements between WM Advisors and Prospector and OneBeacon and Prospector and the Consulting Agreement described below were terminated. Pursuant to an investment management agreements with WM Advisors (the “WMA Agreement”) and OneBeacon (the “OneBeacon Agreement”), Prospector charged WM Advisors and OneBeacon fees based on the following schedule: 100 basis points on the first $200 million of assets under management; 50 basis points on the next $200 million ; and 25 basis points on amounts over $400 million . During 2015 and 2014, Prospector earned $2.1 million and $6.5 million in total fees pursuant to the investment management agreements with WM Advisors and OneBeacon. Prospector also had a separate investment management agreement with Symetra that was terminated in the fourth quarter of 2015. Prospector also advised White Mountains on matters including capital management, asset allocation, private equity investments and mergers and acquisitions. Pursuant to a Consulting Agreement for those services, Prospector was granted 6,250 performance shares for the 2014-2016 cycle and 7,000 performance shares for the 2013-2015 cycle. Under the terms of the Consulting Agreement, Prospector earned a prorated portion of the outstanding performance share grants at the time of the termination of the Consulting Agreement and was paid $5.5 million in respect thereof. Pursuant to a pre-existing revenue sharing agreement (the “Revenue Agreement”), Prospector paid White Mountains 6% of the annual revenues in excess of $500,000 of certain of Prospector’s funds in return for White Mountains having made a founding investment in 1997. White Mountains and Prospector mutually agreed to terminate the Revenue Agreement as of June 30, 2015. During 2014, White Mountains earned $0.4 million under the Revenue Agreement. No amount was earned under the Revenue Agreement in 2015. Prior to fully redeeming their interests on June 30, 2015, White Mountains and OneBeacon had interests in limited partnership investments managed by Prospector (the “Funds”). For the years ended December 31, 2015 and 2014, White Mountains and OneBeacon incurred $0.4 million and $1.1 million in management fees and $0.1 million and $0.7 million in incentive fees. Other Relationships and Transactions WM Advisors provided investment advisory and management services to Symetra through the fourth quarter of 2016. In August 2015, Symetra announced it had entered into a merger agreement with Sumitomo Life pursuant to which Sumitomo Life would acquire all of the outstanding shares of Symetra. Following the announcement and Symetra shareholders’ November 5, 2015 meeting to approve the transaction, White Mountains relinquished its representation on Symetra’s board of directors and Symetra was no longer a related party to White Mountains. During 2015 and 2014, WMA earned $8.0 million and $18.4 million in fees from Symetra. During 2016, the Company repurchased shares from Franklin Mutual Advisers in two transactions. On April 19, 2016, the Company repurchased 325,000 WTM common shares for $807.00 per share, the market price at the time the agreement was reached. On September 15, 2016, the Company repurchased 305,000 WTM common shares for $820.00 per share, the market price at the time the agreement was reached. During 2015, the Company repurchased shares from Franklin Mutual Advisers, a beneficial owner of the Company, in two transactions. On June 1, 2015, the Company repurchased 19,688 WTM common shares for $650.03 per share, the market price at the time the agreement was reached. On September 17, 2015, the Company repurchased 26,300 WTM common shares for $761.50 , the market price at the time the agreement was reached. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies White Mountains leases certain office space under non-cancellable operating leases that expire on various dates through 2021. Rental expense for all of White Mountains’s locations was $14.1 million , $14.0 million and $12.9 million for the years ended December 31, 2016, 2015 and 2014 . White Mountains also has various other lease obligations that are immaterial in the aggregate. White Mountains’s future annual minimum rental payments required under non-cancellable leases, which are primarily for office space, are $11.4 million , $9.5 million , $8.0 million , and $32.6 million for the years 2017, 2018, 2019 and 2020 and thereafter. White Mountains also has future binding commitments to fund certain other-long term investments. These commitments, which total $138.1 million , do not have fixed funding dates. Capital Lease In December 2016, OneBeacon’s lease agreement with Fifth Third expired and OneBeacon purchased the leased assets under the agreement. In December 2016, the lease agreement with US Bancorp expired and OneBeacon’s leased assets under the agreement with a remaining book value of $1.3 million transferred back to OneBeacon. As of December 31, 2015, OneBeacon had a capital lease obligation of $1.7 million , included within other liabilities, and a capital lease asset of $2.4 million , included within other assets. As of December 31, 2016, OneBeacon does not have capital lease assets or obligations. Assigned Risks As a condition of its license to do business in certain states, White Mountains’s insurance operations are required to participate in mandatory shared market mechanisms. Each state dictates the types of insurance and the level of coverage that must be provided. The total amount of business an insurer is required to accept is based on its market share of voluntary business in the state. In certain cases, White Mountains is obligated to write business from mandatory shared market mechanisms at some time in the future based on the market share of voluntary policies it is currently writing. Underwriting results related to assigned risk plans are typically adverse and are not subject to the predictability associated with White Mountains’s voluntarily written business. Under existing guaranty fund laws in all states, insurers licensed to do business in those states can be assessed for certain obligations of insolvent insurance companies to policyholders and claimants. White Mountains accrues any significant insolvencies when the loss is probable and the assessment amount can be reasonably estimated. The actual amount of such assessments will depend upon the final outcome of rehabilitation proceedings and will be paid over several years. As of December 31, 2016 , the reserve for such assessments totaled $8.0 million . Legal Contingencies White Mountains, and the insurance industry in general, are routinely subject to claims related litigation and arbitration in the normal course of business, as well as litigation and arbitration that do not arise from, or are directly related to, claims activity. White Mountains’s estimates of the costs of settling matters routinely encountered in claims activity are reflected in the reserves for unpaid loss and LAE. See Note 3 - “Reserves for Unpaid Losses and Loss Adjustment Expenses” . White Mountains considers the requirements of ASC 450 when evaluating its exposure to non-claims related litigation and arbitration. ASC 450 requires that accruals be established for litigation and arbitration if it is probable that a loss has been incurred and it can be reasonably estimated. ASC 450 also requires that litigation and arbitration be disclosed if it is probable that a loss has been incurred or it there is a reasonable possibility that a loss may have been incurred. Although the ultimate outcome of claims and non-claims related litigation and arbitration, and the amount or range of potential loss at any particular time, is often inherently uncertain, management does not believe that the ultimate outcome of such claims and non-claims related litigation and arbitration will have a material adverse effect on White Mountains’s financial condition, results of operations or cash flows. The following summarizes significant legal contingencies, ongoing non-claims related litigation or arbitration as of December 31, 2016 : Esurance On October 7, 2011, the Company completed the sale of its Esurance and Answer Financial subsidiaries (the “Transferred Subsidiaries”) to The Allstate Corporation (“Allstate”) pursuant to a Stock Purchase Agreement dated as of May 17, 2011. Subject to specified thresholds and limits, the Company remains contingently liable to Allstate for specified matters related to the pre-closing period, including (a) losses of the Transferred Subsidiaries arising from extra-contractual claims and claims in excess of policy limits, (b) certain corporate reorganizations effected to remove entities from the Transferred Subsidiaries that were not being sold in the transaction, and (c) certain tax matters, including certain net operating losses being less than stated levels. Tribune Company In June 2011, Deutsche Bank Trust Company Americas, Law Debenture Company of New York and Wilmington Trust Company (collectively referred to as “Plaintiffs”), in their capacity as trustees for certain senior notes issued by the Tribune Company (“Tribune”), filed lawsuits in various jurisdictions (the “Noteholder Actions”) against numerous defendants including OneBeacon, OneBeacon-sponsored benefit plans and other affiliates of White Mountains in their capacity as former shareholders of Tribune seeking recovery of the proceeds from the sale of common stock of Tribune in connection with Tribune's leveraged buyout in 2007 (the “LBO”). Tribune filed for bankruptcy in 2008 in the Delaware bankruptcy court (the “Bankruptcy Court”). The Bankruptcy Court granted Plaintiffs permission to commence these LBO-related actions, and in 2011, the Judicial Panel on Multidistrict Litigation granted a motion to consolidate the actions for pretrial matters and transferred all such proceedings to the U.S. District Court for the Southern District of New York (the “SDNY”). Plaintiffs seek recovery of the proceeds received by the former Tribune shareholders on a theory of constructive fraudulent transfer asserting that Tribune purchased or repurchased its common shares without receiving fair consideration at a time when it was, or as a result of the purchases of shares, was rendered, insolvent. OneBeacon received approximately $32.0 million and Sirius Group, which is now included in discontinued operations, received $6.1 million for Tribune common stock tendered in connection with the LBO. The Court granted an omnibus motion to dismiss the Noteholder Actions in September 2013 and Plaintiffs’ appealed. On March 29, 2016, a three judge panel of the U.S Second Circuit Court of Appeals affirmed the dismissal of the Noteholder Actions. On July 22, 2016, the Plaintiff's petition to the Second Circuit for reconsideration or for a rehearing en banc was denied in full. On September 9, 2016 the Plaintiffs filed for a writ of certiorari, seeking review in the U. S. Supreme Court. In addition, OneBeacon, OneBeacon-sponsored benefit plans and other affiliates of White Mountains in their capacity as former shareholders of Tribune, along with thousands of former Tribune shareholders, have been named as defendants in an adversary proceeding brought by the Official Committee of Unsecured Creditors of the Tribune Company (the “Committee”), on behalf of the Tribune Company, which seeks to avoid the repurchase of shares by Tribune in the LBO on a theory of intentional fraudulent transfer (the “Committee Action”). Tribune emerged from bankruptcy in 2012, and a litigation trustee replaced the Committee as plaintiff in the Committee Action. This matter was consolidated for pretrial matters with the Noteholder Actions in the SDNY and was stayed pending the motion to dismiss in the Noteholder Actions. An omnibus motion to dismiss the shareholder defendants in the Committee Action was filed in May 2014 and the motion was granted on January 6, 2017. The plaintiff has requested permission to move the SDNY to certify the decision as a final judgment capable of immediate appeal. No amount has been accrued in connection with this matter as of December 31, 2016, as the amount of loss, if any, cannot be reasonably estimated. OneTitle White Mountains holds a 20% ownership interest in OneTitle Holdings LLC (“OTH”) and has provided a $10.0 million surplus note facility under which OTH’s wholly-owned insurance subsidiary, OneTitle National Guaranty Company, Inc. may, under certain circumstances, draw funds. At December 31, 2016, no funds had been drawn on the surplus note facility. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Discontinued Operations | Held for Sale and Discontinued Operations Sirius Group On April 18, 2016, White Mountains completed the sale of Sirius Group to CMI for approximately $2.6 billion . $161.8 million of this amount was used to purchase certain assets to be retained by White Mountains out of Sirius Group, including shares of OneBeacon. The amount paid at closing was based on an estimate of Sirius Group’s closing date tangible common shareholder’s equity. During 2016, White Mountains recorded $363.2 million of gain from sale of Sirius Group in discontinued operations in the statement of operations and $113.3 million in other comprehensive income from discontinued operations. Through April 18, 2016, Sirius Group’s results are reported as discontinued operations and assets and liabilities held for sale within White Mountains’s GAAP financial statements. Assets held for sale did not include White Mountains’s investment in OneBeacon and certain other investments that were held in the Sirius Group legal entities. As of December 31, 2015, the value of these investments, net of related tax effects, was $686.2 million , of which $528.6 million related to Symetra. Net income (loss) from discontinued operations does not include White Mountains’s net investment income and net realized and unrealized investment gains (losses) associated with these investments. For the years ended December 31, 2016, 2015 and 2014, $3.7 million , $205.0 million , of which $200.8 million is related to Symetra, and $2.7 million of net investment income and net realized and unrealized investment gains (losses), net of related tax effects, that were included in the Sirius Group legal entities have been excluded from net income (loss) from discontinued operations. For the years ended December 31, 2016, 2015 and 2014, White Mountains recorded $(4.3) million , $81.1 million and $262.0 million of net (loss) income from discontinued operations and $32.0 million , $(65.0) million , and $(169.5) million of other comprehensive income (loss) from Sirius Group. The transactions to purchase the investments in OneBeacon and the other investments held by Sirius Group prior to the closing are presented in the statement of cash flows as net settlement of investment cash flows with discontinued operations. Tranzact On June 9, 2016, White Mountains announced that it had entered into an agreement for the sale of Tranzact to an affiliate of Clayton, Dubilier & Rice, LLC. On July 21, 2016, White Mountains completed the sale of Tranzact and received net proceeds of $221.3 million at closing. On October 5, White Mountains received additional proceeds of $1.2 million following the release of the post-closing purchase price adjustment escrow. For the year ended December 31, 2016, White Mountains recorded $51.9 million of gain from the sale of Tranzact in discontinued operations in the statement of operations. See Note 2 - “Significant Transactions” . Through July 21, 2016, Tranzact's results of operations are reported as discontinued operations and assets and liabilities held for sale within White Mountains's GAAP financial statements. For the year ended December 31, 2016, 2015, and 2014, White Mountains recorded net income (loss) from discontinued operations of $6.1 million , $(1.9) million and $0.4 million from Tranzact. White Mountains recognized a $21.4 million tax benefit in continuing operations related to the reversal of a valuation allowance that resulted from the gain on the sale of Tranzact recognized within discontinued operations. This tax benefit was recorded in continuing operations with an offsetting amount of net tax expense recorded in discontinued operations, $30.2 million of tax expense was recorded to gain from sale of Tranzact in discontinued operations and a $8.8 million tax benefit was recorded to net income from discontinued operations. Star & Shield On July 1, 2016, SSIE voluntarily ceased writing new policies. As a result, White Mountains wrote off its investment in SSIE Surplus Notes which resulted in a $21.0 million total decrease to net income attributable to White Mountain’s common shareholders and a corresponding increase to net income attributable to non-controlling interests. On January 13, 2017, White Mountains reached an agreement to sell Star & Shield and its investment in SSIE Surplus Notes to K2 Insurance Services LLC. As a result, White Mountains has presented Star & Shield’s and SSIE’s assets and liabilities as held for sale as of December 31, 2016 and 2015. OneBeacon Runoff In December 2014, OneBeacon completed the Runoff Transaction. The results of operations for the Runoff Business have been classified as discontinued operations and are presented, net of related income taxes, in the statement of operations and comprehensive income. The amounts classified as discontinued operations exclude investing and financing activities that are conducted on an overall consolidated level and, accordingly, there were no separately identifiable investments associated with the Runoff Business. The vast majority of the gross and net run-off unpaid loss and LAE reserves were included in the entities that were transferred to Armour. As of December 31, 2016 and 2015, gross loss and LAE reserves of $18.3 million and $20.4 million related to the Runoff Business were ceded to OBIC, an indirect wholly-owned subsidiary of Armour, beginning December 23, 2014, by a 100% quota share agreement with ASIC. For the year ended December 31, 2015, White Mountains recorded $0.3 million to the gain from sale of discontinued operations related to an adjustment on the estimated loss on sale, which included the final settlement of certain post-closing items. For the year ended December 31, 2015, the net loss from discontinued operations relating to the Runoff Business, net of tax, was $0.5 million . Esurance For the years ended December 31, 2015 and 2014, White Mountains recorded a gain from sale of Esurance and AFI in discontinued operations of $17.9 million and $3.2 million , which primarily related to a payments from Allstate for favorable development on loss reserves. Since the closing of the transaction through December 31, 2016, White Mountains has received a net amount of $28.3 million from Allstate, primarily related to the favorable development on loss reserves. See Note 21 - “Commitments and Contingencies”. Fireman's Fund During 2014, White Mountains recorded a gain in discontinued operations of $14.0 million from a payment received from Allianz, the purchaser of White Mountains's former subsidiary Fireman’s Fund Insurance Company (“FFIC”), related to the utilization of alternative minimum tax credits associated with the tax loss on the sale of FFIC in 1991. Summary of Reclassified Balances and Related Items 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 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 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] | |
Discontinued Operations | Fair 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 The fair value estimates for the SIG Senior Notes and the SIG Preference Shares have been determined based on indicative broker quotes and are considered to be Level 3 measurements. The fair value estimate for the Tranzact Bank Facility was determined based on a discount cash flows approach and is considered to be Level 3 measurements. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quartely Financial Data (Unaudited) | SELECTED QUARTERLY FINANCIAL DATA (Unaudited) Selected quarterly financial data for 2016 and 2015 is shown in the following table. The quarterly financial data includes, in the opinion of management, all recurring adjustments necessary for a fair presentation of the results of operations for the interim periods. As a result of the sale of Tranzact, Sirius, and Esurance and the Runoff Business, the results of operations for Tranzact, Sirius, Esurance and the Runoff Business have been classified as discontinued operations and are now presented, net of related income taxes, as such in the statement of comprehensive income. Prior year amounts have been reclassified to conform to the current period’s presentation. See Note 22 — “Held for Sale and Discontinued Operations” . 2016 Three Months Ended 2015 Three Months Ended Millions, except per share amounts Dec. 31 Sept. 30 June 30 Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31 Revenues $ 268.2 $ 365.0 $ 358.2 $ 369.3 $ 602.6 $ 296.1 $ 368.7 $ 354.3 Expenses 335.0 345.0 360.3 360.8 356.3 383.0 373.8 351.3 Pre-tax (loss) income (66.8 ) 20.0 (2.1 ) 8.5 246.3 (86.9 ) (5.1 ) 3.0 Tax benefit (expense) 23.0 6.7 6.0 9.7 1.0 1.6 2.2 (4.6 ) (Loss) income from continuing operations (43.8 ) 26.7 3.9 18.2 247.3 (85.3 ) (2.9 ) (1.6 ) (Loss) income from discontinued operations, net of tax (6.8 ) 61.9 358.6 1.1 19.6 6.5 (.5 ) 71.3 Non-controlling interest in consolidated subsidiaries 17.3 3.1 (21.4 ) (6.3 ) (6.1 ) 16.0 .9 7.3 Equity in earnings of unconsolidated affiliates — — — — 7.1 3.9 6.8 7.3 (Loss) income attributable to White Mountains’s common shareholders $ (33.3 ) $ 91.7 $ 341.1 $ 13.0 $ 267.9 $ (58.9 ) $ 4.3 $ 84.3 (Loss) income attributable to White Mountains’s common shareholders per share: Basic Continuing operations $ (5.81 ) $ 6.12 $ (3.44 ) $ 2.51 $ 43.82 $ (11.10 ) $ 0.80 $ 1.76 Discontinued operations (1.49 ) 12.72 70.37 (.17 ) 3.46 1.09 (.08 ) 12.33 Total consolidated operations $ (7.30 ) $ 18.84 $ 66.93 $ 2.34 $ 47.28 $ (10.01 ) $ 0.72 $ 14.09 Diluted Continuing operations $ (5.81 ) $ 6.11 $ (3.43 ) $ 2.51 $ 43.79 $ (11.10 ) $ 0.80 $ 1.76 Discontinued operations (1.49 ) 12.69 70.22 (.17 ) 3.46 1.09 (.08 ) 12.33 Total consolidated operations $ (7.30 ) $ 18.80 $ 66.79 $ 2.34 $ 47.25 $ (10.01 ) $ 0.72 $ 14.09 |
SCHEDULE I SUMMARY OF INVESTMEN
SCHEDULE I SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Investments, Other than Investments in Related Parties [Abstract] | |
SCHEDULE I SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES | WHITE MOUNTAINS INSURANCE GROUP, LTD. SUMMARY OF INVESTMENTS—OTHER THAN INVESTMENTS IN RELATED PARTIES At December 31, 2016 Millions Cost Carrying Value Fair Value Fixed maturity investments: Bonds: U.S. Government and government agencies and authorities $ 281.7 $ 278.3 $ 278.3 Debt securities issued by corporations 1,512.6 1,509.4 1,509.4 States, municipalities and political subdivisions 308.8 309.0 309.0 Mortgage and asset-backed securities 2,141.7 2,132.9 2,132.9 Foreign governments 12.9 13.2 13.2 Preferred stocks 8.3 14.0 14.0 Total fixed maturity investments (1) 4,266.0 4,256.8 4,256.8 Short-term investments (1) 287.1 287.1 287.1 Common equity securities: Exchange traded funds 316.4 321.6 321.6 Banks, trust and insurance companies 11.2 11.6 11.6 Public utilities — — — Industrial, miscellaneous and other 113.2 141.1 141.1 Total common equity securities 440.8 474.3 474.3 Other long-term investments (2) 314.9 323.3 323.3 Total investments $ 5,308.8 $ 5,341.5 $ 5,341.5 (1) Includes carrying value of $6.6 in fixed maturity investments and $0.1 in short-term investments that are classified as assets held for sale related to SSIE. (2) Includes carrying value of $3.5 associated with other long-term investment limited partnerships accounted for using the equity method, $(1.2) related to foreign currency forward contracts, and $12.3 for the carrying value of tax advantaged federal affordable housing development fund accounted for using the proportional amortization method. Schedules of the Registrant should be read in conjunction with the Consolidated Financial Statements and Notes. |
SCHEDULE II CONDENSED FINANCIAL
SCHEDULE II CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
SCHEDULE II CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED BALANCE SHEETS December 31, Millions 2016 2015 Assets: Cash $ 3.1 $ .3 Fixed maturity investments, at fair value 80.0 — Other long-term investments (1) (1.2 ) — Short-term investments, at amortized cost 12.5 23.4 Other assets 1.4 6.3 Investments in consolidated and unconsolidated affiliates 4,898.2 4,350.9 Total assets $ 4,994.0 $ 4,380.9 Liabilities: Revolving line of credit $ — $ 50.0 Payable to subsidiary (2) 1,387.2 400.0 Other liabilities 3.5 17.7 Total liabilities 1,390.7 467.7 White Mountains’s common shareholders’ equity 3,603.3 3,913.2 Total liabilities and equity $ 4,994.0 $ 4,380.9 CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME Year Ended December 31, Millions 2016 2015 2014 (Loss) revenues (including realized gains and losses) $ (1.0 ) $ 5.0 $ .3 Expenses 68.2 59.9 32.3 Pre-tax loss (69.2 ) (54.9 ) (32.0 ) Income tax (expense) benefit (.5 ) — .9 Net loss (69.7 ) (54.9 ) (31.1 ) Net gain from discontinued operations, net of tax — — 13.9 (3) Equity in earnings from consolidated and unconsolidated affiliates 482.2 352.5 329.4 Net income attributable to White Mountains’s common shareholders 412.5 297.6 312.2 Other comprehensive income (loss) items, after-tax 145.3 (100.4 ) (101.6 ) Comprehensive income attributable to White Mountains’s common $ 557.8 $ 197.2 $ 210.6 Computation of net income available to common shareholders: Net income available to common shareholders $ 412.5 $ 297.6 $ 312.2 (1) Other investments includes $(1.2) related to foreign currency forward contracts. See Note 9 — “Derivatives ”. (2) During 2016 and 2015, the Company used cash proceeds received from the issuance of debt from its direct wholly-owned subsidiary, Lone Tree Holdings, Ltd., primarily to fund repurchases of its common shares. (3) During 2014, the Company received a payment from Allianz, the purchaser of White Mountains’s former subsidiary Fireman’s Fund Insurance Company (“FFIC”), related to the utilization of alternative minimum tax credits associated with the tax loss on the sale of FFIC in 1991. See Note 22 — “Held for Sale and Discontinued Operations” . Schedules of the Registrant should be read in conjunction with the Consolidated Financial Statements and Notes. SCHEDULE II (continued) CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, Millions 2016 2015 2014 Net income attributable to White Mountains’s common shareholders $ 412.5 $ 297.6 $ 312.2 Charges (credits) to reconcile net income to net cash from operations: Net realized and unrealized investment gains (losses) on sales of investments 1.1 — (.2 ) Undistributed current earnings from subsidiaries (482.2 ) (352.5 ) (329.4 ) Net gain on sale of other discontinued operations (1) — — (13.9 ) Other non-cash reconciling items including restricted share and option amortization 17.9 (.4 ) 12.9 Net change in other assets and liabilities (2) (11.4 ) 21.4 (7.6 ) Net cash used for continuing operations (62.1 ) (33.9 ) (26.0 ) Net cash provided from discontinued operations (1) — — 13.9 Net cash used for operations (62.1 ) (33.9 ) (12.1 ) Cash flows from investing activities: Net decrease in short-term investments 10.9 7.6 (29.6 ) Purchases of investment securities — — (7.6 ) Sales and maturities of investment securities — — 39.4 Issuance of debt from subsidiaries (4) 992.0 271.0 144.6 Repayment of debt to subsidiaries (5.0 ) (35.0 ) (30.0 ) Receipt of cash flows from discontinued operations (1) — — 13.9 Distributions from subsidiaries (3) — 15.0 29.7 Net cash provided from investing activities — continuing operations 997.9 258.6 160.4 Net cash used for investing activities — discontinued operations — — (13.9 ) Net cash provided from investing activities 997.9 258.6 146.5 Cash flows from financing activities: Draw down of revolving line of credit (5) 350.0 125.0 65.0 Repayment of revolving line of credit (5) (400.0 ) (75.0 ) (65.0 ) Proceeds from issuances of common shares 3.7 — — Repurchases and retirement of common shares (4) (881.3 ) (268.6 ) (128.2 ) Dividends paid on common shares (5.4 ) (6.0 ) (6.2 ) Net cash used for financing activities — continuing operations (933.0 ) (224.6 ) (134.4 ) Net cash (used for) provided from financing activities — discontinued operations — — — Net cash used for financing activities (933.0 ) (224.6 ) (134.4 ) Net decrease in cash during the year 2.8 .1 — Cash balance at beginning of year .3 .2 .2 Cash balance at end of year $ 3.1 $ .3 $ .2 Supplemental cash flow information: Interest paid $ (1.2 ) $ — $ (.3 ) (1) During 2014, the Company received a payment from Allianz, the purchaser of White Mountains’s former subsidiary Fireman’s Fund Insurance Company (“FFIC”), related to the utilization of alternative minimum tax credits associated with the tax loss on the sale of FFIC in 1991. See Note 22 — “Held for Sale and Discontinued Operations” . (2) For 2016, 2015 and 2014, net change in other assets and liabilities included a $0.2 , $2.4 , and 0.7 payable to the Company’s subsidiaries. (3) During 2016, the Company received a non-cash distribution of $80.0 from Lone Tree Holdings, Ltd., a direct wholly-owned subsidiary. The distribution was completed through the transfer of fixed maturity investments. During 2015 and 2014, the Company received cash distributions of $15.0 and $29.7 from Lone Tree Holdings, Ltd. (4) During 2016, 2015 and 2014, the Company used cash proceeds received from the issuance of debt from Lone Tree Holdings, Ltd. primarily to fund repurchases of its common shares. (5) The WTM Bank Facility presented in Note 7 — “Debt” is a direct obligation of the Registrant. Schedules of the Registrant should be read in conjunction with the Consolidated Financial Statements and Notes. |
SCHEDULE III SUPPLEMENTARY INSU
SCHEDULE III SUPPLEMENTARY INSURANCE INFORMATION | 12 Months Ended |
Dec. 31, 2016 | |
Supplementary Insurance Information [Abstract] | |
SCHEDULE III SUPPLEMENTARY INSURANCE INFORMATION | WHITE MOUNTAINS INSURANCE GROUP, LTD. SUPPLEMENTARY INSURANCE INFORMATION (3) (Millions) Column A Column B Column C Column D Column E Column F Column G Column H Column I Column J Column K Segment Millions Deferred acquisition costs Future policy benefits, losses, claims and loss expenses Unearned premiums Other policy claims and benefits payable Premiums earned Net investment income (1) Benefits, claims, losses, and settlement expenses Amortization of deferred policy acquisition costs Other operating expenses Premiums written Years ended: December 31, 2016 OneBeacon $ 96.3 $ 1,365.6 $ 575.1 $ — $ 1,100.6 $ 50.6 $ 656.0 $ 206.0 $ 209.0 $ 1,100.7 HG Global/BAM 10.6 — 82.9 — 5.9 9.0 — 3.4 .4 38.6 Other operations (2) — 5.0 1.2 — 7.5 .2 8.0 2.2 .1 6.5 December 31, 2015 OneBeacon $ 100.7 $ 1,389.8 $ 560.3 $ — $ 1,176.2 $ 45.9 $ 700.7 $ 213.8 $ 218.2 $ 1,136.6 HG Global/BAM 6.9 — 50.2 — 3.3 6.1 — 2.9 .4 25.9 Other operations (2) — 6.0 2.1 — 8.7 .2 8.2 3.4 — 10.1 December 31, 2014 OneBeacon $ 103.2 $ 1,342.2 $ 588.3 $ — $ 1,177.1 $ 43.4 $ 815.1 $ 203.3 $ 179.2 $ 1,216.9 HG Global/BAM 4.0 — 27.6 — 1.8 7.1 — 2.1 .4 16.2 Other operations (2) — 7.8 .8 — 6.1 .2 8.9 .8 — 5.9 (1) The amounts shown exclude net investment income relating to non-insurance operations of $27.0 , $8.6 and $8.8 for the twelve months ended December 31, 2016, 2015 and 2014 , respectively. (2) The Other operations amounts shown relate to SSIE. SSIE’s results are attributed to non-controlling interests. (3) Schedule excludes activity related to Sirius Group for all periods presented. See Note 22 — “Held for Sale and Discontinued Operations” . Schedules of the Registrant should be read in conjunction with the Consolidated Financial Statements and Notes. |
SCHEDULE IV REINSURANCE
SCHEDULE IV REINSURANCE | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | |
SCHEDULE IV REINSURANCE | WHITE MOUNTAINS INSURANCE GROUP, LTD. REINSURANCE (3) (Millions) Column A Column B Column C Column D Column E Column F Premiums earned $ in millions Gross amount Ceded to other companies Assumed from other companies Net amount Percentage of amount assumed to net Years ended: December 31, 2016 OneBeacon $ 1,177.0 $ (105.8 ) $ 29.4 $ 1,100.6 2.7 % HG/BAM 5.9 — — 5.9 — % Other operations (2) 15.2 (7.7 ) — 7.5 — December 31, 2015 OneBeacon (1) $ 1,298.0 $ (167.7 ) $ 45.9 $ 1,176.2 3.9 % HG/BAM 3.3 — — 3.3 — % Other operations (2) 20.7 (12.0 ) — 8.7 — December 31, 2014 OneBeacon (1) $ 1,209.1 $ (102.9 ) $ 70.9 $ 1,177.1 6.0 % HG/BAM 1.8 — — 1.8 — % Other operations (2) $ 22.6 $ (16.5 ) $ — $ 6.1 — % (1) The amounts shown excludes balances reclassified to discontinued operations in the consolidated income statement related to the Runoff Transaction as of December 31, 2015 and 2014. See Note 22 — “Held for Sale and Discontinued Operations” . (2) The Other operations amounts shown relate to SSIE. SSIE’s results are attributed to non-controlling interests. (3) Schedule excludes activity related to Sirius Group for all periods presented. See Note 22 — “Held for Sale and Discontinued Operations” . Schedules of the Registrant should be read in conjunction with the Consolidated Financial Statements and Notes. |
SCHEDULE V VALUATION AND QUALIF
SCHEDULE V VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE V VALUATION AND QUALIFYING ACCOUNTS | WHITE MOUNTAINS INSURANCE GROUP, LTD. VALUATION AND QUALIFYING ACCOUNTS (3) Column A Column B Column C Column D Column E Additions (subtractions) Millions Balance at beginning of period Charged to costs and expenses Charged to other accounts (1) Deductions described (2) Balance at end of period Years ended: December 31, 2016 Reinsurance recoverable on paid losses: Allowance for reinsurance balances $ .7 $ .2 $ — $ — $ .9 Property and casualty insurance and reinsurance premiums receivable: Allowance for uncollectible accounts 2.0 (.3 ) (.4 ) — 1.3 December 31, 2015 Reinsurance recoverable on paid losses: Allowance for reinsurance balances $ 2.2 $ (.1 ) $ — $ (1.4 ) $ .7 Property and casualty insurance and reinsurance premiums receivable: Allowance for uncollectible accounts 1.9 .8 (.7 ) — 2.0 December 31, 2014 Reinsurance recoverable on paid losses: Allowance for reinsurance balances $ 14.3 $ (.5 ) $ — $ (11.6 ) $ 2.2 Property and casualty insurance and reinsurance premiums receivable: Allowance for uncollectible accounts 3.1 (.2 ) (1.0 ) — 1.9 (1) Amount credited to other accounts represents a reduction in the allowance for uncollectible premiums receivable which was offset by a corresponding reduction in gross premiums receivable. There was no impact to premiums receivable as presented in the consolidated balance sheet. (2) Represents net collections (charge-offs) of balances receivable. (3) Schedule excludes activity related to Sirius Group and Tranzact for all periods presented. See Note 22 — “Held for Sale and Discontinued Operations” . Schedules of the Registrant should be read in conjunction with the Consolidated Financial Statements and Notes. |
SCHEDULE VI SUPPLEMENTAL INFORM
SCHEDULE VI SUPPLEMENTAL INFORMATION FOR PROPERTY AND CASUALTY INSURANCE UNDERWRITERS | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Information for Property, Casualty Insurance Underwriters [Abstract] | |
SCHEDULE VI SUPPLEMENTAL INFORMATION FOR PROPERTY AND CASUALTY INSURANCE UNDERWRITERS | WHITE MOUNTAINS INSURANCE GROUP, LTD. SUPPLEMENTAL INFORMATION FOR PROPERTY AND CASUALTY INSURANCE UNDERWRITERS (3) (Millions) Column A Column B Column C Column D Column E Column F Column G Column H Column I Column J Column K Affiliation with registrant Deferred acquisition costs Reserves Expenses Discount, if any, deducted in Column C Unearned Premiums Earned Premiums Net investment income Claims and Claims Adjustment Expenses Incurred Related to Amortization costs Paid Expenses Premiums written Millions Current Year (1) Prior Year OneBeacon: 2016 $ 96.3 $ 1,365.6 $ 1.6 (1) $ 575.1 $ 1,100.6 $ 50.6 $ 640.6 $ 15.4 $ (206.0 ) $ 667.1 $ 1,100.7 2015 100.7 1,389.8 1.1 (1) 560.3 1,176.2 45.9 702.5 (1.8 ) (213.8 ) 677.5 1,136.6 2014 103.2 1,342.2 1.0 (1) 588.3 1,177.1 43.4 725.3 89.8 (203.3 ) 608.6 1,216.9 Other operations (2) : 2016 $ — $ 5.0 $ — $ 1.2 $ 7.5 $ .2 $ 8.6 $ (0.6 ) $ — $ 8.8 $ 6.5 2015 — 6.0 — 2.1 8.7 .2 10.4 (2.2 ) — 10.4 10.1 2014 — 7.8 — .8 6.1 .2 6.7 2.2 — 14.8 5.9 (1) The amounts shown represent OneBeacon’s discount on its long-term workers compensation loss and LAE reserves, as such liabilities constitute unpaid but settled claims under which the payment pattern and ultimate costs are fixed and determinable on an individual basis. OneBeacon discounts these reserves using a discount rate which is determined based on the facts and circumstances applicable at the time the claims are settled ( 2.5% as of December 31, 2016, 2015 and 2014 ). (2) The Other operations amounts shown relate to SSIE. SSIE’s results are attributed to non-controlling interests. SSIE’s assets and liabilities are presented held for sale. See Note 22 — “Held for Sale and Discontinued Operations” . (3) Schedule excludes amounts related to Sirius Group for all periods presented. See Note 22 — “Held for Sale and Discontinued Operations” . Schedules of the Registrant should be read in conjunction with the Consolidated Financial Statements and Notes. |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Revenue Recognition, Services, Commissions [Policy Text Block] | Commission and Other Revenue Recognition White Mountains recognizes agent commissions and other revenues when it has fulfilled all of its obligations necessary to earn the revenue and when it can reliably estimate both the amount of revenue, net of any amounts expected to be uncollectible, and any amounts associated with expected cancellations. |
Investment securities | Investment Securities As of December 31, 2016 , White Mountains’s invested assets consisted of securities and other investments held for general investment purposes. White Mountains’s portfolio of fixed maturity investments, common equity securities and other long-term investments held for general investment purposes are classified as trading securities and are reported at fair value as of the balance sheet date. Changes in net unrealized investment gains (losses) are reported pre-tax in revenues. Realized investment gains (losses) are accounted for using the specific identification method and are reported pre-tax in revenues. Premiums and discounts on all fixed maturity investments are amortized and accreted to income over the anticipated life of the investment. White Mountains’s invested assets that are measured at fair value include fixed maturity investments, common equity securities and other long-term investments, such as interests in hedge funds, private equity funds, various non-controlling interests in private capital investments and the OneBeacon Surplus Notes issued in connection with the Runoff Transaction. In determining its estimates of fair value, White Mountains uses a variety of valuation approaches and inputs. Whenever possible, White Mountains estimates fair value using valuation methods that maximize the use of quoted prices and other observable inputs. As of December 31, 2016 and 2015 , approximately 94% and 91% of the investment portfolio recorded at fair value was priced based upon quoted market prices or other observable inputs. Investments valued using Level 1 inputs include fixed maturity investments, primarily investments in U.S. Treasuries, short-term investments, which include U.S. Treasury Bills and common equity securities. Investments valued using Level 2 inputs are comprised of fixed maturity investments including debt securities issued by corporations, municipal obligations, mortgage and asset-backed securities, foreign government, agency and provincial obligations and preferred stocks. Fair value estimates for investments that trade infrequently and have few or no observable market prices are classified as Level 3 measurements. Level 3 fair value estimates based upon unobservable inputs include certain debt securities, including asset-backed securities, where quoted market prices are unavailable. White Mountains determines when transfers between levels have occurred as of the beginning of the period. White Mountains uses brokers and outside pricing services to assist in determining fair values. For investments in active markets, White Mountains uses the quoted market prices provided by outside pricing services to determine fair value. The outside pricing services used by White Mountains have indicated that if no observable inputs are available for a security, they will not provide a price. In those circumstances, White Mountains estimates the fair value using industry standard pricing methodologies and observable inputs such as benchmark interest rates, market comparables, broker quotes, issuer spreads, bids, offers, credit rating prepayment speeds and other relevant inputs. White Mountains performs procedures to validate the market prices obtained from the outside pricing sources. Such procedures, which cover substantially all of its fixed maturity investments include, but are not limited to, the evaluation of pricing methodologies and a review of the pricing services’ quality control processes and procedures on at least an annual basis, comparison of our invested asset market prices to prices obtained from different independent pricing vendors on at least a semi-annual basis, monthly analytical reviews of certain prices, and review of the underlying assumptions utilized by the pricing service for selected measurements on an ad hoc basis throughout the year. White Mountains also performs back-testing of selected sales activity to determine whether there are any significant differences between the market price used to value the security prior to sale and the actual sale price on an ad-hoc basis throughout the year. Prices provided by the pricing services that vary by more than 5% and $1.0 million from the expected price based on these procedures are considered outliers. Prices that have not changed from period to period and prices that have trended unusually compared to market conditions are also considered outliers. In circumstances where the results of White Mountains’s review process do not appear to support the market price provided by the pricing services, White Mountains challenges the price. During the past year, nine securities fell outside White Mountains’s expected results, thereby triggering the challenge with the pricing service. If White Mountains cannot gain satisfactory evidence to support the challenged price, it relies upon its own pricing methodologies to estimate the fair value of the security in question. The fair values of such securities are considered to be Level 3 measurements. White Mountains’s investments in debt securities, including mortgage and asset-backed securities, are generally valued using pricing evaluation techniques that considers relevant market information, relevant credit information, perceived market movements and sector news. Key inputs include benchmark yields, benchmark securities, reported trades, issuer spreads, bids, offers, credit ratings and prepayment speeds. Income on mortgage and asset-backed securities is recognized using an effective yield based on anticipated prepayments and the estimated economic life of the securities. When actual prepayments differ significantly from anticipated prepayments, the estimated economic life is recalculated and the remaining unamortized premium or discount is amortized prospectively over the remaining economic life. Short-term investments consist of interest bearing money market funds, certificates of deposit, time deposits and other securities which, at the time of purchase, mature or become available for use within one year. Short-term investments are carried at amortized cost, which approximated fair value as of December 31, 2016 and 2015 . |
Other long-term investments | Other Long-term Investments Other long-term investments consist primarily of hedge funds, private equity funds, various non-controlling interests in private capital investments and the OneBeacon Surplus Notes. See Note 5 — “Investment Securities” . White Mountains has taken the fair value option for most of its investments in hedge funds, private equity funds, various non-controlling interests in private capital investments and the OneBeacon Surplus Notes. For the investments for which White Mountains has taken the fair value option, changes in fair value are reported in revenues on a pre-tax basis. For those long-term investments for which White Mountains has not made the fair value election, White Mountains accounts for its interests under the equity method. |
Derivative financial instruments | Derivative Financial Instruments White Mountains occasionally holds a variety of derivative financial instruments for risk management purposes. White Mountains recognizes all derivatives as either assets or liabilities, measured at fair value, in the consolidated balance sheets. Changes in the fair value of derivative instruments are recognized in current period pre-tax income. |
Warrants | Warrants From time to time, White Mountains holds warrants that it has received in the restructuring (e.g., securities received from bankruptcy proceedings) of certain of its common equity securities and fixed maturity investments. White Mountains accounts for its investments in warrants as derivatives. |
Derivatives - Variable annuity reinsurance | Derivatives—Variable Annuity Reinsurance White Mountains has entered into agreements to reinsure death and living benefit guarantees associated with certain variable annuities in Japan through its wholly owned subsidiary, WM Life Re. The accounting for benefit guarantees differs depending on whether or not the guarantee is classified as a derivative or an insurance liability. Guaranteed minimum accumulation benefits (“GMABs”) are paid to an annuitant for any shortfall between accumulated account value at the end of the accumulation period and the annuitant’s total deposit, less any withdrawal payments made to the annuitant during the accumulation period. GMABs meet the definition of a derivative for accounting purposes. Therefore, GMABs are carried at fair value, with changes thereon recognized in income in the period of the change. The liability for the reinsured GMAB contracts has been determined using internal valuation methodologies that use assumptions for interest rates, equity markets, foreign exchange rates and market volatilities at the valuation date, as well as annuitant-related actuarial assumptions, including surrender and mortality rates. If an annuitant dies during the accumulation period of an annuity contract, guaranteed minimum death benefits (“GMDBs”) are paid to the annuitant’s beneficiary for shortfalls between accumulated account value at the time of an annuitant’s death and the annuitant’s total deposit, less any living benefit payments or withdrawal payments previously made to the annuitant. White Mountains elected to measure its GMDB liabilities at fair value. The valuation of these liabilities involves significant judgment and is subject to change based upon changes in capital market assumptions and emerging surrender and mortality experience of the underlying contracts in force. WM Life Re has completed its run-off as all of its contracts matured as of June 30, 2016. WM Life Re entered into derivative contracts that were designed to economically hedge against changes in the fair value of living and death benefit liabilities associated with its variable annuity reinsurance arrangements. The derivatives included futures and over-the-counter option contracts on interest rates, major bond and equity indices, and foreign currencies. All WM Life Re’s derivative instruments were recorded as assets or liabilities at fair value on the balance sheet within other assets. These derivative financial instruments did not meet the criteria for hedge accounting treatment, and accordingly, changes in fair value were recognized in the appropriate period as gains or losses in the income statement within other revenues. WM Life Re included the effect of counterparty credit risk when determining the fair value of its derivative contracts and its GMAB and GMDB liabilities. |
Cash | Cash Cash includes amounts on hand and demand deposits with banks and other financial institutions. Amounts presented in the statement of cash flows are shown net of balances acquired and sold in the purchase or sale of the Company’s consolidated subsidiaries and exclude changes in amounts of restricted cash. See Note 9 — “Derivatives” . |
Insurance and reinsurance operations | Insurance and Reinsurance Operations White Mountains accounts for insurance and reinsurance policies that it writes in accordance with ASC 944. Premiums written are recognized as revenues and are earned ratably over the term of the related policy or reinsurance treaty. Unearned premiums represent the portion of premiums written that are applicable to future insurance and reinsurance coverage provided by policies or treaties in force. White Mountains charges fees on certain of its insurance policies. Refundable fees are classified with premiums and recognized in earnings over the policy term. Fees that represent a reimbursement of expenses, such as installment fees, are recorded as a reduction of underwriting expenses. Deferred acquisition costs represent commissions, premium taxes, brokerage expenses and other costs which are directly attributable to and vary with the production of business. These costs are deferred and amortized to the extent they relate to successful contract acquisitions over the applicable premium recognition period as insurance and reinsurance acquisition expenses. Amortization of deferred acquisition costs are presented within insurance and reinsurance acquisition expenses. Deferred acquisition costs are limited to the amount expected to be recovered from future earned premiums and anticipated investment income. This limitation is referred to as a premium deficiency. A premium deficiency is recognized if the sum of expected loss and loss adjustment expenses (“LAE”), expected dividends to policyholders, unamortized acquisition costs, and maintenance costs exceeds related unearned premiums and anticipated investment income. A premium deficiency is recognized by charging any unamortized acquisition costs to expense to the extent required in order to eliminate the deficiency. If the premium deficiency exceeds unamortized acquisition costs then a liability is accrued for the excess deficiency. Losses and LAE are charged against income as incurred. Unpaid insurance losses and LAE are based on estimates (generally determined by claims adjusters, legal counsel and actuarial staff) of the ultimate costs of settling claims, including the effects of inflation and other societal and economic factors. Unpaid reinsurance losses and LAE are based primarily on reports received from ceding companies and actuarial projections. Unpaid loss and LAE reserves represent management’s best estimate of ultimate losses and LAE, net of estimated salvage and subrogation recoveries, if applicable. Such estimates are regularly reviewed and updated and any resulting adjustments are reflected in current operations. The process of estimating loss and LAE involves a considerable degree of judgment by management and the ultimate amount of expense to be incurred could be considerably greater than or less than the amounts currently reflected in the financial statements. White Mountains’s insurance and reinsurance subsidiaries enter into ceded reinsurance contracts from time to time to protect their businesses from losses due to concentration of risk, to manage their operating leverage ratios and to limit losses arising from catastrophic events. Such reinsurance contracts are executed through excess of loss treaties and catastrophe contracts under which the reinsurer indemnifies White Mountains for a specified part or all of certain types of losses over stipulated amounts arising from any one occurrence or event. White Mountains has also entered into quota share treaties with reinsurers under which all risks meeting prescribed criteria are covered on a pro-rata basis. The amount of each risk ceded by White Mountains is subject to maximum limits which vary by line of business and type of coverage. Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policies. The collectability of reinsurance recoverables is also subject to the solvency of the reinsurers. White Mountains is selective in regard to its reinsurers, principally placing reinsurance with those reinsurers with a strong financial condition, industry ratings and underwriting ability. Management monitors the financial condition and ratings of its reinsurers on an ongoing basis. Reinsurance premiums, commissions, expense reimbursements and reserves related to reinsured business are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Premiums ceded to other companies are reported as a reduction of premiums written. Expense allowances received in connection with reinsurance ceded have been accounted for as a reduction of the related policy acquisition costs and are deferred and amortized accordingly. Funds held by ceding companies represent amounts due to White Mountains in connection with certain assumed reinsurance agreements in which the ceding company retains a portion of the premium to provide security against future loss payments. The funds held by ceding companies are generally invested by the ceding company and a contractually agreed interest amount is credited to the Company and recognized as investment income. Funds held under insurance and reinsurance contracts represent contractual payments due to White Mountains that have been retained to secure such obligations. Such amounts are recorded as liabilities in the consolidated financial statements. Accruals for contingent commission liabilities are established for reinsurance contracts that provide for the stated commission percentage to increase or decrease based on the loss experience of the contract. Changes in the estimated liability for such arrangements are recorded as contingent commissions. Accruals for contingent commission liabilities are determined through the review of the contracts that have these adjustable features and are estimated based on expected loss and LAE. |
Municipal Bond Insurance | Municipal Bond Insurance All of the contracts issued by BAM are accounted for as insurance contracts under ASC 944-605, Financial Guarantee Insurance Contracts. Premiums are generally received upfront and an unearned premium revenue liability, equal to the amount of the premium received, is established at contract inception. Premium revenues are recognized in revenue over the period of the contracts in proportion to the amount of insurance protection provided using a constant rate. The constant rate is calculated based on the relationship between the par outstanding in a given reporting period compared with the sum of each of the par amounts outstanding for all periods. Deferred acquisition costs represent commissions, premium taxes, excise taxes and other costs which are directly attributable to and vary with the production of business. These costs are deferred and amortized to the extent they relate to successful contract acquisitions over the applicable premium recognition period as acquisition expenses. Deferred acquisition costs are limited to the amount expected to be recovered from future earned premiums and anticipated investment income. |
Funds Held Under Reinsurance Contracts Policy [Policy Text Block] | Funds Held Funds held under reinsurance contracts primarily represent amounts due to White Mountains in connection with the Standard Reinsurance Agreement (“SRA”) with the Federal Crop Insurance Corporation (“FCIC”), which is managed by an agency of the U.S. Department of Agriculture. The SRA governs the relationship, including the exchange of funds, between private insurance companies, including White Mountains, and the FCIC relating to our MPCI crop insurance business. Funds held under insurance contracts represents unrestricted collateral held by White Mountains primarily relating to the surety business. |
Mandatory Shared Market Mechanisms | Mandatory Shared Market Mechanisms As a condition to its licenses to do business in certain states, White Mountains’s insurance operations must participate in various mandatory shared market mechanisms commonly referred to as “residual” or “involuntary” markets. These markets generally consist of risks considered to be undesirable from a standard or routine underwriting perspective. Each state dictates the levels of insurance coverage that are mandatorily assigned to participating insurers within these markets. The total amount of such business an insurer must accept in a particular state is generally based on that insurer’s market share of voluntary business written within that state. In certain cases, White Mountains is obligated to write business from shared market mechanisms at a future date based on its historical market share of all voluntary policies written within that state. Involuntary business generated from mandatory shared market mechanisms is accounted for as direct insurance business or as assumed reinsurance depending upon the structure of the mechanism. OneBeacon’s market assignments are typically required to be written in the current period, however, in certain cases OneBeacon is required to accept policy assignments at a future date. Anticipated losses associated with future market assignments are recognized when the amount of such anticipated losses is determined to be probable and can be reasonably estimated. |
Insurance-Related Assessments | Insurance-related Assessments Under existing guaranty fund laws in all states, insurers licensed to do business in those states can be assessed for certain obligations of insolvent insurance companies to policyholders and claimants. White Mountains records guaranty fund assessments when it is probable that an assessment will be made and the amount can be reasonably estimated. |
Deferred Software Costs | Deferred Software Costs White Mountains capitalizes costs related to computer software developed for internal use during the application development stage of software development projects. These costs generally consist of certain external, payroll and payroll-related costs. White Mountains begins amortization of these costs once the project is completed and ready for its intended use. Amortization is on a straight-line basis and over a useful life of eighteen months to five years. Costs related to software developed for sale to third parties are expensed until technological feasibility has been established. Once technological feasibility has been established, software development costs are capitalized and reported at their net realizable value. Upon product release, the amortization of software development costs is determined annually as the greater of the amount calculated using the ratio of current gross revenues to the total of current and expected gross revenues for the product or the straight-line method over the estimated economic life, which is generally between 18 to 36 months. |
Federal and foreign income taxes | Federal and Foreign Income Taxes A significant portion of White Mountains’s subsidiaries file consolidated tax returns in the United States. Income earned or losses generated by companies outside the United States are generally subject to an overall effective tax rate lower than that imposed by the United States. Deferred tax assets and liabilities are recorded when a difference between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for tax purposes exists, and for other temporary differences. The deferred tax asset or liability is recorded based on tax rates expected to be in effect when the difference reverses. The deferred tax asset is recognized when it is more likely than not that it will be realized. |
Foreign currency exchange | Foreign Currency Exchange The U.S. dollar is the functional currency for all of White Mountains’s businesses except for Sirius International and certain other smaller international activities. White Mountains also invests in securities denominated in foreign currencies. Assets and liabilities recorded in these foreign currencies are translated into U.S. dollars at exchange rates in effect at the balance sheet date, and revenues and expenses are converted using the weighted average exchange rates for the period. Net foreign exchange gains and losses arising from the translation of functional currencies are generally reported in shareholders’ equity, in accumulated other comprehensive income or loss. Assets and liabilities relating to foreign operations are translated into the functional currency using current exchange rates; revenues and expenses are translated into the functional currency using the weighted average exchange rate for the period. The resulting exchange gains and losses are reported as a component of net income in the period in which they arise. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of the amount paid to acquire subsidiaries over the fair value of identifiable net assets at the date of acquisition. Other intangible assets consist primarily of trademarks, URL and online names, customer relationships, information technology and insurance licenses. Goodwill is not amortized, but rather is evaluated for impairment on an annual basis, or whenever indications of potential impairment exist. In the absence of any indications of potential impairment, the evaluation of goodwill is performed during the fourth quarter of each year. White Mountains initially evaluates goodwill using a qualitative approach (“step zero”) to determine whether it is more likely than not that the fair value of goodwill is greater than its carrying value. If the results of the qualitative evaluation indicate that it is more likely than not that the carrying value of goodwill exceeds its fair value, White Mountains, performs the two-step quantitative test for impairment. Other intangible assets with finite lives are measured at their acquisition date fair values, are amortized over their economic lives and presented net of accumulated amortization on the balance sheet. Other intangible assets with finite lives are evaluated for impairment at least annually and when events or changes in circumstances indicate that it is more likely than not that the asset is impaired. White Mountains evaluated the recoverability of goodwill and other intangible assets and did not recognize any impairment losses for any of the years ended December 31, 2016, 2015 and 2014. See Note 6 — “Goodwill and Other Intangible Assets” . |
Noncontrolling Interest | Non-controlling Interest Non-controlling interests consist of the ownership interests of non-controlling shareholders in consolidated subsidiaries, and are presented separately on the balance sheet. The portion of comprehensive income attributable to non-controlling interests is presented net of related income taxes in the statement of operations and comprehensive income. See Note 14 — “Common Shareholders’ Equity and Non-controlling Interests” . |
Variable Interest Entities | Variable Interest Entities White Mountains consolidates a variable interest entity (“VIE”) when it has both the power to direct the activities of the VIE that most significantly impact its economic performance and either the obligation to absorb losses or the right to receive returns from the VIE that could potentially be significant to the VIE. See Note 18 — “Variable Interest Entities” . |
Recent Accounting Pronouncements | Recently Adopted Changes in Accounting Principles Short-Duration Contracts Effective December 31, 2016, White Mountains adopted ASU 2015-09, Disclosures about Short Duration Contracts (ASC 944), which requires expanded footnote disclosures about loss and loss adjustment expense (“LAE”) reserves. Upon adoption, White Mountains modified its footnote disclosures to include loss development tables on a disaggregated basis by accident year and a reconciliation of loss development data to the loss and LAE reserves reflected on the balance sheet. The footnote disclosures have also been expanded to include information about claim frequency data, including a description of how the claims frequency data is measured. Prior year disclosures have been modified to conform to the new disclosures. See Note 3 — “Reserves for Unpaid Losses and Loss Adjustment Expenses” . Business Combinations - Measurement Period Adjustments Effective January 1, 2016, White Mountains adopted ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (ASC 805) , which requires adjustments to provisional amounts recorded in connection with a business combination that are identified during the measurement period to be recorded in the reporting period in which the adjustment amounts are determined, rather than as retroactive adjustments to prior periods. White Mountains has not recognized any adjustments to estimated purchase accounting amounts for the year to date period ended December 31, 2016 and accordingly, there was no effect to White Mountains’s financial statements upon adoption. Fair Value Measurements On January 1, 2016, White Mountains adopted ASU 2015-07, Fair Value Measurement - Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent) (ASC 820), which eliminates the requirement to disclose the fair value hierarchy level for investments for which fair value is measured at net asset value (“NAV”) using the practical expedient in ASC 820. White Mountains measures the fair value of its investments in hedge funds and private equity funds using this practical expedient. Upon adoption, these fair value measurements are no longer classified within the fair value hierarchy. Prior year amounts have been modified to conform to the current year’s disclosures. Amendments to Consolidation Analysis On January 1, 2016, White Mountains adopted ASU 2015-02, Amendments to the Consolidation Analysis (ASC 810) which amends the guidance for determining whether an entity is a VIE. ASU 2015-02 eliminates the separate consolidation guidance for limited partnerships and, with it, the presumption that a general partner should consolidate a limited partnership. In addition, ASU 2015-02 changes the guidance for determining if fee arrangements qualify as variable interests and the effect fee arrangements have on the determination of the primary beneficiary. Adoption of ASU 2015-02 did not affect the consolidation analysis for any of White Mountains’s investments. Share-Based Compensation Awards On January 1, 2016, White Mountains adopted ASU 2014-12, Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (ASC 718) . The new guidance requires that a performance target that affects vesting and that can be achieved after the requisite service period be treated as a performance condition. Compensation cost is to be recognized in the period when it becomes probable the performance target will be achieved in an amount equal to the compensation cost attributable to the periods for which service has been rendered. Adoption did not have a significant effect on White Mountains’s financial position, results of operations, cash flows, presentation or disclosures. Debt Issuance Costs On January 1, 2016, White Mountains adopted ASU 2015-03, Imputation of Interest (ASC 835), which requires debt issuance costs to be presented as a deduction from the carrying amount of the related debt, consistent with the treatment required for debt discounts. The new guidance requires amortization of debt issuance costs to be classified within interest expense and also requires disclosure to the debt’s effective interest rate. White Mountains has applied the guidance retrospectively and as a result has reclassified $1.9 million of unamortized debt issuance costs from other assets to debt as of December 31, 2015, reflecting these amounts as a reduction from the related debt, and has modified its disclosures to include the required effective interest rate on its debt. As of December 31, 2016 , the unamortized debt issuance costs included in debt is $1.6 million . Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity Effective January 1, 2015, White Mountains adopted ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (ASC 205 and ASC 360), which limits discontinued operations treatment to disposals that have a major effect on a reporting entity’s operations and financial results to be reported as discontinued operations. ASU 2014-08 also requires expanded disclosure in the financial statements for discontinued operations as well as for disposals of significant components of an entity that do not qualify for discontinued operations presentation. As discussed further in Note 2, White Mountains completed its sale of Sirius Group on April 18, 2016. Sirius Group has been presented as discontinued operations for all periods presented. Qualified Affordable Housing Projects Effective January 1, 2015, White Mountains adopted ASU 2014-01, Accounting for Investments in Qualified Affordable Housing Projects ( “ QAHP ” ) (ASC 323). ASU 2014-01 allows investors in QAHP to make a policy election to use the proportional amortization method. Under the proportional amortization method, the investor amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the investment results, net of the related tax benefits, as a component of income tax expense. Prior to adoption, White Mountains accounted for its QAHP investment under the equity method and recognized its share of its QAHP investment's losses in investment income. White Mountains made the policy election to account for its investment in its QAHP investment using the proportional amortization method, applied retrospectively. Under the proportional amortization method, the cumulative loss recognized through December 31, 2014 and December 31, 2013 was $0.9 million and $0.4 million . The retrospective adoption resulted in an increase of $1.7 million and $1.9 million to net investment income and a net increase of $2.3 million and $2.2 million to income tax expense for the years ended December 31, 2014 and 2013. Footnote disclosures for prior year amounts have been amended to be consistent with the restated amounts described above. Pushdown Accounting ASU 2014-17, Pushdown Accounting, a consensus of the FASB Emerging Issues Task Force (ASC 805) became effective upon its issuance on November 18, 2014 . The new guidance, which is applicable prospectively, gives an acquired non-public company the option to apply pushdown accounting in its separate company financial statements in the period in which it is acquired in a change of control transaction. Once pushdown accounting has been applied, the election is irreversible. Acquired entities that chose not to apply pushdown accounting at the time of acquisition may apply pushdown accounting in a subsequent period as a change in accounting principle under ASC 250, Accounting Changes and Error Corrections . White Mountains has not had any acquisitions for which it has elected to apply pushdown accounting since ASU 2014-17 became effective. |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of rates of exchange for the U.S. dollar that have been used for the most significant operations | The following rates of exchange for the U.S. dollar have been used for the most significant operations: Currency Opening Rate 2016 Closing Rate 2016 Opening Rate 2015 Closing Rate 2015 Israeli Shekels 3.9051 3.8476 3.8865 3.9051 British Pound Sterling 0.6757 0.8074 0.6426 0.6757 Euro 0.9189 0.9479 0.8245 0.9189 Swedish Kronor (1) 8.4247 N/A 7.7737 8.4247 |
Reserves for Unpaid Losses an39
Reserves for Unpaid Losses and Loss Adjustment Expenses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Insurance Loss Reserves [Abstract] | |
Loss and LAE reserve activities | The following table summarizes the ending liabilities for unpaid loss and LAE, net of reinsurance for each of OneBeacon’s major lines of business by underwriting group as of December 31, 2016: Liabilities for unpaid claims and claims adjustment expenses, net of reinsurance Millions As of December 31, 2016 Specialty Products - Property $ 30.2 Specialty Industries - Property 108.5 Specialty Products - Casualty 568.7 Specialty Industries - Casualty 360.0 Specialty Products - Other 38.2 Specialty Industries - Other 47.4 Total unpaid and undiscounted loss and allocated LAE reserves, net of reinsurance 1,153.0 Less: Discount on workers compensation reserves (1.6 ) Total unpaid loss and allocated LAE reserves, net of reinsurance 1,151.4 Plus: Unallocated LAE 41.3 Total unpaid loss and LAE reserves, net of reinsurance 1,192.7 Plus: Reinsurance recoverables on unpaid losses Specialty Products - Property 40.9 Specialty Industries - Property 13.2 Specialty Products - Casualty 64.0 Specialty Industries - Casualty 19.9 Specialty Products - Other 16.0 Specialty Industries - Other .6 Investing, Financing and Corporate (1) 18.3 Plus: Total Reinsurance recoverables on unpaid losses 172.9 Total unpaid loss and LAE reserves $ 1,365.6 (1) OneBeacon’s subsidiary, Atlantic Specialty Insurance Company (“ASIC”) , entered into a 100% quota share reinsurance agreement with OBIC, an entity sold to Armour, as part of the sale of the Runoff Business. See Note 22 — “Held for Sale and Discontinued Operations” . As of December 31, 2016, $18.3 is included in reinsurance recoverables on unpaid losses within Investing, Financing, and Corporate resulting from that agreement. The following table reconciles loss and LAE reserves determined on a statutory basis to loss and LAE reserves determined in accordance with GAAP as of December 31, 2016 and 2015 as follows: December 31, Millions 2016 2015 Statutory reserves (unaudited) $ 1,192.7 $ 1,203.8 Reinsurance recoverable on unpaid losses and LAE (1) 172.9 186.0 GAAP reserves $ 1,365.6 $ 1,389.8 (1) Represents adjustments made to add back reinsurance recoverables on unpaid losses and LAE included with the presentation of reserves under statutory accounting. The following table summarizes the loss and LAE reserve activities of White Mountains’s insurance subsidiaries for the years ended December 31, 2016, 2015 and 2014 : Year Ended December 31, Millions 2016 2015 2014 Gross beginning balance $ 1,389.8 $ 1,342.2 $ 1,054.3 Less beginning reinsurance recoverable on unpaid losses (186.0 ) (161.6 ) (80.2 ) Net loss and LAE reserves 1,203.8 1,180.6 974.1 Loss and LAE reserves consolidated - SSIE — — 13.6 Add: SSIE reserves held for sale at the beginning of the period (1) 5.5 7.7 — Losses and LAE incurred relating to: Current year losses 649.2 712.9 732.0 Prior year losses 14.8 (4.0 ) 92.0 Total incurred losses and LAE 664.0 708.9 824.0 Loss and LAE paid relating to: Current year losses (192.8 ) (208.8 ) (202.6 ) Prior year losses (483.1 ) (479.1 ) (420.8 ) Total loss and LAE payments (675.9 ) (687.9 ) (623.4 ) Less: SSIE reserves held for sale at the end of the period (1) 4.7 5.5 7.7 Net ending balance 1,192.7 1,203.8 1,180.6 Plus ending reinsurance recoverable on unpaid losses 172.9 186.0 161.6 Gross ending balance $ 1,365.6 $ 1,389.8 $ 1,342.2 |
Loss and LAE Reserve and Net Loss and LAE Development | The components of the 2014 fourth quarter loss and LAE reserve increase and the net loss and LAE development for the full year are provided below: Underwriting Unit 2014 Fourth Quarter Reserve Increases Full Year 2014 Millions Current Accident Year Prior Accident Year Total Net Prior Year Development Professional Insurance (1) $ 22.9 $ 46.4 $ 69.3 $ 59.1 Specialty Property (1.1 ) 5.7 4.6 1.1 Crop Business 3.8 — 3.8 — Other 2.8 (.4 ) 2.4 1.6 Specialty Products 28.4 51.7 80.1 61.8 Entertainment 1.5 11.6 13.1 13.5 Government Risks 1.2 7.1 8.3 8.5 Accident — 3.5 3.5 6.0 Other 2.6 1.6 4.2 — Specialty Industries 5.3 23.8 29.1 28.0 Total $ 33.7 $ 75.5 $ 109.2 $ 89.8 (1) Professional Insurance includes Other Professional Lines, Management Liability, Financial Services and Healthcare. |
Incurred Loss, Cumulative Paid Loss, and Allocated LAE, Net of Reinsurance | Specialty Products - Casualty $ in millions Incurred Loss and Allocated LAE, Net of Reinsurance For the Years Ended December 31, As of December 31, 2016 Accident Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Total IBNR plus expected development on reported claims Cumulative number of reported claims Unaudited 2007 $ 138.3 $ 120.2 $ 97.3 $ 90.7 $ 70.5 $ 70.1 $ 61.8 $ 58.3 $ 57.1 $ 56.5 $ 2.5 1,236 2008 — 145.6 128.6 118.2 100.8 98.3 95.5 95.3 97.3 96.8 3.3 2,199 2009 — — 169.5 186.2 194.9 193.2 192.0 194.9 195.0 195.5 4.9 4,002 2010 — — — 211.5 225.4 226.2 225.0 232.3 234.9 240.0 7.8 6,029 2011 — — — — 194.9 189.8 205.4 214.2 214.8 214.9 9.4 6,661 2012 — — — — — 213.5 220.1 246.1 248.8 249.4 14.4 6,794 2013 — — — — — — 205.2 233.1 229.6 247.9 20.3 5,866 2014 — — — — — — — 240.5 235.9 258.9 44.4 6,504 2015 — — — — — — — — 206.9 213.4 78.5 9,710 2016 — — — — — — — — — 202.8 142.8 9,093 Total $ 1,976.1 Specialty Products - Casualty $ in millions Cumulative Paid Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, Accident Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Unaudited 2007 $ 6.8 $ 24.8 $ 32.4 $ 41.7 $ 44.4 $ 50.7 $ 51.9 $ 53.6 $ 54.0 $ 54.0 2008 — 8.8 32.3 50.8 65.4 77.6 83.1 85.3 88.1 91.5 2009 — — 26.5 81.8 124.0 147.8 161.4 169.9 178.3 187.8 2010 — — — 32.0 107.0 157.8 180.5 196.3 213.6 220.3 2011 — — — — 25.8 88.9 131.3 163.7 186.2 192.5 2012 — — — — — 25.8 86.7 157.7 193.6 219.8 2013 — — — — — — 26.4 86.3 143.1 194.2 2014 — — — — — — — 34.3 95.2 156.7 2015 — — — — — — — — 19.9 78.4 2016 — — — — — — — — — 16.5 Total 1,411.7 All outstanding liabilities before 2007, net of reinsurance 4.3 Liabilities for loss and allocated LAE, net of reinsurance $ 568.7 Specialty Industries - Other $ in millions Incurred Loss and Allocated LAE, Net of Reinsurance For the Years Ended December 31, As of December 31, 2016 Accident Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Total IBNR plus expected development on reported claims Cumulative number of reported claims Unaudited 2007 $ 4.3 $ 4.6 $ 4.5 $ 4.4 $ 4.4 $ 4.4 $ 4.4 $ 4.4 $ 4.4 $ 4.4 $ — 291 2008 — 10.4 10.8 12.2 11.9 11.9 11.8 12.1 12.1 12.3 — 975 2009 — — 19.1 19.2 19.0 19.3 20.9 21.4 21.5 21.7 .2 1,763 2010 — — — 25.6 26.6 27.1 27.9 28.2 28.4 28.4 — 2,449 2011 — — — — 35.1 36.0 37.7 38.5 38.2 38.2 .2 3,638 2012 — — — — — 42.0 39.6 40.1 41.1 41.6 .3 3,861 2013 — — — — — — 41.1 41.2 42.2 42.5 .7 4,245 2014 — — — — — — — 42.6 40.4 40.6 1.9 3,497 2015 — — — — — — — — 46.6 31.9 4.9 3,301 2016 — — — — — — — — — 33.2 19.4 2,222 Total $ 294.8 Specialty Industries - Other $ in millions Cumulative Paid Loss and Allocated LAE, Net of Reinsurance For the Years Ended December 31, Accident Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Unaudited 2007 $ 1.2 $ 4.0 $ 4.3 $ 4.3 $ 4.3 $ 4.3 $ 4.3 $ 4.4 $ 4.4 $ 4.4 2008 — 3.8 9.0 11.1 11.7 11.8 11.7 12.0 12.0 12.2 2009 — — 6.3 14.6 17.7 18.3 19.2 21.2 21.4 21.4 2010 — — — 8.3 22.9 25.1 26.9 27.6 28.0 28.1 2011 — — — — 13.5 29.4 34.6 36.5 37.2 37.3 2012 — — — — — 13.2 30.7 35.8 38.3 39.1 2013 — — — — — — 13.0 29.3 37.2 39.6 2014 — — — — — — — 12.6 28.9 34.8 2015 — — — — — — — — 9.8 22.2 2016 — — — — — — — — — 8.0 Total $ 247.1 All outstanding liabilities before 2007, net of reinsurance (.3 ) Liabilities for loss and allocated LAE, net of reinsurance $ 47.4 Specialty Industries - Property $ in millions Incurred Loss and Allocated LAE, Net of Reinsurance For the Years Ended December 31, As of December 31, 2016 Accident Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Total IBNR plus expected development on reported claims Cumulative number of reported claims Unaudited 2007 $ 110.0 $ 104.8 $ 101.3 $ 94.9 $ 95.1 $ 95.3 $ 95.1 $ 95.1 $ 95.1 $ 94.9 $ — 4,828 2008 — 147.3 137.6 129.6 129.3 132.0 132.7 130.0 129.8 129.7 .1 6,603 2009 — — 124.5 118.6 118.2 117.9 118.8 118.6 118.7 118.6 .1 6,718 2010 — — — 131.4 131.5 127.2 130.0 129.7 131.4 131.2 — 8,617 2011 — — — — 138.5 141.5 141.1 143.5 143.2 142.5 .3 9,704 2012 — — — — — 126.9 123.8 126.7 130.4 130.1 .8 9,697 2013 — — — — — — 125.1 127.0 142.9 143.6 1.9 8,085 2014 — — — — — — — 123.9 123.5 130.1 3.9 8,352 2015 — — — — — — — — 142.3 138.9 10.2 8,607 2016 — — — — — — — — — 120.3 32.8 7,429 Total $ 1,279.9 Specialty Industries - Property $ in millions Cumulative Paid Loss and Allocated LAE, Net of Reinsurance For the Years Ended December 31, Accident Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Unaudited 2007 $ 42.2 $ 70.9 $ 82.7 $ 87.6 $ 91.7 $ 93.4 $ 94.2 $ 94.5 $ 94.5 $ 94.6 2008 — 62.5 101.4 116.8 123.4 129.5 129.1 129.2 129.3 129.3 2009 — — 50.4 85.9 105.4 111.0 115.5 117.2 118.0 118.4 2010 — — — 69.0 106.2 118.2 122.8 125.9 129.3 130.8 2011 — — — — 72.5 117.4 130.7 138.0 139.5 141.4 2012 — — — — — 64.2 103.1 116.4 128.5 131.9 2013 — — — — — — 59.8 101.5 126.1 137.7 2014 — — — — — — — 56.5 94.6 111.6 2015 — — — — — — — — 68.6 114.4 2016 — — — — — — — — — 61.3 Total $ 1,171.4 All outstanding liabilities before 2007, net of reinsurance — Liabilities for loss and allocated LAE, net of reinsurance $ 108.5 Specialty Products - Other $ in millions Incurred Loss and Allocated LAE, Net of Reinsurance For the Years Ended December 31, As of December 31, 2016 Accident Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Total IBNR plus expected development on reported claims Cumulative number of reported claims Unaudited 2007 $ 26.8 $ 26.7 $ 26.8 $ 28.6 $ 28.6 $ 28.6 $ 28.6 $ 28.6 $ 28.6 $ 28.6 $ — 5,073 2008 — 31.7 31.5 31.2 31.2 31.2 31.2 31.2 31.2 31.2 — 5,192 2009 — — 33.8 31.4 31.3 30.8 30.9 30.9 30.9 30.9 — 5,138 2010 — — — 34.7 34.3 32.5 32.6 32.5 32.5 32.5 — 5,182 2011 — — — — 33.2 35.5 35.4 35.4 35.4 35.4 — 5,306 2012 — — — — — 36.6 36.9 36.9 36.9 37.0 — 5,324 2013 — — — — — — 39.6 40.6 39.2 39.2 — 5,510 2014 — — — — — — — 96.6 90.8 92.9 — 9,971 2015 — — — — — — — — 75.5 73.2 1.8 10,704 2016 — — — — — — — — — 77.1 33.8 4,306 Total $ 478.0 Specialty Products - Other $ in millions Cumulative Paid Loss and Allocated LAE, Net of Reinsurance For the Years Ended December 31, Accident Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Unaudited 2007 $ 19.8 $ 28.4 $ 28.6 $ 28.6 $ 28.6 $ 28.6 $ 28.6 $ 28.6 $ 28.6 $ 28.6 2008 — 21.3 31.1 31.2 31.2 31.2 31.2 31.2 31.2 31.2 2009 — — 21.6 30.8 30.8 30.9 30.9 30.9 30.9 30.9 2010 — — — 22.4 32.4 32.5 32.5 32.5 32.5 32.5 2011 — — — — 25.2 35.2 35.4 35.4 35.4 35.4 2012 — — — — — 26.1 36.8 36.9 36.9 37.0 2013 — — — — — — 27.4 39.0 39.2 39.2 2014 — — — — — — — 46.2 88.5 90.3 2015 — — — — — — — — 41.7 70.6 2016 — — — — — — — — — 44.2 Total $ 439.9 All outstanding liabilities before 2007, net of reinsurance .1 Liabilities for loss and allocated LAE, net of reinsurance $ 38.2 Specialty Products - Property $ in millions Incurred Loss and Allocated LAE, Net of Reinsurance For the Years Ended December 31, As of December 31, 2016 Accident Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Total IBNR plus expected development on reported claims Cumulative number of reported claims Unaudited 2007 $ 12.0 $ 11.1 $ 9.1 $ 7.6 $ 7.6 $ 7.7 $ 8.7 $ 8.6 $ 8.6 $ 8.6 $ — 250 2008 — 31.3 29.2 25.4 25.6 26.6 26.8 26.8 26.8 26.8 — 3,466 2009 — — 55.2 52.1 52.9 53.3 52.9 52.6 52.5 51.6 — 8,768 2010 — — — 51.0 49.5 55.6 56.7 55.9 55.8 55.8 — 10,170 2011 — — — — 58.7 59.8 60.2 60.6 60.8 60.7 .2 11,121 2012 — — — — — 79.9 86.7 92.9 92.2 92.2 .2 12,405 2013 — — — — — — 36.4 27.6 27.6 27.7 .3 5,267 2014 — — — — — — — 37.5 32.1 31.6 .4 1,227 2015 — — — — — — — — 28.3 25.7 1.1 2,186 2016 — — — — — — — — 24.5 5.2 1,825 Total $ 405.2 Specialty Products - Property $ in millions Cumulative Paid Loss and Allocated LAE, Net of Reinsurance For the Years Ended December 31, Accident Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Unaudited 2007 $ 1.8 $ 3.7 $ 6.8 $ 7.0 $ 7.0 $ 7.0 $ 8.7 $ 8.6 $ 8.6 $ 8.6 2008 — 15.5 23.5 25.2 25.5 26.0 26.8 26.8 26.8 26.8 2009 — — 41.5 47.3 51.2 51.9 51.9 51.6 51.6 51.6 2010 — — — 43.1 47.9 53.3 55.2 55.7 55.7 55.7 2011 — — — — 51.8 59.0 59.7 60.1 60.4 60.5 2012 — — — — — 58.8 72.5 78.3 79.0 78.8 2013 — — — — — — 24.3 26.9 27.1 27.4 2014 — — — — — — — 19.8 28.2 31.2 2015 — — — — — — — — 15.0 22.1 2016 — — — — — — — — — 12.3 Total 375.0 All outstanding liabilities before 2007, net of reinsurance — Liabilities for loss and allocated LAE, net of reinsurance $ 30.2 Specialty Industries - Casualty $ in millions Incurred Loss and Allocated LAE, Net of Reinsurance For the Years Ended December 31, As of December 31, 2016 Accident Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Total IBNR plus expected development on reported claims Cumulative number of reported claims Unaudited 2007 $ 24.9 $ 24.3 $ 21.7 $ 34.0 $ 34.9 $ 35.1 $ 35.1 $ 36.0 $ 37.1 $ 36.9 $ .3 1,770 2008 — 26.3 26.2 30.4 26.4 25.8 25.2 23.7 22.2 22.1 .5 1,835 2009 — — 51.0 51.1 51.5 49.6 54.8 53.6 51.6 51.0 1.0 2,982 2010 — — — 80.8 72.4 69.3 69.4 73.3 75.5 77.2 3.5 4,791 2011 — — — — 88.1 87.5 90.2 100.5 111.8 112.2 3.8 5,254 2012 — — — — — 118.8 103.4 102.0 101.8 98.8 7.9 6,298 2013 — — — — — — 121.9 131.5 133.6 138.2 18.0 7,107 2014 — — — — — — — 135.6 127.4 124.2 35.7 7,633 2015 — — — — — — — — 146.3 127.7 61.8 7,315 2016 — — — — — — — — — 129.9 98.4 5,701 Total $ 918.2 Specialty Industries - Casualty $ in millions Cumulative Paid Loss and Allocated LAE, Net of Reinsurance For the Years Ended December 31, Accident Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Unaudited 2007 $ 2.8 $ 5.5 $ 7.9 $ 13.8 $ 27.9 $ 29.9 $ 32.4 $ 32.9 $ 34.3 $ 35.9 2008 — 3.2 6.9 11.5 14.2 17.3 19.9 21.2 20.8 20.9 2009 — — 5.1 16.6 25.0 34.5 42.9 46.3 46.3 47.4 2010 — — — 8.7 21.1 37.3 51.4 57.5 65.3 68.9 2011 — — — — 11.1 34.2 53.7 69.8 88.9 96.4 2012 — — — — — 12.9 31.9 50.6 67.8 79.7 2013 — — — — — — 18.6 45.5 72.7 96.6 2014 — — — — — — — 16.6 40.2 61.4 2015 — — — — — — — — 13.6 39.3 2016 — — — — — — — — — 11.8 Total $ 558.3 All outstanding liabilities before 2007, net of reinsurance .1 Liabilities for loss and allocated LAE, net of reinsurance $ 360.0 |
Average Annual Percentage Payout of Incurred Losses and Allocated LAE by Age, Net of Reinsurance | Specialty Products - Property Average Annual Percentage Payout of Incurred Losses and Allocated LAE by Age, Net of Reinsurance Unaudited Years 1 2 3 4 5 6 7 8 9 10 70.1% 14.6% 5.9% 1.1% 0.3% 0.2% 0.4% —% —% —% Specialty Products - Other Average Annual Percentage Payout of Incurred Losses and Allocated LAE by Age, Net of Reinsurance Unaudited Years 1 2 3 4 5 6 7 8 9 10 61.9% 29.5% 0.6% —% —% —% —% —% —% —% Specialty Industries - Other Average Annual Percentage Payout of Incurred Losses and Allocated LAE by Age, Net of Reinsurance Unaudited Years 1 2 3 4 5 6 7 8 9 10 30.4% 37.0% 10.8% 3.3% 1.1% 0.9% 0.2% —% 0.1% —% Specialty Industries - Property Average Annual Percentage Payout of Incurred Losses and Allocated LAE by Age, Net of Reinsurance Unaudited Years 1 2 3 4 5 6 7 8 9 10 47.4% 27.3% 9.9% 4.1% 1.8% 0.7% 0.2% 0.1% —% —% Specialty Industries - Casualty Average Annual Percentage Payout of Incurred Losses and Allocated LAE by Age, Net of Reinsurance Unaudited Years 1 2 3 4 5 6 7 8 9 10 11.4% 16.2% 12.9% 9.7% 6.8% 2.5% 0.8% 0.1% 0.2% 0.2% Specialty Products - Casualty Average Annual Percentage Payout of Incurred Losses and Allocated LAE by Age, Net of Reinsurance Unaudited Years 1 2 3 4 5 6 7 8 9 10 11.3% 24.0% 17.8% 9.6% 4.7% 2.2% 0.9% 0.7% 0.2% —% |
Third Party Reinsurance (Tables
Third Party Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance Retention Policy | The following table summarizes the reinsurance coverage currently in effect as of December 31, 2016: $ in millions Coverage Contract Type Renewal Date First-Dollar Retention Per Risk Limit Purchased Maximum Retention Corporate Property Catastrophe - Property and Inland Marine Excess of Loss 5/1 $ 20.0 $ 110.0 $ 20.0 Property Per Risk - Property and Inland Marine Excess of Loss 5/1 3.0 100.0 3.0 Specialty Property - Excess and Surplus Property Catastrophe Excess of Loss 5/1 6.0 34.0 6.0 Medical Excess - HMO/Provider Excess Excess of Loss 1/1 5.0 Unlimited 5.0 Ocean and Inland Marine Excess of Loss 4/1 2.5 57.5 7.0 Surety Excess of Loss 10/1 5.0 45.0 5.0 Film Completion Bonds Excess of Loss 6/1 2.0 38.0 2.0 Casualty Clash/Workers Compensation Catastrophe Excess of Loss 6/1 6.0 34.0 6.0 Workers Compensation Catastrophe Excess of Loss 6/1 40.0 20.0 6.0 Financial Institutions - Professional Liability Quota Share 6/1 N/A 10.0 5.0 Combined Healthcare/Casualty 2nd Layer - Various lines Excess of Loss 6/1 10.0 / 11.0 10.0 3.0 Casualty Per Policy - Various lines Excess of Loss 6/1 3.0 8.0 3.0 Workers Compensation Per Occurrence Excess of Loss 6/1 2.0 8.0 2.0 Healthcare Professional Liability Excess of Loss 6/1 3.0 7.0 3.0 |
Schedule of direct assumed and ceded amounts | The effects of reinsurance on White Mountains’s insurance subsidiaries’ written and earned premiums and on losses and LAE were as follows (see Note 10 — “Municipal Bond Guarantee Insurance” for balances related to White Mountains financial guarantee business): Year ended December 31, 2016 Millions OneBeacon HG/BAM (1) Other Total Written premiums: Direct $ 1,193.3 $ 38.6 $ 13.3 $ 1,245.2 Assumed 28.0 — — 28.0 Gross written premiums 1,221.3 38.6 13.3 1,273.2 Ceded (120.6 ) — (6.8 ) (127.4 ) Net written premiums $ 1,100.7 $ 38.6 $ 6.5 $ 1,145.8 Earned premiums: Direct $ 1,177.0 $ 5.9 $ 15.2 $ 1,198.1 Assumed 29.4 — — 29.4 Gross earned premiums 1,206.4 5.9 15.2 1,227.5 Ceded (105.8 ) — (7.7 ) (113.5 ) Net earned premiums $ 1,100.6 5.9 $ 7.5 $ 1,114.0 Losses and LAE: Direct $ 679.5 $ — $ 14.3 $ 693.8 Assumed 21.2 — — 21.2 Gross losses and LAE 700.7 — 14.3 715.0 Ceded (44.7 ) — (6.3 ) (51.0 ) Net losses and LAE $ 656.0 $ — $ 8.0 $ 664.0 (1) During 2016, BAM ceded $27.2 in written premiums and $21.0 in earned premiums to HG Global, which have been eliminated within the HG/BAM segment. Year ended December 31, 2015 Millions OneBeacon HG/BAM (1) Other Total Written premiums: Direct $ 1,279.9 $ 25.9 $ 19.9 $ 1,325.7 Assumed 36.0 — — 36.0 Gross written premiums 1,315.9 25.9 19.9 1,361.7 Ceded (179.3 ) (2) — (9.8 ) (189.1 ) Net written premiums $ 1,136.6 $ 25.9 $ 10.1 $ 1,172.6 Earned premiums: Direct $ 1,298.0 $ 3.3 $ 20.7 $ 1,322.0 Assumed 45.9 — — 45.9 Gross earned premiums 1,343.9 3.3 20.7 1,367.9 Ceded (167.7 ) (2) — (12.0 ) (179.7 ) Net earned premiums $ 1,176.2 3.3 $ 8.7 $ 1,188.2 Losses and LAE: Direct $ 783.0 $ — $ 19.5 $ 802.5 Assumed 55.7 — — 55.7 Gross losses and LAE 838.7 — 19.5 858.2 Ceded (138.0 ) (2) — (11.3 ) (149.3 ) Net losses and LAE $ 700.7 $ — $ 8.2 $ 708.9 (1) During 2015, BAM ceded $ 19.3 in written premiums and $ 16.0 in earned premiums to HG Global, which have been eliminated within the HG/BAM segment. (2) During 2015, OneBeacon recorded ceded $33.3 in written premiums, $33.3 in earned premiums and $33.4 in loss and LAE as a result of the exit of the Crop Business due to the 100% quota share reinsurance agreement with AmTrust. Year ended December 31, 2014 Millions OneBeacon HG/BAM (1) Other (2) Total Written premiums: Direct $ 1,257.5 $ 16.2 $ 22.6 $ 1,296.3 Assumed 65.9 — — 65.9 Gross written premiums 1,323.4 16.2 22.6 1,362.2 Ceded (106.5 ) — (16.7 ) (123.2 ) Net written premiums $ 1,216.9 $ 16.2 $ 5.9 $ 1,239.0 Earned premiums: Direct $ 1,209.1 $ 1.8 $ 22.6 $ 1,233.5 Assumed 70.9 — — 70.9 Gross earned premiums 1,280.0 1.8 22.6 1,304.4 Ceded (102.9 ) — (16.5 ) (119.4 ) Net earned premiums $ 1,177.1 $ 1.8 $ 6.1 $ 1,185.0 Losses and LAE: Direct $ 778.7 $ — $ 24.1 $ 802.8 Assumed 115.7 — — 115.7 Gross losses and LAE 894.4 — 24.1 918.5 Ceded (79.3 ) — (15.2 ) (94.5 ) Net losses and LAE $ 815.1 $ — $ 8.9 $ 824.0 (1) During 2014, BAM ceded $ 12.3 in written premiums and $ 1.4 in earned premiums to HG Global, which have been eliminated within the HG/BAM segment. (2) During 2014, SSIE ceded $16.0 in written premiums, $15.7 in earned premiums, and $16.9 in loss and LAE to OneBeacon, which have been eliminated in consolidation. |
Ceded Credit Risk | The following table summarizes A.M. Best Company, Inc. (“A.M. Best”) ratings for OneBeacon’s reinsurers. A.M. Best’s Rating (1) $ in millions Balance at December 31, 2016 % of Total A+ or better $ 73.9 41 % A- to A 79.7 44 % B, Not rated and other (2) 25.9 15 % Total $ 179.5 100 % (1) A.M. Best’s ratings as detailed above are “A+ or better” (Superior), “A- to A” (Excellent) and “B” (Fair). (2) Includes |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Par Value to Fair Value Reconciliation of Surplus Notes [Table Text Block] | Below is a table illustrating the valuation adjustments taken to arrive at the estimated fair value of the OneBeacon Surplus Notes as of December 31, 2016 and 2015: Type of Surplus Note Total as of December 31, 2016 Total as of December 31, 2015 Millions Seller Priority Pari Passu Par Value $ 57.9 $ 43.1 $ 101.0 $ 101.0 Fair value adjustments to reflect: Current market rates on public debt and contract-based repayments (1) 6.2 (1.1 ) 5.1 (15.1 ) Regulatory approval (2) (.2 ) (15.4 ) (15.6 ) (24.2 ) Liquidity adjustment (3) (12.8 ) (5.8 ) (18.6 ) (10.2 ) Total adjustments (6.8 ) (22.3 ) (29.1 ) (49.5 ) Fair value (4) $ 51.1 $ 20.8 $ 71.9 $ 51.5 (1) Represents the value of the surplus notes, at current market yields on comparable publicly traded debt, and assuming issuer is allowed to make principal and interest payments when its financial capacity is available, as measured by statutory capital in excess of a 250% RBC score under the NAIC’s risk-based capital standards for property and casualty companies. The favorable year-over-year change in impact is due principally to the narrowing of non-investment grade credit spreads as well as the time value of money benefit from moving one year closer to modeled cash receipts. (2) Represents anticipated delay in securing regulatory approvals of interest and principal payments to reflect graduated changes in Issuer's statutory surplus. The monetary impact of the anticipated delay is measured based on credit spreads of public securities with roughly equivalent percentages of discounted payments missed. The favorable year-over-year change in impact is driven primarily by the narrowing of non-investment grade credit spreads, which causes the anticipated delay in securing regulatory approval to be less punitive, partially offset by the change in estimates and assumptions regarding the timeline, amounts, and process necessary to obtain regulatory approval for principal and interest payments described below. (3) Represents impact of liquidity spread to account for OneBeacon’s sole ownership of the OneBeacon Surplus Notes, lack of a trading market and unique nature of the ongoing regulatory approval process. The unfavorable year-over-year change in impact is due largely to the increased fair value of the notes as well as a higher effective duration resulting from a lower overall yield to maturity; there was no change in the magnitude of the liquidity spread in 2016. (4) The increase in the fair value of the OneBeacon Surplus Notes during the year ended December 31, 2016 was driven primarily by the narrowing of non-investment grade credit spreads, partially offset by the impact of a change in estimates and assumptions regarding the timing of regulatory approval of principal and interest payments on the notes. |
Pre-tax net investment income | Pre-tax net investment income for 2016, 2015 and 2014 consisted of the following: Year Ended December 31, Millions 2016 2015 2014 Investment income: Fixed maturity investments $ 77.3 $ 52.6 $ 51.3 Short-term investments 1.1 .2 .1 Common equity securities 7.5 10.1 16.6 Other long-term investments 4.0 3.3 4.4 Total investment income 89.9 66.2 72.4 Third-party investment expenses (3.1 ) (5.4 ) (12.9 ) Net investment income, pre-tax $ 86.8 $ 60.8 $ 59.5 |
Net Realized and Unrealized Investment Gains and Losses | Net realized and unrealized investment gains (losses) consisted of the following: Year Ended December 31, Millions 2016 2015 2014 Net realized investment gains, pre-tax $ 280.3 $ 77.3 $ 166.8 Net unrealized investment (losses) gains, pre-tax (270.0 ) 148.1 (88.3 ) Net realized and unrealized investment gains, pre-tax 10.3 225.4 78.5 Income tax expense attributable to net realized and unrealized investment gains (8.8 ) (35.2 ) (18.0 ) Net realized and unrealized investment gains, after tax $ 1.5 $ 190.2 $ 60.5 |
Net unrealized investment gains (losses) for Level 3 investments | The following table summarizes the amount of total gains (losses) included in earnings attributable to net unrealized investment gains (losses) for Level 3 investments for the years ended December 31, 2016, 2015 and 2014 . Year Ended December 31, Millions 2016 2015 2014 Fixed maturity investments $ .1 $ (1.1 ) $ 1.9 Common equity securities — (9.0 ) 5.8 Other long-term investments 6.1 (13.0 ) — Total net unrealized investment gains (losses), pre-tax - Level 3 investments $ 6.2 $ (23.1 ) $ 7.7 |
Net realized and unrealized investment gains, after-tax, as recorded on the statements of operations and comprehensive income (losses) | The components of White Mountains’s net realized and unrealized investment gains (losses), after-tax, as recorded on the statements of operations and comprehensive income were as follows: Year Ended December 31, Millions 2016 2015 2014 Net change in pre-tax unrealized investment (losses) gains on investments in unconsolidated affiliates $ — $ (39.2 ) $ 81.2 Income tax benefit (expense) — 2.9 (5.9 ) Net change in unrealized investment (losses) gains on investments in unconsolidated affiliates, after tax — (36.3 ) 75.3 Reversal of accumulated other comprehensive income related to change in accounting for the investment in Symetra — 1.4 — Total investment (losses) gains through accumulated other comprehensive income — (34.9 ) 75.3 Net realized and unrealized investment gains, after-tax 1.5 190.2 60.5 Total investment gains recorded during the period, after-tax $ 1.5 $ 155.3 $ 135.8 |
Realized Gain (Loss) on Investments | Net realized investment gains for 2016, 2015 and 2014 consisted of the following: Year ended December 31, 2016 Millions Net realized (losses) gains Net foreign Total net realized (losses) gains reflected in earnings Fixed maturity investments $ (2.1 ) $ .4 $ (1.7 ) Short-term investments .4 — .4 Common equity securities 280.7 — 280.7 Other long-term investments .9 — .9 Net realized investment gains, pre-tax 279.9 .4 280.3 Income tax expense attributable to net realized investment gains (49.5 ) — (49.5 ) Net realized investment gains, after-tax $ 230.4 $ .4 $ 230.8 Year ended December 31, 2015 Millions Net realized gains Net foreign Total net realized Fixed maturity investments $ 1.9 $ — $ 1.9 Common equity securities 64.4 .4 64.8 Other long-term investments 10.6 — 10.6 Net realized investment gains, pre-tax 76.9 .4 77.3 Income tax expense attributable to net realized investment gains (22.8 ) — (22.8 ) Net realized investment gains, after-tax $ 54.1 $ .4 $ 54.5 Year ended December 31, 2014 Millions Net realized gains Net foreign Total net realized Fixed maturity investments $ 5.8 $ — $ 5.8 Common equity securities 138.0 — 138.0 Other long-term investments 23.0 — 23.0 Net realized investment gains, pre-tax 166.8 — 166.8 Income tax expense attributable to net realized investment gains (28.4 ) — (28.4 ) Net realized investment gains, after-tax $ 138.4 $ — $ 138.4 |
Unrealized Gain (Loss) on Investments | The following table summarizes net unrealized investment gains (losses) and changes in the carrying value of investments measured at fair value: Year ended December 31, 2016 Millions Net unrealized losses Net foreign exchange gains (losses) Total net unrealized losses reflected in earnings Fixed maturity investments $ (12.1 ) $ 2.1 $ (10.0 ) Common equity securities (254.6 ) (3.3 ) (257.9 ) Other long-term investments (.6 ) (.3 ) (.9 ) Forward contracts — (1.2 ) (1.2 ) Net unrealized investment losses, pre-tax (267.3 ) (2.7 ) (270.0 ) Income tax benefit attributable to net unrealized investment losses 40.7 — 40.7 Net unrealized investment losses, after-tax $ (226.6 ) $ (2.7 ) $ (229.3 ) Year ended December 31, 2015 Millions Net Net foreign Total net unrealized Fixed maturity investments $ (15.6 ) $ — $ (15.6 ) Common equity securities 207.6 (3.7 ) 203.9 Other long-term investments (39.1 ) (1.1 ) (40.2 ) Net unrealized investment gains (losses), pre-tax 152.9 (4.8 ) 148.1 Income tax expense attributable to net unrealized investment gains (losses) (12.3 ) (.1 ) (12.4 ) Net unrealized investment gains (losses), after-tax $ 140.6 $ (4.9 ) $ 135.7 Year ended December 31, 2014 Millions Net unrealized gains (losses) Net foreign exchange losses Total net unrealized gains (losses) reflected in earnings Fixed maturity investments $ 11.3 $ — $ 11.3 Common equity securities (83.0 ) (7.7 ) (90.7 ) Other long-term investments (7.6 ) (1.3 ) (8.9 ) Net unrealized investment losses, pre-tax (79.3 ) (9.0 ) (88.3 ) Income tax benefit attributable to net unrealized investment losses 9.9 .5 10.4 Net unrealized investment losses, after-tax $ (69.4 ) $ (8.5 ) $ (77.9 ) |
Investment holdings, fixed maturity investments | The cost or amortized cost, gross unrealized investment gains (losses), net foreign currency gains, and carrying values of White Mountains’s fixed maturity investments as of December 31, 2016 and 2015 , were as follows: December 31, 2016 Millions Cost or amortized cost Gross unrealized gains Gross unrealized losses Net foreign currency gains Carrying value US Government and agency obligations $ 281.7 $ .1 $ (3.5 ) $ — $ 278.3 Debt securities issued by corporations 1,512.6 8.4 (13.7 ) 2.1 1,509.4 Municipal obligations 308.8 1.9 (1.7 ) — 309.0 Mortgage and asset-backed securities 2,141.7 2.6 (11.4 ) — 2,132.9 Foreign government, agency and provincial obligations 12.9 .3 — — 13.2 Preferred stocks 8.3 5.7 — — 14.0 Total fixed maturity investments 4,266.0 19.0 (30.3 ) 2.1 4,256.8 Fixed maturity investments reclassified to (6.6 ) Total fixed maturity investments $ 4,250.2 December 31, 2015 Millions Cost or amortized cost Gross unrealized gains Gross unrealized losses Net foreign currency gains (losses) Carrying value US Government and agency obligations $ 160.4 $ — $ (.4 ) $ — $ 160.0 Debt securities issued by corporations 1,001.0 4.3 (5.3 ) — 1,000.0 Municipal obligations 227.8 2.2 (1.2 ) — 228.8 Mortgage and asset-backed securities 1,170.6 2.0 (5.6 ) — 1,167.0 Foreign government, agency and provincial obligations 1.0 .2 — — 1.2 Preferred stocks 78.3 4.4 — — 82.7 Total fixed maturity investments 2,639.1 13.1 (12.5 ) $ — 2,639.7 Fixed maturity investments reclassified to assets held for sale related to SSIE (9.5 ) Total fixed maturity investments $ 2,630.2 |
Schedule of contractual maturities of fixed maturities | The cost or amortized cost and carrying value of White Mountains’s fixed maturity investments as of December 31, 2016 is presented below by contractual maturity. Actual maturities could differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties. December 31, 2016 Millions Cost or amortized cost Carrying value Due in one year or less $ 212.8 $ 213.3 Due after one year through five years 1,272.6 1,270.2 Due after five years through ten years 462.8 458.4 Due after ten years 167.8 168.0 Mortgage and asset-backed securities 2,141.7 2,132.9 Preferred stocks 8.3 14.0 Total $ 4,266.0 $ 4,256.8 |
Investment holdings, equity securities, convertible fixed maturities and other long-term investments | The cost or amortized cost, gross unrealized investment gains (losses), net foreign currency gains (losses), and carrying values of White Mountains’s common equity securities and other long-term investments as of December 31, 2016 and 2015 were as follows: December 31, 2016 Millions Cost or amortized cost Gross unrealized gains Gross unrealized losses Net foreign currency losses Carrying value Common equity securities $ 440.8 $ 35.9 $ (2.4 ) $ — $ 474.3 Other long-term investments $ 314.9 $ 40.3 $ (28.0 ) $ (3.9 ) $ 323.3 December 31, 2015 Millions Cost or amortized cost Gross unrealized gains Gross unrealized losses Net foreign currency losses Carrying value Common equity securities $ 822.5 $ 302.8 $ (11.4 ) $ — $ 1,113.9 Other long-term investments $ 304.5 $ 32.0 $ (18.4 ) $ (2.3 ) $ 315.8 |
Fair value measurements by level, investment securities | The following tables summarize White Mountains’s fair value measurements for investments as of December 31, 2016 and 2015 by level. The major security types were based on the legal form of the securities. White Mountains has disaggregated its fixed maturity investments based on the issuing entity type, which impacts credit quality, with debt securities issued by U.S. government entities carrying minimal credit risk, while the credit and other risks associated with other issuers, such as corporations, foreign governments, municipalities or entities issuing mortgage and asset-backed securities vary depending on the nature of the issuing entity type. White Mountains further disaggregates debt securities issued by corporations and common equity securities by industry sector because investors often reference commonly used benchmarks and their subsectors to monitor risk and performance. Accordingly, White Mountains has further disaggregated these asset classes into subclasses based on the similar sectors and industry classifications it uses to evaluate investment risk and performance against commonly used benchmarks, such as the Bloomberg Barclays U.S. Intermediate Aggregate and S&P 500 indices. The fair value measurements for derivative assets associated with White Mountains’s variable annuity business are presented in Note 9 . December 31, 2016 Millions Fair value Level 1 Level 2 Level 3 Fixed maturity investments: U.S. Government and agency obligations $ 278.3 $ 268.8 $ 9.5 $ — Debt securities issued by corporations: Consumer 385.6 — 385.6 — Health Care 244.2 — 244.2 — Utilities 180.3 — 180.3 — Financials 176.0 — 176.0 — Industrial 146.4 — 146.4 — Communications 131.4 — 131.4 — Materials 102.6 — 102.6 — Technology 89.4 — 89.4 — Energy 53.5 — 53.5 — Total debt securities issued by corporations: 1,509.4 — 1,509.4 — Mortgage and asset-backed securities 2,132.9 — 2,132.9 — Municipal obligations 309.0 — 309.0 — Foreign government, agency and provincial obligations 13.2 .6 12.6 — Preferred stocks 14.0 — 14.0 — Total fixed maturity investments (4) 4,256.8 269.4 3,987.4 — Short-term investments (4)(5) 287.1 274.4 12.7 — Common equity securities: Exchange traded funds (1) 321.6 270.4 51.2 — Health Care 20.9 20.9 — — Consumer 12.9 12.9 — — Financials 11.6 11.6 — — Technology 11.0 11.0 — — Communications 10.5 10.5 — — Energy 3.7 3.7 — — Industrial 2.2 2.2 — — Other 79.9 — 79.9 — Total common equity securities 474.3 343.2 131.1 — Other long-term investments (2)(3) 177.7 — — 177.7 Total investments (2)(3)(4) $ 5,195.9 $ 887.0 $ 4,131.2 $ 177.7 (1) ETFs traded on foreign exchanges are priced using the fund's published NAV to account for the difference in market close times and are therefore designated a level 2 measurement. (2) Excludes carrying value of $3.5 associated with other long-term investment limited partnerships accounted for using the equity method and $(1.2) related to foreign currency forward contracts. Excludes carrying value of $12.3 associated with a tax advantaged federal affordable housing development fund accounted for using the proportional amortization method. (3) Excludes carrying value of $131.0 associated with hedge funds and private equity funds for which fair value is measured at NAV using the practical expedient. (4) Includes carrying value of $6.6 in fixed maturity investments and $0.1 in short-term investments that are classified as assets held for sale related to SSIE. (5) Short-term investments are measured at amortized cost, which approximates fair value. December 31, 2015 Millions Fair value Level 1 Level 2 Level 3 Fixed maturity investments: U.S. Government and agency obligations $ 160.0 $ 133.4 $ 26.6 $ — Debt securities issued by corporations: Consumer 253.3 — 253.3 — Financials 175.9 — 175.9 — Health Care 151.3 — 151.3 — Industrial 135.6 — 135.6 — Energy 82.0 — 82.0 — Utilities 61.5 — 61.5 — Technology 60.0 — 60.0 — Communications 49.2 — 49.2 — Materials 31.2 — 31.2 — Total debt securities issued by corporations: 1,000.0 — 1,000.0 — Mortgage and asset-backed securities 1,167.0 — 1,167.0 — Municipal obligations 228.8 — 228.8 — Foreign government, agency and provincial obligations 1.2 .6 .6 — Preferred stocks 82.7 — 12.7 70.0 Total fixed maturity investments (4) 2,639.7 134.0 2,435.7 70.0 Short-term investments (4)(5) 211.3 211.3 — — Common equity securities: Financials 653.2 653.2 — — Exchange traded funds (1) 183.3 162.0 21.3 — Consumer 70.0 70.0 — — Communications 43.7 43.7 — — Health Care 35.7 35.7 — — Technology 27.0 27.0 — — Industrial 26.6 26.6 — — Other 74.4 — 74.4 — Total common equity securities 1,113.9 1,018.2 95.7 — Other long-term investments (2)(3) 169.5 — — 169.5 Total investments (2)(3)(4) $ 4,134.4 $ 1,363.5 $ 2,531.4 $ 239.5 (1) ETFs traded on foreign exchanges are priced using the fund's published NAV to account for the difference in market close times and are therefore designated a level 2 measurement. (2) Excludes carrying value of $3.8 associated with other long-term investment limited partnerships accounted for using the equity method. Excludes carrying value of $14.7 associated with a tax advantaged federal affordable housing development fund accounted for using the proportional amortization method. (3) Excludes carrying value of $127.8 associated with hedge funds and private equity funds for which fair value is measured at NAV using the practical expedient. (4) Includes carrying value of $9.5 in fixed maturity investments and $0.1 in short-term investments that are classified as assets held for sale related to SSIE. (5) Short-term investments are measured at amortized cost, which approximates fair value. |
Debt securities issued by corporations, credit ratings | The following table summarizes the ratings of debt securities issued by corporations held in White Mountains’s investment portfolio as of December 31, 2016 and 2015: Fair Value at December 31, Millions 2016 2015 AA $ 100.9 $ 95.2 A 381.9 397.7 BBB 786.5 507.1 BB 214.0 — B 26.1 — Debt securities issued by corporations (1) $ 1,509.4 $ 1,000.0 (1) Credit ratings are assigned based on the following hierarchy: 1) Standard & Poors Financial Services LLC (“Standard & Poor’s”) and 2) Moody’s Investor Services (“Moody’s”) |
Mortgage-backed, asset-backed securities | The following table summarizes the carrying value of White Mountains’s mortgage and asset-backed securities as of December 31, 2016 and December 31, 2015 : December 31, 2016 December 31, 2015 Millions Fair Value Level 2 Level 3 Fair Value Level 2 Level 3 Mortgage-backed securities: Agency: GNMA $ 283.9 $ 283.9 $ — $ 265.5 $ 265.5 $ — FNMA 278.3 278.3 — 42.2 42.2 — FHLMC 89.8 89.8 — 22.8 22.8 — Total Agency (1) 652.0 652.0 — 330.5 330.5 — Non-agency: Residential 205.3 205.3 — 133.2 133.2 — Commercial 127.5 127.5 — 140.4 140.4 — Total Non-agency 332.8 332.8 — 273.6 273.6 — Total mortgage-backed securities 984.8 984.8 — 604.1 604.1 — Other asset-backed securities: Vehicle receivables 479.5 479.5 — 269.7 269.7 — Credit card receivables 438.3 438.3 — 217.7 217.7 — Other 230.3 230.3 — 75.5 75.5 — Total other asset-backed securities 1,148.1 1,148.1 — 562.9 562.9 — Total mortgage and asset-backed securities $ 2,132.9 $ 2,132.9 $ — $ 1,167.0 $ 1,167.0 $ — (1) Represents publicly traded mortgage-backed securities which carry the full faith and credit guaranty of the U.S. government (i.e., GNMA) or are guaranteed by a government sponsored entity (i.e., FNMA, FHLMC). |
Schedule of security issuance years of investments in non-agency RMBS and non-agency CMBS securities | The security issuance years of White Mountains’s investments in non-agency RMBS and non-agency CMBS securities as of December 31, 2016 are as follows: Security Issuance Year Millions Fair Value 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Non-agency RMBS $ 205.3 $ 19.4 $ 5.7 $ 3.0 $ — $ 2.7 $ — $ 7.4 $ 9.9 $ 5.0 $ 15.3 $ 53.3 $ 48.3 $ 35.3 Non-agency CMBS 127.5 — — — — — — 4.3 — 18.1 11.5 23.4 44.4 $ 25.8 Total $ 332.8 $ 19.4 $ 5.7 $ 3.0 $ — $ 2.7 $ — $ 11.7 $ 9.9 $ 23.1 $ 26.8 $ 76.7 $ 92.7 $ 61.1 |
Non-agency residential mortgage securities, collateral quality and tranche levels | The classification of the underlying collateral quality and the tranche levels of White Mountains’s non-agency RMBS securities are as follows as of December 31, 2016 : Millions Fair Value Super Senior (1) Senior (2) Subordinate (3) Prime $ 205.3 $ 150.6 $ 54.7 $ — Non-prime — — — — Sub-prime — — — — Total non-agency RMBS $ 205.3 $ 150.6 $ 54.7 $ — (1) At issuance, Super Senior, or in the case of resecuritization, the underlying securities, were rated “AAA” by Standard & Poor’s, “Aaa” by Moody’s or “AAA” by Fitch Ratings (“Fitch”) and were senior to other “AAA” or “Aaa” bonds. (2) At issuance, Senior, or in the case of resecuritization, the underlying securities, were rated “AAA” by Standard & Poor’s, “Aaa” by Moody’s or “AAA” by Fitch and were senior to non-“AAA” or non-“Aaa” bonds. (3) At issuance, Subordinate were not rated “AAA” by Standard & Poor’s, “Aaa” by Moody’s or “AAA” by Fitch and were junior to “AAA” or “Aaa” bonds. |
Non-agency commercial mortgage securities, type of interest rate and tranche levels | The amount of fixed and floating rate securities and their tranche levels of White Mountains’s non-agency CMBS securities are as follows as of December 31, 2016 : Millions Fair Value Super Senior (1) Senior (2) Subordinate (3) Fixed rate CMBS $ 116.0 $ 8.7 $ 59.1 $ 48.2 Floating rate CMBS 11.5 — — 11.5 Total non-agency CMBS $ 127.5 $ 8.7 $ 59.1 $ 59.7 (1) At issuance, Super Senior, or in the case of resecuritization, the underlying securities, were rated “AAA” by Standard & Poor’s, “Aaa” by Moody’s or “AAA” by Fitch and were senior to other “AAA” or “Aaa” bonds. (2) At issuance, Senior, or in the case of resecuritization, the underlying securities, were rated “AAA” by Standard & Poor’s, “Aaa” by Moody’s or “AAA” by Fitch and were senior to non-“AAA” or non-“Aaa” bonds. (3) At issuance, Subordinate were not rated “AAA” by Standard & Poor’s, “Aaa” by Moody’s or “AAA” by Fitch and were junior to “AAA” or “Aaa” bonds |
Other long-term investments | The following table summarizes investments in hedge funds and private equity funds by investment objective and sector as of December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 Millions Fair Value Unfunded Fair Value Unfunded Hedge funds Long/short banks and financial $ 36.5 $ — $ 12.8 $ — Long/short equity REIT 19.9 — 20.6 — Other 3.4 — 3.6 — Total hedge funds 59.8 — 37.0 — Private equity funds Aerospace/Defense/Government 19.4 25.9 19.8 30.3 Manufacturing/Industrial 15.9 22.4 24.9 2.5 Energy infrastructure & services 14.1 3.2 20.7 3.4 Multi-sector 11.4 2.0 14.8 2.1 Healthcare 3.5 .4 3.8 .4 Private equity secondaries 3.0 2.1 4.4 2.1 Direct lending/Mezzanine debt 1.8 35.7 — — Financial Services 1.0 5.0 — — Insurance .8 41.3 2.0 41.3 Real estate .3 .1 .4 .1 Total private equity funds 71.2 138.1 90.8 82.2 Total hedge and private equity funds included in other long-term investments $ 131.0 $ 138.1 $ 127.8 $ 82.2 |
Fair value of hedge funds subject to restrictions on redemption frequency and advance notice period requirements for investments in active hedge funds | The following summarizes the December 31, 2016 fair value of hedge funds subject to restrictions on redemption frequency and advance notice period requirements for investments in active hedge funds: Millions Notice Period Redemption frequency 30-59 days notice 60-89 days notice 90-119 days notice Total Monthly $ — $ — $ — $ — Quarterly 15.9 — — 15.9 Semi-annual 21.6 19.9 — 41.5 Annual — — 2.4 2.4 Total $ 37.5 $ 19.9 $ 2.4 $ 59.8 |
Fair Value of private equity funds subject to lock-up periods | As of December 31, 2016 , investments in private equity funds were subject to lock-up periods as follows: Millions 1-3 years 3 – 5 years 5 – 10 years >10 years Total Private Equity Funds — expected lock-up period remaining $ 14.8 $ 3.5 $ 50.0 $ 2.9 $ 71.2 |
Rollforward of fair value investments by level | The following tables summarize the changes in White Mountains’s fair value measurements by level for the years ended December 31, 2016 and 2015 : Level 3 Investments Millions Level 1 Investments Level 2 Investments Fixed maturity investments Common equity securities Other long-term investments Hedge Funds and Private Equity Funds measured at NAV (3) Total Balance at January 1, 2016 $ 1,152.2 $ 2,531.4 $ 70.0 $ — $ 169.5 $ 127.8 $ 4,050.9 (1)(2)(4) Total net realized and unrealized investment gains (losses) 11.3 .2 .1 — 6.1 (6.1 ) 11.6 Amortization/Accretion .1 (19.4 ) — — — — (19.3 ) Purchases 2,243.7 3,979.8 120.8 — 2.2 35.2 6,381.7 Sales (2,794.8 ) (2,491.5 ) (72.9 ) — (.1 ) (25.9 ) (5,385.2 ) Transfers in — 118.0 — — — — 118.0 Transfers out — — (118.0 ) — — — (118.0 ) Balance at December 31, 2016 $ 612.5 $ 4,118.5 $ — $ — $ 177.7 $ 131.0 $ 5,039.7 (1)(2)(4) (1) Excludes carrying value of $3.5 and $3.8 as of December 31, 2016 and January 1, 2016 associated with other long-term investments accounted for using the equity method and $(1.2) related to foreign currency forward contracts. Excludes carrying value of $12.3 and $14.7 at December 31, 2016 and January 1, 2016 associated with a tax advantaged federal affordable housing development fund accounted for using the proportional amortization method. (2) Excludes carrying value of $287.1 and $211.3 as of December 31, 2016 and January 1, 2016 classified as short-term investments, of which $0.1 and $0.1 is classified as held for sale at December 31, 2016 and January 1, 2016 . (3) Investments for which fair value is measured at NAV using the practical expedient are no longer classified within the fair value hierarchy. See Note 1 — “Summary of Significant Accounting Policies” . (4) Includes carrying value of $6.6 and $9.5 of fixed maturity investments at December 31, 2016 and January 1, 2016 that is classified as assets held for sale related to SSIE. Level 3 Investments Millions Level 1 Investments Level 2 Investments Fixed Common equity securities Other long-term investments Hedge Funds and Private Equity Funds measured at NAV (3) Total Balance at January 1, 2015 $ 550.6 $ 2,372.9 $ 76.4 $ 39.5 $ 125.9 $ 178.3 (1) $ 3,343.6 (1)(2) Total net realized and unrealized investment gains (losses) 263.0 (13.7 ) (1.1 ) 7.8 (20.0 ) (9.2 ) 226.8 (3)(4) Amortization/Accretion — (19.6 ) — — — — (19.6 ) Purchases 814.5 1,436.0 35.3 — 76.5 14.8 2,377.1 Sales (825.7 ) (1,286.0 ) — (43.7 ) (12.9 ) (41.8 ) (2,210.1 ) Symetra transfer 394.5 — — — — — 394.5 Effect of redemption of Prospector hedge funds (43.5 ) — — (3.6 ) — (14.3 ) (61.4 ) Transfers in — 41.8 — — — — 41.8 Transfers out (1.2 ) — (40.6 ) — — — (41.8 ) Balance at December 31, 2015 $ 1,152.2 $ 2,531.4 $ 70.0 $ — $ 169.5 $ 127.8 (1) $ 4,050.9 (1)(2) (1) Excludes carrying value of $3.8 and $5.2 as of December 31, 2015 and January 1, 2015 associated with other long-term investment limited partnerships accounted for using the equity method. Excludes carrying value of $14.7 and $16.8 at December 31, 2015 and January 1, 2015 associated with a tax advantaged federal affordable housing development fund accounted for using the proportional amortization method. (2) Excludes carrying value of $211.3 and $376.8 as of December 31, 2015 and January 1, 2015 classified as short-term investments. (3) Excludes $0.8 of net realized and unrealized investment losses associated with the Prospector Funds and consolidation of investment-related liabilities. (4) Includes unrealized investment gains of $258.8 associated with the Symetra transfer from investments in unconsolidated affiliates to common equity securities. (5) Includes carrying value of $10.1 and $9.5 of fixed maturity investments at January 1, 2015 and December 31, 2015 that is classified as assets held for sale related to SSIE. |
Schedule of significant unobservable inputs used in estimating the fair value of investment securities | The following summarizes significant unobservable inputs used in estimating the fair value of investment securities, other than hedge funds and private equity funds, classified within Level 3 as of December 31, 2016 and December 31, 2015. The fair value of investments in hedge funds and private equity funds are generally estimated using the NAV of the funds. Description December 31, 2016 $ in millions, except share price Valuation Technique(s) Fair Value (1) Unobservable Input Private equity security Share price of most recent transaction $21.0 Share price - $1.00 Private equity security Discounted cash flow $22.1 Discount rate - 25.0% Private equity security Share price of most recent transaction $3.2 Share price - $2.52 Private convertible preferred security Multiple of EBITDA $3.6 EBITDA multiple - 6.00 Private convertible preferred security Share price of most recent transaction $27.0 Share price - $3.83 Community reinvestment vehicle Member share of GAAP net equity $14.3 GAAP net equity $14.3 Private equity security Discounted cash flow/ Option pricing method $9.3 Discount rate - 21.0% Time until expiration - 4 years Volatility/Standard deviation - 50.0% Risk free rate - 1.00% OneBeacon Surplus Notes: - Seller priority Discounted cash flow $51.1 Discount rate (2) - 9.6% Timing of interest payments (4) - 2020 Timing of principal payments (4) - 2030 - Pari passu Discounted cash flow $20.8 Discount rate (3) - 15.0% Timing of interest payments (5) - 2021 Timing of principal payments (5) - 2035 (1) Includes the net unrealized investment gains (losses) associated with foreign currency; foreign currency effects based on observable inputs. (2) Stochastic modeling supporting the fair value estimation indicates that the average percentage of discounted payments missed on the seller priority note is roughly equivalent to that of a conventional debt security with a credit rating of ‘B’. The corresponding credit spread increased by an additional 250 basis points to reflect both a liquidity discount for a private debt instrument and regulatory payment approval uncertainty, was added to the treasury rate to determine the discount rate for the seller priority note. (3) Stochastic modeling supporting the fair value estimation indicates that the average percentage of discounted payments missed on the pari passu note is roughly equivalent to that of a conventional debt security with a credit rating of ‘CCC’. The corresponding credit spread increased by an additional 250 basis points to reflect both a liquidity discount for a private debt instrument and regulatory payment approval uncertainty, was added to the treasury rate to determine the discount rate for the seller priority note. (4) As of December 31, 2016, OneBeacon has assumed for the purpose of estimating fair value that all accrued but unpaid interest on the seller priority note since the date of issuance is paid in 2020, with regular annual interest payments beginning thereafter. Principal repayments are assumed to begin on a graduated basis in 2030. (5) As of December 31, 2016, OneBeacon has assumed for the purpose of estimating fair value that regular annual interest payments on the pari passu note begin in 2021. All accrued but unpaid interest since the date of issuance is assumed to be paid in 2025. Principal repayments are assumed to begin on a graduated basis in 2035. Description December 31, 2015 $ in millions, except share price Valuation Technique(s) Fair Value (1) Unobservable Input Preferred Stock Par value (2) $70.0 Issuer’s intent to call - $70.0 Private equity security Share price of most recent transaction $21.0 Share price - $1.00 Private equity security Share price of most recent transaction $33.8 Share price - $1.03 Private equity security Share price of most recent transaction $3.0 Share price - $2.52 Private convertible preferred security Multiple of EBITDA $5.7 EBITDA multiple - 6.00 Private convertible preferred security Share price of most recent transaction $27.0 Share price - $3.83 Community reinvestment vehicle Member share of GAAP net equity $14.3 GAAP net equity $14.3 Private equity security Option pricing method $9.6 Time until expiration - 4 years Volatility/Standard deviation - 60.0% Risk free rate - 1.15% OneBeacon Surplus Notes (7) : - Seller priority Discounted cash flow $38.0 Discount rate (3) - 13.0% Timing of interest payments (5) - 2020 Timing of principal payments (5) - 2025 - Pari passu Discounted cash flow $13.5 Discount rate (4) - 22.4% Timing of interest payments (6) - 2020 Timing of principal payments (6) - 2030 (1) Includes the net unrealized investment gains (losses) associated with foreign currency; foreign currency effects based on observable inputs. (2) Valuation based on the issuer’s intent as of December 31, 2015 to call the security in the near term. (3) Stochastic modeling supporting the fair value estimation indicates that the average percentage of discounted payments missed on the seller priority note is roughly equivalent to that of a conventional debt security with a credit rating of ‘B’. The corresponding credit spread increased by an additional 250 basis points to reflect both a liquidity discount for a private debt instrument and regulatory payment approval uncertainty, was added to the treasury rate to determine the discount rate for the seller priority note. (4) Stochastic modeling supporting the fair value estimation indicates that the average percentage of discounted payments missed on the pari passu note is roughly equivalent to that of a conventional debt security with a credit rating of ‘CCC’. The corresponding credit spread increased by an additional 250 basis points to reflect both a liquidity discount for a private debt instrument and regulatory payment approval uncertainty, was added to the treasury rate to determine the discount rate for the seller priority note. (5) As of December 31, 2015, OneBeacon assumed for the purpose of estimating fair value that all accrued but unpaid interest on the seller priority note since the date of issuance was paid in 2020, with regular annual payments beginning thereafter. Principal repayments were assumed to begin on a graduated basis in 2025. (6) As of December 31, 2015, OneBeacon assumed for the purpose of estimating fair value that all accrued but unpaid interest on the pari passu note since the date of issuance was paid in 2020, with regular annual payments beginning thereafter. Principal repayments were assumed to begin on a graduated basis in 2030. (7) The decrease in the fair value of the OneBeacon Surplus Notes during the twelve months ended December 31, 2015 was primarily due to widening of non-investment grade credit spreads. |
Other Investments Not Readily Marketable [Table Text Block] | Other long-term investments consist of the following as of December 31, 2016 and 2015: Carrying Value at Millions December 31, 2016 December 31, 2015 Hedge funds and private equity funds, at fair value (1) $ 131.0 $ 127.8 Private equity securities and limited liability companies, at fair value (1) 72.0 82.1 OneBeacon Surplus Notes, at fair value (1) 71.9 51.5 Private convertible preferred securities, at fair value (1) 30.6 32.7 Tax advantaged federal affordable housing development fund (2) 12.3 14.7 Partnership investments accounted for under the equity method 3.5 3.8 Other 2.0 3.2 Total other-long term investments $ 323.3 $ 315.8 (1) See Fair Value Measurements by Level table. (2) Fund accounted for using the proportional amortization method. |
Debt and Standby Letter of Cr42
Debt and Standby Letter of Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of debt outstanding | White Mountains’s debt outstanding as of December 31, 2016 and 2015 consisted of the following: December 31, Effective December 31, Effective Millions 2016 Rate (1) 2015 Rate (1) WTM Bank Facility $ — N/A $ 50.0 3.9% OneBeacon Bank Facility — N/A — N/A OBH Senior Notes, at face value 275.0 4.7% 275.0 4.7% Unamortized original issue discount and debt issuance costs (1.8 ) (2.1 ) OBH Senior Notes, carrying value 273.2 272.9 MediaAlpha Bank Facility 12.9 5.7% 15.0 5.5% Unamortized issuance cost (.2 ) (.3 ) MediaAlpha Bank Facility, carrying value 12.7 14.7 Total debt $ 285.9 $ 337.6 |
Schedule of contractual repayments of debt | A schedule of contractual repayments of White Mountains’s debt as of December 31, 2016 , follows: Millions December 31, Due in one year or less $ 5.0 Due in two to three years 7.9 Due in four to five years — Due after five years 275.0 Total $ 287.9 |
Goodwill and Other Intangible43
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | The following table shows the economic lives, acquisition date values, accumulated amortization and net carrying values for other intangible assets and goodwill, for each company acquired: $ in millions Weighted Average Economic life (in years) December 31, 2016 December 31, 2015 Acquisition date fair value Accumulated amortization Net carrying value Acquisition date fair value Accumulated amortization Net carrying value Goodwill: MediaAlpha N/A $ 18.3 $ — $ 18.3 $ 18.3 $ — $ 18.3 Wobi N/A 5.8 — 5.8 5.8 — 5.8 Buzzmove N/A 7.6 — 7.6 — — — Total goodwill 31.7 — 31.7 24.1 — 24.1 Other intangible assets: MediaAlpha Customer relationships 3 10.0 6.2 3.8 6.5 2.9 3.6 Information technology 5 32.4 17.9 14.5 32.0 11.2 20.8 Subtotal 42.4 24.1 18.3 38.5 14.1 24.4 Wobi Trademark 8 2.1 .8 1.3 2.1 .5 1.6 Information technology 7 3.6 1.2 2.4 3.6 .7 2.9 Subtotal 5.7 2.0 3.7 5.7 1.2 4.5 Buzzmove Trademark 7 .6 .1 .5 — — — Information technology 5 .5 — .5 — — — Subtotal 1.1 .1 1.0 — — — OneBeacon 10 9.4 8.2 1.2 9.4 7.0 2.4 Total other intangible assets 58.6 34.4 24.2 53.6 22.3 31.3 Total goodwill and other intangible assets (1) $ 90.3 $ 34.4 $ 55.9 $ 77.7 $ 22.3 $ 55.4 |
Schedule of Goodwill and Intangible Assets Rollforward | The following table shows the change in goodwill and other intangible assets: December 31, 2016 2015 Millions Goodwill Other intangible assets Goodwill Other intangible assets Beginning balance $ 24.1 $ 31.3 $ 23.8 $ 38.7 Add: Star & Shield amounts held for sale at beginning of the period (1) — .4 — .8 Acquisitions of businesses 7.6 1.1 .3 2.8 Acquisitions of other intangible assets — 3.9 — — Amortization, including foreign currency translation — (12.5 ) — (10.6 ) Less: Star & Shield amounts held for sale at end of the period (1) — — — .4 Ending balance $ 31.7 $ 24.2 $ 24.1 $ 31.3 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | White Mountains expects to recognize amortization expense in each of the next five years as follows: Millions Amortization expense 2017 $ 10.9 2018 8.3 2019 2.3 2020 .7 2021 .9 Total $ 23.1 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of total income tax benefit (expense) | The total income tax benefit for the years ended December 31, 2016, 2015 and 2014 consisted of the following: Year Ended December 31, Millions 2016 2015 2014 Current tax benefit (expense): U.S. federal $ 50.7 $ 9.1 $ (4.3 ) State (1.6 ) (1.8 ) (2.0 ) Non-U.S. (.8 ) (1.5 ) (1.4 ) Total current tax benefit (expense) 48.3 5.8 (7.7 ) Deferred tax (expense) benefit: U.S. federal (2.3 ) (6.7 ) 22.8 State (.6 ) 1.1 (.3 ) Total deferred tax (expense) benefit (2.9 ) (5.6 ) 22.5 Total income tax benefit $ 45.4 $ .2 $ 14.8 |
Reconciliation of the U.S. federal statutory income tax rate and actual effective tax rate on pre-tax income | A reconciliation of taxes calculated using the 35% U.S. statutory rate (the tax rate at which the majority of White Mountains’s worldwide operations are taxed) to the income tax (expense) benefit on pre-tax income follows: Year Ended December 31, Millions 2016 2015 2014 Tax benefit (expense) at the U.S. statutory rate $ 14.1 $ (55.1 ) $ 10.3 Differences in taxes resulting from: Tax reserve adjustments 13.7 (1.7 ) 5.2 Change in valuation allowance 9.1 (19.4 ) (35.7 ) Non-U.S. earnings, net of foreign taxes 6.9 76.7 37.8 Tax rate changes (3.5 ) — — Tax exempt interest and dividends 2.5 2.6 2.5 Withholding tax (.5 ) (1.2 ) (2.4 ) Other, net 3.1 (1.7 ) (2.9 ) Total income tax benefit on pre-tax income $ 45.4 $ .2 $ 14.8 |
Schedule of components of deferred income tax assets and liabilities | An outline of the significant components of White Mountains’s deferred tax assets and liabilities follows: December 31, Millions 2016 2015 Deferred income tax assets related to: U.S. federal net operating and capital loss carryforwards $ 189.3 $ 191.0 Incentive compensation 42.5 49.0 Unearned premiums 37.8 37.5 Non-U.S. net operating loss carryforwards 29.5 33.8 Tax credit carryforwards 20.7 16.9 Loss reserve discount 18.1 26.8 Runoff Transaction 12.6 12.6 Deferred compensation 5.7 6.2 Accrued interest 2.2 1.3 Other items 4.0 8.6 Total gross deferred income tax assets 362.4 383.7 Less: valuation allowances (146.6 ) (165.4 ) Total net deferred income tax assets 215.8 218.3 Deferred income tax liabilities related to: Deferred acquisition costs 33.6 34.9 Members surplus contributions 30.0 19.0 SSIE Surplus Notes 7.1 — Pension and benefit accruals 6.4 3.5 Capitalized software 4.7 4.5 Investment basis difference 4.1 15.2 Net unrealized investment gains 2.9 28.4 Other items .3 — Total deferred income tax liabilities 89.1 105.5 Net deferred tax asset $ 126.7 $ 112.8 |
Schedule of net operating and capital loss carryforwards by expiration dates and the deferred tax assets thereon | Net operating loss and capital loss carryforwards as of December 31, 2016 , the expiration dates and the deferred tax assets thereon are as follows: December 31, 2016 Millions United States Luxembourg United Kingdom Israel Total 2017-2021 $ .8 $ — $ — $ — $ .8 2022-2026 1.6 — — — 1.6 2027-2036 556.3 — — — 556.3 No expiration date — 93.8 3.2 19.8 116.8 Total $ 558.7 $ 93.8 $ 3.2 $ 19.8 $ 675.5 Gross deferred tax asset 189.3 24.4 .5 4.6 218.8 Valuation allowance (115.4 ) (24.4 ) (.5 ) (4.6 ) (144.9 ) Net deferred tax asset $ 73.9 $ — $ — $ — $ 73.9 |
Reconciliation of changes in the amount of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Millions Permanent Differences (1) Temporary Differences (2) Interest and Penalties (3) Total Balance at January 1, 2014 $ 8.4 $ 16.6 $ 8.7 $ 33.7 Changes in prior year tax positions (2.2 ) (.8 ) (1.9 ) (4.9 ) Tax positions taken during the current year — 7.3 — 7.3 Lapse in statute of limitations (.8 ) — (.3 ) (1.1 ) Balance at December 31, 2014 5.4 23.1 6.5 35.0 Changes in prior year tax positions — (12.4 ) 1.7 (10.7 ) Balance at December 31, 2015 5.4 10.7 8.2 24.3 Changes in prior year tax positions — (5.5 ) .1 (5.4 ) Settlements with tax authorities (5.4 ) — (8.3 ) (13.7 ) Balance at December 31, 2016 $ — $ 5.2 $ — $ 5.2 (1) Represents the amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate. (2) Represents the amount of unrecognized tax benefits that, if recognized would create a temporary difference between the reported amount of an item in White Mountains’s Consolidated Balance Sheet and its tax basis. (3) Net of tax benefit. |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | ||
Derivatives | Derivatives | |
Variable Annuity Reinsurance | ||
Derivative [Line Items] | ||
Derivatives | Variable Annuity Reinsurance White Mountains entered into agreements to reinsure death and living benefit guarantees associated with certain variable annuities in Japan. During the third quarter of 2015, the variable annuity contracts reinsured by WM Life Re began to mature and were fully runoff by June 30, 2016. The reinsurance agreement was commuted in December 2016. The following table summarizes the pre-tax operating results of WM Life Re for the years ended December 31, 2016, 2015 and 2014 : Year Ended December 31, Millions 2016 2015 2014 Fees, included in other revenue $ 1.2 $ 9.3 $ 18.6 Change in fair value of variable annuity liability, included in other revenue (.3 ) (.4 ) 52.9 Change in fair value of derivatives, included in other revenue (2.0 ) (8.8 ) (72.4 ) Foreign exchange, included in other revenue 1.3 (1.3 ) (3.2 ) Other investment income and losses — (.4 ) (1.4 ) Total revenues .2 (1.6 ) (5.5 ) Change in fair value of variable annuity death benefit liabilities, included in general and administrative expenses — — .6 Death benefit claims paid, included in general and administrative expenses (.3 ) (.1 ) (.1 ) General and administrative expenses (2.6 ) (4.0 ) (4.3 ) Pre-tax loss $ (2.7 ) $ (5.7 ) $ (9.3 ) During 2013, the ratio of annuitants’ aggregate account values to the aggregate guarantee value provided by WM Life Re increased, and as a result, annuitants surrendered their policies at higher rates than WM Life Re observed in the past. In response to this trend, WM Life Re adjusted the projected surrender assumptions used in the valuation of its variable annuity reinsurance liability upward. In 2014, surrender rates continued to outpace assumptions and WM Life Re again adjusted the projected surrender assumptions. For the year ended December 31, 2014, the change in the fair value of the variable annuity liability included $0.2 million of losses associated with changes in projected surrender assumptions. There was no change in projected surrender assumptions in 2015 or 2016. The following summarizes net realized and unrealized derivative gains (losses) recognized in other revenue for the years ended December 31, 2016, 2015 and 2014 and the carrying values, included in other assets, as of December 31, 2016 and 2015 by type of instrument: Carrying Value Year Ended December 31, December 31, Millions 2016 2015 2014 2016 2015 Fixed income/interest rate $ 1.8 $ 6.4 $ (33.7 ) $ — $ .5 Foreign exchange (4.8 ) (7.3 ) (1.3 ) — 14.8 Equity 1.0 (7.9 ) (37.4 ) — 4.8 Total $ (2.0 ) $ (8.8 ) $ (72.4 ) $ — $ 20.1 The following table summarizes the changes in White Mountains’s variable annuity reinsurance liabilities and derivative instruments for the year ended December 31, 2016, 2015 and 2014 : Variable Annuity (Liabilities) Derivative Instruments Millions Level 3 Level 3 (1)(6) Level 2 (1)(2) Level 1 (3) Total (4) Balance at January 1, 2016 $ .3 $ 2.7 $ 16.5 $ .9 $ 20.1 Purchases — — — — — Net realized and unrealized (losses) gains (.3 ) (5) 2.9 (.7 ) (4.2 ) (2.0 ) Transfers in (out) — — — — — Sales/settlements — (5.6 ) (15.8 ) 3.3 (18.1 ) Balance at December 31, 2016 $ — $ — $ — $ — $ — Variable Annuity (Liabilities) Derivative Instruments Millions Level 3 Level 3 (1)(6) Level 2 (1)(2) Level 1 (3) Total (4) Balance at January 1, 2015 $ .7 $ 18.9 $ 33.8 $ 3.7 $ 56.4 Purchases — — — — — Net realized and unrealized (losses) gains (.4 ) (5) (9.7 ) (7.5 ) 8.4 (8.8 ) Transfers in (out) — — — — — Sales/settlements — (6.5 ) (9.8 ) (11.2 ) (27.5 ) Balance at December 31, 2015 $ .3 $ 2.7 $ 16.5 $ .9 $ 20.1 Variable Annuity (Liabilities) Derivative Instruments Millions Level 3 Level 3 (1)(6) Level 2 (1)(2) Level 1 (3) Total (4) Balance at January 1, 2014 $ (52.8 ) $ 63.4 $ 4.7 $ 1.1 $ 69.2 Purchases — — — — — Net realized and unrealized gains (losses) 53.5 (5) (38.6 ) (71.0 ) 37.2 (72.4 ) Transfers in (out) — — — — — Sales/settlements — (5.9 ) 100.1 (34.6 ) 59.6 Balance at December 31, 2014 $ .7 $ 18.9 $ 33.8 $ 3.7 $ 56.4 (1) Consists of over-the-counter instruments. (2) Consists of interest rate swaps, total return swaps, foreign currency forward contracts, and bond forwards. Fair value measurement based upon bid/ask pricing quotes for similar instruments that are actively traded, where available. Swaps for which an active market does not exist have been priced using observable inputs including the swap curve and the underlying bond index. (3) Consists of exchange traded equity index, foreign currency and interest rate futures. Fair value measurements based upon quoted prices for identical instruments that are actively traded. (4) In addition to derivative instruments, WM Life Re held cash, short-term and fixed maturity investments of $0.0 , $5.8 and $33.2 as of December 31, 2016, 2015 and 2014 posted as collateral to its reinsurance counterparties. (5) There was no changes in the fair value of variable annuity death benefit liabilities for the years ended December 31, 2016 and December 31, 2015. In 2014, $0.6 related to the change in the fair value of variable annuity death benefit liabilities, which are included in general and administrative expenses. (6) Consists of foreign currency options and equity options. In addition to derivative instruments, WM Life Re held cash and fixed maturity investments posted as collateral to its variable annuity reinsurance counterparties. The total collateral includes the following: December 31, Millions 2016 2015 Cash $ — $ 5.8 Fixed maturity investments — — Total $ — $ 5.8 Collateral in the form of fixed maturity securities consisted of Government of Japan Bonds, recorded at fair value. Collateral in the form of short-term investments consisted of money-market instruments, carried at amortized cost, which approximated fair value. All of White Mountains’s variable annuity reinsurance liabilities were classified as Level 3 measurements. The fair value of White Mountains’s variable annuity reinsurance liabilities were estimated using actuarial and capital market assumptions related to the projected discounted cash flows over the term of the reinsurance agreement. Actuarial assumptions regarding future policyholder behavior, including surrender and lapse rates, were generally unobservable inputs and significantly impacted the fair value estimates. Generally, the liabilities associated with these guarantees increased with declines in the equity markets, interest rates and currencies against the Japanese yen, as well as with increases in market volatilities. White Mountains used derivative instruments to mitigate the risks associated with changes in the fair value of the reinsured variable annuity guarantees. The types of inputs used to estimate the fair value of these derivative instruments, with the exception of actuarial assumptions regarding policy holder behavior and risk margins, were generally the same as those used to estimate the fair value of variable annuity liabilities. There were no open derivatives instruments remaining as of December 31, 2016. WM Life Re entered into both over-the-counter (“OTC”) and exchange traded derivative instruments to economically hedge the liability from the variable annuity benefit guarantee. In the case of OTC derivatives, WM Life Re had exposure to credit risk for amounts that were uncollateralized by counterparties. WM Life Re’s internal risk management guidelines established net counterparty exposure thresholds that took into account OTC counterparties’ credit ratings. The OTC derivative contracts were subject to restrictions on liquidation of the instruments and distribution of proceeds under collateral agreements. In the case of exchange traded instruments, WM Life Re had exposure to credit risk for amounts uncollateralized by margin balances. WM Life Re had master netting agreements with certain of its counterparties whereby the collateral provided (held) was calculated on a net basis. The following summarizes amounts offset under master netting agreements: December 31, 2015 Millions Gross asset amounts before offsets (1) Gross liability amounts offset under master netting arrangements Net amounts recognized in Other Assets Interest rate contracts OTC $ 2.4 $ (2.1 ) $ .3 Exchange traded .1 (.1 ) — Foreign exchange contracts OTC 15.0 — 15.0 Exchange traded .1 (.3 ) (.2 ) Equity contracts OTC 4.4 (.6 ) 3.8 Exchange traded 1.2 — 1.2 Total (2) $ 23.2 $ (3.1 ) $ 20.1 (1) Amount equal to fair value of instrument as recognized in other assets. (2) All derivative instruments held by WM Life Re were subject to master netting arrangements. There were no open derivative instruments as of December 31, 2016 and no exposure to credit losses on OTC and exchanged traded derivatives as of that date. The following summarizes the value, collateral held or provided by WM Life Re and net exposure to credit losses on OTC and exchange traded derivative instruments by counterparty recorded within other assets as of December 31, 2015: December 31, 2015 Millions Net amount of assets reflected in Balance Sheet Collateral provided to counterparty - Cash Collateral provided to counter-party - Financial Instruments Net amount of exposure after effect of collateral provided Excess collateral provided to counter-party- Cash Excess collateral provided - Financial Instruments Counter-party collateral held by WM Life Re- Cash Net amount of exposure to counter-party Standard & Poor's Rating (1) JP Morgan $ 8.5 $ — $ — $ 8.5 $ — $ — $ 5.5 $ 3.0 A + Bank of America .7 $ — — .7 $ — — — .7 A Citigroup - OTC 9.9 — — 9.9 — — 1.4 8.5 A Citigroup - Exchange Traded 1.0 — — 1.0 5.8 — — 6.8 A Total $ 20.1 $ — $ — $ 20.1 $ 5.8 $ — $ 6.9 $ 19.0 (1) Standard & Poor’s ratings as detailed above are: “A+” (Strong, which is the fifth highest of twenty-three creditworthiness ratings),“A” (which is the sixth highest of twenty-three creditworthiness ratings), “A-” (which is the seventh highest of twenty-three creditworthiness ratings), and BBB+ (which is the eighth highest of twenty-three creditworthiness ratings). | |
Pre-tax operating results | The following table summarizes the pre-tax operating results of WM Life Re for the years ended December 31, 2016, 2015 and 2014 : Year Ended December 31, Millions 2016 2015 2014 Fees, included in other revenue $ 1.2 $ 9.3 $ 18.6 Change in fair value of variable annuity liability, included in other revenue (.3 ) (.4 ) 52.9 Change in fair value of derivatives, included in other revenue (2.0 ) (8.8 ) (72.4 ) Foreign exchange, included in other revenue 1.3 (1.3 ) (3.2 ) Other investment income and losses — (.4 ) (1.4 ) Total revenues .2 (1.6 ) (5.5 ) Change in fair value of variable annuity death benefit liabilities, included in general and administrative expenses — — .6 Death benefit claims paid, included in general and administrative expenses (.3 ) (.1 ) (.1 ) General and administrative expenses (2.6 ) (4.0 ) (4.3 ) Pre-tax loss $ (2.7 ) $ (5.7 ) $ (9.3 ) | |
Fair Value of Assets and Liabilities Measured on Recurring and Non-recurring Basis Table | The following table summarizes the changes in White Mountains’s variable annuity reinsurance liabilities and derivative instruments for the year ended December 31, 2016, 2015 and 2014 : Variable Annuity (Liabilities) Derivative Instruments Millions Level 3 Level 3 (1)(6) Level 2 (1)(2) Level 1 (3) Total (4) Balance at January 1, 2016 $ .3 $ 2.7 $ 16.5 $ .9 $ 20.1 Purchases — — — — — Net realized and unrealized (losses) gains (.3 ) (5) 2.9 (.7 ) (4.2 ) (2.0 ) Transfers in (out) — — — — — Sales/settlements — (5.6 ) (15.8 ) 3.3 (18.1 ) Balance at December 31, 2016 $ — $ — $ — $ — $ — Variable Annuity (Liabilities) Derivative Instruments Millions Level 3 Level 3 (1)(6) Level 2 (1)(2) Level 1 (3) Total (4) Balance at January 1, 2015 $ .7 $ 18.9 $ 33.8 $ 3.7 $ 56.4 Purchases — — — — — Net realized and unrealized (losses) gains (.4 ) (5) (9.7 ) (7.5 ) 8.4 (8.8 ) Transfers in (out) — — — — — Sales/settlements — (6.5 ) (9.8 ) (11.2 ) (27.5 ) Balance at December 31, 2015 $ .3 $ 2.7 $ 16.5 $ .9 $ 20.1 Variable Annuity (Liabilities) Derivative Instruments Millions Level 3 Level 3 (1)(6) Level 2 (1)(2) Level 1 (3) Total (4) Balance at January 1, 2014 $ (52.8 ) $ 63.4 $ 4.7 $ 1.1 $ 69.2 Purchases — — — — — Net realized and unrealized gains (losses) 53.5 (5) (38.6 ) (71.0 ) 37.2 (72.4 ) Transfers in (out) — — — — — Sales/settlements — (5.9 ) 100.1 (34.6 ) 59.6 Balance at December 31, 2014 $ .7 $ 18.9 $ 33.8 $ 3.7 $ 56.4 (1) Consists of over-the-counter instruments. (2) Consists of interest rate swaps, total return swaps, foreign currency forward contracts, and bond forwards. Fair value measurement based upon bid/ask pricing quotes for similar instruments that are actively traded, where available. Swaps for which an active market does not exist have been priced using observable inputs including the swap curve and the underlying bond index. (3) Consists of exchange traded equity index, foreign currency and interest rate futures. Fair value measurements based upon quoted prices for identical instruments that are actively traded. (4) In addition to derivative instruments, WM Life Re held cash, short-term and fixed maturity investments of $0.0 , $5.8 and $33.2 as of December 31, 2016, 2015 and 2014 posted as collateral to its reinsurance counterparties. (5) There was no changes in the fair value of variable annuity death benefit liabilities for the years ended December 31, 2016 and December 31, 2015. In 2014, $0.6 related to the change in the fair value of variable annuity death benefit liabilities, which are included in general and administrative expenses. (6) Consists of foreign currency options and equity options. | |
Schedule of collateral | In addition to derivative instruments, WM Life Re held cash and fixed maturity investments posted as collateral to its variable annuity reinsurance counterparties. The total collateral includes the following: December 31, Millions 2016 2015 Cash $ — $ 5.8 Fixed maturity investments — — Total $ — $ 5.8 | |
Offestting Assets and Liabilities | December 31, 2015 Millions Gross asset amounts before offsets (1) Gross liability amounts offset under master netting arrangements Net amounts recognized in Other Assets Interest rate contracts OTC $ 2.4 $ (2.1 ) $ .3 Exchange traded .1 (.1 ) — Foreign exchange contracts OTC 15.0 — 15.0 Exchange traded .1 (.3 ) (.2 ) Equity contracts OTC 4.4 (.6 ) 3.8 Exchange traded 1.2 — 1.2 Total (2) $ 23.2 $ (3.1 ) $ 20.1 (1) Amount equal to fair value of instrument as recognized in other assets. (2) All derivative instruments held by WM Life Re were subject to master netting arrangements. | |
Offsetting Assets | There were no open derivative instruments as of December 31, 2016 and no exposure to credit losses on OTC and exchanged traded derivatives as of that date. The following summarizes the value, collateral held or provided by WM Life Re and net exposure to credit losses on OTC and exchange traded derivative instruments by counterparty recorded within other assets as of December 31, 2015: December 31, 2015 Millions Net amount of assets reflected in Balance Sheet Collateral provided to counterparty - Cash Collateral provided to counter-party - Financial Instruments Net amount of exposure after effect of collateral provided Excess collateral provided to counter-party- Cash Excess collateral provided - Financial Instruments Counter-party collateral held by WM Life Re- Cash Net amount of exposure to counter-party Standard & Poor's Rating (1) JP Morgan $ 8.5 $ — $ — $ 8.5 $ — $ — $ 5.5 $ 3.0 A + Bank of America .7 $ — — .7 $ — — — .7 A Citigroup - OTC 9.9 — — 9.9 — — 1.4 8.5 A Citigroup - Exchange Traded 1.0 — — 1.0 5.8 — — 6.8 A Total $ 20.1 $ — $ — $ 20.1 $ 5.8 $ — $ 6.9 $ 19.0 (1) Standard & Poor’s ratings as detailed above are: “A+” (Strong, which is the fifth highest of twenty-three creditworthiness ratings),“A” (which is the sixth highest of twenty-three creditworthiness ratings), “A-” (which is the seventh highest of twenty-three creditworthiness ratings), and BBB+ (which is the eighth highest of twenty-three creditworthiness ratings). | |
Realized and unrealized derivative gains (losses) recognized in other revenues and carrying values, by the type of instrument | The following summarizes net realized and unrealized derivative gains (losses) recognized in other revenue for the years ended December 31, 2016, 2015 and 2014 and the carrying values, included in other assets, as of December 31, 2016 and 2015 by type of instrument: Carrying Value Year Ended December 31, December 31, Millions 2016 2015 2014 2016 2015 Fixed income/interest rate $ 1.8 $ 6.4 $ (33.7 ) $ — $ .5 Foreign exchange (4.8 ) (7.3 ) (1.3 ) — 14.8 Equity 1.0 (7.9 ) (37.4 ) — 4.8 Total $ (2.0 ) $ (8.8 ) $ (72.4 ) $ — $ 20.1 | |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Derivatives | The following table summarizes the notional amount and the uncollateralized balance associated with the forward currency contract: December 31, 2016 Millions Notional Amount Carrying Value Standard & Poor's Rating (1) Barclays Bank PLC $ 184.6 $ (1.2 ) A- (1) Standard & Poor’s ratings “A-” (Strong, which is the ninth highest of twenty-one creditworthiness ratings). |
Municipal Bond Guarantee Insu46
Municipal Bond Guarantee Insurance (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Insurance [Abstract] | |
Financial Guarantee Insurance Contracts, Premium Received over Contract Period [Table Text Block] | The following table is a schedule of BAM’s expected premiums to be collected as of December 31, 2016 : Millions December 31, 2016 January 1, 2017 - March 31, 2017 $ 1.9 April 1, 2017 - June 30, 2017 1.8 July 1, 2017 - September 30, 2017 1.8 October 1, 2017 - December 31, 2017 1.8 7.3 2018 7.0 2019 6.6 2020 6.3 2021 5.9 2022 and thereafter 49.9 Total $ 83.0 |
Schedule of Insured Obligations | The following table provides a schedule of BAM’s insured obligations: December 31, 2016 December 31, 2015 Contracts outstanding 4,807 3,103 Remaining weighted average contract period (in years) 10.8 12.8 Contractual debt service outstanding (in millions): Principal $ 33,057.3 $ 22,556.0 Interest $ 16,396.6 $ 11,984.4 Gross unearned insurance premiums $ 83.0 $ 50.2 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computation of earnings per share | The following table outlines the Company’s computation of earnings per share from continuing operations for the years ended December 31, 2016, 2015 and 2014 . See Note 22 — “Held for Sale and Discontinued Operations” for earnings per share amounts for discontinued operations. Year Ended December 31, 2016 2015 2014 Basic and diluted earnings per share numerators (in millions): Net income from continuing operations attributable to White Mountains’s common shareholders $ (2.3 ) $ 200.7 $ 53.2 Allocation of income for unvested restricted common shares (1) — (2.3 ) (0.7 ) Dividends declared on participating restricted common shares (1) — (.1 ) (.1 ) Total allocation to restricted common shares — (2.4 ) (0.8 ) Net income attributable to White Mountains’s common shareholders, $ (2.3 ) $ 198.3 $ 52.4 Undistributed net earnings (in millions): Net income attributable to White Mountains’s common shareholders, $ (2.3 ) $ 198.3 $ 52.4 Dividends declared net of restricted common share amounts (1) (5.4 ) (5.9 ) (6.1 ) Total undistributed net earnings, net of restricted common share amounts $ (7.7 ) $ 192.4 $ 46.3 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 (2) (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 (2) (64.8 ) (68.0 ) (78.9 ) Diluted earnings per share denominator (3) 4,953.3 5,811.2 6,026.0 Basic earnings per share (in dollars): Net income attributable to White Mountains’s common shareholders $ (0.47 ) $ 34.12 $ 8.70 Dividends declared and paid (1.00 ) (1.00 ) (1.00 ) Undistributed (loss) earnings $ (1.47 ) $ 33.12 $ 7.70 Diluted earnings per share (in dollars) Net income attributable to White Mountains’s common shareholders $ (0.47 ) $ 34.12 $ 8.70 Dividends declared and paid (1.00 ) (1.00 ) (1.00 ) Undistributed (loss) earnings $ (1.47 ) $ 33.12 $ 7.70 (1) Restricted shares issued by White Mountains receive dividends, and therefore, are considered participating securities. (2) Restricted common shares outstanding vest either in equal annual installments or upon a stated date. See Note 13 — “Employee Share-Based Incentive Compensation Plans” . (3) The diluted earnings (loss) per share denominator for the year 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. Prior periods do 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. |
Retirement and Postretirement48
Retirement and Postretirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of changes in projected benefit obligations and fair value of plan assets and funded status of plan assets | The following tables set forth the obligations and funded status, assumptions, plan assets and cash flows associated with the Plans as of December 31, 2016 and 2015 : Pension Benefits December 31, Millions 2016 2015 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 109.5 $ 119.7 Service cost .2 .9 Interest cost 1.5 4.6 Settlement loss (gain) on projected benefit obligation (1)(2) 1.2 (1.8 ) Assumption changes (.9 ) (3.5 ) Actuarial loss .4 .9 Annuity contract purchases related to termination of Qualified Plan (3) (69.0 ) — Benefits, including lump sum payments, and expenses paid with plan assets (3) (17.0 ) (13.7 ) Benefits paid directly by OneBeacon (2.1 ) (2.2 ) Remeasurement due to plan termination (4) — 4.6 Projected benefit obligation at end of year $ 23.8 $ 109.5 Change in plan assets: Fair value of plan assets at beginning of year $ 139.8 $ 146.0 Actual return on plan assets 6.3 7.5 Annuity contract purchases related to termination of Qualified Plan (3) (69.0 ) — Transfer of assets to the QRP (5) (47.1 ) — Benefits and expenses paid (17.0 ) (13.7 ) Fair value of plan assets at end of year $ 13.0 $ 139.8 (Unfunded) over funded status at end of year $ (10.8 ) $ 30.3 (1) During the year ended December 31, 2016, OneBeacon recognized a $1.2 million settlement loss primarily resulting from final settlement of the Qualified Plan. (2) During the fourth quarter of 2015, OneBeacon triggered settlement accounting for the Qualified Plan as the total lump sum payments exceeded the service plus interest costs, resulting in a $1.8 adverse effect on accumulated other comprehensive income. (3) During the year ended December 31, 2016, the Qualified Plan finalized its termination by purchasing group annuity contracts for $69.0 million from Principal and making lump sum distributions, included in the $17.0 million above, to Qualified Plan participants electing such payments. (4) As of December 31, 2015, the projected benefit obligation was valued on a plan termination basis. (5) During the year ended December 31, 2016, OneBeacon transferred excess invested assets from the Qualified Plan after its termination into the trust supporting the QRP. |
Schedule of amounts recorded in financial statements | Amounts recognized in the financial statements as of December 31, 2016 and 2015 consist of: December 31, Millions 2016 2015 Net balance sheet asset recorded in other assets $ 13.0 $ 55.8 Net balance sheet liability recorded in other liabilities (23.8 ) (25.5 ) Net amount recognized in the financial statements $ (10.8 ) $ 30.3 |
Information for the Non-qualified Plan, which has accumulated benefit obligations in excess of plan assets | Information for the Non-qualified Plan, which had accumulated benefit obligations in excess of plan assets, was as follows: December 31, Millions 2016 2015 Projected benefit obligation $ 23.8 $ 25.5 Accumulated benefit obligation $ 23.8 $ 25.5 Fair value of plan assets $ — $ — |
Information for the Qualified Plan, which had accumulated benefit obligations less than plan assets | nformation for the Qualified Plan, which had accumulated benefit obligations less than plan assets until its termination, was finalized. Information for the Qualified Plan was as follows: December 31, Millions 2016 2015 Projected benefit obligation $ — $ 84.0 (1) Accumulated benefit obligation $ — $ 84.0 (1) Fair value of plan net assets $ 13.0 $ 139.8 (1) Measured on a plan termination basis |
Schedule of amounts recognized in accumulated other comprehensive income (loss) on a pre-tax basis and before noncontrolling interest | The amounts recognized in accumulated other comprehensive loss on a pre-tax basis and before non-controlling interest for the years ended December 31, 2016 and 2015 were as follows: December 31, Millions 2016 2015 Accumulated other comprehensive loss beginning balance $ (8.0 ) $ (8.0 ) Increase (decrease) in accumulated other comprehensive loss: Amortization of net actuarial gains recognized during the year 1.3 1.3 Net actuarial gains (losses) occurring during the year (1) 3.2 (1.3 ) Qualified Plan termination impact (2) (3.0 ) — Accumulated other comprehensive loss ending balance $ (6.5 ) $ (8.0 ) (1) Net actuarial gains in 2016 resulted from investment returns and demographic experience different than assumed. The 2015 net actuarial losses reflect the valuation of the Qualified Plan on a termination basis. (2) During the year ended December 31, 2016, OneBeacon recognized a $ 3.0 million gain resulting from the final settlement of the Qualified Plan. |
Schedule of components of net periodic benefit cost (income) | The components of net periodic benefit cost (income) for the years ended December 31, 2016, 2015 and 2014 were as follows: Year Ended December 31, Millions 2016 2015 2014 Service cost $ .2 $ .9 $ .6 Interest cost 1.5 4.6 4.7 Expected return on plan assets (1.0 ) (8.7 ) (8.5 ) Amortization of net actuarial losses 1.3 1.3 .3 Net periodic pension (cost) income before special termination benefits 2.0 (1.9 ) (2.9 ) Settlement gain (1) (3.0 ) — — Special termination benefits expense (2) — — .3 Total net periodic benefit income $ (1.0 ) $ (1.9 ) $ (2.6 ) (1) Represents the impact of the termination of the Qualified Plan during the year ended December 31, 2016. (2) Special termination benefits represent additional payments made from the Qualified Plan to certain vested participants when their employment was terminated due to a reduction in force. |
Schedule of fair value of the Plan assets and their related inputs | The fair value of the Qualified Plan’s assets and their related inputs as of December 31, 2016 and 2015 by asset category were as follows: December 31, 2016 December 31, 2015 Millions Fair Value (1) Level 1 Inputs Level 2 Inputs Level 3 Inputs Fair Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Common equity securities $ 12.8 $ 12.8 $ — $ — $ — $ — $ — $ — Fixed maturity investments — — — — 132.4 132.4 — — Short-term investments — — — — 7.0 7.0 — — Total $ 12.8 $ 12.8 $ — $ — $ 139.4 $ 139.4 $ — $ — (1) Excludes cash and short-term investments There were no transfers between Levels 1, 2 or 3 during the years ended December 31, 2016 and 2015 . The Qualified Plan’s asset allocations as of December 31, 2016 and 2015 , by asset category were as follows: Plan Assets at December 31, Asset Category 2016 2015 Common equity securities 98.5 % — % Fixed maturity investments — 95.0 Cash and short-term investments 1.5 5.0 Total 100.0 % 100.0 % |
Schedule of expected future benefit payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Millions Expected Benefit Payments 2017 $ 2.1 2018 2.1 2019 2.0 2020 2.0 2021 1.9 2022 - 2026 8.4 |
Employee Share-Based Incentiv49
Employee Share-Based Incentive Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
White Mountains | |
Share-based compensation arrangement by share-based payment award | |
Summary of performance share activity | The following summarizes performance share activity for the years ended December 31, 2016, 2015 and 2014 for performance shares granted under the WTM Incentive Plan: Year Ended December 31, 2016 2015 2014 $ in millions Target Performance Shares Outstanding Accrued Expense Target Performance Shares Outstanding Accrued Expense Target Performance Shares Outstanding Accrued Expense Beginning of period 93,654 $ 57.7 111,257 $ 44.4 108,605 $ 54.9 Shares paid or expired (1) (36,294 ) (41.0 ) (42,959 ) (30.8 ) (33,730 ) (24.5 ) New grants 22,615 — 29,195 — 39,590 — Assumed forfeitures and cancellations (2) 378 .5 (3,839 ) (.3 ) (3,208 ) (.1 ) Expense recognized — 25.2 — 44.4 — 14.1 End of period (3) 80,353 $ 42.4 93,654 $ 57.7 111,257 $ 44.4 (1) WTM performance share payments in 2016 for the 2013-2015 performance cycle ranged from 140% to 142% of target. WTM performance shares payments in 2015 for the 2012-2014 performance cycle ranged from 91% to 145.5% of target. WTM performance shares payments in 2014 for the 2011-2013 performance cycle ranged from 88% to 131.5% of target. (2) Amounts include changes in assumed forfeitures, as required under GAAP. (3) Outstanding performance share awards as of December 31, 2016, 2015 and 2014 exclude 7,315 , 10,826 and 12,607 unvested performance shares awards for employees of Sirius Group. |
Summary of performance shares outstanding and accrued expense for performance shares awarded under an Incentive Plan | The following table summarizes performance shares outstanding and accrued expense for performance shares awarded under the WTM Incentive Plan as of December 31, 2016 for each performance cycle: $ in millions Target WTM Performance Shares Outstanding Accrued Expense Performance cycle: 2016 – 2018 19,615 $ 5.4 2015 – 2017 31,795 19.1 2014 – 2016 30,167 18.6 Sub-total 81,577 43.1 Assumed forfeitures (1,224 ) (.7 ) Total at December 31, 2016 80,353 $ 42.4 |
Schedule of Nonvested Restricted Stock Activity [Table Text Block] | The following outlines the unrecognized compensation cost associated with the outstanding restricted share awards under the WTM Incentive Plan for the years ended December 31, 2016, 2015 and 2014 : Year Ended December 31, 2016 2015 2014 $ in millions Restricted Shares Unamortized Issue Date Fair Value Restricted Shares Unamortized Issue Date Fair Value Restricted Shares Unamortized Issue Date Fair Value Non-vested, Beginning of period 70,675 $ 15.7 83,314 $ 14.3 94,130 $ 17.0 Issued 25,365 20.2 23,640 15.7 23,440 13.1 Vested (24,620 ) — (36,279 ) — (33,205 ) — Forfeited (800 ) (.3 ) — — (1,051 ) (.5 ) Expense recognized — (15.9 ) — (14.3 ) — (15.3 ) End of period (1) 70,620 $ 19.7 70,675 $ 15.7 83,314 $ 14.3 (1) Outstanding restricted share awards as of December 31, 2016, 2015 and 2014 include 5,235 , 9,205 , and 12,477 unvested restricted shares for employees of Sirius Group. |
OneBeacon | |
Share-based compensation arrangement by share-based payment award | |
Summary of performance share activity | The following summarizes activity for the years ended December 31, 2016, 2015 and 2014 for OneBeacon performance shares granted under the OneBeacon Incentive Plan: Year Ended December 31, 2016 2015 2014 $ in millions Target Performance Shares Outstanding Accrued Expense Target Performance Shares Outstanding Accrued Expense Target Performance Shares Outstanding Accrued Expense Beginning of period 449,435 $ 1.4 517,470 $ 3.4 493,421 $ 4.0 Payments and deferrals (1) (167,300 ) (.6 ) (181,290 ) (1.5 ) (142,138 ) (1.0 ) New awards 163,150 — 154,887 — 165,800 — Forfeitures and cancellations (2) 7,234 — (41,632 ) (.1 ) 387 — Expense recognized — .8 — (.4 ) — .4 End of period 452,519 $ 1.6 449,435 $ 1.4 517,470 $ 3.4 (1) OneBeacon performance share payments in 2016 for the 2013-2015 performance cycle were at 24.3% of target. OneBeacon performance share payments in 2015 for the 2012-2014 performance cycle were at 45.7% of target. OneBeacon performance share payments in 2014 for the 2011-2013 performance cycle were at 37.1% of target. (2) Amounts include changes in assumed forfeitures, as required under GAAP. |
Summary of performance shares outstanding and accrued expense for performance shares awarded under an Incentive Plan | The following summarizes OneBeacon performance shares outstanding awarded under the OneBeacon Incentive Plan as of December 31, 2016 for each performance cycle: $ in millions Target OneBeacon Performance Shares Outstanding Accrued Expense Performance cycle: 2016 – 2018 163,150 $ .9 2015 – 2017 146,659 .7 2014 – 2016 142,710 — Total at December 31, 2016 452,519 $ 1.6 |
Schedule of Nonvested Restricted Stock Activity [Table Text Block] | The following table summarizes the unrecognized compensation cost associated with the outstanding OneBeacon restricted stock awards for the years ended December 31, 2016, 2015 and 2014 . Year Ended December 31, 2016 2015 2014 $ in millions Restricted Shares Unamortized Issue Date Fair Value Restricted Shares Unamortized Issue Date Fair Value Restricted Shares Unamortized Issue Date Fair Value Beginning of period 382,722 $ 2.5 612,500 $ 3.5 915,000 $ 6.5 Issued 170,650 2.3 75,950 1.1 — — Vested (157,500 ) — (296,000 ) — (300,000 ) — Forfeited — — (9,728 ) (.1 ) (2,500 ) — Expense recognized — (2.7 ) — (2.0 ) — (3.0 ) End of period 395,872 $ 2.1 382,722 $ 2.5 612,500 $ 3.5 |
Common Shareholders_ Equity a50
Common Shareholders’ Equity and Non-controlling Interests Common Shareholders’ Equity and Non-controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | The following table details the balance of non-controlling interests included in White Mountains’s total equity and the related percentage of each consolidated entity’s total equity owned by non-controlling shareholders as of December 31, 2016 and 2015: December 31, 2016 December 31, 2015 $ in millions Non-controlling Percentage Non-controlling Equity Non-controlling Percentage Non-controlling Equity OneBeacon Ltd. 23.9 % $ 244.6 24.5 % $ 245.6 SIG Preference Shares — — 100.0 250.0 Other, excluding mutuals and reciprocals HG Global 3.1 16.6 3.1 17.1 MediaAlpha 40.0 11.7 40.0 14.4 Dewar 18.8 3.9 19.0 3.7 Buzzmove 29.1 2.9 — — Wobi 5.0 .7 3.9 .6 Tranzact — — 36.8 79.4 Total other, excluding mutuals and reciprocals 35.8 115.2 Mutuals and reciprocals BAM 100.0 (150.9 ) 100.0 (140.0 ) SSIE 100.0 4.4 100.0 (16.0 ) Total mutuals and reciprocals (146.5 ) (156.0 ) Total non-controlling interests $ 133.9 $ 454.8 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Financial information for White Mountains' segments | Financial information for White Mountains’s segments follows: HG Global/BAM Millions OneBeacon HG Global BAM (1) Other Operations Total Year Ended December 31, 2016 Earned insurance and reinsurance premiums $ 1,100.6 $ 4.4 $ 1.5 $ 7.5 $ 1,114.0 Net investment income 50.6 2.2 6.8 27.2 86.8 Net investment income (loss) - BAM Surplus Note — 17.8 (17.8 ) — — Net realized and unrealized investment gains (losses) 37.7 .1 .6 (28.1 ) 10.3 Other revenue 5.5 — 1.1 143.0 (4) 149.6 Total revenues (3) 1,194.4 24.5 (7.8 ) 149.6 1,360.7 Losses and LAE 656.0 — — 8.0 664.0 Insurance and reinsurance acquisition expenses 206.0 .9 2.5 2.2 211.6 Other underwriting expenses 209.0 — .4 .1 209.5 General and administrative expenses 13.0 1.4 38.2 234.8 (5) 287.4 Amortization of intangible assets 1.2 — — 11.3 12.5 Interest expense 13.1 — — 3.0 16.1 Total expenses 1,098.3 2.3 41.1 259.4 1,401.1 Pre-tax income (loss) $ 96.1 $ 22.2 $ (48.9 ) $ (109.8 ) $ (40.4 ) HG Global/BAM Millions OneBeacon HG Global BAM (1) Other Operations Total Year Ended December 31, 2015 Earned insurance and reinsurance premiums $ 1,176.2 $ 2.5 $ .8 $ 8.7 $ 1,188.2 Net investment income 45.9 1.9 4.2 8.8 60.8 Net investment income (loss) - BAM Surplus Note — 15.8 (15.8 ) — — Net realized and unrealized investment (losses) gains (35.1 ) (.3 ) .9 259.9 (2) 225.4 Other (loss) revenue (.6 ) — .7 147.2 (4) 147.3 Total revenues (3) 1,186.4 19.9 (9.2 ) 424.6 1,621.7 Losses and LAE 700.7 — — 8.2 708.9 Insurance and reinsurance acquisition expenses 213.8 .6 2.3 3.4 220.1 Other underwriting expenses 218.2 — .4 — 218.6 General and administrative expenses 14.1 1.4 35.4 240.7 (5) 291.6 Amortization of intangible assets 1.3 — — 9.3 10.6 Interest expense 13.0 — — 1.6 14.6 Total expenses 1,161.1 2.0 38.1 263.2 1,464.4 Pre-tax income (loss) $ 25.3 $ 17.9 $ (47.3 ) $ 161.4 $ 157.3 HG Global/BAM Millions OneBeacon HG Global BAM (1) Other Operations Total Year Ended December 31, 2014 Earned insurance and reinsurance premiums $ 1,177.1 $ 1.4 $ .4 $ 6.1 $ 1,185.0 Net investment income 43.4 1.4 5.7 9.0 59.5 Net investment income (loss) - BAM Surplus Note — 15.7 (15.7 ) — — Net realized and unrealized investment gains 40.4 1.7 6.6 29.8 78.5 Other revenue 5.8 — .6 81.7 (4) 88.1 Total revenues (3) 1,266.7 20.2 (2.4 ) 126.6 1,411.1 Losses and LAE 815.1 — — 8.9 824.0 Insurance and reinsurance acquisition expenses 203.3 .3 1.8 0.8 206.2 Other underwriting expenses 179.2 — .4 — 179.6 General and administrative expenses 12.4 1.6 35.9 158.3 (5) 208.2 Amortization of intangible assets 1.4 — — 6.9 8.3 Interest expense 13.0 — — 1.2 14.2 Total expenses 1,224.4 1.9 38.1 176.1 1,440.5 Pre-tax income (loss) $ 42.3 $ 18.3 $ (40.5 ) $ (49.5 ) $ (29.4 ) (1) BAM manages its affairs on a statutory accounting basis. BAM’s statutory surplus includes BAM Surplus Notes and is not reduced by accruals of interest expense on the BAM Surplus Notes. BAM’s statutory surplus is reduced only after a payment of principal or interest has been approved by the New York Department of Financial Services. (2) Net realized and unrealized investment gains (losses) in the Other Operations segment includes the unrealized investment gain of $258.8 related to the investment in Symetra common shares, representing the difference between the carrying value under the equity method at November 5, 2015 and the fair value at December 31, 2015. See Note 17 — “Investments in Unconsolidated Affiliates” . (3) Total revenues includes both revenues from customers, as well as, investment performance. (4) Includes $116.5 from MediaAlpha for the year ended December 31, 2016; $105.5 from MediaAlpha for the year ended December 31, 2015; $65.3 from MediaAlpha for the year ended December 31, 2014. (5) Includes $109.6 from MediaAlpha for the year ended December 31, 2016; and $99.0 from MediaAlpha for the year ended December 31, 2015; $60.6 from MediaAlpha for the year ended December 31, 2014. HG Global/BAM Selected Balance Sheet Data Millions OneBeacon HG Global BAM Other Operations Eliminations Held for Sale Total December 31, 2016: Total investments $ 2,620.4 $ 161.6 $ 468.1 $ 2,084.7 $ — $ — $ 5,334.8 Reinsurance recoverable on paid and unpaid losses 179.5 — — — — — 179.5 Assets held for sale — — — — — 10.1 10.1 Total assets 3,589.4 787.0 (78.9 ) (1) 2,417.3 (180.2 ) 10.1 6,544.7 Loss and LAE reserves 1,365.6 — — — — — 1,365.6 Liabilities held for sale — — — — — 5.1 5.1 Total liabilities 2,564.2 247.6 72.0 98.8 (180.2 ) 5.1 2,807.5 Total White Mountains’s common shareholders’ equity 780.6 522.8 — 2,294.9 — 5.0 3,603.3 Non-controlling interest 244.6 16.6 (150.9 ) 23.6 — — 133.9 December 31, 2015: Total investments $ 2,591.4 $ 136.2 $ 460.3 $ 1,083.2 $ — $ — $ 4,271.1 Reinsurance recoverable on paid and unpaid losses 193.5 — — — — — 193.5 Assets held for sale — — — — — 4,790.4 4,790.4 Total assets 3,600.8 739.0 (91.1 ) (1) 1,378.8 (135.3 ) 4,790.4 10,282.6 Loss and LAE reserves 1,389.8 — — — — — 1,389.8 Liabilities held for sale — — — — — 3,047.4 3,047.4 Total liabilities 2,596.3 181.2 48.9 176.1 (135.3 ) 3,047.4 5,914.6 Total White Mountains’s 755.2 540.7 — 1,124.3 — 1,493.0 3,913.2 Non-controlling interest 249.3 17.1 (140.0 ) 78.4 — — (2) 204.8 |
Schedule of selected balance sheet data by segment | HG Global/BAM Selected Balance Sheet Data Millions OneBeacon HG Global BAM Other Operations Eliminations Held for Sale Total December 31, 2016: Total investments $ 2,620.4 $ 161.6 $ 468.1 $ 2,084.7 $ — $ — $ 5,334.8 Reinsurance recoverable on paid and unpaid losses 179.5 — — — — — 179.5 Assets held for sale — — — — — 10.1 10.1 Total assets 3,589.4 787.0 (78.9 ) (1) 2,417.3 (180.2 ) 10.1 6,544.7 Loss and LAE reserves 1,365.6 — — — — — 1,365.6 Liabilities held for sale — — — — — 5.1 5.1 Total liabilities 2,564.2 247.6 72.0 98.8 (180.2 ) 5.1 2,807.5 Total White Mountains’s common shareholders’ equity 780.6 522.8 — 2,294.9 — 5.0 3,603.3 Non-controlling interest 244.6 16.6 (150.9 ) 23.6 — — 133.9 December 31, 2015: Total investments $ 2,591.4 $ 136.2 $ 460.3 $ 1,083.2 $ — $ — $ 4,271.1 Reinsurance recoverable on paid and unpaid losses 193.5 — — — — — 193.5 Assets held for sale — — — — — 4,790.4 4,790.4 Total assets 3,600.8 739.0 (91.1 ) (1) 1,378.8 (135.3 ) 4,790.4 10,282.6 Loss and LAE reserves 1,389.8 — — — — — 1,389.8 Liabilities held for sale — — — — — 3,047.4 3,047.4 Total liabilities 2,596.3 181.2 48.9 176.1 (135.3 ) 3,047.4 5,914.6 Total White Mountains’s 755.2 540.7 — 1,124.3 — 1,493.0 3,913.2 Non-controlling interest 249.3 17.1 (140.0 ) 78.4 — — (2) 204.8 (1) BAM total assets reflect the elimination of $503.0 in the BAM Surplus Notes issued to HG Global and its subsidiaries, and $108.0 and $90.2 in accrued interest related to the BAM Surplus Notes as of December 31, 2016 and 2015. (2) Excludes $250.0 related to SIG Preference Shares. See Note 14 — “Common Shareholders’ Equity and Non-controlling Interests” |
Investments in Unconsolidated52
Investments in Unconsolidated Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments in and Advances to Affiliates [Line Items] | |
Schedule of investments in unconsolidated affiliates | White Mountains’s investments in unconsolidated affiliates represent investments in other companies in which White Mountains has a significant voting and economic interest but does not control the entity. |
Schedule of changes in unconsolidated affiliates | The following table summarizes amounts recorded by White Mountains under the equity method relating to its investment in Symetra through November 5, 2015: Millions Equity method carrying value of investment in Symetra as of December 31, 2014 (1) $ 411.4 Equity in earnings (2)(3)(4) 25.1 Equity in net unrealized investment losses from Symetra’s fixed maturity portfolio (5)(6) (39.2 ) Distribution from Prospector Offshore Fund (7) 12.4 Dividends received (16.9 ) Equity method carrying value of investment in Symetra as of November 5, 2015 (1)(8) $ 392.8 (1) Includes White Mountains’s equity in net unrealized investment (losses) gains from Symetra’s fixed maturity portfolio of $(1.6) and $37.6 , as of November 5, 2015 and December 31, 2014, which excludes tax benefit (expense) of $0.2 and $(2.7) . (2) Equity in earnings for the period ended November 5, 2015 excludes tax expense of $1.6 . (3) Equity in earnings for the period ended November 5, 2015 includes an increase of $2.3 relating to the pre-tax amortization of the Symetra common share basis difference. (4) Equity in earnings for the period ended November 5, 2015 includes losses of $(0.1) from the dilutive effect of Symetra’s yearly dividend and the issuance of restricted shares by Symetra (5) Net unrealized investment losses for the period ended November 5, 2015 includes an increase of $9.4 relating to the pre-tax amortization of the Symetra common share basis difference. (6) Net unrealized investment losses from Symetra’s fixed maturity portfolio excludes a tax benefit of $2.9 for the period ended November 5, 2015. (7) During 2015, pursuant to the redemption of White Mountains's investments in the Prospector Funds, 513,500 common shares of Symetra were distributed to White Mountains. (8) The aggregate value of White Mountains’s investment in common shares of Symetra was $651.2 based upon the quoted market price of $31.67 per share as of November 5, 2015. |
Symetra | |
Investments in and Advances to Affiliates [Line Items] | |
Summarized statement of financial position of Symetra | The following table summarizes financial information for Symetra as of September 30, 2015: September 30, Millions 2015 Symetra balance sheet data: Total investments $ 32,409.2 Separate account assets 885.9 Total assets 34,962.8 Policyholder liabilities 29,492.0 Long-term debt 697.5 Separate account liabilities 885.9 Total liabilities 31,836.7 Common shareholders’ equity 3,126.1 The following table summarizes financial information for Symetra for the nine months ended September 30, 2015 and year ended December 31, 2014: Nine months ended September 30, Year ended December 31, Millions 2015 2014 Symetra income statement data: Net premiums earned $ 539.3 $ 629.1 Net investment income 994.3 1,320.5 Total revenues 1,605.9 2,182.4 Policy benefits 1,143.7 1,399.7 Total expenses 1,543.6 1,882.5 Net income 89.6 254.4 Comprehensive net (loss) income (234.1 ) 397.0 |
Fair Value of Financial Instr53
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
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 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
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 |
Selected Quarterly Financial 55
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Selected quarterly financial data for 2016 and 2015 is shown in the following table. The quarterly financial data includes, in the opinion of management, all recurring adjustments necessary for a fair presentation of the results of operations for the interim periods. As a result of the sale of Tranzact, Sirius, and Esurance and the Runoff Business, the results of operations for Tranzact, Sirius, Esurance and the Runoff Business have been classified as discontinued operations and are now presented, net of related income taxes, as such in the statement of comprehensive income. Prior year amounts have been reclassified to conform to the current period’s presentation. See Note 22 — “Held for Sale and Discontinued Operations” . 2016 Three Months Ended 2015 Three Months Ended Millions, except per share amounts Dec. 31 Sept. 30 June 30 Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31 Revenues $ 268.2 $ 365.0 $ 358.2 $ 369.3 $ 602.6 $ 296.1 $ 368.7 $ 354.3 Expenses 335.0 345.0 360.3 360.8 356.3 383.0 373.8 351.3 Pre-tax (loss) income (66.8 ) 20.0 (2.1 ) 8.5 246.3 (86.9 ) (5.1 ) 3.0 Tax benefit (expense) 23.0 6.7 6.0 9.7 1.0 1.6 2.2 (4.6 ) (Loss) income from continuing operations (43.8 ) 26.7 3.9 18.2 247.3 (85.3 ) (2.9 ) (1.6 ) (Loss) income from discontinued operations, net of tax (6.8 ) 61.9 358.6 1.1 19.6 6.5 (.5 ) 71.3 Non-controlling interest in consolidated subsidiaries 17.3 3.1 (21.4 ) (6.3 ) (6.1 ) 16.0 .9 7.3 Equity in earnings of unconsolidated affiliates — — — — 7.1 3.9 6.8 7.3 (Loss) income attributable to White Mountains’s common shareholders $ (33.3 ) $ 91.7 $ 341.1 $ 13.0 $ 267.9 $ (58.9 ) $ 4.3 $ 84.3 (Loss) income attributable to White Mountains’s common shareholders per share: Basic Continuing operations $ (5.81 ) $ 6.12 $ (3.44 ) $ 2.51 $ 43.82 $ (11.10 ) $ 0.80 $ 1.76 Discontinued operations (1.49 ) 12.72 70.37 (.17 ) 3.46 1.09 (.08 ) 12.33 Total consolidated operations $ (7.30 ) $ 18.84 $ 66.93 $ 2.34 $ 47.28 $ (10.01 ) $ 0.72 $ 14.09 Diluted Continuing operations $ (5.81 ) $ 6.11 $ (3.43 ) $ 2.51 $ 43.79 $ (11.10 ) $ 0.80 $ 1.76 Discontinued operations (1.49 ) 12.69 70.22 (.17 ) 3.46 1.09 (.08 ) 12.33 Total consolidated operations $ (7.30 ) $ 18.80 $ 66.79 $ 2.34 $ 47.25 $ (10.01 ) $ 0.72 $ 14.09 |
Summary of Significant Accoun56
Summary of Significant Accounting Policies (Basis of Presentation) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2012 |
Basis of Presentation | ||||
Debt issuance costs | $ 1.6 | |||
Assets held for sale | $ 10.1 | $ 4,790.4 | ||
Percentage of par value of policy reinsured | 15.00% | |||
OneBeacon Ltd. | ||||
Basis of Presentation | ||||
Ownership interest (as a percent) | 76.10% | 75.50% | ||
HG Global | ||||
Basis of Presentation | ||||
Surplus notes | $ 300 | $ 503 | ||
Preferred stocks | HG Global | ||||
Basis of Presentation | ||||
Ownership interest (as a percent) | 96.90% | |||
Common Stock | HG Global | ||||
Basis of Presentation | ||||
Ownership interest (as a percent) | 88.40% | |||
Wholly Owned Properties [Member] | OneBeacon Ltd. | ||||
Basis of Presentation | ||||
Assets held for sale | $ 58 |
Summary of Significant Accoun57
Summary of Significant Accounting Policies (Investment Securities) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2016USD ($)security | Dec. 31, 2015 | |
Accounting Policies [Abstract] | ||
Percentage of investments recorded at fair value | 94.00% | 91.00% |
Minimum percentage of variation expected | 5.00% | |
Minimum variation expected | $ | $ 1 | |
Securities outside variance threshold | security | 9 |
Summary of Significant Accoun58
Summary of Significant Accounting Policies (Insurance and Reinsurance Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Workers compensation discount percent | 2.50% | 2.50% |
Workers compensation discount amount | $ 1.6 | $ 1.1 |
Summary of Significant Accoun59
Summary of Significant Accounting Policies Summary of Significant Account Policies (Debt Issuance Costs) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Debt issuance costs | $ 1.6 | |
OneBeacon | ||
Debt Instrument [Line Items] | ||
Debt issuance costs | $ 1.9 |
Summary of Significant Accoun60
Summary of Significant Accounting Policies (Deferred Softward Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred software costs | $ 16.4 | $ 15.8 | |
Capitalized Computer Software, Amortization | $ 6.3 | $ 4.4 | $ 2.9 |
Minimum | Software Development [Member] | |||
Useful lives | 18 months | ||
Maximum | Software Development [Member] | |||
Useful lives | 36 months | ||
Maximum | Software and Software Development Costs [Member] | |||
Useful lives | 5 years |
Summary of Significant Accoun61
Summary of Significant Accounting Policies (Foreign Currency Exchange) (Details) $ in Millions | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014 |
Significant Transactions | |||
Net unrealized foreign currency translation losses | $ (1.4) | $ (145.6) | |
Israel, New Shekels | |||
Significant Transactions | |||
Foreign currency exchange rate | 3.8476 | 3.9051 | 3.8865 |
SEK | |||
Significant Transactions | |||
Foreign currency exchange rate | 8.4247 | 7.7737 | |
GBP | |||
Significant Transactions | |||
Foreign currency exchange rate | 0.8074 | 0.6757 | 0.6426 |
Euro Member Countries, Euro | |||
Significant Transactions | |||
Foreign currency exchange rate | 0.9479 | 0.9189 | 0.8245 |
Summary of Significant Accoun62
Summary of Significant Accounting Policies Summary of Significant Accounting Policies - LIHC (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Item Effected [Line Items] | ||||||||||||
Net investment income | $ 86.8 | $ 60.8 | $ 59.5 | |||||||||
Income Tax Expense (Benefit) | $ 23 | $ 6.7 | $ 6 | $ 9.7 | $ 1 | $ 1.6 | $ 2.2 | $ (4.6) | $ 45.4 | $ 0.2 | 14.8 | |
OneBeacon Ltd. | ||||||||||||
Item Effected [Line Items] | ||||||||||||
Cumulative Effect on Retained Earnings, Net of Tax | 0.9 | $ 0.4 | ||||||||||
Accounting Standards Update 2014-01 [Member] | Restatement Adjustment [Member] | OneBeacon Ltd. | ||||||||||||
Item Effected [Line Items] | ||||||||||||
Net investment income | 1.7 | 1.9 | ||||||||||
Income Tax Expense (Benefit) | $ (2.3) | $ (2.2) |
Significant Transactions Signif
Significant Transactions Significant Transactions (Acquisitions) (Details) ₪ in Millions, $ in Millions | Aug. 04, 2016USD ($) | Jan. 31, 2014USD ($) | Feb. 23, 2015ILS (₪) | Feb. 23, 2015USD ($) | Feb. 19, 2014ILS (₪) | Feb. 19, 2014USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2016ILS (₪) | Dec. 31, 2016USD ($) | Dec. 31, 2015ILS (₪) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Mar. 14, 2014USD ($) |
Unusual or Infrequent Item [Line Items] | |||||||||||||||||||||
Assets | $ 6,544.7 | $ 10,282.6 | $ 6,544.7 | $ 10,282.6 | |||||||||||||||||
Liabilities | 2,807.5 | 5,914.6 | 2,807.5 | 5,914.6 | |||||||||||||||||
White Mountains’s common shareholders’ equity, including portion attributable to NCI | 3,737.2 | 4,368 | 3,737.2 | 4,368 | |||||||||||||||||
Other assets | 274.6 | 273.2 | 274.6 | 273.2 | |||||||||||||||||
Goodwill | 31.7 | 24.1 | 31.7 | 24.1 | $ 23.8 | ||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) | 24.2 | 31.3 | 24.2 | 31.3 | 38.7 | ||||||||||||||||
Payments to Acquire Businesses and Interest in Affiliates | 13.4 | 2.6 | 205 | ||||||||||||||||||
Payments to Acquire Additional Interest in Subsidiaries | 0 | 9.1 | 0 | ||||||||||||||||||
Other revenue | 149.6 | 147.3 | 88.1 | ||||||||||||||||||
Non-controlling interest in consolidated subsidiaries | (17.3) | $ (3.1) | $ 21.4 | $ 6.3 | 6.1 | $ (16) | $ (0.9) | $ (7.3) | 7.3 | (18.1) | (22.2) | ||||||||||
Buzzmove [Member] | |||||||||||||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||||||||||||
Assets | $ 11.5 | ||||||||||||||||||||
Liabilities | $ 0.1 | ||||||||||||||||||||
Ownership interest (as a percent) | 70.90% | ||||||||||||||||||||
Goodwill | $ 7.6 | 7.6 | 0 | 7.6 | 0 | ||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) | 1.1 | 1 | 0 | 1 | 0 | ||||||||||||||||
Cashboard [Member] | |||||||||||||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||||||||||||
Liabilities | $ 1.2 | ||||||||||||||||||||
Ownership interest (as a percent) | 56.20% | ||||||||||||||||||||
Goodwill | $ 0.3 | ||||||||||||||||||||
MediaAlpha | |||||||||||||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||||||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 28.1 | ||||||||||||||||||||
Assets | $ 70.1 | ||||||||||||||||||||
Liabilities | $ 10 | ||||||||||||||||||||
Ownership interest (as a percent) | 60.00% | ||||||||||||||||||||
Goodwill | 18.3 | 18.3 | 18.3 | 18.3 | $ 18.3 | ||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) | 18.3 | $ 24.4 | 18.3 | $ 24.4 | $ 38.5 | ||||||||||||||||
Percent of gross profit | 62.50% | 62.50% | |||||||||||||||||||
Additional cash that will be paid as part of the purchase price | $ 7.8 | $ 7.8 | |||||||||||||||||||
WOBI [Member] | |||||||||||||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||||||||||||
Liabilities | $ 0.7 | ||||||||||||||||||||
Ownership interest (as a percent) | 95.00% | 96.10% | 95.00% | 96.10% | |||||||||||||||||
Goodwill | $ 5.5 | $ 5.8 | $ 5.8 | $ 5.8 | $ 5.8 | ||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) | $ 3.7 | 4.5 | 3.7 | 4.5 | |||||||||||||||||
Star & Shield LLC [Member] | |||||||||||||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||||||||||||
Payments to Acquire Businesses and Interest in Affiliates | $ 1.8 | ||||||||||||||||||||
Star & Shield Insurance Exchange [Member] | |||||||||||||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||||||||||||
Purchase of Surplus Notes | $ 4 | 4 | $ 17 | ||||||||||||||||||
Other revenue | 21 | ||||||||||||||||||||
LowFares.com [Member] | |||||||||||||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||||||||||||
Payments to Acquire Businesses and Interest in Affiliates | $ 3.9 | ||||||||||||||||||||
Common Stock | WOBI [Member] | |||||||||||||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||||||||||||
Ownership interest (as a percent) | 54.00% | ||||||||||||||||||||
GBP | Buzzmove [Member] | |||||||||||||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||||||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | 6.1 | ||||||||||||||||||||
Israel, New Shekels | Preferred stocks | WOBI [Member] | |||||||||||||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||||||||||||
Payments to Acquire Businesses and Interest in Affiliates | ₪ | ₪ 31.5 | ₪ 79.6 | |||||||||||||||||||
Israel, New Shekels | Common Stock | Cashboard [Member] | |||||||||||||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||||||||||||
Payments to Acquire Businesses and Interest in Affiliates | ₪ | ₪ 9.5 | 26.4 | |||||||||||||||||||
Israel, New Shekels | Common Stock | WOBI [Member] | |||||||||||||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||||||||||||
Payments to Acquire Businesses and Interest in Affiliates | ₪ | ₪ 14.4 | ₪ 11.8 | |||||||||||||||||||
United States of America, Dollars | Buzzmove [Member] | |||||||||||||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||||||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 8.1 | ||||||||||||||||||||
United States of America, Dollars | Preferred stocks | WOBI [Member] | |||||||||||||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||||||||||||
Payments to Acquire Businesses and Interest in Affiliates | $ 9 | 20.7 | |||||||||||||||||||
United States of America, Dollars | Common Stock | Cashboard [Member] | |||||||||||||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||||||||||||
Payments to Acquire Businesses and Interest in Affiliates | 2.4 | 6.5 | |||||||||||||||||||
United States of America, Dollars | Common Stock | WOBI [Member] | |||||||||||||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||||||||||||
Payments to Acquire Businesses and Interest in Affiliates | 4.1 | $ 3.1 | |||||||||||||||||||
WOBI [Member] | |||||||||||||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||||||||||||
Assets | 5.5 | 13.4 | |||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) | $ 2.8 | $ 2.9 | |||||||||||||||||||
Common Stock | Israel, New Shekels | WOBI [Member] | |||||||||||||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||||||||||||
Payments to Acquire Additional Interest in Subsidiaries | ₪ | ₪ 35.9 | ||||||||||||||||||||
Common Stock | United States of America, Dollars | WOBI [Member] | |||||||||||||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||||||||||||
Payments to Acquire Additional Interest in Subsidiaries | $ 9.6 |
Significant Transactions (Dispo
Significant Transactions (Dispositions) (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 18, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 01, 2016 | Dec. 23, 2014 |
Significant Transactions | |||||||||||||
Gain (loss) from sale of other discontinued operations, net of tax | $ 415.1 | $ 18.2 | $ (1.6) | ||||||||||
Recognition of foreign currency translation and other from sale of Sirius Group, net of tax | 0 | 0 | |||||||||||
Total investments | $ 5,334.8 | 5,334.8 | 4,271.1 | ||||||||||
Sales of unconsolidated affiliates and consolidated subsidiaries, net of cash sold | 2,646.2 | 24 | 0 | ||||||||||
Payments to Acquire Other Investments | 39.5 | 78 | 114.7 | ||||||||||
Repayments of debt, principal | 404.6 | 76.1 | 65.2 | ||||||||||
Sales of common equity securities | $ 1,200.8 | 461.4 | $ 609.8 | ||||||||||
OneBeacon | |||||||||||||
Significant Transactions | |||||||||||||
Percentage of quota share reinsurance agreement | 100.00% | ||||||||||||
Symetra | |||||||||||||
Significant Transactions | |||||||||||||
Sales of common equity securities | $ 658 | ||||||||||||
Dividends Payable, Amount Per Share | $ 32 | ||||||||||||
Sirius Group | |||||||||||||
Significant Transactions | |||||||||||||
Gain (loss) from sale of other discontinued operations, net of tax | $ 363.2 | $ 363.2 | |||||||||||
Total investments | 686.2 | ||||||||||||
Sales of unconsolidated affiliates and consolidated subsidiaries, net of cash sold | $ 2,600 | 2,600 | |||||||||||
Payments to Acquire Other Investments | $ 161.8 | $ 161.8 | |||||||||||
Sale of Sirius Group [Member] | |||||||||||||
Significant Transactions | |||||||||||||
Recognition of foreign currency translation and other from sale of Sirius Group, net of tax | $ 113.3 | 113.3 | |||||||||||
Tranzact | |||||||||||||
Significant Transactions | |||||||||||||
Gain (loss) from sale of other discontinued operations, net of tax | $ 51.9 | $ 51.9 | |||||||||||
Sales of unconsolidated affiliates and consolidated subsidiaries, net of cash sold | $ 1.2 | 221.3 | |||||||||||
Repayments of debt, principal | 56.3 | ||||||||||||
Discontinued Operation, Tax Effect of Discontinued Operation | 30.2 | ||||||||||||
Increase of Book Value | $ 82.1 | ||||||||||||
OneBeacon Runoff | |||||||||||||
Significant Transactions | |||||||||||||
Surplus notes | $ 101 | ||||||||||||
Gain (loss) from sale of other discontinued operations, net of tax | $ 36.1 | ||||||||||||
Essentia | OneBeacon | |||||||||||||
Significant Transactions | |||||||||||||
Gain (Loss) on Disposition of Subsidiary | $ 23 | ||||||||||||
Gain (Loss) on Disposition of Subsidiary, After Tax | $ 15 | ||||||||||||
Gain (Loss) from Adjustments to Prior Period Extraordinary Items | (3.7) | ||||||||||||
Symetra | |||||||||||||
Significant Transactions | |||||||||||||
Sales of common equity securities | $ 658 | ||||||||||||
Symetra | Sirius Group | |||||||||||||
Significant Transactions | |||||||||||||
Total investments | 528.6 | ||||||||||||
Fair Value [Member] | Other long-term investments | OneBeacon Runoff | |||||||||||||
Significant Transactions | |||||||||||||
Surplus notes | $ 64.9 | ||||||||||||
Crop Business | |||||||||||||
Significant Transactions | |||||||||||||
Proceeds related from termination of agreement | $ 3 | ||||||||||||
Percentage of quota share reinsurance agreement | 100.00% |
Reserves for Unpaid Losses an65
Reserves for Unpaid Losses and Loss Adjustment Expenses (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Loss and Loss Adjustment Expense Reserve Activity | ||||||
Workers compensation discount percent | 2.50% | 2.50% | ||||
Prior Accident Year | $ 14.8 | $ (4) | $ 92 | |||
Increase (decrease) in reserves | 664 | 708.9 | 824 | |||
Current Accident Year | 649.2 | 712.9 | 732 | |||
Workers compensation discount amount | 1.6 | 1.1 | ||||
OneBeacon | ||||||
Loss and Loss Adjustment Expense Reserve Activity | ||||||
Prior Accident Year | $ 75.5 | $ 75.5 | $ 14.3 | 15.4 | (1.8) | 89.8 |
Increase (decrease) in reserves | 109.2 | 109.2 | 89.8 | |||
Current Accident Year | 33.7 | $ 33.7 | ||||
Star & Shield Insurance Exchange [Member] | ||||||
Loss and Loss Adjustment Expense Reserve Activity | ||||||
Prior Accident Year | (0.6) | $ (2.2) | 2.2 | |||
OneBeacon | ||||||
Loss and Loss Adjustment Expense Reserve Activity | ||||||
Workers compensation discount amount | $ 1.6 | |||||
Professional Insurance (1) | OneBeacon | ||||||
Loss and Loss Adjustment Expense Reserve Activity | ||||||
Prior Accident Year | 46.4 | |||||
Increase (decrease) in reserves | 69.3 | 59.1 | ||||
Current Accident Year | 22.9 | |||||
Crop Business | OneBeacon | ||||||
Loss and Loss Adjustment Expense Reserve Activity | ||||||
Prior Accident Year | 0 | |||||
Increase (decrease) in reserves | 3.8 | 0 | ||||
Current Accident Year | 3.8 | |||||
Specialty Products | OneBeacon | ||||||
Loss and Loss Adjustment Expense Reserve Activity | ||||||
Prior Accident Year | 51.7 | |||||
Increase (decrease) in reserves | 80.1 | $ 61.8 | ||||
Current Accident Year | 28.4 | |||||
Management's estimate [Member] | Specialty Products | OneBeacon | ||||||
Loss and Loss Adjustment Expense Reserve Activity | ||||||
Current Accident Year | $ 29.9 | |||||
Minimum | OneBeacon | ||||||
Loss and Loss Adjustment Expense Reserve Activity | ||||||
Years that Claims Close | 5 years | |||||
Maximum | OneBeacon | ||||||
Loss and Loss Adjustment Expense Reserve Activity | ||||||
Years that Claims Close | 7 years | |||||
Healthcare Sector [Member] | OneBeacon | ||||||
Loss and Loss Adjustment Expense Reserve Activity | ||||||
Prior Accident Year | $ 40.7 | |||||
Technology Sector [Member] | OneBeacon | ||||||
Loss and Loss Adjustment Expense Reserve Activity | ||||||
Prior Accident Year | 9.3 | |||||
Programs [Member] | OneBeacon | ||||||
Loss and Loss Adjustment Expense Reserve Activity | ||||||
Prior Accident Year | 13.3 | |||||
Accident | OneBeacon | ||||||
Loss and Loss Adjustment Expense Reserve Activity | ||||||
Prior Accident Year | 16.1 | |||||
Entertainment | OneBeacon | ||||||
Loss and Loss Adjustment Expense Reserve Activity | ||||||
Prior Accident Year | 9.4 | |||||
Financial Services Sector | OneBeacon | ||||||
Loss and Loss Adjustment Expense Reserve Activity | ||||||
Prior Accident Year | $ 8.2 |
Reserves for Unpaid Losses an66
Reserves for Unpaid Losses and Loss Adjustment Expenses (Reserve Summary) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Gross beginning balance | $ 1,389.8 | $ 1,342.2 | $ 1,054.3 |
Less beginning reinsurance recoverable on unpaid losses | (186) | (161.6) | (80.2) |
Net loss and LAE reserves | 1,203.8 | 1,180.6 | 974.1 |
Current Accident Year | 649.2 | 712.9 | 732 |
Prior Accident Year | 14.8 | (4) | 92 |
Total incurred losses and LAE | 664 | 708.9 | 824 |
Loss and LAE paid relating to current year losses | (192.8) | (208.8) | (202.6) |
Loss and LAE paid relating to prior year losses | (483.1) | (479.1) | (420.8) |
Total loss and LAE payments | (675.9) | (687.9) | (623.4) |
Net loss and LAE reserves | 1,192.7 | 1,203.8 | 1,180.6 |
Plus ending reinsurance recoverable on unpaid losses | 172.9 | 186 | 161.6 |
Gross ending balance | 1,365.6 | 1,389.8 | 1,342.2 |
Star & Shield Insurance Exchange [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Net loss and LAE reserves | 5.5 | 7.7 | |
Net loss and LAE reserves | $ 4.7 | $ 5.5 | 7.7 |
Star & Shield Insurance Exchange [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Net loss and LAE reserves | $ 13.6 |
Reserves for Unpaid Losses an67
Reserves for Unpaid Losses and Loss Adjustment Expenses Reserves for Unpaid Losses and Loss Adjustment Expenses (Reserve Development) (Details) - USD ($) $ in Millions | Sep. 30, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Loss and Loss Adjustment, Expense Reserves [Line Items] | ||||||
Current Accident Year | $ 649.2 | $ 712.9 | $ 732 | |||
Prior Accident Year | 14.8 | (4) | 92 | |||
Total incurred losses and LAE | 664 | 708.9 | 824 | |||
OneBeacon | ||||||
Loss and Loss Adjustment, Expense Reserves [Line Items] | ||||||
Current Accident Year | $ 33.7 | $ 33.7 | ||||
Prior Accident Year | $ 75.5 | 75.5 | 14.3 | 15.4 | $ (1.8) | 89.8 |
Total incurred losses and LAE | 109.2 | $ 109.2 | 89.8 | |||
Professional Insurance (1) | OneBeacon | ||||||
Loss and Loss Adjustment, Expense Reserves [Line Items] | ||||||
Current Accident Year | 22.9 | |||||
Prior Accident Year | 46.4 | |||||
Total incurred losses and LAE | 69.3 | 59.1 | ||||
Specialty Property | OneBeacon | ||||||
Loss and Loss Adjustment, Expense Reserves [Line Items] | ||||||
Current Accident Year | (1.1) | |||||
Prior Accident Year | 5.7 | |||||
Total incurred losses and LAE | 4.6 | 1.1 | ||||
Crop Business | OneBeacon | ||||||
Loss and Loss Adjustment, Expense Reserves [Line Items] | ||||||
Current Accident Year | 3.8 | |||||
Prior Accident Year | 0 | |||||
Total incurred losses and LAE | 3.8 | 0 | ||||
Other | OneBeacon | ||||||
Loss and Loss Adjustment, Expense Reserves [Line Items] | ||||||
Current Accident Year | 2.8 | |||||
Prior Accident Year | (0.4) | |||||
Total incurred losses and LAE | 2.4 | 1.6 | ||||
Specialty Products | OneBeacon | ||||||
Loss and Loss Adjustment, Expense Reserves [Line Items] | ||||||
Current Accident Year | 28.4 | |||||
Prior Accident Year | 51.7 | |||||
Total incurred losses and LAE | 80.1 | 61.8 | ||||
Entertainment | OneBeacon | ||||||
Loss and Loss Adjustment, Expense Reserves [Line Items] | ||||||
Current Accident Year | 1.5 | |||||
Prior Accident Year | 11.6 | |||||
Total incurred losses and LAE | 13.1 | 13.5 | ||||
Government Risks | OneBeacon | ||||||
Loss and Loss Adjustment, Expense Reserves [Line Items] | ||||||
Current Accident Year | 1.2 | |||||
Prior Accident Year | 7.1 | |||||
Total incurred losses and LAE | 8.3 | 8.5 | ||||
Accident | OneBeacon | ||||||
Loss and Loss Adjustment, Expense Reserves [Line Items] | ||||||
Current Accident Year | 0 | |||||
Prior Accident Year | 3.5 | |||||
Total incurred losses and LAE | 3.5 | 6 | ||||
Other | OneBeacon | ||||||
Loss and Loss Adjustment, Expense Reserves [Line Items] | ||||||
Current Accident Year | 2.6 | |||||
Prior Accident Year | 1.6 | |||||
Total incurred losses and LAE | 4.2 | 0 | ||||
Specialty Industries | OneBeacon | ||||||
Loss and Loss Adjustment, Expense Reserves [Line Items] | ||||||
Current Accident Year | 5.3 | |||||
Prior Accident Year | 23.8 | |||||
Total incurred losses and LAE | $ 29.1 | $ 28 | ||||
Healthcare Sector [Member] | OneBeacon | ||||||
Loss and Loss Adjustment, Expense Reserves [Line Items] | ||||||
Prior Accident Year | $ 40.7 |
Reserves for Unpaid Losses an68
Reserves for Unpaid Losses and Loss Adjustment Expenses Reserves for Unpaid Losses and Loss Adjustment Expenses (Reconciliation of Reserves) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Insurance [Abstract] | ||||
Statutory reserves (unaudited) | $ 1,192.7 | $ 1,203.8 | $ 1,180.6 | $ 974.1 |
Reinsurance recoverable on unpaid losses and LAE | 172.9 | 186 | ||
GAAP reserves | $ 1,365.6 | $ 1,389.8 | $ 1,342.2 | $ 1,054.3 |
Reserves for Unpaid Losses an69
Reserves for Unpaid Losses and Loss Adjustment Expenses Reserves for Unpaid Losses and Loss Adjustment Expenses (Schedule of Ending Liabilities for Unpaid Loss and LAE, Net of Reinsurance) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Less: Discount on workers compensation reserves | $ (1.6) | $ (1.1) | ||
Total unpaid loss and LAE reserves, net of reinsurance | 1,192.7 | 1,203.8 | $ 1,180.6 | $ 974.1 |
Plus: Total Reinsurance recoverables on unpaid losses | 172.9 | 186 | ||
Total unpaid loss and LAE reserves | 1,365.6 | $ 1,389.8 | $ 1,342.2 | $ 1,054.3 |
OneBeacon | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total unpaid and undiscounted loss and allocated LAE reserves, net of reinsurance | 1,153 | |||
Less: Discount on workers compensation reserves | (1.6) | |||
Total unpaid loss and allocated LAE reserves, net of reinsurance | 1,151.4 | |||
Plus: Unallocated LAE | 41.3 | |||
Total unpaid loss and LAE reserves, net of reinsurance | 1,192.7 | |||
Plus: Total Reinsurance recoverables on unpaid losses | $ 172.9 | |||
Percentage of quota share reinsurance agreement | 100.00% | |||
Total unpaid loss and LAE reserves | $ 1,365.6 | |||
OneBeacon | Investing, Financing and Corporate | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Plus: Total Reinsurance recoverables on unpaid losses | 18.3 | |||
Total unpaid loss and LAE reserves | 18.3 | |||
Property | Specialty Products | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total unpaid and undiscounted loss and allocated LAE reserves, net of reinsurance | 30.2 | |||
Property | Specialty Industries | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total unpaid and undiscounted loss and allocated LAE reserves, net of reinsurance | 108.5 | |||
Property | OneBeacon | Specialty Products | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total unpaid and undiscounted loss and allocated LAE reserves, net of reinsurance | 30.2 | |||
Plus: Total Reinsurance recoverables on unpaid losses | 40.9 | |||
Property | OneBeacon | Specialty Industries | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total unpaid and undiscounted loss and allocated LAE reserves, net of reinsurance | 108.5 | |||
Plus: Total Reinsurance recoverables on unpaid losses | 13.2 | |||
Casualty | Specialty Products | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total unpaid and undiscounted loss and allocated LAE reserves, net of reinsurance | 568.7 | |||
Casualty | Specialty Industries | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total unpaid and undiscounted loss and allocated LAE reserves, net of reinsurance | 360 | |||
Casualty | OneBeacon | Specialty Products | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total unpaid and undiscounted loss and allocated LAE reserves, net of reinsurance | 568.7 | |||
Plus: Total Reinsurance recoverables on unpaid losses | 64 | |||
Casualty | OneBeacon | Specialty Industries | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total unpaid and undiscounted loss and allocated LAE reserves, net of reinsurance | 360 | |||
Plus: Total Reinsurance recoverables on unpaid losses | 19.9 | |||
Other | Specialty Products | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total unpaid and undiscounted loss and allocated LAE reserves, net of reinsurance | 38.2 | |||
Other | Specialty Industries | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total unpaid and undiscounted loss and allocated LAE reserves, net of reinsurance | 47.4 | |||
Other | OneBeacon | Specialty Products | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total unpaid and undiscounted loss and allocated LAE reserves, net of reinsurance | 38.2 | |||
Plus: Total Reinsurance recoverables on unpaid losses | 16 | |||
Other | OneBeacon | Specialty Industries | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total unpaid and undiscounted loss and allocated LAE reserves, net of reinsurance | 47.4 | |||
Plus: Total Reinsurance recoverables on unpaid losses | $ 0.6 |
Reserves for Unpaid Losses an70
Reserves for Unpaid Losses and Loss Adjustment Expenses Reserves for Unpaid Losses and Loss Adjustment Expenses (Average Annual Percentage Payout of Incurred Losses and Allocated LAE by Age, Net of Reinsurance) (Details) | Dec. 31, 2016 |
Specialty Products | Property | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
1 | 70.10% |
2 | 14.60% |
3 | 5.90% |
4 | 1.10% |
5 | 0.30% |
6 | 0.20% |
7 | 0.40% |
8 | 0.00% |
9 | 0.00% |
10 | 0.00% |
Specialty Products | Casualty | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
1 | 11.30% |
2 | 24.00% |
3 | 17.80% |
4 | 9.60% |
5 | 4.70% |
6 | 2.20% |
7 | 0.90% |
8 | 0.70% |
9 | 0.20% |
10 | 0.00% |
Specialty Products | Other | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
1 | 61.90% |
2 | 29.50% |
3 | 0.60% |
4 | 0.00% |
5 | 0.00% |
6 | 0.00% |
7 | 0.00% |
8 | 0.00% |
9 | 0.00% |
10 | 0.00% |
Specialty Industries | Property | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
1 | 47.40% |
2 | 27.30% |
3 | 9.90% |
4 | 4.10% |
5 | 1.80% |
6 | 0.70% |
7 | 0.20% |
8 | 0.10% |
9 | 0.00% |
10 | 0.00% |
Specialty Industries | Casualty | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
1 | 11.40% |
2 | 16.20% |
3 | 12.90% |
4 | 9.70% |
5 | 6.80% |
6 | 2.50% |
7 | 0.80% |
8 | 0.10% |
9 | 0.20% |
10 | 0.20% |
Specialty Industries | Other | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
1 | 30.40% |
2 | 37.00% |
3 | 10.80% |
4 | 3.30% |
5 | 1.10% |
6 | 0.90% |
7 | 0.20% |
8 | 0.00% |
9 | 0.10% |
10 | 0.00% |
Reserves for Unpaid Losses an71
Reserves for Unpaid Losses and Loss Adjustment Expenses (Incurred Loss and Allocated LAE, Net of Reinsurance - Specialty Products - Property) (Details) - Property - Specialty Products $ in Millions | Dec. 31, 2016USD ($)reported_claim | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2009USD ($) | Dec. 31, 2008USD ($) | Dec. 31, 2007USD ($) |
Claims Development [Line Items] | ||||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 405.2 | |||||||||
2,007 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | 8.6 | $ 8.6 | $ 8.6 | $ 8.7 | $ 7.7 | $ 7.6 | $ 7.6 | $ 9.1 | $ 11.1 | $ 12 |
Total IBNR plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | reported_claim | 250 | |||||||||
2,008 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 26.8 | 26.8 | 26.8 | 26.8 | 26.6 | 25.6 | 25.4 | 29.2 | $ 31.3 | |
Total IBNR plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | reported_claim | 3,466 | |||||||||
2,009 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 51.6 | 52.5 | 52.6 | 52.9 | 53.3 | 52.9 | 52.1 | $ 55.2 | ||
Total IBNR plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | reported_claim | 8,768 | |||||||||
2,010 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 55.8 | 55.8 | 55.9 | 56.7 | 55.6 | 49.5 | $ 51 | |||
Total IBNR plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | reported_claim | 10,170 | |||||||||
2,011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 60.7 | 60.8 | 60.6 | 60.2 | 59.8 | $ 58.7 | ||||
Total IBNR plus expected development on reported claims | $ 0.2 | |||||||||
Cumulative number of reported claims | reported_claim | 11,121 | |||||||||
2,012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 92.2 | 92.2 | 92.9 | 86.7 | $ 79.9 | |||||
Total IBNR plus expected development on reported claims | $ 0.2 | |||||||||
Cumulative number of reported claims | reported_claim | 12,405 | |||||||||
2,013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 27.7 | 27.6 | 27.6 | $ 36.4 | ||||||
Total IBNR plus expected development on reported claims | $ 0.3 | |||||||||
Cumulative number of reported claims | reported_claim | 5,267 | |||||||||
2,014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 31.6 | 32.1 | $ 37.5 | |||||||
Total IBNR plus expected development on reported claims | $ 0.4 | |||||||||
Cumulative number of reported claims | reported_claim | 1,227 | |||||||||
2,015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 25.7 | $ 28.3 | ||||||||
Total IBNR plus expected development on reported claims | $ 1.1 | |||||||||
Cumulative number of reported claims | reported_claim | 2,186 | |||||||||
2,016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 24.5 | |||||||||
Total IBNR plus expected development on reported claims | $ 5.2 | |||||||||
Cumulative number of reported claims | reported_claim | 1,825 |
Reserves for Unpaid Losses an72
Reserves for Unpaid Losses and Loss Adjustment Expenses (Cumulative Paid Loss and Allocated LAE, Net of Reinsurance - Specialty Products - Property) (Details) - Property - Specialty Products - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 |
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | $ 375 | |||||||||
All outstanding liabilities, net of reinsurance | 0 | |||||||||
Total unpaid and undiscounted loss and allocated LAE reserves, net of reinsurance | 30.2 | |||||||||
2,007 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 8.6 | $ 8.6 | $ 8.6 | $ 8.7 | $ 7 | $ 7 | $ 7 | $ 6.8 | $ 3.7 | $ 1.8 |
2,008 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 26.8 | 26.8 | 26.8 | 26.8 | 26 | 25.5 | 25.2 | 23.5 | $ 15.5 | |
2,009 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 51.6 | 51.6 | 51.6 | 51.9 | 51.9 | 51.2 | 47.3 | $ 41.5 | ||
2,010 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 55.7 | 55.7 | 55.7 | 55.2 | 53.3 | 47.9 | $ 43.1 | |||
2,011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 60.5 | 60.4 | 60.1 | 59.7 | 59 | $ 51.8 | ||||
2,012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 78.8 | 79 | 78.3 | 72.5 | $ 58.8 | |||||
2,013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 27.4 | 27.1 | 26.9 | $ 24.3 | ||||||
2,014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 31.2 | 28.2 | $ 19.8 | |||||||
2,015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 22.1 | $ 15 | ||||||||
2,016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | $ 12.3 |
Reserves for Unpaid Losses an73
Reserves for Unpaid Losses and Loss Adjustment Expenses (Incurred Loss and Allocated LAE, Net of Reinsurance - Specialty Products - Casualty) (Details) - Casualty - Specialty Products $ in Millions | Dec. 31, 2016USD ($)reported_claim | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2009USD ($) | Dec. 31, 2008USD ($) | Dec. 31, 2007USD ($) |
Claims Development [Line Items] | ||||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 1,976.1 | |||||||||
2,007 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | reported_claim | 1,236 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 56.5 | $ 57.1 | $ 58.3 | $ 61.8 | $ 70.1 | $ 70.5 | $ 90.7 | $ 97.3 | $ 120.2 | $ 138.3 |
Total IBNR plus expected development on reported claims | $ 2.5 | |||||||||
2,008 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | reported_claim | 2,199 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 96.8 | 97.3 | 95.3 | 95.5 | 98.3 | 100.8 | 118.2 | 128.6 | $ 145.6 | |
Total IBNR plus expected development on reported claims | $ 3.3 | |||||||||
2,009 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | reported_claim | 4,002 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 195.5 | 195 | 194.9 | 192 | 193.2 | 194.9 | 186.2 | $ 169.5 | ||
Total IBNR plus expected development on reported claims | $ 4.9 | |||||||||
2,010 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | reported_claim | 6,029 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 240 | 234.9 | 232.3 | 225 | 226.2 | 225.4 | $ 211.5 | |||
Total IBNR plus expected development on reported claims | $ 7.8 | |||||||||
2,011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | reported_claim | 6,661 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 214.9 | 214.8 | 214.2 | 205.4 | 189.8 | $ 194.9 | ||||
Total IBNR plus expected development on reported claims | $ 9.4 | |||||||||
2,012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | reported_claim | 6,794 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 249.4 | 248.8 | 246.1 | 220.1 | $ 213.5 | |||||
Total IBNR plus expected development on reported claims | $ 14.4 | |||||||||
2,013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | reported_claim | 5,866 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 247.9 | 229.6 | 233.1 | $ 205.2 | ||||||
Total IBNR plus expected development on reported claims | $ 20.3 | |||||||||
2,014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | reported_claim | 6,504 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 258.9 | 235.9 | $ 240.5 | |||||||
Total IBNR plus expected development on reported claims | $ 44.4 | |||||||||
2,015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | reported_claim | 9,710 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 213.4 | $ 206.9 | ||||||||
Total IBNR plus expected development on reported claims | $ 78.5 | |||||||||
2,016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | reported_claim | 9,093 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 202.8 | |||||||||
Total IBNR plus expected development on reported claims | $ 142.8 |
Reserves for Unpaid Losses an74
Reserves for Unpaid Losses and Loss Adjustment Expenses (Cumulative Paid Loss and Allocated LAE, Net of Reinsurance - Specialty Products - Casualty) (Details) - Casualty - Specialty Products - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 |
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | $ 1,411.7 | |||||||||
All outstanding liabilities, net of reinsurance | 4.3 | |||||||||
Total unpaid and undiscounted loss and allocated LAE reserves, net of reinsurance | 568.7 | |||||||||
2,007 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 54 | $ 54 | $ 53.6 | $ 51.9 | $ 50.7 | $ 44.4 | $ 41.7 | $ 32.4 | $ 24.8 | $ 6.8 |
2,008 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 91.5 | 88.1 | 85.3 | 83.1 | 77.6 | 65.4 | 50.8 | 32.3 | $ 8.8 | |
2,009 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 187.8 | 178.3 | 169.9 | 161.4 | 147.8 | 124 | 81.8 | $ 26.5 | ||
2,010 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 220.3 | 213.6 | 196.3 | 180.5 | 157.8 | 107 | $ 32 | |||
2,011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 192.5 | 186.2 | 163.7 | 131.3 | 88.9 | $ 25.8 | ||||
2,012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 219.8 | 193.6 | 157.7 | 86.7 | $ 25.8 | |||||
2,013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 194.2 | 143.1 | 86.3 | $ 26.4 | ||||||
2,014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 156.7 | 95.2 | $ 34.3 | |||||||
2,015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 78.4 | $ 19.9 | ||||||||
2,016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | $ 16.5 |
Reserves for Unpaid Losses an75
Reserves for Unpaid Losses and Loss Adjustment Expenses (Incurred Loss and Allocated LAE, Net of Reinsurance - Specialty Industries - Casualty) (Details) - Casualty - Specialty Industries $ in Millions | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2009USD ($) | Dec. 31, 2008USD ($) | Dec. 31, 2007USD ($) |
Claims Development [Line Items] | ||||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 918.2 | |||||||||
2,007 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | 1,770 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 36.9 | $ 37.1 | $ 36 | $ 35.1 | $ 35.1 | $ 34.9 | $ 34 | $ 21.7 | $ 24.3 | $ 24.9 |
Total IBNR plus expected development on reported claims | $ 0.3 | |||||||||
2,008 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | 1,835 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 22.1 | 22.2 | 23.7 | 25.2 | 25.8 | 26.4 | 30.4 | 26.2 | $ 26.3 | |
Total IBNR plus expected development on reported claims | $ 0.5 | |||||||||
2,009 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | 2,982 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 51 | 51.6 | 53.6 | 54.8 | 49.6 | 51.5 | 51.1 | $ 51 | ||
Total IBNR plus expected development on reported claims | $ 1 | |||||||||
2,010 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | 4,791 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 77.2 | 75.5 | 73.3 | 69.4 | 69.3 | 72.4 | $ 80.8 | |||
Total IBNR plus expected development on reported claims | $ 3.5 | |||||||||
2,011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | 5,254 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 112.2 | 111.8 | 100.5 | 90.2 | 87.5 | $ 88.1 | ||||
Total IBNR plus expected development on reported claims | $ 3.8 | |||||||||
2,012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | 6,298 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 98.8 | 101.8 | 102 | 103.4 | $ 118.8 | |||||
Total IBNR plus expected development on reported claims | $ 7.9 | |||||||||
2,013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | 7,107 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 138.2 | 133.6 | 131.5 | $ 121.9 | ||||||
Total IBNR plus expected development on reported claims | $ 18 | |||||||||
2,014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | 7,633 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 124.2 | 127.4 | $ 135.6 | |||||||
Total IBNR plus expected development on reported claims | $ 35.7 | |||||||||
2,015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | 7,315 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 127.7 | $ 146.3 | ||||||||
Total IBNR plus expected development on reported claims | $ 61.8 | |||||||||
2,016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | 5,701 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 129.9 | |||||||||
Total IBNR plus expected development on reported claims | $ 98.4 |
Reserves for Unpaid Losses an76
Reserves for Unpaid Losses and Loss Adjustment Expenses (Cumulative Paid Loss and Allocated LAE, Net of Reinsurance - Specialty Industries - Casualty) (Details) - Casualty - Specialty Industries - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 |
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | $ 558.3 | |||||||||
All outstanding liabilities, net of reinsurance | 0.1 | |||||||||
Total unpaid and undiscounted loss and allocated LAE reserves, net of reinsurance | 360 | |||||||||
2,007 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 35.9 | $ 34.3 | $ 32.9 | $ 32.4 | $ 29.9 | $ 27.9 | $ 13.8 | $ 7.9 | $ 5.5 | $ 2.8 |
2,008 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 20.9 | 20.8 | 21.2 | 19.9 | 17.3 | 14.2 | 11.5 | 6.9 | $ 3.2 | |
2,009 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 47.4 | 46.3 | 46.3 | 42.9 | 34.5 | 25 | 16.6 | $ 5.1 | ||
2,010 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 68.9 | 65.3 | 57.5 | 51.4 | 37.3 | 21.1 | $ 8.7 | |||
2,011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 96.4 | 88.9 | 69.8 | 53.7 | 34.2 | $ 11.1 | ||||
2,012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 79.7 | 67.8 | 50.6 | 31.9 | $ 12.9 | |||||
2,013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 96.6 | 72.7 | 45.5 | $ 18.6 | ||||||
2,014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 61.4 | 40.2 | $ 16.6 | |||||||
2,015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 39.3 | $ 13.6 | ||||||||
2,016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | $ 11.8 |
Reserves for Unpaid Losses an77
Reserves for Unpaid Losses and Loss Adjustment Expenses (Incurred Loss and Allocated LAE, Net of Reinsurance - Specialty Products - Other) (Details) - Other - Specialty Products $ in Millions | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2009USD ($) | Dec. 31, 2008USD ($) | Dec. 31, 2007USD ($) |
Claims Development [Line Items] | ||||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 478 | |||||||||
2,007 | ||||||||||
Claims Development [Line Items] | ||||||||||
Total IBNR plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | 5,073 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 28.6 | $ 28.6 | $ 28.6 | $ 28.6 | $ 28.6 | $ 28.6 | $ 28.6 | $ 26.8 | $ 26.7 | $ 26.8 |
2,008 | ||||||||||
Claims Development [Line Items] | ||||||||||
Total IBNR plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | 5,192 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 31.2 | 31.2 | 31.2 | 31.2 | 31.2 | 31.2 | 31.2 | 31.5 | $ 31.7 | |
2,009 | ||||||||||
Claims Development [Line Items] | ||||||||||
Total IBNR plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | 5,138 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 30.9 | 30.9 | 30.9 | 30.9 | 30.8 | 31.3 | 31.4 | $ 33.8 | ||
2,010 | ||||||||||
Claims Development [Line Items] | ||||||||||
Total IBNR plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | 5,182 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 32.5 | 32.5 | 32.5 | 32.6 | 32.5 | 34.3 | $ 34.7 | |||
2,011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Total IBNR plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | 5,306 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 35.4 | 35.4 | 35.4 | 35.4 | 35.5 | $ 33.2 | ||||
2,012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Total IBNR plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | 5,324 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 37 | 36.9 | 36.9 | 36.9 | $ 36.6 | |||||
2,013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Total IBNR plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | 5,510 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 39.2 | 39.2 | 40.6 | $ 39.6 | ||||||
2,014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Total IBNR plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | 9,971 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 92.9 | 90.8 | $ 96.6 | |||||||
2,015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Total IBNR plus expected development on reported claims | $ 1.8 | |||||||||
Cumulative number of reported claims | 10,704 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 73.2 | $ 75.5 | ||||||||
2,016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Total IBNR plus expected development on reported claims | $ 33.8 | |||||||||
Cumulative number of reported claims | 4,306 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 77.1 |
Reserves for Unpaid Losses an78
Reserves for Unpaid Losses and Loss Adjustment Expenses (Cumulative Paid Loss and Allocated LAE, Net of Reinsurance - Specialty Products - Other) (Details) - Other - Specialty Products - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 |
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | $ 439.9 | |||||||||
All outstanding liabilities, net of reinsurance | 0.1 | |||||||||
Total unpaid and undiscounted loss and allocated LAE reserves, net of reinsurance | 38.2 | |||||||||
2,007 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 28.6 | $ 28.6 | $ 28.6 | $ 28.6 | $ 28.6 | $ 28.6 | $ 28.6 | $ 28.6 | $ 28.4 | $ 19.8 |
2,008 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 31.2 | 31.2 | 31.2 | 31.2 | 31.2 | 31.2 | 31.2 | 31.1 | $ 21.3 | |
2,009 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 30.9 | 30.9 | 30.9 | 30.9 | 30.9 | 30.8 | 30.8 | $ 21.6 | ||
2,010 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 32.5 | 32.5 | 32.5 | 32.5 | 32.5 | 32.4 | $ 22.4 | |||
2,011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 35.4 | 35.4 | 35.4 | 35.4 | 35.2 | $ 25.2 | ||||
2,012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 37 | 36.9 | 36.9 | 36.8 | $ 26.1 | |||||
2,013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 39.2 | 39.2 | 39 | $ 27.4 | ||||||
2,014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 90.3 | 88.5 | $ 46.2 | |||||||
2,015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 70.6 | $ 41.7 | ||||||||
2,016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | $ 44.2 |
Reserves for Unpaid Losses an79
Reserves for Unpaid Losses and Loss Adjustment Expenses (Incurred Loss and Allocated LAE, Net of Reinsurance - Specialty Industries - Other) (Details) - Other - Specialty Industries $ in Millions | Dec. 31, 2016USD ($)reported_claim | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2009USD ($) | Dec. 31, 2008USD ($) | Dec. 31, 2007USD ($) |
Claims Development [Line Items] | ||||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 294.8 | |||||||||
2,007 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | reported_claim | 291 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 4.4 | $ 4.4 | $ 4.4 | $ 4.4 | $ 4.4 | $ 4.4 | $ 4.4 | $ 4.5 | $ 4.6 | $ 4.3 |
Total IBNR plus expected development on reported claims | $ 0 | |||||||||
2,008 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | reported_claim | 975 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 12.3 | 12.1 | 12.1 | 11.8 | 11.9 | 11.9 | 12.2 | 10.8 | $ 10.4 | |
Total IBNR plus expected development on reported claims | $ 0 | |||||||||
2,009 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | reported_claim | 1,763 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 21.7 | 21.5 | 21.4 | 20.9 | 19.3 | 19 | 19.2 | $ 19.1 | ||
Total IBNR plus expected development on reported claims | $ 0.2 | |||||||||
2,010 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | reported_claim | 2,449 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 28.4 | 28.4 | 28.2 | 27.9 | 27.1 | 26.6 | $ 25.6 | |||
Total IBNR plus expected development on reported claims | $ 0 | |||||||||
2,011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | reported_claim | 3,638 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 38.2 | 38.2 | 38.5 | 37.7 | 36 | $ 35.1 | ||||
Total IBNR plus expected development on reported claims | $ 0.2 | |||||||||
2,012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | reported_claim | 3,861 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 41.6 | 41.1 | 40.1 | 39.6 | $ 42 | |||||
Total IBNR plus expected development on reported claims | $ 0.3 | |||||||||
2,013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | reported_claim | 4,245 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 42.5 | 42.2 | 41.2 | $ 41.1 | ||||||
Total IBNR plus expected development on reported claims | $ 0.7 | |||||||||
2,014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | reported_claim | 3,497 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 40.6 | 40.4 | $ 42.6 | |||||||
Total IBNR plus expected development on reported claims | $ 1.9 | |||||||||
2,015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | reported_claim | 3,301 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 31.9 | $ 46.6 | ||||||||
Total IBNR plus expected development on reported claims | $ 4.9 | |||||||||
2,016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative number of reported claims | reported_claim | 2,222 | |||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 33.2 | |||||||||
Total IBNR plus expected development on reported claims | $ 19.4 |
Reserves for Unpaid Losses an80
Reserves for Unpaid Losses and Loss Adjustment Expenses (Cumulative Paid Loss and Allocated LAE, Net of Reinsurance - Specialty Industries - Other) (Details) - Other - Specialty Industries - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 |
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | $ 247.1 | |||||||||
All outstanding liabilities, net of reinsurance | (0.3) | |||||||||
Total unpaid and undiscounted loss and allocated LAE reserves, net of reinsurance | 47.4 | |||||||||
2,007 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 4.4 | $ 4.4 | $ 4.4 | $ 4.3 | $ 4.3 | $ 4.3 | $ 4.3 | $ 4.3 | $ 4 | $ 1.2 |
2,008 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 12.2 | 12 | 12 | 11.7 | 11.8 | 11.7 | 11.1 | 9 | $ 3.8 | |
2,009 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 21.4 | 21.4 | 21.2 | 19.2 | 18.3 | 17.7 | 14.6 | $ 6.3 | ||
2,010 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 28.1 | 28 | 27.6 | 26.9 | 25.1 | 22.9 | $ 8.3 | |||
2,011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 37.3 | 37.2 | 36.5 | 34.6 | 29.4 | $ 13.5 | ||||
2,012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 39.1 | 38.3 | 35.8 | 30.7 | $ 13.2 | |||||
2,013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 39.6 | 37.2 | 29.3 | $ 13 | ||||||
2,014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 34.8 | 28.9 | $ 12.6 | |||||||
2,015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 22.2 | $ 9.8 | ||||||||
2,016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | $ 8 |
Reserves for Unpaid Losses an81
Reserves for Unpaid Losses and Loss Adjustment Expenses (Incurred Loss and Allocated LAE, Net of Reinsurance - Specialty Industries - Property) (Details) - Property - Specialty Industries $ in Millions | Dec. 31, 2016USD ($)reported_claim | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2009USD ($) | Dec. 31, 2008USD ($) | Dec. 31, 2007USD ($) |
Claims Development [Line Items] | ||||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 1,279.9 | |||||||||
2,007 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | 94.9 | $ 95.1 | $ 95.1 | $ 95.1 | $ 95.3 | $ 95.1 | $ 94.9 | $ 101.3 | $ 104.8 | $ 110 |
Total IBNR plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | reported_claim | 4,828 | |||||||||
2,008 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 129.7 | 129.8 | 130 | 132.7 | 132 | 129.3 | 129.6 | 137.6 | $ 147.3 | |
Total IBNR plus expected development on reported claims | $ 0.1 | |||||||||
Cumulative number of reported claims | reported_claim | 6,603 | |||||||||
2,009 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 118.6 | 118.7 | 118.6 | 118.8 | 117.9 | 118.2 | 118.6 | $ 124.5 | ||
Total IBNR plus expected development on reported claims | $ 0.1 | |||||||||
Cumulative number of reported claims | reported_claim | 6,718 | |||||||||
2,010 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 131.2 | 131.4 | 129.7 | 130 | 127.2 | 131.5 | $ 131.4 | |||
Total IBNR plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | reported_claim | 8,617 | |||||||||
2,011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 142.5 | 143.2 | 143.5 | 141.1 | 141.5 | $ 138.5 | ||||
Total IBNR plus expected development on reported claims | $ 0.3 | |||||||||
Cumulative number of reported claims | reported_claim | 9,704 | |||||||||
2,012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 130.1 | 130.4 | 126.7 | 123.8 | $ 126.9 | |||||
Total IBNR plus expected development on reported claims | $ 0.8 | |||||||||
Cumulative number of reported claims | reported_claim | 9,697 | |||||||||
2,013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 143.6 | 142.9 | 127 | $ 125.1 | ||||||
Total IBNR plus expected development on reported claims | $ 1.9 | |||||||||
Cumulative number of reported claims | reported_claim | 8,085 | |||||||||
2,014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 130.1 | 123.5 | $ 123.9 | |||||||
Total IBNR plus expected development on reported claims | $ 3.9 | |||||||||
Cumulative number of reported claims | reported_claim | 8,352 | |||||||||
2,015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 138.9 | $ 142.3 | ||||||||
Total IBNR plus expected development on reported claims | $ 10.2 | |||||||||
Cumulative number of reported claims | reported_claim | 8,607 | |||||||||
2,016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Loss and Allocated LAE, Net of Reinsurance | $ 120.3 | |||||||||
Total IBNR plus expected development on reported claims | $ 32.8 | |||||||||
Cumulative number of reported claims | reported_claim | 7,429 |
Reserves for Unpaid Losses an82
Reserves for Unpaid Losses and Loss Adjustment Expenses (Cumulative Paid Loss and Allocated LAE, Net of Reinsurance - Specialty Industries - Property) (Details) - Property - Specialty Industries - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 |
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | $ 1,171.4 | |||||||||
All outstanding liabilities, net of reinsurance | 0 | |||||||||
Total unpaid and undiscounted loss and allocated LAE reserves, net of reinsurance | 108.5 | |||||||||
2,007 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 94.6 | $ 94.5 | $ 94.5 | $ 94.2 | $ 93.4 | $ 91.7 | $ 87.6 | $ 82.7 | $ 70.9 | $ 42.2 |
2,008 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 129.3 | 129.3 | 129.2 | 129.1 | 129.5 | 123.4 | 116.8 | 101.4 | $ 62.5 | |
2,009 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 118.4 | 118 | 117.2 | 115.5 | 111 | 105.4 | 85.9 | $ 50.4 | ||
2,010 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 130.8 | 129.3 | 125.9 | 122.8 | 118.2 | 106.2 | $ 69 | |||
2,011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 141.4 | 139.5 | 138 | 130.7 | 117.4 | $ 72.5 | ||||
2,012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 131.9 | 128.5 | 116.4 | 103.1 | $ 64.2 | |||||
2,013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 137.7 | 126.1 | 101.5 | $ 59.8 | ||||||
2,014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 111.6 | 94.6 | $ 56.5 | |||||||
2,015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | 114.4 | $ 68.6 | ||||||||
2,016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Loss and Allocated LAE, Net of Reinsurance | $ 61.3 |
Third Party Reinsurance (Writte
Third Party Reinsurance (Written and Earned Premiums) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Written premiums: | |||
Direct | $ 1,245.2 | $ 1,325.7 | $ 1,296.3 |
Assumed | 28 | 36 | 65.9 |
Gross written premiums | 1,273.2 | 1,361.7 | 1,362.2 |
Ceded | (127.4) | (189.1) | (123.2) |
Net written premiums | 1,145.8 | 1,172.6 | 1,239 |
Earned premiums: | |||
Direct Premiums amount | 1,198.1 | 1,322 | 1,233.5 |
Assumed | 29.4 | 45.9 | 70.9 |
Gross earned premiums | 1,227.5 | 1,367.9 | 1,304.4 |
Ceded | (113.5) | (179.7) | (119.4) |
Net earned premiums | 1,114 | 1,188.2 | 1,185 |
Losses and LAE: | |||
Direct | 693.8 | 802.5 | 802.8 |
Assumed | 21.2 | 55.7 | 115.7 |
Gross losses and LAE | 715 | 858.2 | 918.5 |
Ceded | (51) | (149.3) | (94.5) |
Total incurred losses and LAE | 664 | 708.9 | 824 |
OneBeacon | |||
Written premiums: | |||
Direct | 1,193.3 | 1,279.9 | 1,257.5 |
Assumed | 28 | 36 | 65.9 |
Gross written premiums | 1,221.3 | 1,315.9 | 1,323.4 |
Ceded | (120.6) | (179.3) | (106.5) |
Net written premiums | 1,100.7 | 1,136.6 | 1,216.9 |
Earned premiums: | |||
Direct Premiums amount | 1,177 | 1,298 | 1,209.1 |
Assumed | 29.4 | 45.9 | 70.9 |
Gross earned premiums | 1,206.4 | 1,343.9 | 1,280 |
Ceded | (105.8) | (167.7) | (102.9) |
Net earned premiums | 1,100.6 | 1,176.2 | 1,177.1 |
Losses and LAE: | |||
Direct | 679.5 | 783 | 778.7 |
Assumed | 21.2 | 55.7 | 115.7 |
Gross losses and LAE | 700.7 | 838.7 | 894.4 |
Ceded | (44.7) | (138) | (79.3) |
Total incurred losses and LAE | 656 | 700.7 | 815.1 |
HG/BAM | |||
Written premiums: | |||
Direct | 38.6 | 25.9 | 16.2 |
Assumed | 0 | 0 | 0 |
Gross written premiums | 38.6 | 25.9 | 16.2 |
Ceded | 0 | 0 | 0 |
Net written premiums | 38.6 | 25.9 | 16.2 |
Earned premiums: | |||
Direct Premiums amount | 5.9 | 3.3 | 1.8 |
Assumed | 0 | 0 | 0 |
Gross earned premiums | 5.9 | 3.3 | 1.8 |
Ceded | 0 | 0 | 0 |
Net earned premiums | 5.9 | 3.3 | 1.8 |
Losses and LAE: | |||
Direct | 0 | 0 | 0 |
Assumed | 0 | 0 | 0 |
Gross losses and LAE | 0 | 0 | 0 |
Ceded | 0 | 0 | 0 |
Total incurred losses and LAE | 0 | 0 | 0 |
HG/BAM [Member] | |||
Written premiums: | |||
Ceded | 27.2 | 19.3 | 12.3 |
Earned premiums: | |||
Ceded | 21 | 16 | 1.4 |
Other Segments | |||
Written premiums: | |||
Direct | 13.3 | 19.9 | 22.6 |
Assumed | 0 | 0 | 0 |
Gross written premiums | 13.3 | 19.9 | 22.6 |
Ceded | (6.8) | (9.8) | (16.7) |
Net written premiums | 6.5 | 10.1 | 5.9 |
Earned premiums: | |||
Direct Premiums amount | 15.2 | 20.7 | 22.6 |
Assumed | 0 | 0 | 0 |
Gross earned premiums | 15.2 | 20.7 | 22.6 |
Ceded | (7.7) | (12) | (16.5) |
Net earned premiums | 7.5 | 8.7 | 6.1 |
Losses and LAE: | |||
Direct | 14.3 | 19.5 | 24.1 |
Assumed | 0 | 0 | 0 |
Gross losses and LAE | 14.3 | 19.5 | 24.1 |
Ceded | (6.3) | (11.3) | (15.2) |
Total incurred losses and LAE | $ 8 | 8.2 | 8.9 |
AMTrust [Member] | |||
Written premiums: | |||
Ceded | 33.3 | ||
Earned premiums: | |||
Ceded | 33.3 | ||
Losses and LAE: | |||
Ceded | $ 33.4 | ||
Percentage of quota share reinsurance agreement | 100.00% | ||
Star & Shield Insurance Exchange [Member] | |||
Written premiums: | |||
Ceded | 16 | ||
Earned premiums: | |||
Ceded | 15.7 | ||
Losses and LAE: | |||
Ceded | $ 16.9 |
Third-Party Reinsurance (OneBea
Third-Party Reinsurance (OneBeacon) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | 60 Months Ended | |||||
Mar. 31, 2017 | Dec. 31, 2020 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2020 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance recoverable on paid losses | $ 6.6 | $ 7.5 | ||||||
Reinsurance recoverable on unpaid losses | 172.9 | $ 186 | $ 161.6 | $ 80.2 | ||||
OneBeacon | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance recoverable on paid losses | 6.6 | |||||||
Reinsurance recoverable on unpaid losses | 172.9 | |||||||
Property Per Risk Reinsurance Program | OneBeacon | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, amount retained | 3 | |||||||
Reinsurance retention policy, excess retention, amount reinsured | 100 | |||||||
Property Per Risk Reinsurance Program | OneBeacon | Maximum | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, excess retention, amount reinsured | 3 | |||||||
Workers compensation | OneBeacon | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, amount retained | 40 | |||||||
Reinsurance retention policy, excess retention, amount reinsured | 20 | |||||||
Workers compensation | OneBeacon | Maximum | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, excess retention, amount reinsured | $ 6 | |||||||
Property Catastrophe Program | OneBeacon | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance Retention Policy, Reinsured Risk, Percentage | 100.00% | |||||||
Reinsurance Retention Policy Excess Retention Amount Reinsured Net Of Participation | $ 110 | |||||||
Property Catastrophe Program | Maximum | OneBeacon | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, excess retention, amount reinsured | 130 | |||||||
Property Catastrophe Program | Minimum | OneBeacon | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, amount retained | 20 | |||||||
Property Catastrophe Program | OneBeacon | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, amount retained | 20 | |||||||
Reinsurance retention policy, excess retention, amount reinsured | 110 | |||||||
Property Catastrophe Program | OneBeacon | Maximum | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, excess retention, amount reinsured | 20 | |||||||
Specialty Property | OneBeacon | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, amount retained | 6 | |||||||
Reinsurance retention policy, excess retention, amount reinsured | 34 | |||||||
Specialty Property | OneBeacon | Maximum | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, excess retention, amount reinsured | 6 | |||||||
Film Completion Bond Business [Member] | OneBeacon | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, amount retained | 2 | |||||||
Reinsurance retention policy, excess retention, amount reinsured | 38 | |||||||
Film Completion Bond Business [Member] | OneBeacon | Maximum | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, excess retention, amount reinsured | 2 | |||||||
Combined Healthcare [Member] | OneBeacon | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, amount retained | 10 | |||||||
Inland and Ocean Marine | OneBeacon | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, amount retained | 2.5 | |||||||
Reinsurance retention policy, excess retention, amount reinsured | 57.5 | |||||||
Inland and Ocean Marine | OneBeacon | Maximum | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, excess retention, amount reinsured | 7 | |||||||
Combined Healthcare/ Casualty | OneBeacon | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, excess retention, amount reinsured | 10 | |||||||
Combined Healthcare/ Casualty | OneBeacon | Maximum | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, excess retention, amount reinsured | 3 | |||||||
Property Per-Risk, Acts of Terrorism | Maximum | OneBeacon | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, excess retention, amount reinsured | 100,000 | |||||||
Surety Reinsurance Program [Member] | OneBeacon | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, amount retained | 5 | |||||||
Reinsurance retention policy, excess retention, amount reinsured | 45 | |||||||
Surety Reinsurance Program [Member] | OneBeacon | Maximum | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, excess retention, amount reinsured | 5 | |||||||
Other Casualty Business [Member] | OneBeacon | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, amount retained | 3 | |||||||
Reinsurance retention policy, excess retention, amount reinsured | 8 | |||||||
Other Casualty Business [Member] | OneBeacon | Maximum | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, excess retention, amount reinsured | 3 | |||||||
HMO Provider Excess Reinsurance [Member] | OneBeacon | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, amount retained | 5 | |||||||
HMO Provider Excess Reinsurance [Member] | OneBeacon | Maximum | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, excess retention, amount reinsured | 5 | |||||||
Healthcare Professional Liability [Member] | OneBeacon | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, amount retained | 3 | |||||||
Reinsurance retention policy, excess retention, amount reinsured | 7 | |||||||
Healthcare Professional Liability [Member] | OneBeacon | Maximum | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, excess retention, amount reinsured | 3 | |||||||
Casualty 2nd layer | OneBeacon | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, amount retained | 11 | |||||||
Scenario, Forecast [Member] | OneBeacon | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Percentage of certified losses required to be shared by federal government subject to terrorism risk insurance act | 80.00% | 83.00% | ||||||
Decreasing Annual Percentage of Certified Losses Required to be Shared by Federal Government Subject to Terrorism Risk Insurance Act | 1.00% | |||||||
Retained Percentage Relating To Certified Losses Required to be Shared by Federal Government Subject to Terrorism Risk Insurance Act | 20.00% | 17.00% | ||||||
Increased Annual Retained Percentage Relating to Certified Losses Required to be Shared by Federal Government Subject to Terrorism Risk Insurance Act | 1.00% | |||||||
Scenario, Forecast [Member] | Property Per-Risk, Acts of Terrorism | OneBeacon | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, amount retained | $ 140 | |||||||
Reinsurance Retention Policy, Reinsured Risk, Percentage | 83.00% | |||||||
Scenario, Forecast [Member] | Property Per-Risk, Acts of Terrorism | Maximum | OneBeacon | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, amount retained | $ 100,000 | |||||||
Department of Treasury [Member] | Scenario, Forecast [Member] | Property and Casualty, Commercial Insurance Product Line [Member] | OneBeacon | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance retention policy, excess retention, amount reinsured | $ 200 | $ 140 | $ 20 | |||||
Reinsurer Concentration Risk [Member] | Reinsurance Recoverable [Member] | OneBeacon | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance Recoverables | $ 179.5 | |||||||
Reinsurance recoverables, percentage of total | 100.00% | |||||||
Reinsurer Concentration Risk [Member] | Reinsurance Recoverable [Member] | AM Best A plus | OneBeacon | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance Recoverables | $ 73.9 | |||||||
Reinsurance recoverables, percentage of total | 41.00% | |||||||
Reinsurer Concentration Risk [Member] | Reinsurance Recoverable [Member] | AM Best A minus | OneBeacon | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance Recoverables | $ 79.7 | |||||||
Reinsurance recoverables, percentage of total | 44.00% | |||||||
Reinsurer Concentration Risk [Member] | Reinsurance Recoverable [Member] | AM Best B | OneBeacon | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance Recoverables | $ 25.9 | |||||||
Reinsurance recoverables, percentage of total | 15.00% |
Third Party Reinsurance (Recove
Third Party Reinsurance (Recoverable Amounts by Reinsurer) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance recoverable on unpaid losses | $ 172.9 | $ 186 | $ 161.6 | $ 80.2 |
Reinsurance recoverable on paid and unpaid losses | 179.5 | 193.5 | ||
OneBeacon | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance recoverable on paid and unpaid losses | 179.5 | $ 193.5 | ||
OneBeacon | Reinsurer Concentration Risk [Member] | Reinsurance Recoverable [Member] | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance Recoverables | $ 179.5 | |||
Reinsurance recoverables, percentage of total | 100.00% | |||
Minimum | OneBeacon | Property Catastrophe Program | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, amount retained | $ 20 | |||
Maximum | OneBeacon | Property Catastrophe Program | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, excess retention, amount reinsured | 130 | |||
OneBeacon | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance recoverable on unpaid losses | 172.9 | |||
OneBeacon | Specialty Property | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, excess retention, amount reinsured | 34 | |||
Reinsurance retention policy, amount retained | 6 | |||
OneBeacon | Combined Healthcare [Member] | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, amount retained | 10 | |||
OneBeacon | Surety Reinsurance Program [Member] | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, excess retention, amount reinsured | 45 | |||
Reinsurance retention policy, amount retained | 5 | |||
OneBeacon | Property Catastrophe Program | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, excess retention, amount reinsured | 110 | |||
Reinsurance retention policy, amount retained | 20 | |||
OneBeacon | Property Per Risk Reinsurance Program | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, excess retention, amount reinsured | 100 | |||
Reinsurance retention policy, amount retained | 3 | |||
OneBeacon | HMO Provider Excess Reinsurance [Member] | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, amount retained | 5 | |||
OneBeacon | Inland and Ocean Marine | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, excess retention, amount reinsured | 57.5 | |||
Reinsurance retention policy, amount retained | 2.5 | |||
OneBeacon | Film Completion Bond Business [Member] | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, excess retention, amount reinsured | 38 | |||
Reinsurance retention policy, amount retained | 2 | |||
OneBeacon | Casualty Clash/ Workers Compensation Catastrophe [Member] | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, excess retention, amount reinsured | 34 | |||
Reinsurance retention policy, amount retained | 6 | |||
OneBeacon | Workers compensation | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, excess retention, amount reinsured | 20 | |||
Reinsurance retention policy, amount retained | 40 | |||
OneBeacon | Financial Institutions - Professional Liability Reinsurance [Member] | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, excess retention, amount reinsured | 10 | |||
OneBeacon | Casualty 2nd layer | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, amount retained | 11 | |||
OneBeacon | Other Casualty Business [Member] | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, excess retention, amount reinsured | 8 | |||
Reinsurance retention policy, amount retained | 3 | |||
OneBeacon | Workers compensation per occurrence [Member] | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, excess retention, amount reinsured | 8 | |||
Reinsurance retention policy, amount retained | 2 | |||
OneBeacon | Healthcare Professional Liability [Member] | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, excess retention, amount reinsured | 7 | |||
Reinsurance retention policy, amount retained | 3 | |||
OneBeacon | Maximum | Specialty Property | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, excess retention, amount reinsured | 6 | |||
OneBeacon | Maximum | Surety Reinsurance Program [Member] | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, excess retention, amount reinsured | 5 | |||
OneBeacon | Maximum | Property Catastrophe Program | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, excess retention, amount reinsured | 20 | |||
OneBeacon | Maximum | Property Per Risk Reinsurance Program | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, excess retention, amount reinsured | 3 | |||
OneBeacon | Maximum | HMO Provider Excess Reinsurance [Member] | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, excess retention, amount reinsured | 5 | |||
OneBeacon | Maximum | Inland and Ocean Marine | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, excess retention, amount reinsured | 7 | |||
OneBeacon | Maximum | Film Completion Bond Business [Member] | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, excess retention, amount reinsured | 2 | |||
OneBeacon | Maximum | Casualty Clash/ Workers Compensation Catastrophe [Member] | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, excess retention, amount reinsured | 6 | |||
OneBeacon | Maximum | Workers compensation | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, excess retention, amount reinsured | 6 | |||
OneBeacon | Maximum | Financial Institutions - Professional Liability Reinsurance [Member] | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, excess retention, amount reinsured | 5 | |||
OneBeacon | Maximum | Other Casualty Business [Member] | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, excess retention, amount reinsured | 3 | |||
OneBeacon | Maximum | Workers compensation per occurrence [Member] | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, excess retention, amount reinsured | 2 | |||
OneBeacon | Maximum | Healthcare Professional Liability [Member] | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance retention policy, excess retention, amount reinsured | 3 | |||
One Beacon Insurance Company | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance recoverable on unpaid losses | 18.3 | |||
AM Best A plus | OneBeacon | Reinsurer Concentration Risk [Member] | Reinsurance Recoverable [Member] | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance Recoverables | $ 73.9 | |||
Reinsurance recoverables, percentage of total | 41.00% | |||
AM Best A minus | OneBeacon | Reinsurer Concentration Risk [Member] | Reinsurance Recoverable [Member] | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance Recoverables | $ 79.7 | |||
Reinsurance recoverables, percentage of total | 44.00% | |||
AM Best B | OneBeacon | Reinsurer Concentration Risk [Member] | Reinsurance Recoverable [Member] | ||||
Reinsurance Retention Policy [Line Items] | ||||
Reinsurance Recoverables | $ 25.9 | |||
Reinsurance recoverables, percentage of total | 15.00% |
Investment Securities (Net Inve
Investment Securities (Net Investment Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investment income: | |||
Total investment income | $ 89.9 | $ 66.2 | $ 72.4 |
Third-party investment expenses | (3.1) | (5.4) | (12.9) |
Net investment income, pre-tax | 86.8 | 60.8 | 59.5 |
Fixed maturity investments | |||
Investment income: | |||
Total investment income | 77.3 | 52.6 | 51.3 |
Short-term investments | |||
Investment income: | |||
Total investment income | 1.1 | 0.2 | 0.1 |
Common Stock | |||
Investment income: | |||
Total investment income | 7.5 | 10.1 | 16.6 |
Other long-term investments | |||
Investment income: | |||
Total investment income | $ 4 | $ 3.3 | $ 4.4 |
Investment Securities (Net Real
Investment Securities (Net Realized and Unrealized Investement Gains and Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | |||
Net realized investment gains, pre-tax | $ 280.3 | $ 77.3 | $ 166.8 |
Net unrealized investment (losses) gains, pre-tax | (270) | 148.1 | (88.3) |
Net realized and unrealized investment gains, pre-tax | 10.3 | 225.4 | 78.5 |
Income tax expense attributable to net realized and unrealized investment gains | (8.8) | (35.2) | (18) |
Net realized and unrealized investment gains, after tax | $ 1.5 | $ 190.2 | $ 60.5 |
Investment Securities Investmen
Investment Securities Investment Securities (Net Realized Investment Gain (losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investment securities | |||
Trading Securities, Realized Gain (Loss) | $ 279.9 | $ 76.9 | $ 166.8 |
Foreign Currency Transaction Gain (Loss), Realized | 0.4 | 0.4 | 0 |
Net realized investment gains, pre-tax | 280.3 | 77.3 | 166.8 |
Trading securities, Tax on Realized Holding Gain (Loss) on Investments | (49.5) | (22.8) | (28.4) |
Trading Securities, Tax on Realized Foreign Currency Transaction Gain (Loss) Tax | 0 | 0 | 0 |
Tax on Net Realized Gain (Loss) and Foreign Currency Gain (Loss) on Trading Securities | 49.5 | (22.8) | (28.4) |
Trading Securities Realized Holding Gain (Loss) on Investments after Tax | 230.4 | 54.1 | 138.4 |
Trading Securities, Realized Foreign Currency Gain (Loss) Net of Tax | 0.4 | 0.4 | 0 |
Net Realized Gain (Loss) and Foreign Currency Gain (Loss) on Trading Securities Net of Tax | 230.8 | 54.5 | 138.4 |
Fixed maturity investments | |||
Investment securities | |||
Trading Securities, Realized Gain (Loss) | (2.1) | 1.9 | 5.8 |
Foreign Currency Transaction Gain (Loss), Realized | 0.4 | 0 | 0 |
Net realized investment gains, pre-tax | (1.7) | 1.9 | 5.8 |
Short-term investments | |||
Investment securities | |||
Trading Securities, Realized Gain (Loss) | 0.4 | ||
Foreign Currency Transaction Gain (Loss), Realized | 0 | ||
Net realized investment gains, pre-tax | 0.4 | ||
Common equity securities | |||
Investment securities | |||
Trading Securities, Realized Gain (Loss) | 280.7 | 64.4 | 138 |
Foreign Currency Transaction Gain (Loss), Realized | 0 | 0.4 | 0 |
Net realized investment gains, pre-tax | 280.7 | 64.8 | 138 |
Other long-term investments | |||
Investment securities | |||
Trading Securities, Realized Gain (Loss) | 0.9 | 10.6 | 23 |
Foreign Currency Transaction Gain (Loss), Realized | 0 | 0 | 0 |
Net realized investment gains, pre-tax | $ 0.9 | $ 10.6 | $ 23 |
Investment Securities Investm89
Investment Securities Investment Securities (Net Unrealized Investment Gains (Losses)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investment securities | |||
Trading Securities, Change in Unrealized Holding Gain (Loss) | $ (267.3) | $ 152.9 | $ (79.3) |
Foreign Currency Transaction Gain (Loss), Unrealized | (2.7) | (4.8) | (9) |
Net unrealized investment (losses) gains, pre-tax | (270) | 148.1 | (88.3) |
Trading Securities, Tax on Unrealized Holding Gain (Loss) on Investments | 40.7 | (12.3) | 9.9 |
Trading Securities, Unrealized Foreign Currency Transaction Gain (Loss) Tax | 0 | (0.1) | 0.5 |
Net Unrealized Gain (Loss) and Foreign Currency Gain (Loss) on Trading Securities Tax | (40.7) | (12.4) | 10.4 |
Trading Securities Unrealized Holding Gain (Loss) on Investments after Tax | (226.6) | 140.6 | (69.4) |
Trading Securities, Unrealized Foreign Currency Gain (Loss) Net of Tax | (2.7) | (4.9) | (8.5) |
Net Unrealized Gain (Loss) and Foreign Currency Gain (Loss) on Trading Securities Net of Tax | (229.3) | 135.7 | (77.9) |
Fixed maturity investments | |||
Investment securities | |||
Trading Securities, Change in Unrealized Holding Gain (Loss) | (12.1) | (15.6) | 11.3 |
Foreign Currency Transaction Gain (Loss), Unrealized | 2.1 | 0 | 0 |
Net unrealized investment (losses) gains, pre-tax | (10) | (15.6) | 11.3 |
Common equity securities | |||
Investment securities | |||
Trading Securities, Change in Unrealized Holding Gain (Loss) | (254.6) | 207.6 | (83) |
Foreign Currency Transaction Gain (Loss), Unrealized | (3.3) | (3.7) | (7.7) |
Net unrealized investment (losses) gains, pre-tax | (257.9) | 203.9 | (90.7) |
Other long-term investments | |||
Investment securities | |||
Trading Securities, Change in Unrealized Holding Gain (Loss) | (0.6) | (39.1) | (7.6) |
Foreign Currency Transaction Gain (Loss), Unrealized | (0.3) | (1.1) | (1.3) |
Net unrealized investment (losses) gains, pre-tax | (0.9) | $ (40.2) | $ (8.9) |
Forward Contracts [Member] | |||
Investment securities | |||
Trading Securities, Change in Unrealized Holding Gain (Loss) | 0 | ||
Foreign Currency Transaction Gain (Loss), Unrealized | (1.2) | ||
Net unrealized investment (losses) gains, pre-tax | $ (1.2) |
Investment Securities (Investme
Investment Securities (Investment Gains (Losses) For Level 3) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investment securities | |||
Trading Securities, Change in Unrealized Holding Gain (Loss) | $ (267.3) | $ 152.9 | $ (79.3) |
Realized gains | 315.5 | 112.9 | 194 |
Realized losses | 35.2 | 35.6 | 27.2 |
Level 3 Inputs | |||
Investment securities | |||
Trading Securities, Change in Unrealized Holding Gain (Loss) | 6.2 | (23.1) | 7.7 |
Fixed maturity investments | |||
Investment securities | |||
Trading Securities, Change in Unrealized Holding Gain (Loss) | (12.1) | (15.6) | 11.3 |
Fixed maturity investments | Level 3 Inputs | |||
Investment securities | |||
Trading Securities, Change in Unrealized Holding Gain (Loss) | 0.1 | (1.1) | 1.9 |
Common equity securities | |||
Investment securities | |||
Trading Securities, Change in Unrealized Holding Gain (Loss) | (254.6) | 207.6 | (83) |
Common equity securities | Level 3 Inputs | |||
Investment securities | |||
Trading Securities, Change in Unrealized Holding Gain (Loss) | 0 | (9) | 5.8 |
Other long-term investments | |||
Investment securities | |||
Trading Securities, Change in Unrealized Holding Gain (Loss) | (0.6) | (39.1) | (7.6) |
Other long-term investments | Level 3 Inputs | |||
Investment securities | |||
Trading Securities, Change in Unrealized Holding Gain (Loss) | $ 6.1 | $ (13) | $ 0 |
Investment Securities (Net Re91
Investment Securities (Net Realized and Unrealized Gains (Losses) After Tax) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investments in and Advances to Affiliates [Line Items] | |||
Net change in pre-tax unrealized investment (losses) gains on investments in unconsolidated affiliates | $ 0 | $ (39.2) | $ 81.2 |
Income tax benefit (expense) | 0 | 2.9 | (5.9) |
Net change in unrealized investment (losses) gains on investments in unconsolidated affiliates, after tax | 0 | (36.3) | 75.3 |
Net change in unrealized investment (losses) gains on investments in unconsolidated affiliates, after tax | 0 | (34.9) | 75.3 |
Net Realized and Unrealized Gain (Loss) and Foreign Currency Gain (Loss) on Trading Securities Net of Tax | 1.5 | 190.2 | 60.5 |
Total investment gains recorded during the period, after-tax | 1.5 | 155.3 | 135.8 |
Symetra | |||
Investments in and Advances to Affiliates [Line Items] | |||
Net change in unrealized investment (losses) gains on investments in unconsolidated affiliates, after tax | 0 | (34.9) | 75.3 |
Reversal of accumulated other comprehensive income related to change in accounting for the investment in Symetra | $ 0 | $ 1.4 | $ 0 |
Investment Securities (Invest92
Investment Securities (Investment Holdings) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investment securities | |||
Fixed maturity investments, at fair value | $ 4,250.2 | $ 2,630.2 | |
Including Short Term Fixed | |||
Investment securities | |||
Duration of Fixed Maturities | 2 years 9 months 18 days | ||
US Government and agency obligations | |||
Investment securities | |||
Trading Securities, Cost | $ 281.7 | 160.4 | |
Net foreign currency gains | 0 | 0 | |
Fixed maturity investments, at fair value | 278.3 | 160 | |
Trading Securities, Unrealized Holding Gain | 0.1 | 0 | |
Trading Securities, Unrealized Holding Loss | (3.5) | (0.4) | |
Debt securities issued by corporations | |||
Investment securities | |||
Trading Securities, Cost | 1,512.6 | 1,001 | |
Net foreign currency gains | 2.1 | 0 | |
Fixed maturity investments, at fair value | 1,509.4 | 1,000 | |
Trading Securities, Unrealized Holding Gain | 8.4 | 4.3 | |
Trading Securities, Unrealized Holding Loss | (13.7) | (5.3) | |
Municipal obligations | |||
Investment securities | |||
Trading Securities, Cost | 308.8 | 227.8 | |
Net foreign currency gains | 0 | 0 | |
Fixed maturity investments, at fair value | 309 | 228.8 | |
Trading Securities, Unrealized Holding Gain | 1.9 | 2.2 | |
Trading Securities, Unrealized Holding Loss | (1.7) | (1.2) | |
Mortgage and asset-backed securities | |||
Investment securities | |||
Trading Securities, Cost | 2,141.7 | 1,170.6 | |
Net foreign currency gains | 0 | 0 | |
Fixed maturity investments, at fair value | 2,132.9 | 1,167 | |
Trading Securities, Unrealized Holding Gain | 2.6 | 2 | |
Trading Securities, Unrealized Holding Loss | (11.4) | (5.6) | |
Foreign government, agency and provincial obligations | |||
Investment securities | |||
Trading Securities, Cost | 12.9 | 1 | |
Net foreign currency gains | 0 | 0 | |
Fixed maturity investments, at fair value | 13.2 | 1.2 | |
Trading Securities, Unrealized Holding Gain | 0.3 | 0.2 | |
Trading Securities, Unrealized Holding Loss | 0 | 0 | |
Preferred stocks | |||
Investment securities | |||
Trading Securities, Cost | 8.3 | 78.3 | |
Net foreign currency gains | 0 | 0 | |
Fixed maturity investments, at fair value | 14 | 82.7 | |
Trading Securities, Unrealized Holding Gain | 5.7 | 4.4 | |
Trading Securities, Unrealized Holding Loss | 0 | 0 | |
Fixed Income Investments [Member] | |||
Investment securities | |||
Trading Securities, Cost | 4,266 | 2,639.1 | |
Net foreign currency gains | 2.1 | 0 | |
Total fixed maturity investments | 4,256.8 | 2,639.7 | |
Trading Securities, Unrealized Holding Gain | 19 | 13.1 | |
Trading Securities, Unrealized Holding Loss | $ (30.3) | (12.5) | |
Excluding Short Term Investments | |||
Investment securities | |||
Duration of Fixed Maturities | 3 years | ||
Star & Shield Insurance Exchange [Member] | |||
Investment securities | |||
Fixed maturity investments reclassified to assets held for sale (1) | $ (6.6) | (9.5) | |
Fixed maturity investments | Star & Shield Insurance Exchange [Member] | |||
Investment securities | |||
Fixed maturity investments, at fair value | $ 6.6 | $ 9.5 | $ 10.1 |
Investment Securities (Cost and
Investment Securities (Cost and Amortized Cost Maturity Schedule) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Fixed maturity investments, at fair value | $ 4,250.2 | $ 2,630.2 | |
Trading Securities by Maturity Cost or Amortized Cost | |||
Cost or amortized cost | 4,266 | ||
Trading Securities by Maturity, Fair Value | |||
Trading Securities | 4,256.8 | ||
Fixed Maturities and Convertible Fixed Maturities Excluding A B S M B S and Preferred Stock | |||
Trading Securities by Maturity Cost or Amortized Cost | |||
Due in one year or less | 212.8 | ||
Due after one year through five years | 1,272.6 | ||
Due after five years through ten years | 462.8 | ||
Due after ten years | 167.8 | ||
Trading Securities by Maturity, Fair Value | |||
Due in one year or less | 213.3 | ||
Due after one year through five years | 1,270.2 | ||
Due after five years through ten years | 458.4 | ||
Due after ten years | 168 | ||
Mortgage and asset-backed securities | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Fixed maturity investments, at fair value | 2,132.9 | 1,167 | |
Trading Securities by Maturity Cost or Amortized Cost | |||
Trading Securities, Maturities without Single Maturity Date, Amortized Cost | 2,141.7 | ||
Trading Securities by Maturity, Fair Value | |||
Trading Securities, Maturities without Single Maturity Date, Carrying Value | 2,132.9 | ||
Preferred stocks | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Fixed maturity investments, at fair value | 14 | 82.7 | |
Trading Securities by Maturity Cost or Amortized Cost | |||
Trading Securities, Maturities without Single Maturity Date, Amortized Cost | 8.3 | ||
Trading Securities by Maturity, Fair Value | |||
Trading Securities, Maturities without Single Maturity Date, Carrying Value | 14 | ||
Fixed maturity investments | Star & Shield Insurance Exchange [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Fixed maturity investments, at fair value | $ 6.6 | $ 9.5 | $ 10.1 |
Investment Securities (Cost or
Investment Securities (Cost or Amortized Cost, Gross Unrealized Investment Gains and Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investment securities | |||
Fixed maturity investments, at fair value | $ 4,250.2 | $ 2,630.2 | |
Sales and maturities of investment securities | 5,385.3 | 2,162.8 | $ 3,337.5 |
Common Stock | |||
Investment securities | |||
Trading Securities, Cost | 440.8 | 822.5 | |
Net foreign currency gains | 0 | 0 | |
Fixed maturity investments, at fair value | 474.3 | 1,113.9 | |
Trading Securities, Unrealized Holding Gain | 35.9 | 302.8 | |
Trading Securities, Unrealized Holding Loss | (2.4) | (11.4) | |
Other long-term investments | |||
Investment securities | |||
Trading Securities, Cost | 314.9 | 304.5 | |
Net foreign currency gains | (3.9) | (2.3) | |
Fixed maturity investments, at fair value | 323.3 | 315.8 | |
Trading Securities, Unrealized Holding Gain | 40.3 | 32 | |
Trading Securities, Unrealized Holding Loss | $ (28) | $ (18.4) |
Investment Securities (Invest95
Investment Securities (Investments Held on Deposit or as Collateral) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Investment securities | ||
Investments held in trusts | $ 165,900,000 | $ 143,600,000 |
Assets held by insurance regulators | $ 93,500,000 | $ 88,000,000 |
Percentage of investments recorded at fair value | 94.00% | 91.00% |
Surety Product Line [Member] | OneBeacon | ||
Investment securities | ||
Assets Held in Collateral | $ 153,000,000 | $ 137,700,000 |
Private equity funds | ||
Investment securities | ||
Other than Temporary Impairment Losses, Investments | 5,000,000 | $ 2,400,000 |
Fixed maturity investments | White Mountains Life Re | ||
Investment securities | ||
Derivative Collateral Right to Reclaim | $ 0 |
Investment Securities (Fair Val
Investment Securities (Fair Value Measurement by Level) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investment securities | |||
Fixed maturity investments, at fair value | $ 4,250,200,000 | $ 2,630,200,000 | |
Percentage of investments recorded at fair value | 94.00% | 91.00% | |
Fair value investments | $ 5,039,700,000 | $ 4,050,900,000 | $ 3,343,600,000 |
Minimum percentage of variation expected | 5.00% | ||
Minimum variation expected | $ 1,000,000 | ||
US Government and agency obligations | |||
Investment securities | |||
Fixed maturity investments, at fair value | 278,300,000 | 160,000,000 | |
Debt securities issued by corporations | |||
Investment securities | |||
Fixed maturity investments, at fair value | 1,509,400,000 | 1,000,000,000 | |
Fair value investments | 1,509,400,000 | 1,000,000,000 | |
Mortgage and asset-backed securities | |||
Investment securities | |||
Fixed maturity investments, at fair value | 2,132,900,000 | 1,167,000,000 | |
Fair value investments | 2,132,900,000 | 1,167,000,000 | |
Preferred stocks | |||
Investment securities | |||
Fixed maturity investments, at fair value | 14,000,000 | 82,700,000 | |
Municipal obligations | |||
Investment securities | |||
Fixed maturity investments, at fair value | 309,000,000 | 228,800,000 | |
Foreign government, agency and provincial obligations | |||
Investment securities | |||
Fixed maturity investments, at fair value | 13,200,000 | 1,200,000 | |
Level 1 | |||
Investment securities | |||
Fair value investments | 612,500,000 | 1,152,200,000 | 550,600,000 |
Level 2 | |||
Investment securities | |||
Fair value investments | 4,118,500,000 | 2,531,400,000 | 2,372,900,000 |
Level 2 | Mortgage and asset-backed securities | |||
Investment securities | |||
Fair value investments | 2,132,900,000 | 1,167,000,000 | |
Level 3 Inputs | Mortgage and asset-backed securities | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Level 3 Inputs | Fixed maturity investments | |||
Investment securities | |||
Fair value investments | 0 | 70,000,000 | 76,400,000 |
Level 3 Inputs | Common equity securities | |||
Investment securities | |||
Fair value investments | 0 | 0 | 39,500,000 |
Level 3 Inputs | Other long-term investments | |||
Investment securities | |||
Fair value investments | 177,700,000 | 169,500,000 | 125,900,000 |
Fair value measured on a recurring basis | |||
Investment securities | |||
Fair value investments | 5,195,900,000 | 4,134,400,000 | |
Fair value measured on a recurring basis | US Government and agency obligations | |||
Investment securities | |||
Fair value investments | 278,300,000 | 160,000,000 | |
Fair value measured on a recurring basis | Debt securities issued by corporations | |||
Investment securities | |||
Fair value investments | 1,509,400,000 | 1,000,000,000 | |
Fair value measured on a recurring basis | Debt securities issued by corporations | Financials | |||
Investment securities | |||
Fair value investments | 176,000,000 | 175,900,000 | |
Fair value measured on a recurring basis | Debt securities issued by corporations | Consumer | |||
Investment securities | |||
Fair value investments | 385,600,000 | 253,300,000 | |
Fair value measured on a recurring basis | Debt securities issued by corporations | Industrial | |||
Investment securities | |||
Fair value investments | 146,400,000 | 135,600,000 | |
Fair value measured on a recurring basis | Debt securities issued by corporations | Communications | |||
Investment securities | |||
Fair value investments | 131,400,000 | 49,200,000 | |
Fair value measured on a recurring basis | Debt securities issued by corporations | Utilities | |||
Investment securities | |||
Fair value investments | 180,300,000 | 61,500,000 | |
Fair value measured on a recurring basis | Debt securities issued by corporations | Energy | |||
Investment securities | |||
Fair value investments | 53,500,000 | 82,000,000 | |
Fair value measured on a recurring basis | Debt securities issued by corporations | Basic Materials | |||
Investment securities | |||
Fair value investments | 102,600,000 | 31,200,000 | |
Fair value measured on a recurring basis | Debt securities issued by corporations | Technology | |||
Investment securities | |||
Fair value investments | 89,400,000 | 60,000,000 | |
Fair value measured on a recurring basis | Debt securities issued by corporations | Health Care [Member] | |||
Investment securities | |||
Fair value investments | 244,200,000 | 151,300,000 | |
Fair value measured on a recurring basis | Mortgage and asset-backed securities | |||
Investment securities | |||
Fair value investments | 2,132,900,000 | 1,167,000,000 | |
Fair value measured on a recurring basis | Preferred stocks | |||
Investment securities | |||
Fair value investments | 14,000,000 | 82,700,000 | |
Fair value measured on a recurring basis | Municipal obligations | |||
Investment securities | |||
Fair value investments | 309,000,000 | 228,800,000 | |
Fair value measured on a recurring basis | Foreign government, agency and provincial obligations | |||
Investment securities | |||
Fair value investments | 13,200,000 | 1,200,000 | |
Fair value measured on a recurring basis | Fixed maturity investments | |||
Investment securities | |||
Fair value investments | 4,256,800,000 | 2,639,700,000 | |
Fair value measured on a recurring basis | Short-term investments | |||
Investment securities | |||
Fair value investments | 287,100,000 | 211,300,000 | 376,800,000 |
Fair value measured on a recurring basis | Common equity securities | Financials | |||
Investment securities | |||
Fair value investments | 11,600,000 | 653,200,000 | |
Fair value measured on a recurring basis | Common equity securities | Consumer | |||
Investment securities | |||
Fair value investments | 12,900,000 | 70,000,000 | |
Fair value measured on a recurring basis | Common equity securities | Industrial | |||
Investment securities | |||
Fair value investments | 2,200,000 | 26,600,000 | |
Fair value measured on a recurring basis | Common equity securities | Communications | |||
Investment securities | |||
Fair value investments | 10,500,000 | 43,700,000 | |
Fair value measured on a recurring basis | Common equity securities | Energy | |||
Investment securities | |||
Fair value investments | 3,700,000 | ||
Fair value measured on a recurring basis | Common equity securities | Technology | |||
Investment securities | |||
Fair value investments | 11,000,000 | 27,000,000 | |
Fair value measured on a recurring basis | Common equity securities | Other | |||
Investment securities | |||
Fair value investments | 79,900,000 | 74,400,000 | |
Fair value measured on a recurring basis | Common equity securities | Exchange Traded Funds [Member] | |||
Investment securities | |||
Fair value investments | 321,600,000 | 183,300,000 | |
Fair value measured on a recurring basis | Common equity securities | Health Care [Member] | |||
Investment securities | |||
Fair value investments | 20,900,000 | 35,700,000 | |
Fair value measured on a recurring basis | Common equity securities | Common equity securities | |||
Investment securities | |||
Fair value investments | 474,300,000 | 1,113,900,000 | |
Fair value measured on a recurring basis | Other long-term investments | |||
Investment securities | |||
Fair value investments | 177,700,000 | 169,500,000 | |
Fair value measured on a recurring basis | Level 1 | |||
Investment securities | |||
Fair value investments | 887,000,000 | 1,363,500,000 | |
Fair value measured on a recurring basis | Level 1 | US Government and agency obligations | |||
Investment securities | |||
Fair value investments | 268,800,000 | 133,400,000 | |
Fair value measured on a recurring basis | Level 1 | Debt securities issued by corporations | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 1 | Debt securities issued by corporations | Financials | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 1 | Debt securities issued by corporations | Consumer | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 1 | Debt securities issued by corporations | Industrial | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 1 | Debt securities issued by corporations | Communications | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 1 | Debt securities issued by corporations | Utilities | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 1 | Debt securities issued by corporations | Energy | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 1 | Debt securities issued by corporations | Basic Materials | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 1 | Debt securities issued by corporations | Technology | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 1 | Debt securities issued by corporations | Health Care [Member] | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 1 | Mortgage and asset-backed securities | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 1 | Preferred stocks | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 1 | Municipal obligations | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 1 | Foreign government, agency and provincial obligations | |||
Investment securities | |||
Fair value investments | 600,000 | 600,000 | |
Fair value measured on a recurring basis | Level 1 | Fixed maturity investments | |||
Investment securities | |||
Fair value investments | 269,400,000 | 134,000,000 | |
Fair value measured on a recurring basis | Level 1 | Short-term investments | |||
Investment securities | |||
Fair value investments | 274,400,000 | 211,300,000 | |
Fair value measured on a recurring basis | Level 1 | Common equity securities | Financials | |||
Investment securities | |||
Fair value investments | 11,600,000 | 653,200,000 | |
Fair value measured on a recurring basis | Level 1 | Common equity securities | Consumer | |||
Investment securities | |||
Fair value investments | 12,900,000 | 70,000,000 | |
Fair value measured on a recurring basis | Level 1 | Common equity securities | Industrial | |||
Investment securities | |||
Fair value investments | 2,200,000 | 26,600,000 | |
Fair value measured on a recurring basis | Level 1 | Common equity securities | Communications | |||
Investment securities | |||
Fair value investments | 10,500,000 | 43,700,000 | |
Fair value measured on a recurring basis | Level 1 | Common equity securities | Energy | |||
Investment securities | |||
Fair value investments | 3,700,000 | ||
Fair value measured on a recurring basis | Level 1 | Common equity securities | Technology | |||
Investment securities | |||
Fair value investments | 11,000,000 | 27,000,000 | |
Fair value measured on a recurring basis | Level 1 | Common equity securities | Other | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 1 | Common equity securities | Exchange Traded Funds [Member] | |||
Investment securities | |||
Fair value investments | 270,400,000 | 162,000,000 | |
Fair value measured on a recurring basis | Level 1 | Common equity securities | Health Care [Member] | |||
Investment securities | |||
Fair value investments | 20,900,000 | 35,700,000 | |
Fair value measured on a recurring basis | Level 1 | Common equity securities | Common equity securities | |||
Investment securities | |||
Fair value investments | 343,200,000 | 1,018,200,000 | |
Fair value measured on a recurring basis | Level 1 | Other long-term investments | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 2 | |||
Investment securities | |||
Fair value investments | 4,131,200,000 | 2,531,400,000 | |
Fair value measured on a recurring basis | Level 2 | US Government and agency obligations | |||
Investment securities | |||
Fair value investments | 9,500,000 | 26,600,000 | |
Fair value measured on a recurring basis | Level 2 | Debt securities issued by corporations | |||
Investment securities | |||
Fair value investments | 1,509,400,000 | 1,000,000,000 | |
Fair value measured on a recurring basis | Level 2 | Debt securities issued by corporations | Financials | |||
Investment securities | |||
Fair value investments | 176,000,000 | 175,900,000 | |
Fair value measured on a recurring basis | Level 2 | Debt securities issued by corporations | Consumer | |||
Investment securities | |||
Fair value investments | 385,600,000 | 253,300,000 | |
Fair value measured on a recurring basis | Level 2 | Debt securities issued by corporations | Industrial | |||
Investment securities | |||
Fair value investments | 146,400,000 | 135,600,000 | |
Fair value measured on a recurring basis | Level 2 | Debt securities issued by corporations | Communications | |||
Investment securities | |||
Fair value investments | 131,400,000 | 49,200,000 | |
Fair value measured on a recurring basis | Level 2 | Debt securities issued by corporations | Utilities | |||
Investment securities | |||
Fair value investments | 180,300,000 | 61,500,000 | |
Fair value measured on a recurring basis | Level 2 | Debt securities issued by corporations | Energy | |||
Investment securities | |||
Fair value investments | 53,500,000 | 82,000,000 | |
Fair value measured on a recurring basis | Level 2 | Debt securities issued by corporations | Basic Materials | |||
Investment securities | |||
Fair value investments | 102,600,000 | 31,200,000 | |
Fair value measured on a recurring basis | Level 2 | Debt securities issued by corporations | Technology | |||
Investment securities | |||
Fair value investments | 89,400,000 | 60,000,000 | |
Fair value measured on a recurring basis | Level 2 | Debt securities issued by corporations | Health Care [Member] | |||
Investment securities | |||
Fair value investments | 244,200,000 | 151,300,000 | |
Fair value measured on a recurring basis | Level 2 | Mortgage and asset-backed securities | |||
Investment securities | |||
Fair value investments | 2,132,900,000 | 1,167,000,000 | |
Fair value measured on a recurring basis | Level 2 | Preferred stocks | |||
Investment securities | |||
Fair value investments | 14,000,000 | 12,700,000 | |
Fair value measured on a recurring basis | Level 2 | Municipal obligations | |||
Investment securities | |||
Fair value investments | 309,000,000 | 228,800,000 | |
Fair value measured on a recurring basis | Level 2 | Foreign government, agency and provincial obligations | |||
Investment securities | |||
Fair value investments | 12,600,000 | 600,000 | |
Fair value measured on a recurring basis | Level 2 | Fixed maturity investments | |||
Investment securities | |||
Fair value investments | 3,987,400,000 | 2,435,700,000 | |
Fair value measured on a recurring basis | Level 2 | Short-term investments | |||
Investment securities | |||
Fair value investments | 12,700,000 | 0 | |
Fair value measured on a recurring basis | Level 2 | Common equity securities | Financials | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 2 | Common equity securities | Consumer | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 2 | Common equity securities | Industrial | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 2 | Common equity securities | Communications | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 2 | Common equity securities | Energy | |||
Investment securities | |||
Fair value investments | 0 | ||
Fair value measured on a recurring basis | Level 2 | Common equity securities | Technology | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 2 | Common equity securities | Other | |||
Investment securities | |||
Fair value investments | 79,900,000 | 74,400,000 | |
Fair value measured on a recurring basis | Level 2 | Common equity securities | Exchange Traded Funds [Member] | |||
Investment securities | |||
Fair value investments | 51,200,000 | 21,300,000 | |
Fair value measured on a recurring basis | Level 2 | Common equity securities | Health Care [Member] | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 2 | Common equity securities | Common equity securities | |||
Investment securities | |||
Fair value investments | 131,100,000 | 95,700,000 | |
Fair value measured on a recurring basis | Level 2 | Other long-term investments | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 3 Inputs | |||
Investment securities | |||
Fair value investments | 177,700,000 | 239,500,000 | |
Fair value measured on a recurring basis | Level 3 Inputs | US Government and agency obligations | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 3 Inputs | Debt securities issued by corporations | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 3 Inputs | Debt securities issued by corporations | Financials | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 3 Inputs | Debt securities issued by corporations | Consumer | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 3 Inputs | Debt securities issued by corporations | Industrial | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 3 Inputs | Debt securities issued by corporations | Communications | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 3 Inputs | Debt securities issued by corporations | Utilities | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 3 Inputs | Debt securities issued by corporations | Energy | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 3 Inputs | Debt securities issued by corporations | Basic Materials | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 3 Inputs | Debt securities issued by corporations | Technology | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 3 Inputs | Debt securities issued by corporations | Health Care [Member] | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 3 Inputs | Mortgage and asset-backed securities | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 3 Inputs | Preferred stocks | |||
Investment securities | |||
Fair value investments | 0 | 70,000,000 | |
Fair value measured on a recurring basis | Level 3 Inputs | Municipal obligations | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 3 Inputs | Foreign government, agency and provincial obligations | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 3 Inputs | Fixed maturity investments | |||
Investment securities | |||
Fair value investments | 0 | 70,000,000 | |
Fair value measured on a recurring basis | Level 3 Inputs | Short-term investments | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 3 Inputs | Common equity securities | Financials | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 3 Inputs | Common equity securities | Consumer | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 3 Inputs | Common equity securities | Industrial | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 3 Inputs | Common equity securities | Communications | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 3 Inputs | Common equity securities | Energy | |||
Investment securities | |||
Fair value investments | 0 | ||
Fair value measured on a recurring basis | Level 3 Inputs | Common equity securities | Technology | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 3 Inputs | Common equity securities | Other | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 3 Inputs | Common equity securities | Exchange Traded Funds [Member] | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 3 Inputs | Common equity securities | Health Care [Member] | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 3 Inputs | Common equity securities | Common equity securities | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Fair value measured on a recurring basis | Level 3 Inputs | Other long-term investments | |||
Investment securities | |||
Fair value investments | 177,700,000 | 169,500,000 | |
Carrying value of investment accounted for using the equity method | 3,500,000 | 3,800,000 | 5,200,000 |
Fair value measured on a recurring basis | Level 3 Inputs | Forward Contracts [Member] | |||
Investment securities | |||
Fair value investments | (1,200,000) | ||
Affordable Housing Development Fund [Member] | Other long-term investments | |||
Investment securities | |||
Fair value investments | 12,300,000 | 14,700,000 | 16,800,000 |
Practical Expedient [Member] | Total hedge and private equity funds included in other long-term investments | |||
Investment securities | |||
Fixed maturity investments, at fair value | 131,000,000 | 127,800,000 | |
Star & Shield Insurance Exchange [Member] | |||
Investment securities | |||
Investments reclassified to assets held for sale | 6,600,000 | 9,500,000 | |
Star & Shield Insurance Exchange [Member] | Fixed maturity investments | |||
Investment securities | |||
Fixed maturity investments, at fair value | 6,600,000 | 9,500,000 | $ 10,100,000 |
Star & Shield Insurance Exchange [Member] | Short-term investments | |||
Investment securities | |||
Fixed maturity investments, at fair value | $ 100,000 | $ 100,000 |
Investment Securities (Debt Sec
Investment Securities (Debt Securities Issued By Corporation) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Investment securities | |||
Fair value investments | $ 5,039.7 | $ 4,050.9 | $ 3,343.6 |
Debt securities issued by corporations | |||
Investment securities | |||
Fair value investments | 1,509.4 | 1,000 | |
BBB | Debt securities issued by corporations | |||
Investment securities | |||
Fair value investments | 786.5 | 507.1 | |
A | Debt securities issued by corporations | |||
Investment securities | |||
Fair value investments | 381.9 | 397.7 | |
AA | Debt securities issued by corporations | |||
Investment securities | |||
Fair value investments | 100.9 | 95.2 | |
Standard & Poor's, BB Rating [Member] | Debt securities issued by corporations | |||
Investment securities | |||
Fair value investments | 214 | 0 | |
Standard & Poor's, B Rating [Member] | Debt securities issued by corporations | |||
Investment securities | |||
Fair value investments | $ 26.1 | $ 0 |
Investment Securities (Mortgage
Investment Securities (Mortgage-backed Asset Securities) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Investment securities | |||
Fair value investments | $ 5,039.7 | $ 4,050.9 | $ 3,343.6 |
GNMA | |||
Investment securities | |||
Fair value investments | 283.9 | 265.5 | |
FNMA | |||
Investment securities | |||
Fair value investments | 278.3 | 42.2 | |
FHLMC | |||
Investment securities | |||
Fair value investments | 89.8 | 22.8 | |
Total Agency | |||
Investment securities | |||
Fair value investments | 652 | 330.5 | |
Residential | |||
Investment securities | |||
Debt Instrument, Collateral Amount | 30.2 | ||
Fair value investments | 205.3 | 133.2 | |
Commercial | |||
Investment securities | |||
Fair value investments | 127.5 | 140.4 | |
Total Non-agency | |||
Investment securities | |||
Fair value investments | 332.8 | 273.6 | |
Total mortgage-backed securities | |||
Investment securities | |||
Fair value investments | 984.8 | 604.1 | |
Credit card receivables | |||
Investment securities | |||
Fair value investments | 438.3 | 217.7 | |
Vehicle receivables | |||
Investment securities | |||
Fair value investments | 479.5 | 269.7 | |
Other | |||
Investment securities | |||
Fair value investments | 230.3 | 75.5 | |
Total other asset-backed securities | |||
Investment securities | |||
Fair value investments | 1,148.1 | 562.9 | |
Total mortgage and asset- backed securities | |||
Investment securities | |||
Fair value investments | 2,132.9 | 1,167 | |
Level 2 Inputs | |||
Investment securities | |||
Fair value investments | 4,118.5 | 2,531.4 | $ 2,372.9 |
Level 2 Inputs | GNMA | |||
Investment securities | |||
Fair value investments | 283.9 | 265.5 | |
Level 2 Inputs | FNMA | |||
Investment securities | |||
Fair value investments | 278.3 | 42.2 | |
Level 2 Inputs | FHLMC | |||
Investment securities | |||
Fair value investments | 89.8 | 22.8 | |
Level 2 Inputs | Total Agency | |||
Investment securities | |||
Fair value investments | 652 | 330.5 | |
Level 2 Inputs | Residential | |||
Investment securities | |||
Fair value investments | 205.3 | 133.2 | |
Level 2 Inputs | Commercial | |||
Investment securities | |||
Fair value investments | 127.5 | 140.4 | |
Level 2 Inputs | Total Non-agency | |||
Investment securities | |||
Fair value investments | 332.8 | 273.6 | |
Level 2 Inputs | Total mortgage-backed securities | |||
Investment securities | |||
Fair value investments | 984.8 | 604.1 | |
Level 2 Inputs | Credit card receivables | |||
Investment securities | |||
Fair value investments | 438.3 | 217.7 | |
Level 2 Inputs | Vehicle receivables | |||
Investment securities | |||
Fair value investments | 479.5 | 269.7 | |
Level 2 Inputs | Other | |||
Investment securities | |||
Fair value investments | 230.3 | 75.5 | |
Level 2 Inputs | Total other asset-backed securities | |||
Investment securities | |||
Fair value investments | 1,148.1 | 562.9 | |
Level 2 Inputs | Total mortgage and asset- backed securities | |||
Investment securities | |||
Fair value investments | 2,132.9 | 1,167 | |
Level 3 Inputs | GNMA | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Level 3 Inputs | FNMA | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Level 3 Inputs | FHLMC | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Level 3 Inputs | Total Agency | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Level 3 Inputs | Residential | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Level 3 Inputs | Commercial | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Level 3 Inputs | Total Non-agency | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Level 3 Inputs | Total mortgage-backed securities | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Level 3 Inputs | Credit card receivables | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Level 3 Inputs | Vehicle receivables | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Level 3 Inputs | Other | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Level 3 Inputs | Total other asset-backed securities | |||
Investment securities | |||
Fair value investments | 0 | 0 | |
Level 3 Inputs | Total mortgage and asset- backed securities | |||
Investment securities | |||
Fair value investments | $ 0 | $ 0 |
Investment Securities (Non-agen
Investment Securities (Non-agency Mortgage-backed Securities) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Investment securities | |||
Fair value investments | $ 5,039.7 | $ 4,050.9 | $ 3,343.6 |
Residential | |||
Investment securities | |||
Fair value investments | 205.3 | 133.2 | |
Commercial | |||
Investment securities | |||
Fair value investments | 127.5 | 140.4 | |
Total Non-agency | |||
Investment securities | |||
Fair value investments | 332.8 | $ 273.6 | |
Securities Issued in 2004 | Residential | |||
Investment securities | |||
Fair value investments | 19.4 | ||
Securities Issued in 2004 | Commercial | |||
Investment securities | |||
Fair value investments | 0 | ||
Securities Issued in 2004 | Total Non-agency | |||
Investment securities | |||
Fair value investments | 19.4 | ||
2005 | Residential | |||
Investment securities | |||
Fair value investments | 5.7 | ||
2005 | Commercial | |||
Investment securities | |||
Fair value investments | 0 | ||
2005 | Total Non-agency | |||
Investment securities | |||
Fair value investments | 5.7 | ||
2006 | Residential | |||
Investment securities | |||
Fair value investments | 3 | ||
2006 | Commercial | |||
Investment securities | |||
Fair value investments | 0 | ||
2006 | Total Non-agency | |||
Investment securities | |||
Fair value investments | 3 | ||
2007 | Residential | |||
Investment securities | |||
Fair value investments | 0 | ||
2007 | Commercial | |||
Investment securities | |||
Fair value investments | 0 | ||
2007 | Total Non-agency | |||
Investment securities | |||
Fair value investments | 0 | ||
2008 | Residential | |||
Investment securities | |||
Fair value investments | 2.7 | ||
2008 | Commercial | |||
Investment securities | |||
Fair value investments | 0 | ||
2008 | Total Non-agency | |||
Investment securities | |||
Fair value investments | 2.7 | ||
2009 | Residential | |||
Investment securities | |||
Fair value investments | 0 | ||
2009 | Commercial | |||
Investment securities | |||
Fair value investments | 0 | ||
2009 | Total Non-agency | |||
Investment securities | |||
Fair value investments | 0 | ||
2010 | Residential | |||
Investment securities | |||
Fair value investments | 7.4 | ||
2010 | Commercial | |||
Investment securities | |||
Fair value investments | 4.3 | ||
2010 | Total Non-agency | |||
Investment securities | |||
Fair value investments | 11.7 | ||
2011 | Residential | |||
Investment securities | |||
Fair value investments | 9.9 | ||
2011 | Commercial | |||
Investment securities | |||
Fair value investments | 0 | ||
2011 | Total Non-agency | |||
Investment securities | |||
Fair value investments | 9.9 | ||
2012 | Residential | |||
Investment securities | |||
Fair value investments | 5 | ||
2012 | Commercial | |||
Investment securities | |||
Fair value investments | 18.1 | ||
2012 | Total Non-agency | |||
Investment securities | |||
Fair value investments | 23.1 | ||
2013 | Residential | |||
Investment securities | |||
Fair value investments | 15.3 | ||
2013 | Commercial | |||
Investment securities | |||
Fair value investments | 11.5 | ||
2013 | Total Non-agency | |||
Investment securities | |||
Fair value investments | 26.8 | ||
2014 | Residential | |||
Investment securities | |||
Fair value investments | 53.3 | ||
2014 | Commercial | |||
Investment securities | |||
Fair value investments | 23.4 | ||
2014 | Total Non-agency | |||
Investment securities | |||
Fair value investments | 76.7 | ||
Securities Issued in 2015 | Residential | |||
Investment securities | |||
Fair value investments | 48.3 | ||
Securities Issued in 2015 | Commercial | |||
Investment securities | |||
Fair value investments | 44.4 | ||
Securities Issued in 2015 | Total Non-agency | |||
Investment securities | |||
Fair value investments | 92.7 | ||
Securities Issued in 2016 | Residential | |||
Investment securities | |||
Fair value investments | 35.3 | ||
Securities Issued in 2016 | Commercial | |||
Investment securities | |||
Fair value investments | 25.8 | ||
Securities Issued in 2016 | Total Non-agency | |||
Investment securities | |||
Fair value investments | $ 61.1 |
Investment Securities (Non-a100
Investment Securities (Non-agency Residential Mortgage-backed Securities) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Investment securities | |||
Fair value investments | $ 5,039.7 | $ 4,050.9 | $ 3,343.6 |
Residential | |||
Investment securities | |||
Fair value investments | 205.3 | $ 133.2 | |
Residential | Prime [Member] | |||
Investment securities | |||
Fair value investments | 205.3 | ||
Residential | Non-prime | |||
Investment securities | |||
Fair value investments | 0 | ||
Residential | Subprime [Member] | |||
Investment securities | |||
Fair value investments | 0 | ||
Residential | Super Senior | |||
Investment securities | |||
Fair value investments | 150.6 | ||
Residential | Super Senior | Prime [Member] | |||
Investment securities | |||
Fair value investments | 150.6 | ||
Residential | Super Senior | Non-prime | |||
Investment securities | |||
Fair value investments | 0 | ||
Residential | Super Senior | Subprime [Member] | |||
Investment securities | |||
Fair value investments | 0 | ||
Residential | Senior | |||
Investment securities | |||
Fair value investments | 54.7 | ||
Residential | Senior | Prime [Member] | |||
Investment securities | |||
Fair value investments | 54.7 | ||
Residential | Senior | Non-prime | |||
Investment securities | |||
Fair value investments | 0 | ||
Residential | Senior | Subprime [Member] | |||
Investment securities | |||
Fair value investments | 0 | ||
Residential | Subordinate | |||
Investment securities | |||
Fair value investments | 0 | ||
Residential | Subordinate | Prime [Member] | |||
Investment securities | |||
Fair value investments | 0 | ||
Residential | Subordinate | Non-prime | |||
Investment securities | |||
Fair value investments | 0 | ||
Residential | Subordinate | Subprime [Member] | |||
Investment securities | |||
Fair value investments | $ 0 |
Investment Securities (Other Lo
Investment Securities (Other Long-Term Investments) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Investment securities | ||
Cost | $ 5,308.8 | |
Other Investments | 323.3 | $ 315.8 |
Other long-term investments | ||
Investment securities | ||
Other Investments | 2 | 3.2 |
Limited liability companies and private equity securities [Member] | ||
Investment securities | ||
Other Investments | 72 | 82.1 |
Surplus Note | ||
Investment securities | ||
Other Investments | 71.9 | 51.5 |
Convertible Preferred Stock | ||
Investment securities | ||
Other Investments | 30.6 | 32.7 |
Affordable Housing Development Fund [Member] | ||
Investment securities | ||
Other Investments | 12.3 | 14.7 |
Partnership investments [Member] | ||
Investment securities | ||
Other Investments | 3.5 | 3.8 |
Total hedge and private equity funds included in other long-term investments | ||
Investment securities | ||
Other Investments | $ 131 | $ 127.8 |
Investment Securities (Non-a102
Investment Securities (Non-agency Commercial Mortgage-backed Securities) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Investment securities | |||
Fair value investments | $ 5,039.7 | $ 4,050.9 | $ 3,343.6 |
Fixed rate CMBS | |||
Investment securities | |||
Average Basis Points of Subordination | 25 | ||
Fair value investments | $ 116 | ||
Fixed rate CMBS | Super Senior | |||
Investment securities | |||
Fair value investments | 8.7 | ||
Fixed rate CMBS | Senior | |||
Investment securities | |||
Fair value investments | 59.1 | ||
Fixed rate CMBS | Subordinate | |||
Investment securities | |||
Fair value investments | 48.2 | ||
Floating rate CMBS | |||
Investment securities | |||
Fair value investments | 11.5 | ||
Floating rate CMBS | Super Senior | |||
Investment securities | |||
Fair value investments | 0 | ||
Floating rate CMBS | Senior | |||
Investment securities | |||
Fair value investments | 0 | ||
Floating rate CMBS | Subordinate | |||
Investment securities | |||
Fair value investments | 11.5 | ||
Commercial | |||
Investment securities | |||
Fair value investments | 127.5 | $ 140.4 | |
Commercial | Super Senior | |||
Investment securities | |||
Fair value investments | 8.7 | ||
Commercial | Senior | |||
Investment securities | |||
Fair value investments | 59.1 | ||
Commercial | Subordinate | |||
Investment securities | |||
Fair value investments | $ 59.7 |
Investment Securities (Fair 103
Investment Securities (Fair Value of Hedge Funds Subject to Restrictions on Redemption Frequency) (Details) $ in Millions | Dec. 31, 2016USD ($)fund | Dec. 31, 2015USD ($) |
Private equity funds | ||
Investment securities | ||
Number of Investments Held | fund | 23 | |
Trading Securities, Other | $ 71.2 | |
Hedge funds | ||
Investment securities | ||
Number of Investments Held | fund | 5 | |
Trading Securities, Other | $ 59.8 | |
Total hedge and private equity funds included in other long-term investments | ||
Investment securities | ||
Trading Securities, Other | 131 | $ 127.8 |
Fair value unfunded commitments | 138.1 | 82.2 |
Other Long-term Investments Largest Single Investment | 36.5 | 22.7 |
Private equity funds | Private equity funds | ||
Investment securities | ||
Trading Securities, Other | 71.2 | 90.8 |
Fair value unfunded commitments | 138.1 | 82.2 |
Private equity funds | Multi-sector | ||
Investment securities | ||
Trading Securities, Other | 11.4 | 14.8 |
Fair value unfunded commitments | 2 | 2.1 |
Private equity funds | Energy infrastructure & services | ||
Investment securities | ||
Trading Securities, Other | 14.1 | 20.7 |
Fair value unfunded commitments | 3.2 | 3.4 |
Private equity funds | Real estate | ||
Investment securities | ||
Trading Securities, Other | 0.3 | 0.4 |
Fair value unfunded commitments | 0.1 | 0.1 |
Private equity funds | Private equity secondaries | ||
Investment securities | ||
Trading Securities, Other | 3 | 4.4 |
Fair value unfunded commitments | 2.1 | 2.1 |
Private equity funds | Direct Lending [Member] | ||
Investment securities | ||
Trading Securities, Other | 1.8 | |
Fair value unfunded commitments | 35.7 | |
Private equity funds | Financial Services Sector | ||
Investment securities | ||
Trading Securities, Other | 1 | |
Fair value unfunded commitments | 5 | |
Private equity funds | Healthcare | ||
Investment securities | ||
Trading Securities, Other | 3.5 | 3.8 |
Fair value unfunded commitments | 0.4 | 0.4 |
Private equity funds | Insurance | ||
Investment securities | ||
Trading Securities, Other | 0.8 | 2 |
Fair value unfunded commitments | 41.3 | 41.3 |
Private equity funds | Aerospace/Defense/Government | ||
Investment securities | ||
Trading Securities, Other | 19.4 | 19.8 |
Fair value unfunded commitments | 25.9 | 30.3 |
Private equity funds | Industrial | ||
Investment securities | ||
Trading Securities, Other | 15.9 | 24.9 |
Fair value unfunded commitments | 22.4 | 2.5 |
Hedge funds | Hedge Fund, Long/ Short Equity Banks and Financial [Member] | ||
Investment securities | ||
Trading Securities, Other | 36.5 | 12.8 |
Fair value unfunded commitments | 0 | 0 |
Hedge funds | Hedge funds | ||
Investment securities | ||
Trading Securities, Other | 59.8 | 37 |
Fair value unfunded commitments | 0 | 0 |
Hedge funds | Long/short equity REIT | ||
Investment securities | ||
Trading Securities, Other | 19.9 | 20.6 |
Fair value unfunded commitments | 0 | 0 |
Hedge funds | Other hedge funds | ||
Investment securities | ||
Trading Securities, Other | 3.4 | 3.6 |
Fair value unfunded commitments | $ 0 | $ 0 |
Investment Securities (Restrict
Investment Securities (Restrictions on Redemption Frequency and Advance Notice Requirements) (Details) - Hedge funds $ in Millions | Dec. 31, 2016USD ($)fund |
Investment securities | |
Number of Investments Held | fund | 5 |
Trading Securities, Other | $ 59.8 |
Distributions from inactive hedge funds | 1 |
Outstanding redemptions | 2.4 |
30-59 days notice | |
Investment securities | |
Trading Securities, Other | 37.5 |
60-89 days notice | |
Investment securities | |
Trading Securities, Other | 19.9 |
90-119 days notice | |
Investment securities | |
Trading Securities, Other | 2.4 |
Monthly | |
Investment securities | |
Trading Securities, Other | 0 |
Monthly | 30-59 days notice | |
Investment securities | |
Trading Securities, Other | 0 |
Monthly | 60-89 days notice | |
Investment securities | |
Trading Securities, Other | 0 |
Monthly | 90-119 days notice | |
Investment securities | |
Trading Securities, Other | 0 |
Quarterly | |
Investment securities | |
Trading Securities, Other | 15.9 |
Quarterly | 30-59 days notice | |
Investment securities | |
Trading Securities, Other | 15.9 |
Quarterly | 60-89 days notice | |
Investment securities | |
Trading Securities, Other | 0 |
Quarterly | 90-119 days notice | |
Investment securities | |
Trading Securities, Other | 0 |
Semi-annual | |
Investment securities | |
Trading Securities, Other | 41.5 |
Semi-annual | 30-59 days notice | |
Investment securities | |
Trading Securities, Other | 21.6 |
Semi-annual | 60-89 days notice | |
Investment securities | |
Trading Securities, Other | 19.9 |
Semi-annual | 90-119 days notice | |
Investment securities | |
Trading Securities, Other | $ 0 |
Lock-up period expiring 2018 | |
Investment securities | |
Number of Investments Held | fund | 1 |
Trading Securities, Other | $ 21.5 |
Annual | |
Investment securities | |
Trading Securities, Other | 2.4 |
Annual | 30-59 days notice | |
Investment securities | |
Trading Securities, Other | 0 |
Annual | 60-89 days notice | |
Investment securities | |
Trading Securities, Other | 0 |
Annual | 90-119 days notice | |
Investment securities | |
Trading Securities, Other | $ 2.4 |
Investment Securities (Inves105
Investment Securities (Investments In Private Equity Funds Subject to Lock-Up Periods) (Details) - Private equity funds $ in Millions | Dec. 31, 2016USD ($) |
Investment securities | |
Trading Securities, Other | $ 71.2 |
1-3 years | |
Investment securities | |
Trading Securities, Other | 14.8 |
3 – 5 years | |
Investment securities | |
Trading Securities, Other | 3.5 |
5 – 10 years | |
Investment securities | |
Trading Securities, Other | 50 |
10 years | |
Investment securities | |
Trading Securities, Other | $ 2.9 |
Investment Securities (Rollforw
Investment Securities (Rollforward of Fair Value Measurements by Level) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)Investment | Dec. 31, 2015USD ($)Investment | Dec. 31, 2014USD ($) | |
Investment securities | |||
Short-term investments, at amortized cost (which approximates fair value) | $ 287 | $ 211.2 | |
Fixed maturity investments, at fair value | 4,250.2 | 2,630.2 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value investments | 4,050.9 | 3,343.6 | |
Total realized and unrealized gains (losses) | (11.6) | 226.8 | |
Amortization/Accretion | (19.3) | (19.6) | |
Purchases | 6,381.7 | 2,377.1 | |
Sales | (5,385.2) | (2,210.1) | |
Net change in investments related to purchases and sales of consolidated/unconsolidated affiliates | (61.4) | ||
Transfers in | 118 | 41.8 | |
Transfers out | (118) | (41.8) | |
Fair value investments | 5,039.7 | 4,050.9 | $ 3,343.6 |
Net realized and unrealized investment gains | 10.3 | 225.4 | 78.5 |
Trading Securities, Change in Unrealized Holding Gain (Loss) | (267.3) | 152.9 | (79.3) |
Discontinued Operations | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net realized and unrealized investment gains | (1.5) | 15.1 | 205.4 |
Fair value measured on a recurring basis | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value investments | 4,134.4 | ||
Fair value investments | 5,195.9 | 4,134.4 | |
Level 1 Inputs | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value investments | 1,152.2 | 550.6 | |
Total realized and unrealized gains (losses) | 11.3 | 263 | |
Amortization/Accretion | 0.1 | 0 | |
Purchases | 2,243.7 | 814.5 | |
Sales | (2,794.8) | (825.7) | |
Net change in investments related to purchases and sales of consolidated/unconsolidated affiliates | (43.5) | ||
Transfers in | 0 | 0 | |
Transfers out | 0 | (1.2) | |
Fair value investments | 612.5 | 1,152.2 | 550.6 |
Level 1 Inputs | Fair value measured on a recurring basis | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value investments | 1,363.5 | ||
Fair value investments | 887 | 1,363.5 | |
Level 2 Inputs | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value investments | 2,531.4 | 2,372.9 | |
Total realized and unrealized gains (losses) | 0.2 | (13.7) | |
Amortization/Accretion | (19.4) | (19.6) | |
Purchases | 3,979.8 | 1,436 | |
Sales | (2,491.5) | (1,286) | |
Net change in investments related to purchases and sales of consolidated/unconsolidated affiliates | 0 | ||
Transfers in | 118 | 41.8 | |
Transfers out | 0 | 0 | |
Fair value investments | 4,118.5 | 2,531.4 | 2,372.9 |
Level 2 Inputs | Fair value measured on a recurring basis | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value investments | 2,531.4 | ||
Fair value investments | 4,131.2 | 2,531.4 | |
Level 3 Inputs | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Trading Securities, Change in Unrealized Holding Gain (Loss) | 6.2 | (23.1) | 7.7 |
Level 3 Inputs | Fair value measured on a recurring basis | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value investments | 239.5 | ||
Fair value investments | 177.7 | 239.5 | |
Prospector | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net realized and unrealized investment gains | 0.8 | ||
Symetra | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Purchases | 394.5 | ||
Symetra | Level 1 Inputs | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Purchases | 394.5 | ||
Trading Securities, Change in Unrealized Holding Gain (Loss) | 258.8 | ||
Star & Shield Insurance Exchange [Member] | Fixed maturity investments | |||
Investment securities | |||
Fixed maturity investments, at fair value | 6.6 | 9.5 | 10.1 |
Common equity securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Trading Securities, Change in Unrealized Holding Gain (Loss) | (254.6) | 207.6 | (83) |
Common equity securities | Level 3 Inputs | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value investments | 0 | 39.5 | |
Total realized and unrealized gains (losses) | 0 | 7.8 | |
Amortization/Accretion | 0 | 0 | |
Sales | 0 | (43.7) | |
Net change in investments related to purchases and sales of consolidated/unconsolidated affiliates | (3.6) | ||
Transfers in | 0 | 0 | |
Transfers out | 0 | 0 | |
Fair value investments | 0 | 0 | 39.5 |
Trading Securities, Change in Unrealized Holding Gain (Loss) | 0 | (9) | 5.8 |
Fixed maturity investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Trading Securities, Change in Unrealized Holding Gain (Loss) | (12.1) | (15.6) | 11.3 |
Fixed maturity investments | Fair value measured on a recurring basis | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value investments | 2,639.7 | ||
Fair value investments | 4,256.8 | 2,639.7 | |
Fixed maturity investments | Level 1 Inputs | Fair value measured on a recurring basis | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value investments | 134 | ||
Fair value investments | 269.4 | 134 | |
Fixed maturity investments | Level 2 Inputs | Fair value measured on a recurring basis | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value investments | 2,435.7 | ||
Fair value investments | 3,987.4 | 2,435.7 | |
Fixed maturity investments | Level 3 Inputs | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value investments | 70 | 76.4 | |
Total realized and unrealized gains (losses) | 0.1 | (1.1) | |
Amortization/Accretion | 0 | 0 | |
Purchases | 120.8 | 35.3 | |
Sales | (72.9) | ||
Net change in investments related to purchases and sales of consolidated/unconsolidated affiliates | 0 | ||
Transfers in | 0 | 0 | |
Transfers out | (118) | (40.6) | |
Fair value investments | $ 0 | $ 70 | 76.4 |
Number of investments | Investment | 3 | 6 | |
Trading Securities, Change in Unrealized Holding Gain (Loss) | $ 0.1 | $ (1.1) | 1.9 |
Fixed maturity investments | Level 3 Inputs | Fair value measured on a recurring basis | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value investments | 70 | ||
Fair value investments | 0 | 70 | |
Other long-term investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Trading Securities, Change in Unrealized Holding Gain (Loss) | (0.6) | (39.1) | (7.6) |
Other long-term investments | Fair value measured on a recurring basis | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value investments | 169.5 | ||
Fair value investments | 177.7 | 169.5 | |
Other long-term investments | Level 1 Inputs | Fair value measured on a recurring basis | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value investments | 0 | ||
Fair value investments | 0 | 0 | |
Other long-term investments | Level 2 Inputs | Fair value measured on a recurring basis | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value investments | 0 | ||
Fair value investments | 0 | 0 | |
Other long-term investments | Level 3 Inputs | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value investments | 169.5 | 125.9 | |
Total realized and unrealized gains (losses) | 6.1 | (20) | |
Amortization/Accretion | 0 | 0 | |
Purchases | 2.2 | 76.5 | |
Sales | (0.1) | (12.9) | |
Net change in investments related to purchases and sales of consolidated/unconsolidated affiliates | 0 | ||
Transfers in | 0 | 0 | |
Transfers out | 0 | 0 | |
Fair value investments | 177.7 | 169.5 | 125.9 |
Trading Securities, Change in Unrealized Holding Gain (Loss) | 6.1 | (13) | 0 |
Other long-term investments | Level 3 Inputs | Fair value measured on a recurring basis | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value investments | 169.5 | ||
Fair value investments | 177.7 | 169.5 | |
Carrying value of investment accounted for using the equity method | 3.5 | 3.8 | 5.2 |
Other long-term investments | Affordable Housing Development Fund [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value investments | 14.7 | 16.8 | |
Fair value investments | 12.3 | 14.7 | 16.8 |
Short-term Investments [Member] | Fair value measured on a recurring basis | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value investments | 211.3 | 376.8 | |
Fair value investments | 287.1 | 211.3 | 376.8 |
Short-term Investments [Member] | Level 1 Inputs | Fair value measured on a recurring basis | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value investments | 211.3 | ||
Fair value investments | 274.4 | 211.3 | |
Short-term Investments [Member] | Level 2 Inputs | Fair value measured on a recurring basis | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value investments | 0 | ||
Fair value investments | 12.7 | 0 | |
Short-term Investments [Member] | Level 3 Inputs | Fair value measured on a recurring basis | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value investments | 0 | ||
Fair value investments | 0 | 0 | |
Short-term Investments [Member] | Star & Shield Insurance Exchange [Member] | Level 1 Inputs | Short-term Investments [Member] | |||
Investment securities | |||
Short-term investments, at amortized cost (which approximates fair value) | 0.1 | 0.1 | |
Forward Contracts [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Trading Securities, Change in Unrealized Holding Gain (Loss) | 0 | ||
Forward Contracts [Member] | Level 3 Inputs | Fair value measured on a recurring basis | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value investments | (1.2) | ||
Total hedge and private equity funds included in other long-term investments | Level 3 Inputs | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value investments | 127.8 | 178.3 | |
Total realized and unrealized gains (losses) | (6.1) | (9.2) | |
Amortization/Accretion | 0 | 0 | |
Purchases | 35.2 | 14.8 | |
Sales | (25.9) | (41.8) | |
Net change in investments related to purchases and sales of consolidated/unconsolidated affiliates | (14.3) | ||
Transfers in | 0 | 0 | |
Transfers out | 0 | 0 | |
Fair value investments | $ 131 | $ 127.8 | $ 178.3 |
Investment Securities (Signific
Investment Securities (Significant Unobservable Inputs) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair Value, Assets Measured on Recurring Basis, Transfers out | $ 118 | $ 41.8 |
Standard Poors NR Rating [Member] | Preferred stocks | Par Value [Member] | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Assets, Fair Value Disclosure | $ 70 | |
Standard Poors NR Rating [Member] | Preferred stocks | Discount Yield | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Unobservable Inputs | 70 | |
Standard Poors NR Rating [Member] | Private equity funds | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Average Share Price Used As Unobservable Input | 4 years | 4 years |
Volatility Rate | 50.00% | 60.00% |
Risk Free Rate | 1.00% | 1.15% |
Standard Poors NR Rating [Member] | Private equity funds | Option pricing method [Member] | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Unobservable Inputs | 0.21 | |
Assets, Fair Value Disclosure | $ 9.3 | $ 9.6 |
Standard Poors NR Rating [Member] | Private equity funds | Discounted cash flows | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Unobservable Inputs | 0.25 | |
Assets, Fair Value Disclosure | $ 22.1 | |
Standard Poors NR Rating [Member] | Convertible Preferred Stock | Multiple of EBITDA [Member] | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Unobservable Inputs | 6 | 6 |
Assets, Fair Value Disclosure | $ 3.6 | $ 5.7 |
Standard Poors NR Rating [Member] | Community Reinvestment Vehicle [Member] | GAAP net equity [Member] | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Unobservable Inputs | 14.3 | 14.3 |
Assets, Fair Value Disclosure | $ 14.3 | $ 14.3 |
Standard Poors NR Rating [Member] | Seller Priority Surplus Note [Member] | Discounted cash flows | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Unobservable Inputs | 0.096 | 0.13 |
Assets, Fair Value Disclosure | $ 51.1 | $ 38 |
Standard Poors NR Rating [Member] | Pari Passu Surplus Note [Member] | Discounted cash flows | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Unobservable Inputs | 0.15 | 0.224 |
Assets, Fair Value Disclosure | $ 20.8 | $ 13.5 |
Level 2 | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair Value, Assets Measured on Recurring Basis, Transfers out | 0 | 0 |
Level 3 Inputs | Fixed maturity investments | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair Value, Assets Measured on Recurring Basis, Transfers out | $ 118 | $ 40.6 |
Investment A | Standard Poors NR Rating [Member] | Private equity funds | Recent transaction [Member] | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Unobservable Inputs | 1 | 1 |
Assets, Fair Value Disclosure | $ 21 | $ 21 |
Investment B [Member] | Standard Poors NR Rating [Member] | Private equity funds | Recent transaction [Member] | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Unobservable Inputs | 2.52 | 1.03 |
Assets, Fair Value Disclosure | $ 3.2 | $ 33.8 |
Investment C [Member] | Standard Poors NR Rating [Member] | Private equity funds | Recent transaction [Member] | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Unobservable Inputs | 2.52 | |
Assets, Fair Value Disclosure | $ 3 | |
Investment E | Standard Poors NR Rating [Member] | Convertible Preferred Stock | Recent transaction [Member] | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Unobservable Inputs | 3.83 | 3.83 |
Assets, Fair Value Disclosure | $ 27 | $ 27 |
Pari Passu Surplus Note [Member] | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
basis points | 2.50% | 2.50% |
Seller Priority Surplus Note [Member] | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
basis points | 2.50% | 2.50% |
Investment Securities Invest108
Investment Securities Investment Securities (OneBeacon Surplus Notes) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
RBC Score | 250.00% | |
Total realized and unrealized gains (losses) | $ 11.6 | $ (226.8) |
OneBeacon | ||
Gain (loss) on sale of discontinued operations, net of tax | (29.1) | (49.5) |
Current market rates on repayments | OneBeacon | ||
Gain (loss) on sale of discontinued operations, net of tax | 5.1 | (15.1) |
Regulatory Approval [Member] | OneBeacon | ||
Gain (loss) on sale of discontinued operations, net of tax | (15.6) | (24.2) |
Liquidity Adjustment [Member] | OneBeacon | ||
Gain (loss) on sale of discontinued operations, net of tax | (18.6) | (10.2) |
Fair Value [Member] | OneBeacon | ||
Surplus notes | 71.9 | 51.5 |
Par Value [Member] | OneBeacon | ||
Surplus notes | 101 | $ 101 |
Seller Priority Surplus Note [Member] | OneBeacon | ||
Gain (loss) on sale of discontinued operations, net of tax | (6.8) | |
Seller Priority Surplus Note [Member] | Current market rates on repayments | OneBeacon | ||
Gain (loss) on sale of discontinued operations, net of tax | 6.2 | |
Seller Priority Surplus Note [Member] | Regulatory Approval [Member] | OneBeacon | ||
Gain (loss) on sale of discontinued operations, net of tax | (0.2) | |
Seller Priority Surplus Note [Member] | Liquidity Adjustment [Member] | OneBeacon | ||
Gain (loss) on sale of discontinued operations, net of tax | (12.8) | |
Seller Priority Surplus Note [Member] | Fair Value [Member] | OneBeacon | ||
Surplus notes | 51.1 | |
Seller Priority Surplus Note [Member] | Par Value [Member] | OneBeacon | ||
Surplus notes | 57.9 | |
Pari Passu Surplus Note [Member] | OneBeacon | ||
Gain (loss) on sale of discontinued operations, net of tax | (22.3) | |
Pari Passu Surplus Note [Member] | Current market rates on repayments | OneBeacon | ||
Gain (loss) on sale of discontinued operations, net of tax | (1.1) | |
Pari Passu Surplus Note [Member] | Regulatory Approval [Member] | OneBeacon | ||
Gain (loss) on sale of discontinued operations, net of tax | (15.4) | |
Pari Passu Surplus Note [Member] | Liquidity Adjustment [Member] | OneBeacon | ||
Gain (loss) on sale of discontinued operations, net of tax | (5.8) | |
Pari Passu Surplus Note [Member] | Fair Value [Member] | OneBeacon | ||
Surplus notes | 20.8 | |
Pari Passu Surplus Note [Member] | Par Value [Member] | OneBeacon | ||
Surplus notes | $ 43.1 |
Debt and Standby Letter of C109
Debt and Standby Letter of Credit Facilities (Debt Outstanding) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 14, 2013 | |
Debt Instrument [Line Items] | ||||
Debt | $ 285.9 | $ 337.6 | ||
Interest expense on debt | 16.1 | 14.6 | $ 14.2 | |
Draw down of debt and revolving line of credit | 352.5 | 171.5 | 133.6 | |
WTM Bank Facility | ||||
Debt Instrument [Line Items] | ||||
Total commitment under revolving credit facility | $ 425 | |||
Interest expense on debt | 1.2 | 0.1 | $ 0.3 | |
Prior W T M Bank Facility | ||||
Debt Instrument [Line Items] | ||||
Total commitment under revolving credit facility | $ 375 | |||
OneBeacon | 2012 OBH Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt instrument at face value | 275 | 275 | ||
Unamortized original issue discount | (1.8) | (2.1) | ||
Debt | $ 273.2 | $ 272.9 | ||
Effective yield (as a percent) | 4.70% | 4.70% | ||
White Mountains | WTM Bank Facility | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 0 | $ 50 | ||
Effective yield (as a percent) | 3.90% | |||
MediaAlpha [Member] | MediaAlpha Bank Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Total commitment under revolving credit facility | $ 20 | |||
Debt instrument at face value | 12.9 | 15 | ||
Unamortized Debt Issuance Expense | $ (0.2) | $ (0.3) | ||
Effective yield (as a percent) | 5.70% | 5.50% | ||
Carrying Value | OneBeacon | 2012 OBH Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 273.2 | $ 272.9 | ||
Carrying Value | MediaAlpha [Member] | MediaAlpha Bank Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 12.7 | $ 14.7 |
Goodwill and Other Intangibl110
Goodwill and Other Intangible Assets (Goodwill and Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2016 | Aug. 04, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 14, 2014 | Feb. 19, 2014 | |
Goodwill [Line Items] | ||||||
Intangible Assets, Gross (Excluding Goodwill) | $ 58.6 | $ 53.6 | ||||
Amortization of Intangible Assets | 34.4 | 22.3 | ||||
Intangible Assets, Net (Excluding Goodwill) | 24.2 | 31.3 | $ 38.7 | |||
Goodwill | 31.7 | 24.1 | $ 23.8 | |||
Intangible Assets, Gross (Including Goodwill) | 90.3 | 77.7 | ||||
Goodwill and intangible assets | 55.9 | 55.4 | ||||
MediaAlpha | ||||||
Goodwill [Line Items] | ||||||
Intangible Assets, Gross (Excluding Goodwill) | 42.4 | 38.5 | ||||
Amortization of Intangible Assets | 24.1 | 14.1 | ||||
Intangible Assets, Net (Excluding Goodwill) | 18.3 | 24.4 | $ 38.5 | |||
Goodwill | 18.3 | 18.3 | $ 18.3 | |||
WOBI [Member] | ||||||
Goodwill [Line Items] | ||||||
Intangible Assets, Gross (Excluding Goodwill) | 5.7 | 5.7 | ||||
Amortization of Intangible Assets | 2 | 1.2 | ||||
Intangible Assets, Net (Excluding Goodwill) | 3.7 | 4.5 | ||||
Goodwill | 5.8 | 5.8 | $ 5.5 | |||
Buzzmove [Member] | ||||||
Goodwill [Line Items] | ||||||
Intangible Assets, Gross (Excluding Goodwill) | 1.1 | 0 | ||||
Amortization of Intangible Assets | 0.1 | 0 | ||||
Intangible Assets, Net (Excluding Goodwill) | 1 | $ 1.1 | 0 | |||
Goodwill | 7.6 | $ 7.6 | 0 | |||
Developed Technology Rights [Member] | MediaAlpha | ||||||
Goodwill [Line Items] | ||||||
Intangible Assets, Gross (Excluding Goodwill) | 32.4 | 32 | ||||
Amortization of Intangible Assets | 17.9 | 11.2 | ||||
Intangible Assets, Net (Excluding Goodwill) | $ 14.5 | 20.8 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||
Developed Technology Rights [Member] | WOBI [Member] | ||||||
Goodwill [Line Items] | ||||||
Intangible Assets, Gross (Excluding Goodwill) | $ 3.6 | 3.6 | ||||
Amortization of Intangible Assets | 1.2 | 0.7 | ||||
Intangible Assets, Net (Excluding Goodwill) | $ 2.4 | 2.9 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |||||
Developed Technology Rights [Member] | Buzzmove [Member] | ||||||
Goodwill [Line Items] | ||||||
Intangible Assets, Gross (Excluding Goodwill) | $ 0.5 | 0 | ||||
Amortization of Intangible Assets | 0 | 0 | ||||
Intangible Assets, Net (Excluding Goodwill) | $ 0.5 | 0 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||
Customer Relationships [Member] | MediaAlpha | ||||||
Goodwill [Line Items] | ||||||
Intangible Assets, Gross (Excluding Goodwill) | $ 10 | 6.5 | ||||
Amortization of Intangible Assets | 6.2 | 2.9 | ||||
Intangible Assets, Net (Excluding Goodwill) | $ 3.8 | 3.6 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | |||||
Trademarks [Member] | WOBI [Member] | ||||||
Goodwill [Line Items] | ||||||
Intangible Assets, Gross (Excluding Goodwill) | $ 2.1 | 2.1 | ||||
Amortization of Intangible Assets | 0.8 | 0.5 | ||||
Intangible Assets, Net (Excluding Goodwill) | $ 1.3 | 1.6 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years | |||||
Trademarks [Member] | Buzzmove [Member] | ||||||
Goodwill [Line Items] | ||||||
Intangible Assets, Gross (Excluding Goodwill) | $ 0.6 | 0 | ||||
Amortization of Intangible Assets | 0.1 | 0 | ||||
Intangible Assets, Net (Excluding Goodwill) | $ 0.5 | 0 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |||||
Other Intangible Assets [Member] | OneBeacon | ||||||
Goodwill [Line Items] | ||||||
Intangible Assets, Gross (Excluding Goodwill) | $ 9.4 | 9.4 | ||||
Amortization of Intangible Assets | 8.2 | 7 | ||||
Intangible Assets, Net (Excluding Goodwill) | $ 1.2 | $ 2.4 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
Debt and Standby Letter of C111
Debt and Standby Letter of Credit Facilities (Schedule of Contractual Repayments) (Details) $ in Millions | Dec. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
Due in one year or less | $ 5 |
Due in two to three years | 7.9 |
Due in four to five years | 0 |
Due after five years | 275 |
Total | $ 287.9 |
Goodwill and Other Intangibl112
Goodwill and Other Intangible Assets (Goodwill and Intangible Assets Rollforward) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | |||
Beginning balance | $ 24.1 | $ 23.8 | |
Acquisitions of businesses | 7.6 | 0.3 | |
Ending balance | 31.7 | 24.1 | $ 23.8 |
Finite-lived Intangible Assets [Roll Forward] | |||
Beginning balance | 31.3 | 38.7 | |
Finite-Lived and Indefinite-Lived Intangibles Acquired | 1.1 | 2.8 | |
Amortization, including foreign currency translation | (12.5) | (10.6) | (8.3) |
Ending balance | 24.2 | 31.3 | 38.7 |
LowFares.com [Member] | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-Lived and Indefinite-Lived Intangibles Acquired | 3.9 | ||
Star & Shield LLC [Member] | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Beginning balance | $ 0.4 | 0.8 | |
Ending balance | $ 0.4 | $ 0.8 |
Debt and Standby Letter of C113
Debt and Standby Letter of Credit Facilities (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Nov. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 29, 2015 | Aug. 14, 2013 | |
Debt Instrument [Line Items] | |||||||
Debt issuance costs | $ 1.6 | ||||||
Interest expense on debt | 16.1 | $ 14.6 | $ 14.2 | ||||
Repayments of debt, principal | 404.6 | 76.1 | 65.2 | ||||
Draw down of debt and revolving line of credit | 352.5 | 171.5 | 133.6 | ||||
Interest Paid | 14.8 | 12.8 | 13 | ||||
Expenses related to issuance, including underwriting fees | 1.6 | ||||||
Debt | 285.9 | 337.6 | |||||
OneBeacon Bank Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total commitment under revolving credit facility | $ 65 | ||||||
WTM Bank Facility | |||||||
Debt Instrument [Line Items] | |||||||
Issuance of debt, net of debt issuance costs | 350 | 125 | |||||
Interest expense on debt | 1.2 | 0.1 | 0.3 | ||||
Total commitment under revolving credit facility | $ 425 | ||||||
Repayments of debt, principal | $ 400 | $ 75 | |||||
Debt, Weighted Average Interest Rate | 3.85% | 3.74% | |||||
Prior W T M Bank Facility | |||||||
Debt Instrument [Line Items] | |||||||
Total commitment under revolving credit facility | $ 375 | ||||||
One Beacon US Holdings Inc. | 2012 OBH Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument at face value | $ 275 | ||||||
Percentage of par value at which debt was issued | 99.90% | ||||||
Issuance of debt, net of debt issuance costs | $ 272.9 | ||||||
Interest rate (as a percent) | 4.60% | ||||||
Effective yield (as a percent) | 4.70% | ||||||
Interest Expense | $ 13.1 | $ 13 | $ 13 | ||||
One Beacon US Holdings Inc. | Senior Notes | 2003 OBH Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate (as a percent) | 5.875% | ||||||
Debt Instrument, Repurchase Amount | $ 269.8 | ||||||
Aggregate purchase price of senior notes purchased and retired | 275.9 | ||||||
Loss on retirement of debt | (6.3) | ||||||
Write off of deferred issuance costs | $ 0.2 | ||||||
MediaAlpha [Member] | MediaAlpha Bank Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||
Debt instrument at face value | $ 12.9 | $ 15 | |||||
Effective yield (as a percent) | 5.70% | 5.50% | |||||
Total commitment under revolving credit facility | $ 20 | ||||||
Term Loan [Member] | MediaAlpha [Member] | MediaAlpha Bank Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total commitment under revolving credit facility | $ 15 | ||||||
Repayments of debt, principal | 2.1 | ||||||
Revolving Credit Facility [Member] | MediaAlpha [Member] | MediaAlpha Bank Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total commitment under revolving credit facility | 5 | ||||||
Repayments of debt, principal | $ 2.5 |
Goodwill and Other Intangibl114
Goodwill and Other Intangible Assets (Amortization Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of Intangible Assets | $ 12.5 | $ 10.6 | $ 8.3 |
Finite-lived intangible assets, next twelve months | 10.9 | ||
Finite-lived intangible assets, year two | 8.3 | ||
Finite-lived intangible assets, year three | 2.3 | ||
Finite-lived intangible assets, year four | 0.7 | ||
Finite-lived intangible assets, year five | 0.9 | ||
Total | $ 23.1 |
Income Taxes (Income Tax (Benef
Income Taxes (Income Tax (Benefit) Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current tax expense (benefit): | |||||||||||
U.S. federal | $ 50.7 | $ 9.1 | $ (4.3) | ||||||||
State | (1.6) | (1.8) | (2) | ||||||||
Non-U.S. | (0.8) | (1.5) | (1.4) | ||||||||
Total current tax expense | 48.3 | 5.8 | (7.7) | ||||||||
Deferred tax expense (benefit): | |||||||||||
U.S. federal | (2.3) | (6.7) | 22.8 | ||||||||
State | (0.6) | 1.1 | (0.3) | ||||||||
Total deferred tax (expense) benefit | (2.9) | (5.6) | 22.5 | ||||||||
Income Tax Expense (Benefit) | $ 23 | $ 6.7 | $ 6 | $ 9.7 | $ 1 | $ 1.6 | $ 2.2 | $ (4.6) | $ 45.4 | $ 0.2 | $ 14.8 |
Income Taxes (Effective Rate Re
Income Taxes (Effective Rate Reconciliation) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | |||||||||||
U.S. statutory rate (as a percent) | 35.00% | ||||||||||
Tax expense (benefit) at the U.S. statutory rate | $ 14.1 | $ (55.1) | $ 10.3 | ||||||||
Differences in taxes resulting from: | |||||||||||
Tax reserve adjustments | 13.7 | (1.7) | 5.2 | ||||||||
Change in valuation allowance | 9.1 | (19.4) | (35.7) | ||||||||
Non-U.S. earnings, net of foreign taxes | 6.9 | 76.7 | 37.8 | ||||||||
Tax rate changes | (3.5) | 0 | 0 | ||||||||
Tax exempt interest and dividends | 2.5 | 2.6 | 2.5 | ||||||||
Other, net | (0.5) | (1.2) | (2.4) | ||||||||
Other, net | 3.1 | (1.7) | (2.9) | ||||||||
Income Tax Expense (Benefit) | $ 23 | $ 6.7 | $ 6 | $ 9.7 | $ 1 | $ 1.6 | $ 2.2 | $ (4.6) | 45.4 | 0.2 | 14.8 |
Pre-tax (loss) income from continuing operations | $ (66.8) | $ 20 | $ (2.1) | $ 8.5 | $ 246.3 | $ (86.9) | $ (5.1) | $ 3 | (40.4) | 157.3 | (29.4) |
Tax Payments and Receipts | |||||||||||
Net income tax payments to (receipts from) national governments, total | (12.8) | (6.5) | 2.7 | ||||||||
Non-US | |||||||||||
Differences in taxes resulting from: | |||||||||||
Pre-tax (loss) income from continuing operations | $ 16.3 | $ 208.5 | $ 60.4 |
Income Taxes (Deferred Tax Inve
Income Taxes (Deferred Tax Inventory) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred income tax assets related to: | ||
U.S. federal net operating and capital loss carryforwards | $ 189.3 | $ 191 |
Unearned premiums | 37.8 | 37.5 |
Non-U.S. net operating loss carryforwards | 29.5 | 33.8 |
Loss reserve discount | 18.1 | 26.8 |
Tax credit carryforwards | 20.7 | 16.9 |
Accrued interest | 2.2 | 1.3 |
Other items | 4 | 8.6 |
Total gross deferred income tax assets | 362.4 | 383.7 |
Less: valuation allowances | (146.6) | (165.4) |
Total net deferred income tax assets | 215.8 | 218.3 |
Deferred income tax liabilities related to: | ||
Deferred acquisition costs | 33.6 | 34.9 |
Net unrealized investment gains | 2.9 | 28.4 |
Deferred Tax Liabilities, Deferred Expense, Reserves and Accruals | 6.4 | 3.5 |
Deferred Tax Liabilities, Deferred Expense, Capitalized Software | 4.7 | 4.5 |
Investment basis difference | 4.1 | 15.2 |
Other items | 0.3 | 0 |
Total deferred income tax liabilities | 89.1 | 105.5 |
Net deferred tax asset | 126.7 | 112.8 |
OneBeacon Runoff | ||
Deferred income tax assets related to: | ||
Runoff Transaction | 12.6 | 12.6 |
Members Surplus Contributions [Member] | ||
Deferred income tax liabilities related to: | ||
Noncurrent deferred tax liabilities | 30 | 19 |
Surplus Note | ||
Deferred income tax liabilities related to: | ||
Noncurrent deferred tax liabilities | 7.1 | 0 |
Incentive Compensation [Member] | ||
Deferred income tax assets related to: | ||
Compensation | 42.5 | 49 |
Deferred Compensation, Share-based Payments [Member] | ||
Deferred income tax assets related to: | ||
Compensation | 5.7 | $ 6.2 |
UNITED STATES | ||
Deferred income tax assets related to: | ||
Tax credit carryforwards | $ 18 |
Income Taxes (Valuation Allowan
Income Taxes (Valuation Allowance) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Valuation Allowance [Line Items] | |||||||||||
Valuation allowance | $ 146.6 | $ 165.4 | $ 146.6 | $ 165.4 | |||||||
Change in valuation allowance | (9.1) | 19.4 | $ 35.7 | ||||||||
Income Tax Expense (Benefit) | (23) | $ (6.7) | $ (6) | $ (9.7) | (1) | $ (1.6) | $ (2.2) | $ 4.6 | (45.4) | (0.2) | $ (14.8) |
Net operating losses in Luxembourg subsidiaries | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Valuation allowance | 24.4 | 24.4 | |||||||||
U.S. losses and other federal deferred tax benefits | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Valuation allowance | 117.3 | 131.5 | 117.3 | 131.5 | |||||||
Net Operating Losses in Israel Subsidiaries [Member] | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Valuation allowance | 4.6 | 5.5 | 4.6 | 5.5 | |||||||
Net Operating Losses in UK Subsidiaries [Member] [Member] | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Valuation allowance | 0.3 | 0.3 | |||||||||
Non-US | Net operating losses in Luxembourg subsidiaries | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Change in valuation allowance | 0.3 | ||||||||||
Non-US | Net Operating Losses in Israel Subsidiaries [Member] | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Change in valuation allowance | 1.1 | 3 | |||||||||
UNITED KINGDOM | UNITED STATES | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Change in valuation allowance | 0.1 | ||||||||||
Subsidiaries | Luxembourg | Net operating losses in Luxembourg subsidiaries | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Valuation allowance | 28.3 | 28.3 | |||||||||
Subsidiaries | NETHERLANDS | Net operating losses in Luxembourg subsidiaries | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Valuation allowance | $ 0.1 | 0.1 | |||||||||
Non-US | UNITED STATES | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Change in valuation allowance | 2.8 | ||||||||||
Guilford Holdings, Inc. | UNITED STATES | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Change in valuation allowance | 17.1 | 9.1 | |||||||||
BAM | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Change in valuation allowance | 3.6 | 6.3 | |||||||||
Income Tax Expense (Benefit) | (11) | (8.7) | |||||||||
Houston General Insurance [Member] | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Change in valuation allowance | 0.1 | (0.5) | |||||||||
Star & Shield Insurance Exchange [Member] | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Change in valuation allowance | (6.9) | $ 1.2 | |||||||||
Continuing Operations [Member] | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Change in valuation allowance | (21.4) | ||||||||||
Stock Compensation Plan [Member] | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Operating Loss Carryforwards | $ 9.9 | $ 9.9 |
Income Taxes (Net Operating and
Income Taxes (Net Operating and Capital Loss Carryforwards) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net deferred tax assets | |||
Total net deferred income tax assets | $ 215.8 | $ 218.3 | |
Change in valuation allowance | (9.1) | 19.4 | $ 35.7 |
Alternative minimum tax credit carryforwards, not subject to expiration | 2.3 | ||
Tax credit carryforwards | 20.7 | 16.9 | |
UNITED STATES | |||
Summary of net operating loss and capital loss carryforwards, the expiration dates and the deferred tax assets thereon | |||
Operating Loss Carryforwards | (4.2) | ||
Net deferred tax assets | |||
Foreign tax credit carryforwards, subject to expiration | 0.4 | ||
Tax credit carryforwards | 18 | ||
Operating and Capital Loss Carryforward | |||
Summary of net operating loss and capital loss carryforwards, the expiration dates and the deferred tax assets thereon | |||
Operating Loss Carryforwards | 675.5 | ||
Net deferred tax assets | |||
Gross deferred tax asset | 218.8 | ||
Valuation allowance | (144.9) | ||
Total net deferred income tax assets | 73.9 | ||
Operating and Capital Loss Carryforward | UNITED STATES | |||
Summary of net operating loss and capital loss carryforwards, the expiration dates and the deferred tax assets thereon | |||
Operating Loss Carryforwards | 558.7 | ||
Net deferred tax assets | |||
Gross deferred tax asset | 189.3 | ||
Valuation allowance | (115.4) | ||
Total net deferred income tax assets | 73.9 | ||
Operating and Capital Loss Carryforward | Luxembourg | |||
Summary of net operating loss and capital loss carryforwards, the expiration dates and the deferred tax assets thereon | |||
Operating Loss Carryforwards | 93.8 | ||
Net deferred tax assets | |||
Gross deferred tax asset | 24.4 | ||
Valuation allowance | (24.4) | ||
Total net deferred income tax assets | 0 | ||
Operating and Capital Loss Carryforward | Foreign Tax Authority [Member] | |||
Summary of net operating loss and capital loss carryforwards, the expiration dates and the deferred tax assets thereon | |||
Operating Loss Carryforwards | 19.8 | ||
Net deferred tax assets | |||
Gross deferred tax asset | 4.6 | ||
Valuation allowance | (4.6) | ||
Total net deferred income tax assets | 0 | ||
Operating and Capital Loss Carryforward | UNITED KINGDOM | |||
Summary of net operating loss and capital loss carryforwards, the expiration dates and the deferred tax assets thereon | |||
Operating Loss Carryforwards | 3.2 | ||
Net deferred tax assets | |||
Gross deferred tax asset | 0.5 | ||
Valuation allowance | (0.5) | ||
Total net deferred income tax assets | 0 | ||
No expiration date [Member] | Operating and Capital Loss Carryforward | |||
Summary of net operating loss and capital loss carryforwards, the expiration dates and the deferred tax assets thereon | |||
Operating Loss Carryforwards | 116.8 | ||
No expiration date [Member] | Operating and Capital Loss Carryforward | UNITED STATES | |||
Summary of net operating loss and capital loss carryforwards, the expiration dates and the deferred tax assets thereon | |||
Operating Loss Carryforwards | 0 | ||
No expiration date [Member] | Operating and Capital Loss Carryforward | Luxembourg | |||
Summary of net operating loss and capital loss carryforwards, the expiration dates and the deferred tax assets thereon | |||
Operating Loss Carryforwards | 93.8 | ||
No expiration date [Member] | Operating and Capital Loss Carryforward | Foreign Tax Authority [Member] | |||
Summary of net operating loss and capital loss carryforwards, the expiration dates and the deferred tax assets thereon | |||
Operating Loss Carryforwards | 19.8 | ||
No expiration date [Member] | Operating and Capital Loss Carryforward | UNITED KINGDOM | |||
Summary of net operating loss and capital loss carryforwards, the expiration dates and the deferred tax assets thereon | |||
Operating Loss Carryforwards | 3.2 | ||
2027-2036 | Operating and Capital Loss Carryforward | |||
Summary of net operating loss and capital loss carryforwards, the expiration dates and the deferred tax assets thereon | |||
Operating Loss Carryforwards | 556.3 | ||
2027-2036 | Operating and Capital Loss Carryforward | UNITED STATES | |||
Summary of net operating loss and capital loss carryforwards, the expiration dates and the deferred tax assets thereon | |||
Operating Loss Carryforwards | 556.3 | ||
2027-2036 | Operating and Capital Loss Carryforward | Luxembourg | |||
Summary of net operating loss and capital loss carryforwards, the expiration dates and the deferred tax assets thereon | |||
Operating Loss Carryforwards | 0 | ||
2027-2036 | Operating and Capital Loss Carryforward | Foreign Tax Authority [Member] | |||
Summary of net operating loss and capital loss carryforwards, the expiration dates and the deferred tax assets thereon | |||
Operating Loss Carryforwards | 0 | ||
2024-2033 [Member] | Operating and Capital Loss Carryforward | UNITED KINGDOM | |||
Summary of net operating loss and capital loss carryforwards, the expiration dates and the deferred tax assets thereon | |||
Operating Loss Carryforwards | 0 | ||
2022-2026 | Operating and Capital Loss Carryforward | |||
Summary of net operating loss and capital loss carryforwards, the expiration dates and the deferred tax assets thereon | |||
Operating Loss Carryforwards | 1.6 | ||
2022-2026 | Operating and Capital Loss Carryforward | UNITED STATES | |||
Summary of net operating loss and capital loss carryforwards, the expiration dates and the deferred tax assets thereon | |||
Operating Loss Carryforwards | 1.6 | ||
2022-2026 | Operating and Capital Loss Carryforward | Luxembourg | |||
Summary of net operating loss and capital loss carryforwards, the expiration dates and the deferred tax assets thereon | |||
Operating Loss Carryforwards | 0 | ||
2022-2026 | Operating and Capital Loss Carryforward | Foreign Tax Authority [Member] | |||
Summary of net operating loss and capital loss carryforwards, the expiration dates and the deferred tax assets thereon | |||
Operating Loss Carryforwards | 0 | ||
2019-2013 [Member] | Operating and Capital Loss Carryforward | UNITED KINGDOM | |||
Summary of net operating loss and capital loss carryforwards, the expiration dates and the deferred tax assets thereon | |||
Operating Loss Carryforwards | 0 | ||
2017-2021 | Operating and Capital Loss Carryforward | |||
Summary of net operating loss and capital loss carryforwards, the expiration dates and the deferred tax assets thereon | |||
Operating Loss Carryforwards | 0.8 | ||
2017-2021 | Operating and Capital Loss Carryforward | UNITED STATES | |||
Summary of net operating loss and capital loss carryforwards, the expiration dates and the deferred tax assets thereon | |||
Operating Loss Carryforwards | 0.8 | ||
2017-2021 | Operating and Capital Loss Carryforward | Luxembourg | |||
Summary of net operating loss and capital loss carryforwards, the expiration dates and the deferred tax assets thereon | |||
Operating Loss Carryforwards | 0 | ||
2017-2021 | Operating and Capital Loss Carryforward | Foreign Tax Authority [Member] | |||
Summary of net operating loss and capital loss carryforwards, the expiration dates and the deferred tax assets thereon | |||
Operating Loss Carryforwards | 0 | ||
2014-2018 [Member] | Operating and Capital Loss Carryforward | UNITED KINGDOM | |||
Summary of net operating loss and capital loss carryforwards, the expiration dates and the deferred tax assets thereon | |||
Operating Loss Carryforwards | 0 | ||
Star & Shield Insurance Exchange [Member] | |||
Net deferred tax assets | |||
Change in valuation allowance | $ (6.9) | $ 1.2 |
Income Taxes (ASC 740-10) (Deta
Income Taxes (ASC 740-10) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | |||
Percentage of likelihood for realization of benefit upon ultimate settlement | 50.00% | ||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | |||
Beginning balance | $ 24.3 | $ 35 | $ 33.7 |
Changes in prior year tax positions | (5.4) | (10.7) | (4.9) |
Lapse in statute of limitations | (1.1) | ||
Settlements with tax authorities | (13.7) | ||
Tax positions taken during the current year | 7.3 | ||
Unrecognized tax benefit recognition including interest and penalties, if recognized, would effect income tax expense | 5.2 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | (8.2) | 1.7 | (2.2) |
Ending balance | 5.2 | 24.3 | 35 |
Permanent Differences [Member] | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | |||
Beginning balance | 5.4 | 5.4 | 8.4 |
Changes in prior year tax positions | 0 | 0 | (2.2) |
Lapse in statute of limitations | (0.8) | ||
Settlements with tax authorities | (5.4) | ||
Tax positions taken during the current year | 0 | ||
Ending balance | 0 | 5.4 | 5.4 |
Temporary Differences [Member] | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | |||
Beginning balance | 10.7 | 23.1 | 16.6 |
Changes in prior year tax positions | (5.5) | (12.4) | (0.8) |
Lapse in statute of limitations | 0 | ||
Settlements with tax authorities | 0 | ||
Tax positions taken during the current year | 7.3 | ||
Ending balance | 5.2 | 10.7 | 23.1 |
Interest and Penalties Net of Tax Benefit [Member] | |||
Income Tax Contingency [Line Items] | |||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 8.2 | ||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | |||
Beginning balance | 6.5 | 8.7 | |
Changes in prior year tax positions | 0.1 | $ 1.7 | (1.9) |
Lapse in statute of limitations | (0.3) | ||
Settlements with tax authorities | (8.3) | ||
Tax positions taken during the current year | 0 | ||
Ending balance | $ 0 | $ 6.5 |
Income Taxes (Tax Examinations)
Income Taxes (Tax Examinations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Examination [Line Items] | ||||||||||||
Income Tax Expense (Benefit) | $ (23) | $ (6.7) | $ (6) | $ (9.7) | $ (1) | $ (1.6) | $ (2.2) | $ 4.6 | $ (45.4) | $ (0.2) | $ (14.8) | |
Unrecognized tax benefit recognition including interest and penalties, if recognized, would effect income tax expense | $ 5.2 | $ 5.2 | ||||||||||
Tax Assessment Year 2010 to 2012 [Member] | ||||||||||||
Income Tax Examination [Line Items] | ||||||||||||
Income Tax Expense (Benefit) | (3.5) | |||||||||||
Tax Assessment Year 2005 to 2006 [Member] | ||||||||||||
Income Tax Examination [Line Items] | ||||||||||||
Income Tax Expense (Benefit) | $ (5) | |||||||||||
Tax Assessment Year 2007 to 2009 [Member] | ||||||||||||
Income Tax Examination [Line Items] | ||||||||||||
Income Tax Expense (Benefit) | $ (12.8) | |||||||||||
Tax Year 2012 [Member] | ||||||||||||
Income Tax Examination [Line Items] | ||||||||||||
Operating Loss Carryforwards | $ 0.6 |
Derivatives (Details)
Derivatives (Details) $ in Millions | Dec. 31, 2016USD ($) |
Derivative [Line Items] | |
Notional amount | $ 184.6 |
Derivatives (Pre-Tax Operating
Derivatives (Pre-Tax Operating Results of WM Life Re) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pre-tax operating results of WM Life Re | |||||||||||
Total revenues | $ 268.2 | $ 365 | $ 358.2 | $ 369.3 | $ 602.6 | $ 296.1 | $ 368.7 | $ 354.3 | $ 1,360.7 | $ 1,621.7 | $ 1,411.1 |
General and administrative expenses | (299.9) | (302.2) | (216.5) | ||||||||
Pre-tax (loss) income from continuing operations | $ (66.8) | $ 20 | $ (2.1) | $ 8.5 | $ 246.3 | $ (86.9) | $ (5.1) | $ 3 | (40.4) | 157.3 | (29.4) |
White Mountains Life Re | |||||||||||
Pre-tax operating results of WM Life Re | |||||||||||
Fees, included in other revenue | 1.2 | 9.3 | 18.6 | ||||||||
Change in Fair Value of Variable Annuity Liability, included in other revenues | (0.3) | (0.4) | 52.9 | ||||||||
Change in fair value of derivatives, included in other revenue | (2) | (8.8) | (72.4) | ||||||||
Foreign exchange, included in other revenue | 1.3 | (1.3) | (3.2) | ||||||||
Other investment income and losses | 0 | (0.4) | (1.4) | ||||||||
Total revenues | 0.2 | (1.6) | (5.5) | ||||||||
Change in fair value of variable annuity death benefit liabilities, included in general and administrative expenses | 0 | 0 | 0.6 | ||||||||
Death benefit claims paid, included in general and administrative expenses | (0.3) | (0.1) | (0.1) | ||||||||
General and administrative expenses | (2.6) | (4) | (4.3) | ||||||||
Pre-tax (loss) income from continuing operations | $ (2.7) | $ (5.7) | (9.3) | ||||||||
Level 3 Inputs | Projected Surrender Assumption [Member] | White Mountains Life Re | |||||||||||
Pre-tax operating results of WM Life Re | |||||||||||
Change in fair value of derivatives, included in other revenue | $ 0.2 |
Derivatives (Realized and Unrea
Derivatives (Realized and Unrealized Gains (Losses)) (Details) - White Mountains Life Re - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Realized and unrealized derivative gains (losses) recognized in other revenues and carrying values of instruments | ||||
Change in fair value of derivatives, included in other revenue | $ (2) | $ (8.8) | $ (72.4) | |
Derivative, Fair Value, Net | 0 | 20.1 | 56.4 | $ 69.2 |
Fixed income/interest rate | ||||
Realized and unrealized derivative gains (losses) recognized in other revenues and carrying values of instruments | ||||
Change in fair value of derivatives, included in other revenue | 1.8 | 6.4 | (33.7) | |
Derivative, Fair Value, Net | 0 | 0.5 | ||
Foreign exchange | ||||
Realized and unrealized derivative gains (losses) recognized in other revenues and carrying values of instruments | ||||
Change in fair value of derivatives, included in other revenue | (4.8) | (7.3) | (1.3) | |
Derivative, Fair Value, Net | 0 | 14.8 | ||
Equity | ||||
Realized and unrealized derivative gains (losses) recognized in other revenues and carrying values of instruments | ||||
Change in fair value of derivatives, included in other revenue | 1 | (7.9) | (37.4) | |
Derivative, Fair Value, Net | $ 0 | $ 4.8 | ||
Level 3 | Projected Surrender Assumption [Member] | ||||
Realized and unrealized derivative gains (losses) recognized in other revenues and carrying values of instruments | ||||
Change in fair value of derivatives, included in other revenue | $ 0.2 |
Derivatives (Variable Annuity R
Derivatives (Variable Annuity Reinsurance Liabilities and Derivative Instruments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Changes in derivative instruments | |||
Purchases | $ 6,381.7 | $ 2,377.1 | |
Level 2 | |||
Changes in derivative instruments | |||
Purchases | 3,979.8 | 1,436 | |
Level 1 | |||
Changes in derivative instruments | |||
Purchases | 2,243.7 | 814.5 | |
White Mountains Life Re | |||
Variable Annuity Reinsurance [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 0 | ||
Fair Value Derivatives Measured on Recurring Basis, Asset Purchases | 0 | ||
Changes in derivative instruments | |||
Beginning of period | 20.1 | 56.4 | $ 69.2 |
Purchases | 0 | ||
Realized and unrealized gains (losses) | 2 | 8.8 | 72.4 |
Transfers in (out) | 0 | 0 | 0 |
Sales/settlements | (18.1) | (27.5) | 59.6 |
Ending balance | 0 | 20.1 | 56.4 |
Collateral Cash and Investments | 0 | 5.8 | 33.2 |
Change in fair value of variable annuity death benefit liabilities, included in general and administrative expenses | 0 | 0 | 0.6 |
White Mountains Life Re | Level 3 | |||
Changes in variable annuity (liabilities) | |||
Purchases | 0 | ||
White Mountains Life Re | Level 2 | |||
Variable Annuity Reinsurance [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 0 | ||
Fair Value Derivatives Measured on Recurring Basis, Asset Purchases | 0 | ||
Changes in derivative instruments | |||
Beginning of period | 16.5 | 33.8 | 4.7 |
Purchases | 0 | ||
Realized and unrealized gains (losses) | 0.7 | 7.5 | 71 |
Transfers in (out) | 0 | 0 | 0 |
Sales/settlements | (15.8) | (9.8) | 100.1 |
Ending balance | 0 | 16.5 | 33.8 |
White Mountains Life Re | Level 1 | |||
Variable Annuity Reinsurance [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 0 | ||
Fair Value Derivatives Measured on Recurring Basis, Asset Purchases | 0 | ||
Changes in derivative instruments | |||
Beginning of period | 0.9 | 3.7 | 1.1 |
Purchases | 0 | ||
Realized and unrealized gains (losses) | 4.2 | (8.4) | (37.2) |
Transfers in (out) | 0 | 0 | 0 |
Sales/settlements | 3.3 | (11.2) | (34.6) |
Ending balance | 0 | 0.9 | 3.7 |
Variable Annuity [Member] | White Mountains Life Re | Level 3 | |||
Variable Annuity Reinsurance [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 0 | ||
Fair Value Derivatives Measured on Recurring Basis, Asset Purchases | 0 | ||
Changes in variable annuity (liabilities) | |||
Beginning balance | 0.3 | 0.7 | 52.8 |
Net realized and unrealized (losses) gains | 0.3 | 0.4 | (53.5) |
Transfers in (out) | 0 | 0 | 0 |
Sales/settlements | 0 | 0 | 0 |
Ending balance | 0 | 0.3 | 0.7 |
Derivative [Member] | White Mountains Life Re | Level 3 | |||
Variable Annuity Reinsurance [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 0 | ||
Fair Value Derivatives Measured on Recurring Basis, Asset Purchases | 0 | ||
Changes in derivative instruments | |||
Beginning of period | 2.7 | 18.9 | 63.4 |
Purchases | 0 | ||
Realized and unrealized gains (losses) | (2.9) | 9.7 | 38.6 |
Transfers in (out) | 0 | 0 | 0 |
Sales/settlements | (5.6) | (6.5) | (5.9) |
Ending balance | $ 0 | $ 2.7 | $ 18.9 |
Derivatives (Additional Collate
Derivatives (Additional Collateral) (Details) - White Mountains Life Re - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Credit risk on derivative instruments | |||
Collateral Cash and Investments | $ 0 | $ 5.8 | $ 33.2 |
Cash | |||
Credit risk on derivative instruments | |||
Derivative Collateral Right to Reclaim | 0 | $ 5.8 | |
Fixed maturity investments | |||
Credit risk on derivative instruments | |||
Derivative Collateral Right to Reclaim | $ 0 |
Derivatives Derivatives (Gross
Derivatives Derivatives (Gross Asset (Gross liability) Amounts Offset Under Master Netting Agreements) (Details) - White Mountains Life Re $ in Millions | Dec. 31, 2015USD ($) |
Derivative [Line Items] | |
Derivative Asset | $ 23.2 |
Derivative Liability | (3.1) |
Net amounts recognized in Other Assets | 20.1 |
Interest Rate Contract | Over the Counter [Member] | |
Derivative [Line Items] | |
Derivative Asset | 2.4 |
Derivative Liability | (2.1) |
Net amounts recognized in Other Assets | 0.3 |
Interest Rate Contract | Exchange Traded [Member] | |
Derivative [Line Items] | |
Derivative Asset | 0.1 |
Derivative Liability | (0.1) |
Net amounts recognized in Other Assets | 0 |
Foreign Exchange Contract | Over the Counter [Member] | |
Derivative [Line Items] | |
Derivative Asset | 15 |
Derivative Liability | 0 |
Net amounts recognized in Other Assets | 15 |
Foreign Exchange Contract | Exchange Traded [Member] | |
Derivative [Line Items] | |
Derivative Asset | 0.1 |
Derivative Liability | (0.3) |
Net amounts recognized in Other Assets | (0.2) |
Equity Contract | Over the Counter [Member] | |
Derivative [Line Items] | |
Derivative Asset | 4.4 |
Derivative Liability | (0.6) |
Net amounts recognized in Other Assets | 3.8 |
Equity Contract | Exchange Traded [Member] | |
Derivative [Line Items] | |
Derivative Asset | 1.2 |
Derivative Liability | 0 |
Net amounts recognized in Other Assets | $ 1.2 |
Derivatives (Uncollateralized A
Derivatives (Uncollateralized Amounts Due Under WM Life Re's OTC Derivative Contracts) (Details) - White Mountains Life Re $ in Thousands | Dec. 31, 2015USD ($)Rating |
Variable Annuity Reinsurance [Line Items] | |
Net amounts recognized in Other Assets | $ 20,100 |
Credit risk on derivative instruments | |
Net exposure on fair value of OTC instruments | $ 19,000 |
S&P Credit Ratings | Rating | 23 |
Derivative, Collateral, Right to Reclaim Cash | $ 0 |
Derivative, Collateral, Right to Reclaim Securities | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 20,100 |
Excess collateral provided to counterparty in cash | 5,800 |
Excess collateral providedto counterparty in financial instruments | 0 |
Derivative, Collateral, Obligation to Return Cash | 6,900 |
A | Citigroup OTC [Member] | |
Variable Annuity Reinsurance [Line Items] | |
Net amounts recognized in Other Assets | 9,900 |
Credit risk on derivative instruments | |
Net exposure on fair value of OTC instruments | 8,500 |
Derivative, Collateral, Right to Reclaim Cash | 0 |
Derivative, Collateral, Right to Reclaim Securities | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 9,900 |
Excess collateral provided to counterparty in cash | 0 |
Excess collateral providedto counterparty in financial instruments | 0 |
Derivative, Collateral, Obligation to Return Cash | 1,400 |
A | Bank of America [Member] | |
Variable Annuity Reinsurance [Line Items] | |
Net amounts recognized in Other Assets | 700 |
Credit risk on derivative instruments | |
Net exposure on fair value of OTC instruments | 700 |
Derivative, Collateral, Right to Reclaim Cash | 0 |
Derivative, Collateral, Right to Reclaim Securities | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 700 |
Excess collateral provided to counterparty in cash | 0 |
Excess collateral providedto counterparty in financial instruments | 0 |
Derivative, Collateral, Obligation to Return Cash | 0 |
A | Citigroup Exchange Traded [Member] | |
Variable Annuity Reinsurance [Line Items] | |
Net amounts recognized in Other Assets | 1,000 |
Credit risk on derivative instruments | |
Net exposure on fair value of OTC instruments | 6,800 |
Derivative, Collateral, Right to Reclaim Cash | 0 |
Derivative, Collateral, Right to Reclaim Securities | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 1,000 |
Excess collateral provided to counterparty in cash | 5,800 |
Excess collateral providedto counterparty in financial instruments | 0 |
Derivative, Collateral, Obligation to Return Cash | 0 |
Standard & Poor's, A+ Rating [Member] | J P Morgan Chase [Member] | |
Variable Annuity Reinsurance [Line Items] | |
Net amounts recognized in Other Assets | 8,500 |
Credit risk on derivative instruments | |
Net exposure on fair value of OTC instruments | 3,000 |
Derivative, Collateral, Right to Reclaim Cash | 0 |
Derivative, Collateral, Right to Reclaim Securities | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 8,500 |
Excess collateral provided to counterparty in cash | 0 |
Excess collateral providedto counterparty in financial instruments | 0 |
Derivative, Collateral, Obligation to Return Cash | $ 5,500 |
Derivatives (Forward Contracts)
Derivatives (Forward Contracts) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Derivative [Line Items] | |
Notional amount | $ 184.6 |
Forward Contracts [Member] | |
Derivative [Line Items] | |
Realized and unrealized gains (losses) | 1.2 |
Other Investments [Member] | |
Derivative [Line Items] | |
Derivative Liability | (1.2) |
GBP | |
Derivative [Line Items] | |
Notional amount | 150 |
Barclays [Member] | Standard & Poor's, A- Rating [Member] | Forward Contracts [Member] | |
Derivative [Line Items] | |
Derivative, Fair Value, Net | (1.2) |
Notional amount | $ 184.6 |
Municipal Bond Guarantee Ins130
Municipal Bond Guarantee Insurance (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016USD ($)Contract | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)Contract | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)Contract | Dec. 31, 2015USD ($)Contract | Dec. 31, 2014USD ($) | Dec. 31, 2012USD ($) | |
Schedule of Insured Financial Obligations with Credit Deterioration [Line Items] | ||||||||||||
Percentage of par value of policy reinsured | 15.00% | 15.00% | ||||||||||
Pre-tax (loss) income from continuing operations | $ (66.8) | $ 20 | $ (2.1) | $ 8.5 | $ 246.3 | $ (86.9) | $ (5.1) | $ 3 | $ (40.4) | $ 157.3 | $ (29.4) | |
Net investment income | 86.8 | $ 60.8 | 59.5 | |||||||||
BAM | ||||||||||||
Schedule of Insured Financial Obligations with Credit Deterioration [Line Items] | ||||||||||||
Financial Guarantee Insurance Contracts, Future Expected Premium Revenue to be Recognized, Next Quarter | 1.9 | 1.9 | ||||||||||
Financial Guarantee Insurance Contracts, Future Expected Premium Revenue to be Recognized, Next Twelve Months | 7.3 | 7.3 | ||||||||||
Financial Guarantee Insurance Contracts, Future Expected Premium Revenue to be Recognized, Year Two | 7 | 7 | ||||||||||
Financial Guarantee Insurance Contracts, Future Expected Premium Revenue to be Recognized, Year Three | 6.6 | 6.6 | ||||||||||
Financial Guarantee Insurance Contracts, Future Expected Premium Revenue to be Recognized, Year Four | 6.3 | 6.3 | ||||||||||
Financial Guarantee Insurance Contracts, Future Expected Premium Revenue to be Recognized, Year Five | 5.9 | 5.9 | ||||||||||
Financial Guarantee Insurance Contracts, Future Expected Premium Revenue to be Recognized, Year Six Through Ten | 49.9 | 49.9 | ||||||||||
Financial Guarantee Insurance Contracts, Future Expected Premium Revenue to be Recognized, Second Quarter | 1.8 | 1.8 | ||||||||||
Financial Guarantee Insurance Contracts, Future Expected Premium Revenue to be Recognized, Third Quarter | 1.8 | 1.8 | ||||||||||
Financial Guarantee Insurance Contracts, Future Expected Premium Revenue to be Recognized, Fourth Quarter | $ 1.8 | $ 1.8 | ||||||||||
Municipal bond contract | Contract | 4,807 | 3,103 | 4,807 | 3,103 | ||||||||
Insured Financial Obligations with Credit Deterioration, Remaining Weighted Average Contract Period | 10 years 10 months | 12 years 10 months | ||||||||||
Municipal bond outstanding principal | $ 33,057.3 | $ 22,556 | $ 33,057.3 | $ 22,556 | ||||||||
Municipal bond outstanding interest | 16,396.6 | 11,984.4 | 16,396.6 | 11,984.4 | ||||||||
Financial Guarantee Insurance Contracts, Unearned Premium Revenue | 83 | 50.2 | 83 | 50.2 | ||||||||
White Mountains | ||||||||||||
Schedule of Insured Financial Obligations with Credit Deterioration [Line Items] | ||||||||||||
Capital contributions | $ 594.5 | |||||||||||
HG Global | ||||||||||||
Schedule of Insured Financial Obligations with Credit Deterioration [Line Items] | ||||||||||||
Surplus notes | $ 300 | $ 300 | 503 | |||||||||
BAM Management | ||||||||||||
Schedule of Insured Financial Obligations with Credit Deterioration [Line Items] | ||||||||||||
Capital contributions | $ 14.5 | |||||||||||
Preferred stocks | HG Global | ||||||||||||
Schedule of Insured Financial Obligations with Credit Deterioration [Line Items] | ||||||||||||
Ownership interest (as a percent) | 96.90% | 96.90% | ||||||||||
Common Stock | HG Global | ||||||||||||
Schedule of Insured Financial Obligations with Credit Deterioration [Line Items] | ||||||||||||
Ownership interest (as a percent) | 88.40% | 88.40% | ||||||||||
BAM | ||||||||||||
Schedule of Insured Financial Obligations with Credit Deterioration [Line Items] | ||||||||||||
Surplus notes | $ 503 | $ 503 | ||||||||||
Pre-tax (loss) income from continuing operations | (48.9) | (47.3) | (40.5) | |||||||||
Net investment income | 6.8 | 4.2 | 5.7 | |||||||||
HG Re | ||||||||||||
Schedule of Insured Financial Obligations with Credit Deterioration [Line Items] | ||||||||||||
Statutory capital and surplus | 467.2 | 452.9 | 467.2 | 452.9 | ||||||||
Collateral Held in Supplement Trust | $ 465.4 | $ 441 | $ 465.4 | 441 | ||||||||
HG Global | ||||||||||||
Schedule of Insured Financial Obligations with Credit Deterioration [Line Items] | ||||||||||||
Percentage of par value of policy reinsured | 15.00% | 15.00% | ||||||||||
Pre-tax (loss) income from continuing operations | $ 22.2 | 17.9 | 18.3 | |||||||||
Net investment income | 2.2 | 1.9 | 1.4 | |||||||||
Surplus Note | ||||||||||||
Schedule of Insured Financial Obligations with Credit Deterioration [Line Items] | ||||||||||||
Net investment income | 0 | 0 | 0 | |||||||||
Surplus Note | BAM | ||||||||||||
Schedule of Insured Financial Obligations with Credit Deterioration [Line Items] | ||||||||||||
Net investment income | (17.8) | (15.8) | (15.7) | |||||||||
Surplus Note | HG Global | ||||||||||||
Schedule of Insured Financial Obligations with Credit Deterioration [Line Items] | ||||||||||||
Net investment income | 17.8 | $ 15.8 | $ 15.7 | |||||||||
Interest Income [Member] | Surplus Note | HG Global | ||||||||||||
Schedule of Insured Financial Obligations with Credit Deterioration [Line Items] | ||||||||||||
Accrued Liabilities | $ 108 | $ 108 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Net income (loss) attributable to White Mountains’ common shareholders | $ (2.3) | $ 200.7 | $ 53.2 | ||||||||
Basic and diluted earnings per share numerators (in millions): | |||||||||||
Allocation of income for unvested restricted common shares(1) | 0 | (2.3) | (0.7) | ||||||||
Dividends declared on participating restricted common shares(1) | 0 | (0.1) | (0.1) | ||||||||
Total allocation to restricted common shares | 0 | (2.4) | (0.8) | ||||||||
Net income attributable to White Mountains’s common shareholders, net of restricted common share amounts | (2.3) | 198.3 | 52.4 | ||||||||
Undistributed net earnings (in millions): | |||||||||||
Net income attributable to White Mountains’s common shareholders, net of restricted common share amounts | (2.3) | 198.3 | 52.4 | ||||||||
Dividends declared net of restricted common share amounts(1) | (5.4) | (5.9) | (6.1) | ||||||||
Total undistributed net earnings, net of restricted common share amounts | $ (7.7) | $ 192.4 | $ 46.3 | ||||||||
Basic earnings per share denominators (in thousands): | |||||||||||
Total average common shares outstanding during the period | 5,014,900 | 5,879,200 | 6,104,900 | ||||||||
Average unvested restricted common shares | (64,800) | (68,000) | (78,900) | ||||||||
Basic earnings per share denominator | 4,950,100 | 5,811,200 | 6,026,000 | ||||||||
Diluted earnings per share denominator (in thousands): | |||||||||||
Average outstanding dilutive shares outstanding | 5,018,100 | 5,879,200 | 6,104,900 | ||||||||
Average unvested restricted common shares | (64,800) | (68,000) | (78,900) | ||||||||
Diluted earnings (loss) per share denominator | 4,953,300 | 5,811,200 | 6,026,000 | ||||||||
Basic earnings per share (in dollars): | |||||||||||
Net income attributable to White Mountains’s common shareholders | $ (5.81) | $ 6.12 | $ (3.44) | $ 2.51 | $ 43.82 | $ (11.10) | $ 0.80 | $ 1.76 | $ (0.47) | $ 34.12 | $ 8.70 |
Dividends declared and paid | (1) | (1) | (1) | ||||||||
Undistributed (loss) earnings | (1.47) | 33.12 | 7.70 | ||||||||
Diluted earnings per share (in dollars) | |||||||||||
Net income attributable to White Mountains’s common shareholders | $ (5.81) | $ 6.11 | $ (3.43) | $ 2.51 | $ 43.79 | $ (11.10) | $ 0.80 | $ 1.76 | (0.47) | 34.12 | 8.70 |
Dividends declared and paid | (1) | (1) | (1) | ||||||||
Undistributed (loss) earnings | $ (1.47) | $ 33.12 | $ 7.70 |
Earnings Per Share (Footnotes)
Earnings Per Share (Footnotes) (Details) - shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Incremental common shares attributable to share-based payment arrangements | 3,217 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Incremental common shares attributable to share-based payment arrangements | 40,000 | 125,000 |
Retirement and Postretiremen133
Retirement and Postretirement Plans (Benefit Obligations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Change in projected benefit obligation: | ||||
Projected benefit obligation at beginning of year | $ 109.5 | $ 119.7 | ||
Service cost | 0.2 | 0.9 | $ 0.6 | |
Interest cost | 1.5 | 4.6 | 4.7 | |
Settlement loss (gain) on projected benefit obligation | $ (1.8) | 1.2 | (1.8) | |
Assumption changes | (0.9) | (3.5) | ||
Actuarial loss | 0.4 | 0.9 | ||
Annuity contract purchases related to termination of Qualified Plan (3) | 0 | 0 | (0.3) | |
Benefits paid directly by OneBeacon | (2.1) | (2.2) | ||
Projected benefit obligation at end of year | 23.8 | 23.8 | 109.5 | 119.7 |
Change in plan assets: | ||||
Fair value of plan assets at beginning of year | 139.8 | 146 | ||
Actual return on plan assets | 6.3 | 7.5 | ||
(Unfunded) over funded status at end of year | (10.8) | (10.8) | 30.3 | |
Fair value of plan assets at end of year | 13 | 13 | 139.8 | 146 |
Amounts recognized in the financial statements | ||||
Net balance sheet asset recorded in other assets | 13 | 13 | 55.8 | |
Net balance sheet liability recorded in other liabilities | (23.8) | (23.8) | (25.5) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | (10.8) | (10.8) | 30.3 | |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | (3) | 0 | $ 0 | |
Projected Benefit Obligations [Member] | ||||
Amounts recognized in the financial statements | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | (1.2) | |||
Benefit and Expenses Paid with Plan Assets [Member] | ||||
Change in projected benefit obligation: | ||||
Defined Benefit Plan, Other Costs | 17 | 13.7 | ||
Contract Termination [Member] | ||||
Change in projected benefit obligation: | ||||
Defined Benefit Plan, Other Costs | 0 | 4.6 | ||
Annuity Contract Purchases [Member] | ||||
Change in projected benefit obligation: | ||||
Annuity contract purchases related to termination of Qualified Plan (3) | (69) | 0 | ||
Defined Benefit Plan, Other Costs | 69 | 0 | ||
Qualified Plan [Member] | ||||
Change in plan assets: | ||||
Fair value of plan assets at beginning of year | 139.4 | |||
Fair value of plan assets at end of year | 12.8 | 12.8 | 139.4 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ||||
Amounts recognized in the financial statements | ||||
Net balance sheet liability recorded in other liabilities | 23.8 | 23.8 | ||
Other Postretirement Benefit Plan, Defined Benefit [Member] | OneBeacon Ltd. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Amount set aside in irrevocable rabbi trust | 20.6 | 20.6 | ||
Transfer of Assets [Member] | ||||
Change in projected benefit obligation: | ||||
Defined Benefit Plan, Other Costs | 47.1 | 0 | ||
Other Expense [Member] | ||||
Change in projected benefit obligation: | ||||
Defined Benefit Plan, Other Costs | 17 | $ 13.7 | ||
Principal Financial Group [Member] | ||||
Amounts recognized in the financial statements | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | (3) | |||
Qualified Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Group Annuity Contracts | 69 | 69 | ||
Change in plan assets: | ||||
Fair value of plan assets at end of year | 13 | 13 | ||
Amounts recognized in the financial statements | ||||
Net balance sheet asset recorded in other assets | $ 13 | 13 | ||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | (3) | |||
Defined Benefit Plan, Assets Transferred to (from) Plan | 47.1 | |||
Qualified Plan [Member] | Other Expense [Member] | ||||
Change in projected benefit obligation: | ||||
Defined Benefit Plan, Other Costs | $ (17) |
Retirement and Postretiremen134
Retirement and Postretirement Plans (Qualifed, Non-qualified, and Accumulated Benefit Obligations) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | $ 3 | $ 0 | $ 0 | |
Amounts recognized in accumulated other comprehensive income (loss) on a pre-tax basis noncontrolling interest | ||||
Accumulated other comprehensive loss beginning balance | $ (6.5) | (8) | (8) | |
Increase (decrease) in accumulated other comprehensive loss: | ||||
Amortization of net actuarial gains recognized during the year | 1.3 | 1.3 | ||
Net actuarial (losses) gains occurring during the year | 3.2 | (1.3) | ||
Other Comprehensive Income Defined Benefit Plans Other Adjustments before Tax | (3) | 0 | ||
Accumulated other comprehensive loss ending balance | (6.5) | (8) | $ (8) | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ||||
Information for the Non-qualified Plan, which had accumulated benefit obligations in excess of plan assets | ||||
Projected benefit obligation | 23.8 | 25.5 | ||
Accumulated benefit obligation | 23.8 | 25.5 | ||
Fair value of plan assets | 0 | 0 | ||
Qualified Plan [Member] | ||||
Information for the Qualified Plan, which had accumulated benefit obligations less than plan assets | ||||
Projected benefit obligation | 0 | 84 | ||
Accumulated benefit obligation | 0 | 84 | ||
Fair value of plan net assets | 13 | $ 139.8 | ||
Scenario, Forecast [Member] | OneBeacon Ltd. | ||||
Increase (decrease) in accumulated other comprehensive loss: | ||||
Amount expected to be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost during 2012 | $ 0.9 | |||
Qualified Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | $ 3 |
Retirement and Postretiremen135
Retirement and Postretirement Plans (Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Components of net periodic benefit cost (income) | |||
Service cost | $ 0.2 | $ 0.9 | $ 0.6 |
Interest cost | 1.5 | 4.6 | 4.7 |
Expected return on plan assets | (1) | (8.7) | (8.5) |
Amortization of net actuarial losses | 1.3 | 1.3 | 0.3 |
Net periodic pension (cost) income before special termination benefits | 2 | (1.9) | (2.9) |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | (3) | 0 | 0 |
Special termination benefits expense | 0 | 0 | 0.3 |
Total net periodic benefit income | $ (1) | $ (1.9) | $ (2.6) |
Qualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Yield (as a percent) | 3.78% | 3.22% | |
Discount rate (as a percent) | 3.88% | ||
Pension Costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate (as a percent) | 3.91% | ||
Long-Duration Contracts, Assumptions by Product and Guarantee, Estimated Average Investment Yield | 3.00% | 6.00% |
Retirement and Postretiremen136
Retirement and Postretirement Plans (Qualified Plan's Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value | $ 13 | $ 139.8 | $ 146 |
Qualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value | $ 12.8 | $ 139.4 | |
Asset allocations (as a percent) | 100.00% | 100.00% | |
Qualified Plan [Member] | Level 1 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value | $ 12.8 | $ 139.4 | |
Qualified Plan [Member] | Level 2 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value | 0 | 0 | |
Qualified Plan [Member] | Level 3 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value | $ 0 | $ 0 | |
Qualified Plan [Member] | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset allocations (as a percent) | 1.50% | 5.00% | |
Qualified Plan [Member] | Fixed maturity investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value | $ 0 | $ 132.4 | |
Asset allocations (as a percent) | 0.00% | 95.00% | |
Qualified Plan [Member] | Fixed maturity investments | Level 1 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value | $ 0 | $ 132.4 | |
Qualified Plan [Member] | Fixed maturity investments | Level 2 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value | 0 | 0 | |
Qualified Plan [Member] | Fixed maturity investments | Level 3 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value | 0 | 0 | |
Qualified Plan [Member] | Common equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value | $ 12.8 | $ 0 | |
Asset allocations (as a percent) | 98.50% | 0.00% | |
Qualified Plan [Member] | Common equity securities | Level 1 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value | $ 12.8 | $ 0 | |
Qualified Plan [Member] | Common equity securities | Level 2 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value | 0 | 0 | |
Qualified Plan [Member] | Common equity securities | Level 3 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value | 0 | 0 | |
Qualified Plan [Member] | Short-term investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value | 0 | 7 | |
Qualified Plan [Member] | Short-term investments | Level 1 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value | 0 | 7 | |
Qualified Plan [Member] | Short-term investments | Level 2 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value | 0 | 0 | |
Qualified Plan [Member] | Short-term investments | Level 3 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value | $ 0 | $ 0 |
Retirement and Postretiremen137
Retirement and Postretirement Plans Retirement and Postretirment Plans (Assumptions) (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Qualified Plan [Member] | ||
Discount Yield (as a percent) | 3.78% | 3.22% |
Discount rate (as a percent) | 3.88% | |
Pension Costs [Member] | ||
Discount rate (as a percent) | 3.91% | |
Long-Duration Contracts, Assumptions by Product and Guarantee, Estimated Average Investment Yield | 3.00% | 6.00% |
Retirement and Postretiremen138
Retirement and Postretirement Plans (Cash Flow) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee savings plan | |||
Defined Benefit Plan, Benefit Obligation | $ 23,800,000 | $ 109,500,000 | $ 119,700,000 |
(Unfunded) over funded status at end of year | (10,800,000) | 30,300,000 | |
OneBeacon Ltd. | |||
Expected Benefit Payments | |||
Expected future benefit payments, next twelve months | 2,100,000 | ||
Expected future benefit payments, year two | 2,100,000 | ||
Expected future benefit payments, year three | 2,000,000 | ||
Expected future benefit payments, year four | 2,000,000 | ||
Expected future benefit payments, year five | 1,900,000 | ||
Expected future benefit payments, five fiscal years thereafter | 8,400,000 | ||
Employee savings plan | |||
Anticipated contribution to plan | 2,100,000 | ||
OneBeacon | |||
Employee savings plan | |||
Assets Held-in-trust, Noncurrent | 29,300,000 | 33,900,000 | |
Withdraw from rabbi trust | 5,500,000 | ||
Disability and Health Benefits [Member] | OneBeacon | |||
Employee savings plan | |||
Post-employment benefit liability | 3,100,000 | 4,100,000 | |
Death benefits [Member] | OneBeacon | |||
Employee savings plan | |||
Postemployment Benefits Liability | 12,800,000 | 12,500,000 | |
One Beacon Employee Stock Ownership Plan | |||
Employee savings plan | |||
Defined Contribution Plan, Cost Recognized | $ 5,500,000 | 5,700,000 | 4,400,000 |
Annual base contribution provided to participants expressed as percentage of salary | 3.00% | ||
Social security wage base amount maximum | $ 118,500 | ||
Variable contribution provided to participants (as percentage) | 6.00% | ||
One Beacon Employee Stock Ownership Plan | OneBeacon | |||
Employee savings plan | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | ||
Defined Contribution Plan, Cost Recognized | $ 3,200,000 | $ 3,000,000 | $ 2,700,000 |
IRS | OneBeacon | |||
Employee savings plan | |||
Defined Benefit Plan Compensation LImits | $ 265,000 |
Employee Share-Based Incenti139
Employee Share-Based Incentive Compensation Plan (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2014 | |
Performance Shares | ||
Share-based compensation arrangement by share-based payment award | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
One Beacon Employee Stock Ownership Plan | ||
Share-based compensation arrangement by share-based payment award | ||
Annual base contribution provided to participants expressed as percentage of salary | 3.00% | |
Social security wage base amount maximum | $ 118,500 | |
Variable contribution provided to participants (as percentage) | 6.00% | |
OneBeacon | IRS | ||
Share-based compensation arrangement by share-based payment award | ||
Defined Benefit Plan Compensation LImits | $ 265,000 | |
Range of Performance Cycle from 2011 to 2013 [Member] | Performance Shares | ||
Share-based compensation arrangement by share-based payment award | ||
Vested (in shares) | (3,570) |
Employee Share-Based Incenti140
Employee Share-Based Incentive Compensation Plans (WTM Performance Shares) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)multipliershares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | |
Unamortized grant date fair value | |||
Beginning of period | $ 140.7 | ||
End of period (3) | $ 140 | $ 140.7 | |
Performance Shares | Range of Performance Cycle from 2011 to 2013 [Member] | |||
Unamortized grant date fair value | |||
Vested (in shares) | shares | 3,570 | ||
Performance Shares | Range Of Performance Cycle From 2013 to 2015 [Member] | |||
Unamortized grant date fair value | |||
Vested (in shares) | shares | 5,000 | ||
Performance Shares | White Mountains | |||
Share-based compensation arrangement by share-based payment award | |||
Multiplier for determining payout, low end of range | multiplier | 0 | ||
Multiplier for determining payout, high end of range | multiplier | 2 | ||
Performance cycle period | 3 years | ||
Performance Shares | W T M Incentive and Phantom Plan [Member] | Performance Cycle From 2012 to 2014 | |||
Unamortized grant date fair value | |||
Performance goal percentage for minimum payout | 91.00% | ||
Payout for maximum growth target percentage | 145.50% | ||
Performance Shares | W T M Incentive and Phantom Plan [Member] | Range of Performance Cycle from 2011 to 2013 [Member] | |||
Unamortized grant date fair value | |||
Performance goal percentage for minimum payout | 88.00% | ||
Payout for maximum growth target percentage | 131.50% | ||
Performance Shares | W T M Incentive and Phantom Plan [Member] | Range Of Performance Cycle From 2013 to 2015 [Member] | |||
Unamortized grant date fair value | |||
Performance goal percentage for minimum payout | 140.00% | ||
Payout for maximum growth target percentage | 142.00% | ||
Performance Shares | W T M Incentive Plan | Range Of Performance Cycle From 2014-2016 [Member] | |||
Unamortized grant date fair value | |||
Payout for maximum growth target percentage | 200.00% | ||
Performance Shares | W T M Incentive Plan | White Mountains | |||
Target Performance Share activity | |||
Beginning of period | shares | 93,654 | 111,257 | 108,605 |
Shares paid or expired(1) | shares | (36,294) | (42,959) | (33,730) |
New grants | shares | 22,615 | 29,195 | 39,590 |
Assumed forfeitures and cancellations(2) | shares | 378 | (3,839) | (3,208) |
End of period (3) | shares | 80,353 | 93,654 | 111,257 |
Unamortized grant date fair value | |||
Beginning of period | $ 57.7 | $ 44.4 | $ 54.9 |
Shares paid or expired(1) | (41) | (30.8) | (24.5) |
Assumed forfeitures and cancellations(2) | 0.5 | (0.3) | (0.1) |
Expense recognized | 25.2 | 44.4 | 14.1 |
End of period (3) | 42.4 | $ 57.7 | $ 44.4 |
Unamortized grant date fair value | $ 23.1 |
Employee Share-Based Incenti141
Employee Share-Based Incentive Compensation Plans (WTM Performance Shares Granted Under the WTM Incentive Plan) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based compensation arrangement by share-based payment award | ||||
Accrued incentive compensation | $ 140 | $ 140.7 | ||
Range Of Performance Cycle From 2015 to 2017 [Member] | W T M Incentive Plan | Performance Shares | ||||
Share-based compensation arrangement by share-based payment award | ||||
Targeted performance goal for personnel expressed as percentage of growth in intrinsic business value per share | 8.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Payout for Maximum Growth Target Percentage | 200.00% | |||
Range Of Performance Cycle From 2014-2016 [Member] | W T M Incentive Plan | Performance Shares | ||||
Share-based compensation arrangement by share-based payment award | ||||
Targeted performance goal for personnel expressed as percentage of growth in intrinsic business value per share | 9.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Payout for Maximum Growth Target Percentage | 200.00% | |||
Performance Cycle From 2013 to 2015 | Performance Shares | ||||
Share-based compensation arrangement by share-based payment award | ||||
Vested (in shares) | (5,000) | |||
Performance Cycle From 2013 to 2015 | W T M Incentive and Phantom Plan [Member] | Performance Shares | ||||
Share-based compensation arrangement by share-based payment award | ||||
Performance goal percentage for minimum payout | 140.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Payout for Maximum Growth Target Percentage | 142.00% | |||
Performance Cycle From 2012 to 2014 | W T M Incentive and Phantom Plan [Member] | Performance Shares | ||||
Share-based compensation arrangement by share-based payment award | ||||
Performance goal percentage for minimum payout | 91.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Payout for Maximum Growth Target Percentage | 145.50% | |||
OneBeacon | Long Term Incentive Plan | Performance Shares | ||||
Share-based compensation arrangement by share-based payment award | ||||
Shares outstanding (in shares) | 452,519 | 449,435 | 517,470 | 493,421 |
Accrued incentive compensation | $ 1.6 | $ 1.4 | $ 3.4 | $ 4 |
Targeted performance goal for personnel expressed as percentage of growth in intrinsic business value per share | 12.00% | 13.00% | 14.00% | |
OneBeacon | Range Of Performance Cycle From 2016-2018 [Member] | Long Term Incentive Plan | Performance Shares | ||||
Share-based compensation arrangement by share-based payment award | ||||
Options nonvested, number before forfeitures (in shares) | 163,150 | |||
Incentive compensation payable before forfeitures | $ 0.9 | |||
OneBeacon | Range Of Performance Cycle From 2015 to 2017 [Member] | Long Term Incentive Plan | Performance Shares | ||||
Share-based compensation arrangement by share-based payment award | ||||
Options nonvested, number before forfeitures (in shares) | 146,659 | |||
Incentive compensation payable before forfeitures | $ 0.7 | |||
OneBeacon | Range Of Performance Cycle From 2014-2016 [Member] | Long Term Incentive Plan | Performance Shares | ||||
Share-based compensation arrangement by share-based payment award | ||||
Options nonvested, number before forfeitures (in shares) | 142,710 | |||
Incentive compensation payable before forfeitures | $ 0 | |||
White Mountains | W T M Incentive Plan | Performance Shares | ||||
Share-based compensation arrangement by share-based payment award | ||||
Options nonvested, number before forfeitures (in shares) | 81,577 | |||
Incentive compensation payable before forfeitures | $ 43.1 | |||
forfeitures | (1,224) | |||
Assumed forfeitures in period amount | (0.7) | |||
Shares outstanding (in shares) | 80,353 | 93,654 | 111,257 | 108,605 |
Accrued incentive compensation | $ 42.4 | $ 57.7 | $ 44.4 | $ 54.9 |
White Mountains | Range Of Performance Cycle From 2016-2018 [Member] | W T M Incentive Plan | Performance Shares | ||||
Share-based compensation arrangement by share-based payment award | ||||
Options nonvested, number before forfeitures (in shares) | 19,615 | |||
Incentive compensation payable before forfeitures | $ 5.4 | |||
White Mountains | Range Of Performance Cycle From 2015 to 2017 [Member] | W T M Incentive Plan | Performance Shares | ||||
Share-based compensation arrangement by share-based payment award | ||||
Options nonvested, number before forfeitures (in shares) | 31,795 | |||
Incentive compensation payable before forfeitures | $ 19.1 | |||
White Mountains | Range Of Performance Cycle From 2014-2016 [Member] | W T M Incentive Plan | Performance Shares | ||||
Share-based compensation arrangement by share-based payment award | ||||
Options nonvested, number before forfeitures (in shares) | 30,167 | |||
Incentive compensation payable before forfeitures | $ 18.6 | |||
Sirius Group | W T M Incentive Plan | Performance Shares | ||||
Share-based compensation arrangement by share-based payment award | ||||
Shares outstanding (in shares) | 7,315 | 10,826 | 12,607 | |
Minimum | Range Of Performance Cycle From 2016-2018 [Member] | W T M Incentive Plan | Performance Shares | ||||
Share-based compensation arrangement by share-based payment award | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Payout for Maximum Growth Target Percentage | 0.00% | |||
Minimum | Range Of Performance Cycle From 2015 to 2017 [Member] | W T M Incentive Plan | Performance Shares | ||||
Share-based compensation arrangement by share-based payment award | ||||
Performance goal percentage for minimum payout | 2.00% | |||
Minimum | Range Of Performance Cycle From 2014-2016 [Member] | W T M Incentive Plan | Performance Shares | ||||
Share-based compensation arrangement by share-based payment award | ||||
Performance goal percentage for minimum payout | 3.00% | |||
Minimum | OneBeacon | Long Term Incentive Plan | Performance Shares | ||||
Share-based compensation arrangement by share-based payment award | ||||
Performance goal percentage for minimum payout | 5.00% | 6.00% | 7.00% | |
Maximum | Range Of Performance Cycle From 2016-2018 [Member] | W T M Incentive Plan | Performance Shares | ||||
Share-based compensation arrangement by share-based payment award | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Payout for Maximum Growth Target Percentage | 200.00% | |||
Maximum | Range Of Performance Cycle From 2015 to 2017 [Member] | W T M Incentive Plan | Performance Shares | ||||
Share-based compensation arrangement by share-based payment award | ||||
Performance goal percentage for minimum payout | 14.00% | |||
Maximum | Range Of Performance Cycle From 2014-2016 [Member] | W T M Incentive Plan | Performance Shares | ||||
Share-based compensation arrangement by share-based payment award | ||||
Performance goal percentage for minimum payout | 15.00% | |||
Maximum | OneBeacon | Long Term Incentive Plan | Performance Shares | ||||
Share-based compensation arrangement by share-based payment award | ||||
Performance goal percentage for minimum payout | 19.00% | 20.00% | 21.00% |
Employee Share-Based Incenti142
Employee Share-Based Incentive Compensation Plans (WTM Restricted Shares) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restricted Share Cliff Vesting in January 2017 [Member] | |||
Target Performance Share activity | |||
Issued (in shares) | 23,440 | ||
W T M Incentive and Phantom Plan [Member] | Restricted Share Cliff Vesting in January 2019 [Member] | |||
Target Performance Share activity | |||
Issued (in shares) | 24,615 | ||
W T M Incentive and Phantom Plan [Member] | Restricted Share Cliff Vesting in January 2018 [Member] | |||
Target Performance Share activity | |||
Issued (in shares) | 750 | 23,640 | |
White Mountains | W T M Incentive Plan | Restricted Stock | |||
Target Performance Share activity | |||
Beginning of period | 70,675 | 83,314 | 94,130 |
Issued (in shares) | 25,365 | 23,640 | 23,440 |
Vested (in shares) | (24,620) | (36,279) | (33,205) |
Assumed forfeitures and cancellations (in shares) | (800) | 0 | (1,051) |
End of period (3) | 70,620 | 70,675 | 83,314 |
Unamortized grant date fair value | |||
Beginning balance | $ 15.7 | $ 14.3 | $ 17 |
Issued | 20.2 | 15.7 | 13.1 |
Assumed forfeitures and cancellations | (0.3) | 0 | (0.5) |
Expense recognized | (15.9) | (14.3) | (15.3) |
Ending balance | $ 19.7 | $ 15.7 | $ 14.3 |
White Mountains | W T M Incentive Plan | Performance Shares | |||
Target Performance Share activity | |||
Beginning of period | 93,654 | 111,257 | 108,605 |
Assumed forfeitures and cancellations (in shares) | 378 | (3,839) | (3,208) |
End of period (3) | 80,353 | 93,654 | 111,257 |
Unamortized grant date fair value | |||
Assumed forfeitures and cancellations | $ 0.5 | $ (0.3) | $ (0.1) |
Expense recognized | (25.2) | $ (44.4) | $ (14.1) |
Ending balance | $ 23.1 | ||
Sirius Group | W T M Incentive Plan | Restricted Stock | |||
Target Performance Share activity | |||
Beginning of period | 9,205 | 12,477 | |
End of period (3) | 5,235 | 9,205 | 12,477 |
Sirius Group | W T M Incentive Plan | Performance Shares | |||
Target Performance Share activity | |||
Beginning of period | 10,826 | 12,607 | |
End of period (3) | 7,315 | 10,826 | 12,607 |
Range of Performance Cycle from 2011 to 2013 [Member] | Performance Shares | |||
Target Performance Share activity | |||
Vested (in shares) | (3,570) | ||
Range of Performance Cycle from 2011 to 2013 [Member] | W T M Incentive and Phantom Plan [Member] | Performance Shares | |||
Share-based compensation arrangement by share-based payment award | |||
Share-based Compensation Arrangement by Share-based Payment Award, Payout for Maximum Growth Target Percentage | 131.50% | ||
Range of Performance Cycle from 2011 to 2013 [Member] | Long Term Incentive Plan | |||
Share-based compensation arrangement by share-based payment award | |||
Percentage of payout for minimum growth target percentage | 37.10% | ||
Range Of Performance Cycle From 2014-2016 [Member] | W T M Incentive Plan | Performance Shares | |||
Share-based compensation arrangement by share-based payment award | |||
Share-based Compensation Arrangement by Share-based Payment Award, Payout for Maximum Growth Target Percentage | 200.00% |
Employee Share-Based Incenti143
Employee Share-Based Incentive Compensation Plans (WTM Non-Qualified and Qualified Options) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based compensation arrangement by share-based payment award | |||
Incremental common shares attributable to share-based payment arrangements | 3,217 | ||
Shares Issued, Price Per Share | $ 742 | ||
Qualified Plan [Member] | |||
Share-based compensation arrangement by share-based payment award | |||
Percentage of common shares outstanding | 3.00% | 3.00% | |
Eligible contribution percentage | 3.00% | 3.00% | 2.00% |
Chief Executive Officer | |||
Share-based compensation arrangement by share-based payment award | |||
Shares Issued, Price Per Share | $ 742 | ||
Employee Stock Option [Member] | |||
Share-based compensation arrangement by share-based payment award | |||
Incremental common shares attributable to share-based payment arrangements | 40,000 | 125,000 | |
Employee Stock Option [Member] | Chief Executive Officer | |||
Share-based compensation arrangement by share-based payment award | |||
Incremental common shares attributable to share-based payment arrangements | 40,000 | 125,000 | |
Employee Stock Option [Member] | Combination One | |||
Share-based compensation arrangement by share-based payment award | |||
Incremental common shares attributable to share-based payment arrangements | 5,000 | ||
Shares Issued, Price Per Share | $ 742 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0.4 | ||
Employee Stock Option [Member] | Combination Two [Member] | |||
Share-based compensation arrangement by share-based payment award | |||
Incremental common shares attributable to share-based payment arrangements | 80,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 8.4 | ||
Common Stock | |||
Share-based compensation arrangement by share-based payment award | |||
Incremental common shares attributable to share-based payment arrangements | 9,930 | ||
Long Term Incentive Plan | Range Of Performance Cycle From 2013 to 2015 [Member] | |||
Share-based compensation arrangement by share-based payment award | |||
Percentage of payout for minimum growth target percentage | 24.30% |
Employee Share-Based Incenti144
Employee Share-Based Incentive Compensation Plans (OneBeason Peformance Shares) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Expense Amortized | |||
Beginning of period | $ 140.7 | ||
End of period (3) | $ 140 | $ 140.7 | |
OneBeacon | Performance Shares | Long Term Incentive Plan | |||
Target options outstanding | |||
Beginning of period | 449,435 | 517,470 | 493,421 |
Shares paid or expired (in shares) | (167,300) | (181,290) | (142,138) |
New grants | 163,150 | 154,887 | 165,800 |
Assumed forfeitures and cancellations (in shares) | 7,234 | (41,632) | 387 |
End of period (3) | 452,519 | 449,435 | 517,470 |
Expense Amortized | |||
Beginning of period | $ 1.4 | $ 3.4 | $ 4 |
Payments and deferrals | (0.6) | (1.5) | (1) |
Assumed forfeitures and cancellations | 0 | (0.1) | 0 |
Expense recognized | 0.8 | (0.4) | 0.4 |
End of period (3) | $ 1.6 | $ 1.4 | $ 3.4 |
Range Of Performance Cycle From 2013 to 2015 [Member] | Long Term Incentive Plan | |||
Expense Amortized | |||
Percentage of payout for minimum growth target percentage | 24.30% | ||
Performance Cycle From 2012 to 2014 | Long Term Incentive Plan | |||
Expense Amortized | |||
Percentage of payout for minimum growth target percentage | 45.70% | ||
Range of Performance Cycle from 2011 to 2013 [Member] | Long Term Incentive Plan | |||
Expense Amortized | |||
Percentage of payout for minimum growth target percentage | 37.10% |
Employee Share-Based Incenti145
Employee Share-Based Incentive Compensation Plans (OneBeacon Performance Shares Outstanding) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based compensation arrangement by share-based payment award | ||||
Accrued incentive compensation | $ 140 | $ 140.7 | ||
OneBeacon | Performance Shares | Long Term Incentive Plan | ||||
Share-based compensation arrangement by share-based payment award | ||||
Shares outstanding (in shares) | 452,519 | 449,435 | 517,470 | 493,421 |
Accrued incentive compensation | $ 1.6 | $ 1.4 | $ 3.4 | $ 4 |
Unamortized grant date fair value | $ 2.1 | |||
Targeted performance goal for personnel expressed as percentage of growth in intrinsic business value per share | 12.00% | 13.00% | 14.00% | |
Range Of Performance Cycle From 2016-2018 [Member] | OneBeacon | Performance Shares | Long Term Incentive Plan | ||||
Share-based compensation arrangement by share-based payment award | ||||
Options nonvested, number before forfeitures (in shares) | 163,150 | |||
Incentive compensation payable before forfeitures | $ 0.9 | |||
Range Of Performance Cycle From 2015 to 2017 [Member] | OneBeacon | Performance Shares | Long Term Incentive Plan | ||||
Share-based compensation arrangement by share-based payment award | ||||
Options nonvested, number before forfeitures (in shares) | 146,659 | |||
Incentive compensation payable before forfeitures | $ 0.7 | |||
Range Of Performance Cycle From 2014-2016 [Member] | OneBeacon | Performance Shares | Long Term Incentive Plan | ||||
Share-based compensation arrangement by share-based payment award | ||||
Options nonvested, number before forfeitures (in shares) | 142,710 | |||
Incentive compensation payable before forfeitures | $ 0 | |||
Maximum | OneBeacon | Performance Shares | Long Term Incentive Plan | ||||
Share-based compensation arrangement by share-based payment award | ||||
Performance goal percentage for minimum payout | 19.00% | 20.00% | 21.00% | |
Percentage of performance shares earned | 200.00% | 200.00% | 200.00% | |
Minimum | OneBeacon | Performance Shares | Long Term Incentive Plan | ||||
Share-based compensation arrangement by share-based payment award | ||||
Performance goal percentage for minimum payout | 5.00% | 6.00% | 7.00% |
Employee Share-Based Incenti146
Employee Share-Based Incentive Compensation Plans (OneBeacon Restricted Shares) (Details) $ in Millions | Feb. 24, 2016shares | May 31, 2011shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | May 25, 2011Installment |
Restricted Stock Units (RSUs) [Member] | OneBeacon | Long Term Incentive Plan | ||||||
Share-based compensation arrangement by share-based payment award | ||||||
Employee Service Share-based Compensation, Total Compensation Cost Not Yet Recognized | $ | $ 3.9 | |||||
Defined Contribution Plan, Cost Recognized | $ | $ 2.1 | $ 0.8 | ||||
Percentage of common shares outstanding | 100.00% | |||||
Target Performance Share activity | ||||||
Issued (in shares) | 233,461 | 226,778 | ||||
Restricted Share Cliff Vesting in January 2018 [Member] | One Beacon Insurance Company | Restricted Stock | ||||||
Target Performance Share activity | ||||||
Issued (in shares) | 75,950 | |||||
Restricted Stock | Sirius Group | W T M Incentive Plan | ||||||
Target Performance Share activity | ||||||
Beginning of period | 9,205 | 12,477 | ||||
End of period (3) | 5,235 | 9,205 | 12,477 | |||
Restricted Stock | OneBeacon | Long Term Incentive Plan | ||||||
Target Performance Share activity | ||||||
Beginning of period | 382,722 | 612,500 | 915,000 | |||
Issued (in shares) | 170,650 | 75,950 | 0 | |||
Vested (in shares) | (157,500) | (296,000) | (300,000) | |||
Assumed forfeitures and cancellations (in shares) | 0 | (9,728) | (2,500) | |||
Employee Service Share-based Compensation Nonvested Awards Forfeited in Period Total Compensation Cost Not yet Recognized | $ | $ 0 | $ (0.1) | ||||
End of period (3) | 395,872 | 382,722 | 612,500 | |||
Unamortized grant date fair value | ||||||
Beginning balance | $ | $ 2.5 | $ 3.5 | $ 6.5 | |||
Issued | $ | 2.3 | 1.1 | 0 | |||
Vested | $ | 0 | 0 | ||||
Expense recognized | $ | (2.7) | (2) | (3) | |||
Ending balance | $ | $ 2.1 | $ 2.5 | $ 3.5 | |||
Restricted Stock | One Beacon Insurance Company | Long Term Incentive Plan | ||||||
Target Performance Share activity | ||||||
Issued (in shares) | 170,650 | |||||
Unamortized grant date fair value | ||||||
Forfeited shares | 35,000 | |||||
Restricted Stock | One Beacon Insurance Company | Long Term Incentive Plan | Chief Executive Officer | ||||||
Target Performance Share activity | ||||||
Issued (in shares) | 630,000 | |||||
Unamortized grant date fair value | ||||||
Number of installments in which the shares vest | Installment | 4 | |||||
Forfeited shares | 35,000 | |||||
Years performance shares will be forfeited | 5 years | |||||
Vesting in January 2019 [Member] | Restricted Stock | One Beacon Insurance Company | Long Term Incentive Plan | ||||||
Target Performance Share activity | ||||||
Issued (in shares) | 78,150 | |||||
Vesting in February 2018 [Member] | Restricted Stock | One Beacon Insurance Company | Long Term Incentive Plan | ||||||
Target Performance Share activity | ||||||
Issued (in shares) | 92,500 | |||||
Restricted Share Cliff Vesting in January 2017 [Member] | Restricted Stock Units (RSUs) [Member] | OneBeacon | Long Term Incentive Plan | ||||||
Target Performance Share activity | ||||||
End of period (3) | 173,042 | |||||
Restricted Share Cliff Vesting in January 2018 [Member] | Restricted Stock Units (RSUs) [Member] | OneBeacon | Long Term Incentive Plan | ||||||
Target Performance Share activity | ||||||
End of period (3) | 214,506 |
Employee Share-Based Incenti147
Employee Share-Based Incentive Compensation Plans (Under Qualified Retirement Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
One Beacon Employee Stock Ownership Plan | |||
Share-based compensation arrangement by share-based payment award | |||
Defined Contribution Plan, Cost Recognized | $ 5.5 | $ 5.7 | $ 4.4 |
Qualified Plan [Member] | |||
Share-based compensation arrangement by share-based payment award | |||
Eligible contribution percentage | 3.00% | 3.00% | 2.00% |
Percentage of common shares outstanding | 3.00% | 3.00% |
Common Shareholders_ Equity 148
Common Shareholders’ Equity and Non-controlling Interests (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||
May 31, 2007 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2012 | |
Common Shares Repurchased and Retired [Abstract] | |||||
Value of common shares repurchased and retired during the period | $ 887.2 | $ 284.2 | $ 134.5 | ||
Value of each common share repurchased and retired during the period (in dollars per share) | $ 802 | $ 733 | $ 617 | ||
Common Shares Issued [Abstract] | |||||
Stock Issued During Period, Shares, New Issues | 47,030 | 25,016 | 28,405 | ||
Shares issued to directors (in shares) | 1,735 | 1,376 | 1,395 | ||
Dividends, Common Stock [Abstract] | |||||
Cash dividends declared and paid | $ 5.4 | $ 6 | $ 6.2 | ||
Dividends delared and paid (in dollars per share) | $ 1 | $ 1 | $ 1 | ||
Non-controlling interests | $ 133.9 | $ 454.8 | |||
Non-controlling Interests | |||||
Common Shares Repurchased and Retired [Abstract] | |||||
Value of common shares repurchased and retired during the period | 0 | 0 | $ 0 | ||
Total Non-Controlling Excluding Reciprocals [Member] | |||||
Dividends, Common Stock [Abstract] | |||||
Non-controlling interests | $ 35.8 | $ 115.2 | |||
Restricted Stock | |||||
Common Shares Issued [Abstract] | |||||
Stock Issued During Period, Shares, New Issues | 25,365 | 23,640 | 23,440 | ||
Performance Shares | |||||
Common Shares Issued [Abstract] | |||||
Stock Issued During Period, Shares, New Issues | 5,000 | 3,570 | |||
Common Stock | |||||
Common Shares Repurchased and Retired [Abstract] | |||||
Common shares repurchased and retired during the period | 1,106,145 | 387,495 | 217,879 | ||
General Board Authorization [Member] | |||||
Common Shares Repurchased and Retired [Abstract] | |||||
Additional authorized repurchase of common shares | 878,130 | ||||
Common shares repurchased and retired during the period | 1,098,123 | 361,839 | 207,404 | ||
Value of common shares repurchased and retired during the period | $ 881.4 | $ 267.4 | $ 128.2 | ||
Value of each common share repurchased and retired during the period (in dollars per share) | $ 803 | $ 739 | $ 618 | ||
Chief Executive Officer | |||||
Common Shares Issued [Abstract] | |||||
Stock Issued During Period, Shares, New Issues | 14,930 | ||||
Repurchased for Employee Benefit Plans [Member] | |||||
Common Shares Repurchased and Retired [Abstract] | |||||
Common shares repurchased and retired during the period | 8,022 | 10,802 | 10,475 | ||
White Mountains | |||||
Dividends, Common Stock [Abstract] | |||||
Capital contributions | $ 594.5 | ||||
Sirius Internation Group Ltd | Preferred stocks | |||||
Dividends, Common Stock [Abstract] | |||||
Preference shares floating rate of dividend amount in excess of libor | 3.20% | ||||
Preferred Stock Redemption Basis Spread on Treasury Issue Rate | 45.00% | ||||
OneBeacon Ltd. | |||||
Dividends, Common Stock [Abstract] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 23.90% | 24.50% | |||
Non-controlling interests | $ 244.6 | $ 245.6 | |||
HG/BAM [Member] | |||||
Dividends, Common Stock [Abstract] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 100.00% | 100.00% | |||
Non-controlling interests | $ (150.9) | $ (140) | |||
Star & Shield Insurance Exchange [Member] | |||||
Dividends, Common Stock [Abstract] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 100.00% | 100.00% | |||
Non-controlling interests | $ 4.4 | $ (16) | |||
Mutual and Reciprocals [Member] | |||||
Dividends, Common Stock [Abstract] | |||||
Non-controlling interests | $ (146.5) | $ (156) | |||
HG Global | |||||
Dividends, Common Stock [Abstract] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 3.10% | 3.10% | |||
Non-controlling interests | $ 16.6 | $ 17.1 | |||
MediaAlpha | |||||
Dividends, Common Stock [Abstract] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 40.00% | 40.00% | |||
Non-controlling interests | $ 11.7 | $ 14.4 | |||
Tranzact | |||||
Dividends, Common Stock [Abstract] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 36.80% | ||||
Non-controlling interests | $ 79.4 | ||||
WOBI [Member] | |||||
Dividends, Common Stock [Abstract] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 5.00% | 3.90% | |||
Non-controlling interests | $ 0.7 | $ 0.6 | |||
Buzzmove [Member] | |||||
Dividends, Common Stock [Abstract] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 29.10% | 0.00% | |||
Non-controlling interests | $ 2.9 | $ 0 | |||
A W G Dewar Inc [Member] | |||||
Dividends, Common Stock [Abstract] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 18.80% | 19.00% | |||
Non-controlling interests | $ 3.9 | $ 3.7 | |||
SIG Preference Shares | |||||
Dividends, Common Stock [Abstract] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 0.00% | 100.00% | |||
Non-controlling interests | $ 0 | $ 250 | |||
BAM Management | |||||
Dividends, Common Stock [Abstract] | |||||
Capital contributions | $ 14.5 | ||||
OneBeacon | |||||
Dividends, Common Stock [Abstract] | |||||
Non-controlling interests | $ 244.6 | $ 249.3 |
Statutory Capital and Surplus (
Statutory Capital and Surplus (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($)yr | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2017 | Dec. 31, 2013USD ($) | |
Statutory Accounting Practices [Line Items] | ||||||
Stockholders' Equity Attributable to Parent | $ 3,603.3 | $ 3,913.2 | ||||
Amount available for dividend distributions without prior approval from regulatory authorities | 60 | |||||
Amount not available for dividend distribution | 502.5 | |||||
Distributions made | 5.4 | |||||
Fair value investments | $ 3,343.6 | 5,039.7 | 4,050.9 | $ 3,343.6 | ||
Trading Securities | 4,256.8 | |||||
Other long-term investments | 323.3 | 315.8 | ||||
OneBeacon | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Statutory net income (loss) | 36.7 | 44.5 | (14.2) | |||
Stockholders' Equity Attributable to Parent | 780.6 | 755.2 | ||||
Distributions made | 79.2 | 80 | ||||
Unrestricted cash | 64.5 | |||||
Other Operations | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Stockholders' Equity Attributable to Parent | 2,294.9 | 1,124.3 | ||||
Unrestricted cash | 1,655 | |||||
Total Capital Contributed to Subsidiary | 703 | 676 | ||||
Other long-term investments | 66.9 | |||||
Unregulated Operation | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Amount available for dividend distributions without prior approval from regulatory authorities | 2,300 | |||||
Unregulated Operation | OneBeacon | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Distributions made | 5.7 | 5.3 | ||||
Unrestricted cash | 56.4 | |||||
White Mountains Advisors LLC | Other Operations | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Unrestricted cash | 17.8 | |||||
Star & Shield Insurance Exchange [Member] | Other Operations | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Statutory capital and surplus | 4.4 | 5 | ||||
Statutory net income (loss) | 20.4 | (3.5) | ||||
Surplus required | 0.4 | |||||
OneBeacon | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Dividends available, net of noncontrolling interest | 177.1 | |||||
HG Global | HG Global-BAM | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Preferred stock, value | $ 619 | |||||
Ownership interest (as a percent) | 96.90% | |||||
Preferred stock dividend rate | 6.00% | |||||
HG Re | HG Global-BAM | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Statutory capital and surplus | $ 467.2 | |||||
Collateral Held in Supplement Trust | 465.4 | |||||
BAM | HG Global-BAM | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Statutory capital and surplus | 431.5 | |||||
Statutory net income (loss) | 32.7 | 32 | 31.8 | |||
Surplus required | 66 | |||||
Subsidiaries | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Stockholders' Equity Attributable to Parent | 562.5 | |||||
One Beacon Insurance Company | OneBeacon | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Distributions made | 700.5 | |||||
Noncash and Part Noncash Distribution Received | 151.2 | |||||
Split Rock [Member] | OneBeacon | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Statutory capital and surplus | 270.2 | 249.5 | ||||
Statutory net income (loss) | $ 42.4 | 45.5 | 46.2 | |||
Percent Available for Dividend Distribution without Prior Approval from Regulatory Agency in Regulated Entities | 15.00% | |||||
Split Rock [Member] | Regulated Operation | OneBeacon | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Statutory capital and surplus | $ 270.2 | |||||
Amount available for dividend distributions without prior approval from regulatory authorities | 60.1 | |||||
Distributions made | 25 | |||||
Capital | 210.1 | |||||
Statutory accounting practices earned surplus | 60.1 | |||||
Total Capital Contributed to Subsidiary | 85 | |||||
Statutory Accounting Practices, Statutory Amount Available for Contributions without Regulatory Approval | 31.5 | |||||
White Mountains | OneBeacon | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Distributions made | 60.3 | |||||
Atlantic Speciality Insurance Company (ASIC) [Member] | OneBeacon | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Surplus required | 107.5 | |||||
Atlantic Speciality Insurance Company (ASIC) [Member] | Regulated Operation | OneBeacon | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Amount available for dividend distributions without prior approval from regulatory authorities | 11.4 | |||||
Distributions made | 26.5 | |||||
Capital | 624.8 | |||||
Statutory accounting practices earned surplus | $ 69 | |||||
Surplus Note | BAM | HG Global-BAM | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Interest rate (as a percent) | 8.00% | |||||
basis points | 3.00% | |||||
Preferred stocks | HG Global | HG Global-BAM | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Dividends Payable | $ 186.2 | |||||
Preferred stocks | White Mountains | HG Global | HG Global-BAM | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Dividends Payable | 180.2 | |||||
Common Equities [Member] | OneBeacon | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Trading Securities | 11.9 | |||||
Common Equities [Member] | Other Operations | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Trading Securities | 285.6 | |||||
Retained earnings | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Stockholders' Equity Attributable to Parent | $ 3,010.5 | $ 2,797.2 | 3,084.9 | $ 3,010.5 | $ 2,801.9 | |
Retained earnings | Split Rock [Member] | OneBeacon | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Statutory Accounting Practices, Statutory Capital, Percent | 25.00% | |||||
Retained earnings | Atlantic Speciality Insurance Company (ASIC) [Member] | OneBeacon | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Statutory Accounting Practices, Statutory Capital, Percent | 10.00% | |||||
U.S and Bermuda [Member] | OneBeacon | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Statutory capital and surplus | $ 624.8 | $ 622.3 | ||||
Surplus Note | Unregulated Operation | OneBeacon | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Fair value investments | $ 71.9 | |||||
Combination One | Surplus Note | BAM | HG Global-BAM | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Number of years of change in interest rate | 5 | |||||
Combination Two [Member] | Surplus Note | BAM | HG Global-BAM | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Number of years of change in interest rate | yr | 3 | |||||
US Treasury Rate [Member] | Surplus Note | BAM | HG Global-BAM | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Interest rate (as a percent) | 3.54% | |||||
Fixed interest rate [Member] | Surplus Note | BAM | HG Global-BAM | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Interest rate (as a percent) | 8.00% | |||||
Scenario, Forecast [Member] | US Treasury Rate [Member] | Surplus Note | BAM | HG Global-BAM | ||||||
Statutory Accounting Practices [Line Items] | ||||||
Interest rate (as a percent) | 3.78% |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment reporting information | |||||||||||
Percentage of par value of policy reinsured | 15.00% | 15.00% | |||||||||
Earned insurance premiums | $ 1,114 | $ 1,188.2 | $ 1,185 | ||||||||
Net investment income | 86.8 | 60.8 | 59.5 | ||||||||
Net realized and unrealized investment gains | 10.3 | 225.4 | 78.5 | ||||||||
Other revenue | 149.6 | 147.3 | 88.1 | ||||||||
Total revenues | $ 268.2 | $ 365 | $ 358.2 | $ 369.3 | $ 602.6 | $ 296.1 | $ 368.7 | $ 354.3 | 1,360.7 | 1,621.7 | 1,411.1 |
Loss and loss adjustment expenses | 664 | 708.9 | 824 | ||||||||
Insurance acquisition expenses | 211.6 | 220.1 | 206.2 | ||||||||
Other underwriting expenses | 209.5 | 218.6 | 179.6 | ||||||||
General and administrative expenses | 299.9 | 302.2 | 216.5 | ||||||||
Amortization of Intangible Assets | 12.5 | 10.6 | 8.3 | ||||||||
Interest expense on debt | 16.1 | 14.6 | 14.2 | ||||||||
Total expenses | 335 | 345 | 360.3 | 360.8 | 356.3 | 383 | 373.8 | 351.3 | 1,401.1 | 1,464.4 | 1,440.5 |
Pre-tax (loss) income from continuing operations | $ (66.8) | $ 20 | $ (2.1) | $ 8.5 | $ 246.3 | $ (86.9) | $ (5.1) | $ 3 | (40.4) | 157.3 | (29.4) |
Segment Reconciling Items [Member] | |||||||||||
Segment reporting information | |||||||||||
General and administrative expenses | 287.4 | 291.6 | 208.2 | ||||||||
OneBeacon | |||||||||||
Segment reporting information | |||||||||||
Earned insurance premiums | 1,100.6 | 1,176.2 | 1,177.1 | ||||||||
Net investment income | 50.6 | 45.9 | 43.4 | ||||||||
Net realized and unrealized investment gains | 37.7 | (35.1) | 40.4 | ||||||||
Other revenue | 5.5 | (0.6) | 5.8 | ||||||||
Total revenues | 1,194.4 | 1,186.4 | 1,266.7 | ||||||||
Loss and loss adjustment expenses | 656 | 700.7 | 815.1 | ||||||||
Insurance acquisition expenses | 206 | 213.8 | 203.3 | ||||||||
Other underwriting expenses | 209 | 218.2 | 179.2 | ||||||||
Interest expense on debt | 13.1 | 13 | 13 | ||||||||
Total expenses | 1,098.3 | 1,161.1 | 1,224.4 | ||||||||
Pre-tax (loss) income from continuing operations | 96.1 | 25.3 | 42.3 | ||||||||
OneBeacon | Segment Reconciling Items [Member] | |||||||||||
Segment reporting information | |||||||||||
General and administrative expenses | 13 | 14.1 | 12.4 | ||||||||
BAM | |||||||||||
Segment reporting information | |||||||||||
Earned insurance premiums | 1.5 | 0.8 | 0.4 | ||||||||
Net investment income | 6.8 | 4.2 | 5.7 | ||||||||
Net realized and unrealized investment gains | 0.6 | 0.9 | 6.6 | ||||||||
Other revenue | 1.1 | 0.7 | 0.6 | ||||||||
Total revenues | (7.8) | (9.2) | (2.4) | ||||||||
Loss and loss adjustment expenses | 0 | 0 | 0 | ||||||||
Insurance acquisition expenses | 2.5 | 2.3 | 1.8 | ||||||||
Other underwriting expenses | 0.4 | 0.4 | 0.4 | ||||||||
Interest expense on debt | 0 | 0 | 0 | ||||||||
Total expenses | 41.1 | 38.1 | 38.1 | ||||||||
Pre-tax (loss) income from continuing operations | (48.9) | (47.3) | (40.5) | ||||||||
BAM | Segment Reconciling Items [Member] | |||||||||||
Segment reporting information | |||||||||||
General and administrative expenses | $ 38.2 | 35.4 | 35.9 | ||||||||
HG Global | |||||||||||
Segment reporting information | |||||||||||
Percentage of par value of policy reinsured | 15.00% | 15.00% | |||||||||
Earned insurance premiums | $ 4.4 | 2.5 | 1.4 | ||||||||
Net investment income | 2.2 | 1.9 | 1.4 | ||||||||
Net realized and unrealized investment gains | 0.1 | (0.3) | 1.7 | ||||||||
Other revenue | 0 | 0 | 0 | ||||||||
Total revenues | 24.5 | 19.9 | 20.2 | ||||||||
Loss and loss adjustment expenses | 0 | 0 | 0 | ||||||||
Insurance acquisition expenses | 0.9 | 0.6 | 0.3 | ||||||||
Other underwriting expenses | 0 | 0 | 0 | ||||||||
Interest expense on debt | 0 | 0 | 0 | ||||||||
Total expenses | 2.3 | 2 | 1.9 | ||||||||
Pre-tax (loss) income from continuing operations | 22.2 | 17.9 | 18.3 | ||||||||
HG Global | Segment Reconciling Items [Member] | |||||||||||
Segment reporting information | |||||||||||
General and administrative expenses | 1.4 | 1.4 | 1.6 | ||||||||
Other Segments | |||||||||||
Segment reporting information | |||||||||||
Earned insurance premiums | 7.5 | 8.7 | 6.1 | ||||||||
Net investment income | 27.2 | 8.8 | 9 | ||||||||
Net realized and unrealized investment gains | (28.1) | 259.9 | 29.8 | ||||||||
Other revenue | 143 | 147.2 | 81.7 | ||||||||
Total revenues | 149.6 | 424.6 | 126.6 | ||||||||
Loss and loss adjustment expenses | 8 | 8.2 | 8.9 | ||||||||
Insurance acquisition expenses | 2.2 | 3.4 | 0.8 | ||||||||
Other underwriting expenses | 0.1 | 0 | 0 | ||||||||
Interest expense on debt | 3 | 1.6 | 1.2 | ||||||||
Total expenses | 259.4 | 263.2 | 176.1 | ||||||||
Pre-tax (loss) income from continuing operations | (109.8) | 161.4 | (49.5) | ||||||||
Other Segments | Segment Reconciling Items [Member] | |||||||||||
Segment reporting information | |||||||||||
General and administrative expenses | 234.8 | 240.7 | 158.3 | ||||||||
General and Administrative Expense [Member] | |||||||||||
Segment reporting information | |||||||||||
Amortization of Intangible Assets | 12.5 | 10.6 | 8.3 | ||||||||
General and Administrative Expense [Member] | OneBeacon | |||||||||||
Segment reporting information | |||||||||||
Amortization of Intangible Assets | 1.2 | 1.3 | 1.4 | ||||||||
General and Administrative Expense [Member] | BAM | |||||||||||
Segment reporting information | |||||||||||
Amortization of Intangible Assets | 0 | 0 | 0 | ||||||||
General and Administrative Expense [Member] | HG Global | |||||||||||
Segment reporting information | |||||||||||
Amortization of Intangible Assets | 0 | 0 | 0 | ||||||||
General and Administrative Expense [Member] | Other Segments | |||||||||||
Segment reporting information | |||||||||||
Amortization of Intangible Assets | 11.3 | 9.3 | 6.9 | ||||||||
Symetra | Other Segments | |||||||||||
Segment reporting information | |||||||||||
Net realized and unrealized investment gains | 258.8 | ||||||||||
MediaAlpha [Member] | Other Segments | |||||||||||
Segment reporting information | |||||||||||
Other revenue | 116.5 | 105.5 | 65.3 | ||||||||
General and administrative expenses | 109.6 | 99 | 60.6 | ||||||||
Surplus Note | |||||||||||
Segment reporting information | |||||||||||
Net investment income | 0 | 0 | 0 | ||||||||
Surplus Note | OneBeacon | |||||||||||
Segment reporting information | |||||||||||
Net investment income | 0 | 0 | 0 | ||||||||
Surplus Note | BAM | |||||||||||
Segment reporting information | |||||||||||
Net investment income | (17.8) | (15.8) | (15.7) | ||||||||
Surplus Note | HG Global | |||||||||||
Segment reporting information | |||||||||||
Net investment income | 17.8 | 15.8 | 15.7 | ||||||||
Surplus Note | Other Segments | |||||||||||
Segment reporting information | |||||||||||
Net investment income | $ 0 | $ 0 | $ 0 |
Segment Information (Assets) (D
Segment Information (Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment reporting information | |||||
Total investments | $ 5,334.8 | $ 4,271.1 | |||
Reinsurance recoverable on paid and unpaid losses | 179.5 | 193.5 | |||
Assets held for sale | 10.1 | 4,790.4 | |||
Assets | 6,544.7 | 10,282.6 | |||
Loss and loss adjustment expense reserves | 1,365.6 | 1,389.8 | $ 1,342.2 | $ 1,054.3 | |
Liabilities held for sale | 5.1 | 3,047.4 | |||
Liabilities | 2,807.5 | 5,914.6 | |||
Non-controlling interests | 133.9 | 454.8 | |||
White Mountains’ common shareholders’ equity | 3,603.3 | 3,913.2 | |||
OneBeacon | |||||
Segment reporting information | |||||
Total investments | 2,620.4 | 2,591.4 | |||
Reinsurance recoverable on paid and unpaid losses | 179.5 | 193.5 | |||
Assets held for sale | 0 | 0 | |||
Assets | 3,589.4 | 3,600.8 | |||
Loss and loss adjustment expense reserves | 1,365.6 | 1,389.8 | |||
Liabilities held for sale | 0 | 0 | |||
Liabilities | 2,564.2 | 2,596.3 | |||
Non-controlling interests | 244.6 | 249.3 | |||
White Mountains’ common shareholders’ equity | 780.6 | 755.2 | |||
HG Global | |||||
Segment reporting information | |||||
Total investments | 161.6 | 136.2 | |||
Reinsurance recoverable on paid and unpaid losses | 0 | 0 | |||
Assets held for sale | 0 | 0 | |||
Assets | 787 | 739 | |||
Loss and loss adjustment expense reserves | 0 | 0 | |||
Liabilities held for sale | 0 | 0 | |||
Liabilities | 247.6 | 181.2 | |||
Non-controlling interests | 16.6 | 17.1 | |||
White Mountains’ common shareholders’ equity | 522.8 | 540.7 | |||
BAM | |||||
Segment reporting information | |||||
Total investments | 468.1 | 460.3 | |||
Reinsurance recoverable on paid and unpaid losses | 0 | 0 | |||
Assets held for sale | 0 | 0 | |||
Assets | (78.9) | (91.1) | |||
Loss and loss adjustment expense reserves | 0 | 0 | |||
Liabilities held for sale | 0 | 0 | |||
Liabilities | 72 | 48.9 | |||
Non-controlling interests | (150.9) | (140) | |||
White Mountains’ common shareholders’ equity | 0 | 0 | |||
Surplus notes | 503 | ||||
Accrued interest on surplus notes | 108 | 90.2 | |||
Other Operations | |||||
Segment reporting information | |||||
Total investments | 2,084.7 | 1,083.2 | |||
Reinsurance recoverable on paid and unpaid losses | 0 | 0 | |||
Assets held for sale | 0 | 0 | |||
Assets | 2,417.3 | 1,378.8 | |||
Loss and loss adjustment expense reserves | 0 | 0 | |||
Liabilities held for sale | 0 | 0 | |||
Liabilities | 98.8 | 176.1 | |||
Non-controlling interests | 23.6 | 78.4 | |||
White Mountains’ common shareholders’ equity | 2,294.9 | 1,124.3 | |||
Total Capital Contributed to Subsidiary | 703 | 676 | |||
Consolidation, Eliminations [Member] | |||||
Segment reporting information | |||||
Assets | (180.2) | (135.3) | |||
Liabilities | (180.2) | (135.3) | |||
Discontinued Operations, Held-for-sale [Member] | |||||
Segment reporting information | |||||
Total investments | 0 | 0 | |||
Reinsurance recoverable on paid and unpaid losses | 0 | 0 | |||
Assets held for sale | 10.1 | 4,790.4 | |||
Assets | 10.1 | 4,790.4 | |||
Loss and loss adjustment expense reserves | 0 | 0 | |||
Liabilities held for sale | 5.1 | 3,047.4 | |||
Liabilities | 5.1 | 3,047.4 | |||
Non-controlling interests | 0 | 0 | |||
White Mountains’ common shareholders’ equity | 5 | 1,493 | |||
Continuing Operations [Member] | |||||
Segment reporting information | |||||
Non-controlling interests | 133.9 | 204.8 | |||
SIG Preference Shares | |||||
Segment reporting information | |||||
Non-controlling interests | 250 | ||||
HG Global | |||||
Segment reporting information | |||||
Non-controlling interests | 16.6 | 17.1 | |||
Surplus notes | 300 | $ 503 | |||
Preferred Dividends Payable [Member] | HG Global | Other Operations | |||||
Segment reporting information | |||||
Accounts Payable and Accrued Liabilities | $ 180.2 | $ 135.3 |
Investments in Unconsolidate152
Investments in Unconsolidated Affiliates (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Nov. 05, 2015 | |
Safeco Corporation [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 1,350,000,000 | |
Symetra | ||
Investments in and Advances to Affiliates [Line Items] | ||
Payments to Acquire Interest in Subsidiaries and Affiliates | 195,000,000 | |
Symetra | Common Stock | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in unconsolidated affiliates | $ 411,400,000 | $ 392,800,000 |
Investments in Unconsolidate153
Investments in Unconsolidated Affiliates (Symetra Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Nov. 05, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 01, 2016 | Dec. 31, 2011 | |
Investments in unconsolidated affiliates | ||||||||||
Trading Securities, Change in Unrealized Holding Gain (Loss) | $ (267,300,000) | $ 152,900,000 | $ (79,300,000) | |||||||
Trading Securities Unrealized Holding Gain (Loss) on Investments after Tax | (226,600,000) | 140,600,000 | (69,400,000) | |||||||
Realized gains | 315,500,000 | 112,900,000 | 194,000,000 | |||||||
After tax amortization through equity in net unrealized losses | 0 | (36,300,000) | 75,300,000 | |||||||
Sales of common equity securities | $ 1,200,800,000 | $ 461,400,000 | 609,800,000 | |||||||
Common shares, par value per share (in dollars per share) | $ 1 | $ 1 | $ 1 | |||||||
Symetra | ||||||||||
Investments in unconsolidated affiliates | ||||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | 195,000,000 | |||||||||
Trading Securities, Change in Unrealized Holding Gain (Loss) | $ 258,800,000 | |||||||||
Trading Securities Unrealized Holding Gain (Loss) on Investments after Tax | $ 241,100,000 | |||||||||
Realized gains | $ 4,700,000 | |||||||||
Shares of symetra financial corporation owned (in shares) | 20,562,379 | |||||||||
Ownership interest (as a percent) | 17.70% | |||||||||
Fair value of investment | $ 261,000,000 | |||||||||
Estimated fair value of investment per share | $ 15 | |||||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 159,900,000 | |||||||||
Term of amortization (in years) | 30 years | |||||||||
Dividends Payable, Amount Per Share | $ 32 | |||||||||
Common Stock | Symetra | ||||||||||
Investments in unconsolidated affiliates | ||||||||||
Dividends received | $ (16,900,000) | |||||||||
Per share price, class of warrant (in dollars per share) | $ 31.67 | |||||||||
equity in earnings of unconsolidated affiliates [Member] | Symetra | ||||||||||
Investments in unconsolidated affiliates | ||||||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 32,600,000 | |||||||||
After tax amortization through equity in earnings | $ 2,200,000 | 2,800,000 | ||||||||
Net unrealized gains (losses) of unconsolidated affiliates [Member] | Symetra | ||||||||||
Investments in unconsolidated affiliates | ||||||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 127,300,000 | |||||||||
After tax amortization through equity in net unrealized losses | $ 8,900,000 | $ 11,700,000 | ||||||||
Symetra | ||||||||||
Investments in unconsolidated affiliates | ||||||||||
Sales of common equity securities | $ 658,000,000 |
Investments in Unconsolidate154
Investments in Unconsolidated Affiliates (Investments in Symetra) (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 05, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Nov. 05, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Changes in carrying value of investment in Symetra | ||||||||||||||
Equity in earnings of unconsolidated affiliates, net of tax | $ 0 | $ 0 | $ 0 | $ 0 | $ 7.1 | $ 3.9 | $ 6.8 | $ 7.3 | $ 0 | $ 25.1 | $ 45.6 | |||
Net change in pre-tax unrealized investment (losses) gains on investments in unconsolidated affiliates | 0 | (39.2) | 81.2 | |||||||||||
Income Tax Expense (Benefit) | $ 23 | $ 6.7 | $ 6 | $ 9.7 | $ 1 | $ 1.6 | $ 2.2 | $ (4.6) | $ 45.4 | $ 0.2 | 14.8 | |||
Common shares, issued shares | 4,563,814 | 5,623,735 | 4,563,814 | 5,623,735 | ||||||||||
Common Stock | Symetra | ||||||||||||||
Changes in carrying value of investment in Symetra | ||||||||||||||
Equity in earnings of unconsolidated affiliates, net of tax | $ 25.1 | |||||||||||||
Net change in pre-tax unrealized investment (losses) gains on investments in unconsolidated affiliates | (39.2) | |||||||||||||
Carrying value of a distribution | 12.4 | |||||||||||||
Dividends received | (16.9) | |||||||||||||
Carrying value at the end of the period | $ 392.8 | $ 411.4 | 392.8 | 411.4 | ||||||||||
Loss from dilutive effect resulting from dividend and issuance of restricted shares | (0.1) | |||||||||||||
Aggregate value of White Mountains common shares of Symetra at quoted market price | $ 651.2 | $ 651.2 | ||||||||||||
Share Price | $ 31.67 | $ 31.67 | ||||||||||||
Common Stock | White Mountains | ||||||||||||||
Changes in carrying value of investment in Symetra | ||||||||||||||
Net change in pre-tax unrealized investment (losses) gains on investments in unconsolidated affiliates | $ (1.6) | $ 37.6 | ||||||||||||
equity in earnings of unconsolidated affiliates [Member] | Common Stock | Symetra | ||||||||||||||
Changes in carrying value of investment in Symetra | ||||||||||||||
Income Tax Expense (Benefit) | $ (1.6) | |||||||||||||
Net unrealized gains (losses) of unconsolidated affiliates [Member] | Common Stock | Symetra | ||||||||||||||
Changes in carrying value of investment in Symetra | ||||||||||||||
Income Tax Expense (Benefit) | 2.9 | |||||||||||||
Net unrealized gains (losses) of unconsolidated affiliates [Member] | Common Stock | White Mountains | ||||||||||||||
Changes in carrying value of investment in Symetra | ||||||||||||||
Income Tax Expense (Benefit) | 0.2 | $ (2.7) | ||||||||||||
impairment of net unrealized gains (losses) [Member] | Net unrealized gains (losses) of unconsolidated affiliates [Member] | Common Stock | Symetra | ||||||||||||||
Changes in carrying value of investment in Symetra | ||||||||||||||
Net change in pre-tax unrealized investment (losses) gains on investments in unconsolidated affiliates | 9.4 | |||||||||||||
Amortization of common share basis difference [Member] | Common Stock | Symetra | ||||||||||||||
Changes in carrying value of investment in Symetra | ||||||||||||||
Equity in earnings of unconsolidated affiliates, net of tax | $ 2.3 | |||||||||||||
Prospector | ||||||||||||||
Changes in carrying value of investment in Symetra | ||||||||||||||
Common shares, issued shares | 513,500 | 513,500 |
Investments in Unconsolidate155
Investments in Unconsolidated Affiliates (Financial Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investments in and Advances to Affiliates | ||||||||||||
Total investments | $ 5,334.8 | $ 4,271.1 | $ 5,334.8 | $ 4,271.1 | ||||||||
Total assets | 6,544.7 | 10,282.6 | 6,544.7 | 10,282.6 | ||||||||
Long-term debt | 285.9 | 337.6 | 285.9 | 337.6 | ||||||||
Total liabilities | 2,807.5 | 5,914.6 | 2,807.5 | 5,914.6 | ||||||||
Common shareholders’ equity | 3,737.2 | 4,368 | 3,737.2 | 4,368 | ||||||||
Earned insurance premiums | 1,114 | 1,188.2 | $ 1,185 | |||||||||
Net investment income | 86.8 | 60.8 | 59.5 | |||||||||
(Loss) revenues (including realized gains and losses) | 268.2 | $ 365 | $ 358.2 | $ 369.3 | 602.6 | $ 296.1 | $ 368.7 | $ 354.3 | 1,360.7 | 1,621.7 | 1,411.1 | |
Expenses | $ 335 | $ 345 | $ 360.3 | $ 360.8 | $ 356.3 | 383 | $ 373.8 | $ 351.3 | 1,401.1 | 1,464.4 | 1,440.5 | |
Net income | 419.8 | 279.5 | 290 | |||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 558.1 | $ 197.2 | 207.3 | |||||||||
Symetra | ||||||||||||
Investments in and Advances to Affiliates | ||||||||||||
Total investments | 32,409.2 | $ 32,409.2 | ||||||||||
Separate account assets | 885.9 | 885.9 | ||||||||||
Total assets | 34,962.8 | 34,962.8 | ||||||||||
Policyholder liabilities | 29,492 | 29,492 | ||||||||||
Long-term debt | 697.5 | 697.5 | ||||||||||
Separate account liabilities | 885.9 | 885.9 | ||||||||||
Total liabilities | 31,836.7 | 31,836.7 | ||||||||||
Common shareholders’ equity | $ 3,126.1 | 3,126.1 | ||||||||||
Earned insurance premiums | 539.3 | 629.1 | ||||||||||
Net investment income | 994.3 | 1,320.5 | ||||||||||
(Loss) revenues (including realized gains and losses) | 1,605.9 | 2,182.4 | ||||||||||
Liability for Future Policy Benefits, Period Expense (Income) | 1,143.7 | 1,399.7 | ||||||||||
Expenses | 1,543.6 | 1,882.5 | ||||||||||
Net income | 89.6 | 254.4 | ||||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ (234.1) | $ 397 |
Investments in Unconsolidate156
Investments in Unconsolidated Affiliates Investments in Unconsolidated Affiliates (Hamer and Bri-Mar) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity in earnings of unconsolidated affiliates, net of tax | $ 0 | $ 0 | $ 0 | $ 0 | $ 7.1 | $ 3.9 | $ 6.8 | $ 7.3 | $ 0 | $ 25.1 | $ 45.6 | |
Hamer, LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 20 | |||||||||||
Equity in earnings of unconsolidated affiliates, net of tax | $ 1.6 | $ 1.9 |
Variable Interest Entities (Det
Variable Interest Entities (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016USD ($)trust | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)trustdirector | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2012USD ($) | |
Variable Interest Entity [Line Items] | ||||||||||||
Percentage of par value of policy reinsured | 15.00% | 15.00% | ||||||||||
Other revenue | $ 149.6 | $ 147.3 | $ 88.1 | |||||||||
Accumulated losses | $ 2,797.2 | $ 3,084.9 | 2,797.2 | 3,084.9 | ||||||||
Noncontrolling interest in VIE | 133.9 | 454.8 | 133.9 | 454.8 | ||||||||
Non-controlling interest in consolidated subsidiaries | $ (17.3) | $ (3.1) | $ 21.4 | $ 6.3 | 6.1 | $ (16) | $ (0.9) | $ (7.3) | 7.3 | (18.1) | (22.2) | |
Payments to Acquire Other Investments | $ 39.5 | 78 | 114.7 | |||||||||
HG Global | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Percentage of par value of policy reinsured | 15.00% | 15.00% | ||||||||||
Other revenue | $ 0 | 0 | $ 0 | |||||||||
Noncontrolling interest in VIE | $ 16.6 | 17.1 | 16.6 | 17.1 | ||||||||
Star & Shield Insurance Exchange [Member] | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Surplus notes | 21 | 21 | ||||||||||
Total assets related to consolidated VIE's | 9.2 | 14.2 | 9.2 | 14.2 | ||||||||
Total liabilities related to consolidated VIE's | 4.8 | 30.3 | 4.8 | $ 30.3 | ||||||||
Prospector | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 67.60% | |||||||||||
Houston General Insurance [Member] | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Surplus notes | 5 | 5 | ||||||||||
Total assets related to consolidated VIE's | 5.1 | 5.1 | ||||||||||
Total liabilities related to consolidated VIE's | 5 | 5 | ||||||||||
Accumulated losses | 0.5 | 0.5 | ||||||||||
Accrued interest on surplus notes | 0.6 | 0.6 | ||||||||||
Common Stock | BAM | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Issuance of notes | $ 503 | |||||||||||
Star & Shield Insurance Exchange [Member] | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Other revenue | 21 | |||||||||||
Noncontrolling interest in VIE | 4.4 | (16) | $ 4.4 | $ (16) | ||||||||
BAM | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Right to elect directors on board number | director | 2 | |||||||||||
HG Global | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Surplus notes | 300 | $ 300 | $ 503 | |||||||||
Noncontrolling interest in VIE | $ 16.6 | $ 17.1 | $ 16.6 | $ 17.1 | ||||||||
First Loss Reinsurance Treaty [Member] | HG Global | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Percentage of par value of policy reinsured | 15.00% | 15.00% | ||||||||||
First Loss Reinsurance Treaty [Member] | BAM | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Percentage of Premiums | 60.00% | 60.00% | ||||||||||
First Loss Reinsurance Treaty [Member] | HG Global | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Number of Trust | trust | 2 | 2 | ||||||||||
Amendment [Member] | Houston General Insurance [Member] | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Surplus notes | $ 5 | $ 5 |
Fair Value of Financial Inst158
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | $ 285.9 | $ 337.6 |
OneBeacon | 2012 OBH Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 273.2 | 272.9 |
OneBeacon | Fair value | 2012 OBH Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 274.2 | 276.4 |
OneBeacon | Carrying Value | 2012 OBH Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 273.2 | 272.9 |
MediaAlpha [Member] | Fair value | MediaAlpha Bank Facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 13 | 15 |
MediaAlpha [Member] | Carrying Value | MediaAlpha Bank Facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | $ 12.7 | $ 14.7 |
Transactions with Related Pe159
Transactions with Related Persons (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016 | Jun. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||||||
Assets | $ 6,544,700,000 | $ 10,282,600,000 | |||||
Sales of common equity securities | $ 1,200,800,000 | $ 461,400,000 | $ 609,800,000 | ||||
Treasury Stock Acquired, Average Cost Per Share | $ 802 | $ 733 | $ 617 | ||||
OneBeacon | |||||||
Related Party Transaction [Line Items] | |||||||
Assets | $ 3,589,400,000 | $ 3,600,800,000 | |||||
Prospector | |||||||
Related Party Transaction [Line Items] | |||||||
Asset Management Fees | 2,100,000 | $ 6,500,000 | |||||
Shares paid or expired(1) | $ 5,500,000 | ||||||
Percentage of fees in excess of $500,000 revenue chargeable | 6.00% | ||||||
Amount of revenue over which 6% of fees chargeable | $ 500,000 | ||||||
Management Fees, Base Revenue | 400,000 | 1,100,000 | |||||
Incentive fees incurred | 100,000 | 700,000 | |||||
Franklin Mutual Advisers [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Treasury Stock Acquired, Average Cost Per Share | $ 820 | $ 807 | $ 761.50 | $ 650.03 | |||
White Mountains Advisors LLC | Symetra | |||||||
Related Party Transaction [Line Items] | |||||||
Asset Management Fees | $ 8,000,000 | 18,400,000 | |||||
Combination One | Prospector | |||||||
Related Party Transaction [Line Items] | |||||||
Assets | 200,000,000 | ||||||
Combination Two [Member] | Prospector | |||||||
Related Party Transaction [Line Items] | |||||||
Assets | 200,000,000 | ||||||
Combination Three [Member] | Prospector | |||||||
Related Party Transaction [Line Items] | |||||||
Assets | $ 400,000,000 | ||||||
revenue sharing agreement | Prospector | |||||||
Related Party Transaction [Line Items] | |||||||
Fees from Revenue Sharing Agreement with Related Party | $ 400,000 | ||||||
First Threshold Limit | White Mountains Advisors LLC | Prospector | |||||||
Related Party Transaction [Line Items] | |||||||
basis points | 1.00% | ||||||
Second Threshold Limit | White Mountains Advisors LLC | Prospector | |||||||
Related Party Transaction [Line Items] | |||||||
basis points | 0.50% | ||||||
Third Threshold Limit | White Mountains Advisors LLC | Prospector | |||||||
Related Party Transaction [Line Items] | |||||||
basis points | 0.25% | ||||||
W T M Incentive Plan | Performance Shares | White Mountains | |||||||
Related Party Transaction [Line Items] | |||||||
Number of performance shares granted | 22,615 | 29,195 | 39,590 | ||||
Shares paid or expired(1) | $ 41,000,000 | $ 30,800,000 | $ 24,500,000 | ||||
W T M Incentive Plan | Performance Shares | White Mountains | Prospector | |||||||
Related Party Transaction [Line Items] | |||||||
Number of performance shares granted | 7,000 | ||||||
Common Stock | |||||||
Related Party Transaction [Line Items] | |||||||
Common shares repurchased and retired during the period | 1,106,145 | 387,495 | 217,879 | ||||
Common Stock | Franklin Mutual Advisers [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Common shares repurchased and retired during the period | 305,000 | 325,000 | 26,300 | 19,688 | |||
2014-2016 Cycle | W T M Incentive Plan | Performance Shares | White Mountains | Prospector | |||||||
Related Party Transaction [Line Items] | |||||||
Number of performance shares granted | 6,250 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | |||
Rent expense | $ 14.1 | $ 14 | $ 12.9 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Capital lease payments due next year | 11.4 | ||
Capital lease payments due in two years | 9.5 | ||
Capital lease payments due in three years | 8 | ||
Capital Lease payments due in four years and thereafter | 32.6 | ||
Commitments to fund other-long term investments | 138.1 | ||
Assets | 6,544.7 | 10,282.6 | |
Reserve for probable liability from mandatory shared market mechanisms | 8 | ||
OneBeacon | |||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Capital lease obligation | 1.7 | ||
Capital lease asset | $ 2.4 | ||
Assets Held under Capital Leases [Member] | OneBeacon | |||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Assets | $ 1.3 |
Commitments and Contingencie161
Commitments and Contingencies (Legal Contingencies) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended |
Jun. 30, 2007 | Dec. 31, 2016 | |
OneBeacon | Pending Litigation [Member] | Tribune Company Litigation [Member] | ||
Loss Contingencies [Line Items] | ||
Proceeds From Tribune Common Stock | $ 32 | |
OneTitle [Member] | ||
Loss Contingencies [Line Items] | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 20.00% | |
Surplus notes | $ 10 | |
Sirius Group | Pending Litigation [Member] | Tribune Company Litigation [Member] | ||
Loss Contingencies [Line Items] | ||
Proceeds From Tribune Common Stock | $ 6.1 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Millions | Apr. 18, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales of unconsolidated affiliates and consolidated subsidiaries, net of cash sold | $ 2,646.2 | $ 24 | $ 0 | ||||||||||||
Payments to Acquire Other Investments | 39.5 | 78 | 114.7 | ||||||||||||
Income Tax Expense (Benefit) | $ 23 | $ 6.7 | $ 6 | $ 9.7 | $ 1 | $ 1.6 | $ 2.2 | $ (4.6) | 45.4 | 0.2 | 14.8 | ||||
Net realized and unrealized investment gains | 10.3 | 225.4 | 78.5 | ||||||||||||
Recognition of foreign currency translation and other from sale of Sirius Group, net of tax | 0 | 0 | |||||||||||||
Total investments | 5,334.8 | 4,271.1 | 5,334.8 | 4,271.1 | |||||||||||
OCI, Change in foreign currency transaction and translation adjustment, net of tax | 0.3 | (0.5) | (10.7) | ||||||||||||
Gain (loss) from sale of other discontinued operations, net of tax | 415.1 | 18.2 | (1.6) | ||||||||||||
Loss and loss adjustment expense reserves | 1,365.6 | 1,389.8 | $ 1,342.2 | 1,365.6 | 1,389.8 | 1,342.2 | $ 1,054.3 | ||||||||
Net (loss) income from discontinued operations, net of tax | (6.8) | 61.9 | 358.6 | $ 1.1 | 19.6 | $ 6.5 | $ (0.5) | $ 71.3 | (0.3) | 78.7 | 260.6 | ||||
Sirius Group | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales of unconsolidated affiliates and consolidated subsidiaries, net of cash sold | $ 2,600 | 2,600 | |||||||||||||
Payments to Acquire Other Investments | $ 161.8 | 161.8 | |||||||||||||
Net realized and unrealized investment gains | 3.7 | 205 | 2.7 | ||||||||||||
Total investments | 686.2 | 686.2 | |||||||||||||
Gain (loss) from sale of other discontinued operations, net of tax | $ 363.2 | 363.2 | |||||||||||||
Sirius Group | Symetra | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Net realized and unrealized investment gains | 200.8 | ||||||||||||||
Total investments | 528.6 | 528.6 | |||||||||||||
Sale of Sirius Group [Member] | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Recognition of foreign currency translation and other from sale of Sirius Group, net of tax | $ 113.3 | 113.3 | |||||||||||||
OCI, Change in foreign currency transaction and translation adjustment, net of tax | 32 | (65) | (169.5) | ||||||||||||
Tranzact | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales of unconsolidated affiliates and consolidated subsidiaries, net of cash sold | 1.2 | 221.3 | |||||||||||||
Discontinued Operation, Tax Effect of Discontinued Operation | 30.2 | ||||||||||||||
Gain (loss) from sale of other discontinued operations, net of tax | $ 51.9 | 51.9 | |||||||||||||
OneBeacon Runoff | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Gain (loss) from sale of other discontinued operations, net of tax | $ 36.1 | ||||||||||||||
Esurance [Member] | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Gain (loss) from sale of other discontinued operations, net of tax | 0 | 17.9 | 3.2 | ||||||||||||
Discontinued Operations | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Net realized and unrealized investment gains | (1.5) | 15.1 | 205.4 | ||||||||||||
OCI, Change in foreign currency transaction and translation adjustment, net of tax | (65) | (169.5) | |||||||||||||
Discontinued Operation, Tax Effect of Discontinued Operation | (9.5) | 26.4 | 69.4 | ||||||||||||
Total income from discontinued operations | 414.8 | 96.9 | 259 | ||||||||||||
Net (loss) income from discontinued operations, net of tax | (0.3) | 78.7 | 260.6 | ||||||||||||
Discontinued Operations | Sirius Group | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Net realized and unrealized investment gains | (1.5) | 15.1 | 205.4 | ||||||||||||
Recognition of foreign currency translation and other from sale of Sirius Group, net of tax | 113.3 | ||||||||||||||
OCI, Change in foreign currency transaction and translation adjustment, net of tax | 32 | (65) | (169.5) | ||||||||||||
Discontinued Operation, Tax Effect of Discontinued Operation | (3.1) | 27.1 | 70.4 | ||||||||||||
Gain (loss) from sale of other discontinued operations, net of tax | 363.2 | 0 | |||||||||||||
Total income from discontinued operations | 358.9 | 81.1 | 262 | ||||||||||||
Net (loss) income from discontinued operations, net of tax | (4.3) | 81.1 | 262 | ||||||||||||
Discontinued Operations | Tranzact | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Income Tax Expense (Benefit) | 21.4 | ||||||||||||||
Tax Effect of Discontinued Operations | 30.2 | ||||||||||||||
Discontinued Operation, Tax Effect of Discontinued Operation | 8.8 | ||||||||||||||
Gain (loss) from sale of other discontinued operations, net of tax | 51.9 | ||||||||||||||
Net (loss) income from discontinued operations, net of tax | 6.1 | (1.9) | 0.4 | ||||||||||||
Discontinued Operations | OneBeacon Runoff | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Gain (loss) from sale of other discontinued operations, net of tax | 0.3 | $ (18.8) | |||||||||||||
Loss and loss adjustment expense reserves | $ 18.3 | $ 20.4 | 18.3 | 20.4 | |||||||||||
Percentage of quota share reinsurance agreement | 100.00% | ||||||||||||||
Total income from discontinued operations | (0.5) | ||||||||||||||
Discontinued Operations | Esurance [Member] | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Gain (loss) from sale of other discontinued operations, net of tax | 28.3 | $ 17.9 | $ 3.2 | ||||||||||||
Discontinued Operations | Fireman's Fund Insurance Company [Member] | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Gain (loss) from sale of other discontinued operations, net of tax | $ 14 | ||||||||||||||
Discontinued Operations, Held-for-sale [Member] | Star & Shield LLC [Member] | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Other Expenses | $ 21 |
Discontinued Operations (Assets
Discontinued Operations (Assets and Liabilities Classified as Held for Sale) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets held for sale | ||||
Fixed maturity investments, at fair value | $ 4,250.2 | $ 2,630.2 | ||
Short-term investments, at amortized cost (which approximates fair value) | 287 | 211.2 | ||
Common equity securities, at fair value | 474.3 | 1,113.9 | ||
Other long-term investments | 323.3 | 315.8 | ||
Total investments | 5,334.8 | 4,271.1 | ||
Cash Including Restricted Cash | 149.8 | 173 | ||
Reinsurance recoverable on unpaid losses | 172.9 | 186 | ||
Reinsurance recoverable on paid losses | 6.6 | 7.5 | ||
Insurance premiums receivable | 229.9 | 220.3 | ||
Deferred acquisition costs | 106.9 | 107.6 | ||
Deferred Income Tax Assets | 126.7 | 112.8 | ||
Ceded unearned insurance premiums | 44.2 | 29.5 | ||
Accounts receivable on unsettled investment sales | 6.2 | 41.9 | ||
Goodwill and intangible assets | 55.9 | 55.4 | ||
Other assets | 274.6 | 273.2 | ||
Assets held for sale | 10.1 | 4,790.4 | ||
Liabilities held for sale | ||||
Loss and loss adjustment expense reserves | 1,365.6 | 1,389.8 | $ 1,342.2 | $ 1,054.3 |
Unearned insurance and reinsurance premiums | 658 | 610.5 | ||
Debt | 285.9 | 337.6 | ||
Accrued incentive compensation | 140 | 140.7 | ||
Funds held under insurance contracts | 153 | 137.8 | ||
Other liabilities | 199.9 | 250.8 | ||
Liabilities held for sale | 5.1 | 3,047.4 | ||
Sirius Group, Tranzact, and Star and Shield [Member] | Discontinued Operations, Held-for-sale [Member] | ||||
Assets held for sale | ||||
Fixed maturity investments, at fair value | 2,383.5 | |||
Short-term investments, at amortized cost (which approximates fair value) | 352.1 | |||
Common equity securities, at fair value | 174.4 | |||
Other long-term investments | 72.2 | |||
Total investments | 2,982.2 | |||
Cash Including Restricted Cash | 150.2 | |||
Reinsurance recoverable on unpaid losses | 283.6 | |||
Reinsurance recoverable on paid losses | 10.2 | |||
Insurance premiums receivable | 326.6 | |||
Deferred acquisition costs | 74.6 | |||
Deferred Income Tax Assets | 303.1 | |||
Ceded unearned insurance premiums | 87.7 | |||
Accounts receivable on unsettled investment sales | 29 | |||
Goodwill and intangible assets | 330.5 | |||
Other assets | 212.7 | |||
Assets held for sale | 4,790.4 | |||
Liabilities held for sale | ||||
Loss and loss adjustment expense reserves | 1,650.4 | |||
Unearned insurance and reinsurance premiums | 344.3 | |||
Debt | 506.4 | |||
Deferred tax liability | 270.6 | |||
Accrued incentive compensation | 64.2 | |||
Funds held under insurance contracts | 52.9 | |||
Other liabilities | 158.6 | |||
Liabilities held for sale | 3,047.4 | |||
Net assets held for sale | $ 1,743 | |||
Star & Shield Insurance Exchange [Member] | Discontinued Operations, Held-for-sale [Member] | ||||
Assets held for sale | ||||
Fixed maturity investments, at fair value | 6.6 | |||
Short-term investments, at amortized cost (which approximates fair value) | 0.2 | |||
Common equity securities, at fair value | 0 | |||
Other long-term investments | 0 | |||
Total investments | 6.8 | |||
Cash Including Restricted Cash | 0.9 | |||
Reinsurance recoverable on unpaid losses | 0.3 | |||
Reinsurance recoverable on paid losses | 0 | |||
Insurance premiums receivable | 1.5 | |||
Deferred acquisition costs | 0 | |||
Deferred Income Tax Assets | 0 | |||
Ceded unearned insurance premiums | 0 | |||
Accounts receivable on unsettled investment sales | 0 | |||
Goodwill and intangible assets | 0 | |||
Other assets | 0.6 | |||
Assets held for sale | 10.1 | |||
Liabilities held for sale | ||||
Loss and loss adjustment expense reserves | 5 | |||
Unearned insurance and reinsurance premiums | 1.2 | |||
Debt | 0 | |||
Deferred tax liability | 0 | |||
Accrued incentive compensation | 0 | |||
Funds held under insurance contracts | 0 | |||
Other liabilities | (1.1) | |||
Liabilities held for sale | 5.1 | |||
Net assets held for sale | $ 5 |
Discontinued Operations (Loss f
Discontinued Operations (Loss from Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | ||||||||||||
Earned insurance premiums | $ 1,114 | $ 1,188.2 | $ 1,185 | |||||||||
Net investment income | 86.8 | 60.8 | 59.5 | |||||||||
Net realized and unrealized investment gains | 10.3 | 225.4 | 78.5 | |||||||||
Other revenue | 149.6 | 147.3 | 88.1 | |||||||||
(Loss) revenues (including realized gains and losses) | $ 268.2 | $ 365 | $ 358.2 | $ 369.3 | $ 602.6 | $ 296.1 | $ 368.7 | $ 354.3 | 1,360.7 | 1,621.7 | 1,411.1 | |
Expenses | ||||||||||||
Loss and loss adjustment expenses | 664 | 708.9 | 824 | |||||||||
Insurance acquisition expenses | 211.6 | 220.1 | 206.2 | |||||||||
Other underwriting expenses | 209.5 | 218.6 | 179.6 | |||||||||
Interest expense on debt | 16.1 | 14.6 | 14.2 | |||||||||
General and administrative expenses | 299.9 | 302.2 | 216.5 | |||||||||
Total expenses | 335 | 345 | 360.3 | 360.8 | 356.3 | 383 | 373.8 | 351.3 | 1,401.1 | 1,464.4 | 1,440.5 | |
Net (loss) income from discontinued operations, net of tax | $ (6.8) | 61.9 | 358.6 | $ 1.1 | $ 19.6 | $ 6.5 | $ (0.5) | $ 71.3 | (0.3) | 78.7 | 260.6 | |
Gain (loss) from sale of other discontinued operations, net of tax | 415.1 | 18.2 | (1.6) | |||||||||
OCI, Change in foreign currency transaction and translation adjustment, net of tax | 0.3 | (0.5) | (10.7) | |||||||||
Recognition of foreign currency translation and other from sale of Sirius Group, net of tax | 0 | 0 | ||||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 558.1 | 197.2 | 207.3 | |||||||||
Discontinued Operations | ||||||||||||
Revenues | ||||||||||||
Earned insurance premiums | 240.1 | 847 | 874 | |||||||||
Net investment income | 14.4 | 40.7 | 40.9 | |||||||||
Net realized and unrealized investment gains | (1.5) | 15.1 | 205.4 | |||||||||
Other revenue | 120.2 | 165.6 | (19.4) | |||||||||
(Loss) revenues (including realized gains and losses) | 373.2 | 1,068.4 | 1,100.9 | |||||||||
Expenses | ||||||||||||
Loss and loss adjustment expenses | 154.9 | 422.7 | 344.6 | |||||||||
Insurance acquisition expenses | 59 | 189.8 | 193.7 | |||||||||
Other underwriting expenses | 30.9 | 107.9 | 133.2 | |||||||||
Interest expense on debt | 11.1 | 30.6 | 27.7 | |||||||||
General and administrative expenses | 127.1 | 212.3 | 71.7 | |||||||||
Total expenses | 383 | 963.3 | 770.9 | |||||||||
Net (loss) income from discontinued operations | (9.8) | 105.1 | 330 | |||||||||
Income tax benefit | 9.5 | (26.4) | (69.4) | |||||||||
Net (loss) income from discontinued operations, net of tax | (0.3) | 78.7 | 260.6 | |||||||||
Total income from discontinued operations | 414.8 | 96.9 | 259 | |||||||||
OCI, Change in foreign currency transaction and translation adjustment, net of tax | (65) | (169.5) | ||||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 560.1 | 31.9 | 89.5 | |||||||||
Sirius Group | ||||||||||||
Revenues | ||||||||||||
Net realized and unrealized investment gains | 3.7 | 205 | 2.7 | |||||||||
Expenses | ||||||||||||
Gain (loss) from sale of other discontinued operations, net of tax | $ 363.2 | 363.2 | ||||||||||
Sirius Group | Discontinued Operations | ||||||||||||
Revenues | ||||||||||||
Earned insurance premiums | 240.1 | 847 | 873.9 | |||||||||
Net investment income | 14.4 | 40.7 | 40.9 | |||||||||
Net realized and unrealized investment gains | (1.5) | 15.1 | 205.4 | |||||||||
Other revenue | 0.6 | (20.6) | (62.4) | |||||||||
(Loss) revenues (including realized gains and losses) | 253.6 | 882.2 | 1,057.8 | |||||||||
Expenses | ||||||||||||
Loss and loss adjustment expenses | 154.9 | 422.7 | 345.3 | |||||||||
Insurance acquisition expenses | 59 | 189.8 | 193.6 | |||||||||
Other underwriting expenses | 30.9 | 107.9 | 129.7 | |||||||||
Interest expense on debt | 7.9 | 26.6 | 26.3 | |||||||||
General and administrative expenses | 8.3 | 27 | 30.5 | |||||||||
Total expenses | 261 | 774 | 725.4 | |||||||||
Net (loss) income from discontinued operations | (7.4) | 108.2 | 332.4 | |||||||||
Income tax benefit | 3.1 | (27.1) | (70.4) | |||||||||
Net (loss) income from discontinued operations, net of tax | (4.3) | 81.1 | 262 | |||||||||
Gain (loss) from sale of other discontinued operations, net of tax | 363.2 | 0 | ||||||||||
Total income from discontinued operations | 358.9 | 81.1 | 262 | |||||||||
OCI, Change in foreign currency transaction and translation adjustment, net of tax | 32 | (65) | (169.5) | |||||||||
Recognition of foreign currency translation and other from sale of Sirius Group, net of tax | 113.3 | |||||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 504.2 | 16.1 | 92.5 | |||||||||
Tranzact | ||||||||||||
Expenses | ||||||||||||
Income tax benefit | (30.2) | |||||||||||
Gain (loss) from sale of other discontinued operations, net of tax | $ 51.9 | 51.9 | ||||||||||
Tranzact | Discontinued Operations | ||||||||||||
Expenses | ||||||||||||
Income tax benefit | (8.8) | |||||||||||
Net (loss) income from discontinued operations, net of tax | 6.1 | (1.9) | 0.4 | |||||||||
Gain (loss) from sale of other discontinued operations, net of tax | 51.9 | |||||||||||
Other Operations | Discontinued Operations | ||||||||||||
Revenues | ||||||||||||
Earned insurance premiums | 0 | 0 | 0.1 | |||||||||
Net investment income | 0 | 0 | 0 | |||||||||
Net realized and unrealized investment gains | 0 | 0 | 0 | |||||||||
Other revenue | 119.6 | 186.2 | 43 | |||||||||
(Loss) revenues (including realized gains and losses) | 119.6 | 186.2 | 43.1 | |||||||||
Expenses | ||||||||||||
Loss and loss adjustment expenses | 0 | 0 | (0.7) | |||||||||
Insurance acquisition expenses | 0 | 0 | 0.1 | |||||||||
Other underwriting expenses | 0 | 0 | 3.5 | |||||||||
Interest expense on debt | 3.2 | 4 | 1.4 | |||||||||
General and administrative expenses | 118.8 | 185.3 | 41.2 | |||||||||
Total expenses | 122 | 189.3 | 45.5 | |||||||||
Net (loss) income from discontinued operations | (2.4) | (3.1) | (2.4) | |||||||||
Income tax benefit | 6.4 | 0.7 | 1 | |||||||||
Net (loss) income from discontinued operations, net of tax | 4 | (2.4) | (1.4) | |||||||||
Total income from discontinued operations | 55.9 | 15.8 | (3) | |||||||||
OCI, Change in foreign currency transaction and translation adjustment, net of tax | 0 | 0 | ||||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 55.9 | 15.8 | (3) | |||||||||
Fireman's Fund Insurance Company [Member] | Discontinued Operations | ||||||||||||
Expenses | ||||||||||||
Gain (loss) from sale of other discontinued operations, net of tax | 14 | |||||||||||
OneBeacon Runoff | ||||||||||||
Expenses | ||||||||||||
Gain (loss) from sale of other discontinued operations, net of tax | $ 36.1 | |||||||||||
OneBeacon Runoff | Discontinued Operations | ||||||||||||
Expenses | ||||||||||||
Gain (loss) from sale of other discontinued operations, net of tax | 0.3 | (18.8) | ||||||||||
Total income from discontinued operations | (0.5) | |||||||||||
Esurance [Member] | ||||||||||||
Expenses | ||||||||||||
Gain (loss) from sale of other discontinued operations, net of tax | 0 | 17.9 | 3.2 | |||||||||
Esurance [Member] | Discontinued Operations | ||||||||||||
Expenses | ||||||||||||
Gain (loss) from sale of other discontinued operations, net of tax | 28.3 | 17.9 | 3.2 | |||||||||
Other Segments | ||||||||||||
Revenues | ||||||||||||
Earned insurance premiums | 7.5 | 8.7 | 6.1 | |||||||||
Net investment income | 27.2 | 8.8 | 9 | |||||||||
Net realized and unrealized investment gains | (28.1) | 259.9 | 29.8 | |||||||||
Other revenue | 143 | 147.2 | 81.7 | |||||||||
(Loss) revenues (including realized gains and losses) | 149.6 | 424.6 | 126.6 | |||||||||
Expenses | ||||||||||||
Loss and loss adjustment expenses | 8 | 8.2 | 8.9 | |||||||||
Insurance acquisition expenses | 2.2 | 3.4 | 0.8 | |||||||||
Other underwriting expenses | 0.1 | 0 | 0 | |||||||||
Interest expense on debt | 3 | 1.6 | 1.2 | |||||||||
Total expenses | 259.4 | 263.2 | 176.1 | |||||||||
Symetra | Other Segments | ||||||||||||
Revenues | ||||||||||||
Net realized and unrealized investment gains | 258.8 | |||||||||||
MediaAlpha [Member] | Other Segments | ||||||||||||
Revenues | ||||||||||||
Other revenue | 116.5 | 105.5 | 65.3 | |||||||||
Expenses | ||||||||||||
General and administrative expenses | $ 109.6 | $ 99 | $ 60.6 |
Discontinued Operations (Earnin
Discontinued Operations (Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Basic and diluted earnings per share numerators (in millions): | |||||||||||
Allocation of income for participating unvested restricted common shares | $ 0 | $ (2.3) | $ (0.7) | ||||||||
Net income attributable to White Mountains’s common shareholders | $ (33.3) | $ 91.7 | $ 341.1 | $ 13 | $ 267.9 | $ (58.9) | $ 4.3 | $ 84.3 | $ 412.5 | $ 297.6 | $ 312.2 |
Basic earnings per share denominators (in thousands): | |||||||||||
Total average common shares outstanding during the period | 5,014,900 | 5,879,200 | 6,104,900 | ||||||||
Average unvested restricted common shares | (64,800) | (68,000) | (78,900) | ||||||||
Basic earnings per share denominator | 4,950,100 | 5,811,200 | 6,026,000 | ||||||||
Diluted earnings per share denominator (in thousands): | |||||||||||
Average outstanding dilutive shares outstanding | 5,018,100 | 5,879,200 | 6,104,900 | ||||||||
Average unvested restricted common shares | (64,800) | (68,000) | (78,900) | ||||||||
Diluted earnings per share denominator(4) | 4,953,300 | 5,811,200 | 6,026,000 | ||||||||
Basic earnings per share (in dollars): | $ (7.30) | $ 18.84 | $ 66.93 | $ 2.34 | $ 47.28 | $ (10.01) | $ 0.72 | $ 14.09 | $ 82.24 | $ 50.60 | $ 51.13 |
Earnings Per Share, Diluted | $ (7.30) | $ 18.80 | $ 66.79 | $ 2.34 | $ 47.25 | $ (10.01) | $ 0.72 | $ 14.09 | $ 82.19 | $ 50.60 | $ 51.13 |
Discontinued Operations | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Total income from discontinued operations | $ 414.8 | $ 96.9 | $ 259 | ||||||||
Basic and diluted earnings per share numerators (in millions): | |||||||||||
Allocation of income for participating unvested restricted common shares | (5.4) | 1.1 | (3.3) | ||||||||
Net income attributable to White Mountains’s common shareholders | $ 409.4 | $ 95.8 | $ 255.7 | ||||||||
Basic earnings per share denominators (in thousands): | |||||||||||
Total average common shares outstanding during the period | 5,014,900 | 5,879,200 | 6,104,900 | ||||||||
Average unvested restricted common shares | (64,800) | (68,000) | (78,900) | ||||||||
Basic earnings per share denominator | 4,950,100 | 5,811,200 | 6,026,000 | ||||||||
Diluted earnings per share denominator (in thousands): | |||||||||||
Average outstanding dilutive shares outstanding | 5,018,100 | 5,879,200 | 6,104,900 | ||||||||
Average unvested restricted common shares | (64,800) | (68,000) | (78,900) | ||||||||
Diluted earnings per share denominator(4) | 4,953,300 | 5,811,200 | 6,026,000 | ||||||||
Basic earnings per share (in dollars): | $ 82.71 | $ 16.48 | $ 42.43 | ||||||||
Earnings Per Share, Diluted | $ 82.66 | $ 16.48 | $ 42.43 |
Discontinued Operations Discont
Discontinued Operations Discontinued Operations (Earnings Per Share) (Footnotes) (Details) - shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Incremental common shares attributable to share-based payment arrangements | 3,217 | |
Employee Stock Option [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Incremental common shares attributable to share-based payment arrangements | 40,000 | 125,000 |
Discontinued Operations Disc167
Discontinued Operations Discontinued Operations (Cash Flows Table) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | $ (24.7) | $ 56 | $ 48.9 |
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 221.7 | (5.4) | 51.2 |
Cash Provided by (Used in) Financing Activities, Discontinued Operations | (0.2) | (11.6) | (64.5) |
Net Cash Provided by (Used in) Discontinued Operations | 196.8 | 34.5 | 21.3 |
Cash balance at beginning of year | 167.2 | 232.7 | 233.5 |
Cash and Cash Equivalents, Period Increase (Decrease) | (17.7) | (66.6) | 1.5 |
Cash balance at end of year | 149.8 | 167.2 | 232.7 |
Sirius Group | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Effect of Exchange Rate on Cash | 0 | (4.5) | (14.3) |
Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash balance at beginning of year | 150.2 | 116.8 | 93.2 |
Cash and Cash Equivalents, Period Increase (Decrease) | (0.3) | (1.1) | 2.3 |
Cash Divested from Deconsolidation | 345.8 | ||
Cash balance at end of year | $ 0.9 | $ 150.2 | $ 116.8 |
Discontinued Operations Disc168
Discontinued Operations Discontinued Operations (Fair Value) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Sirius Group | SIG Senior Notes | Fair value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Debt | $ 410 |
Sirius Group | SIG Senior Notes | Carrying Value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Debt | 399.8 |
Sirius Group | SIG Preference Shares | Fair value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Debt | 255 |
Sirius Group | SIG Preference Shares | Carrying Value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Debt | 250 |
Tranzact | Tranzact Bank Facility [Member] | Fair value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Debt | 102.8 |
Tranzact | Tranzact Bank Facility [Member] | Carrying Value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Debt | $ 102.9 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Subsequent Event [Line Items] | |||
Sales of common equity securities | $ 1,200.8 | $ 461.4 | $ 609.8 |
Common shares, par value per share (in dollars per share) | $ 1 | $ 1 |
Selected Quarterly Financial170
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
(Loss) revenues (including realized gains and losses) | $ 268.2 | $ 365 | $ 358.2 | $ 369.3 | $ 602.6 | $ 296.1 | $ 368.7 | $ 354.3 | $ 1,360.7 | $ 1,621.7 | $ 1,411.1 |
Total expenses | 335 | 345 | 360.3 | 360.8 | 356.3 | 383 | 373.8 | 351.3 | 1,401.1 | 1,464.4 | 1,440.5 |
Pre-tax (loss) income from continuing operations | (66.8) | 20 | (2.1) | 8.5 | 246.3 | (86.9) | (5.1) | 3 | (40.4) | 157.3 | (29.4) |
Income Tax Expense (Benefit) | 23 | 6.7 | 6 | 9.7 | 1 | 1.6 | 2.2 | (4.6) | 45.4 | 0.2 | 14.8 |
Net income (loss) from continuing operations | (43.8) | 26.7 | 3.9 | 18.2 | 247.3 | (85.3) | (2.9) | (1.6) | 5 | 157.5 | (14.6) |
Net (loss) income from discontinued operations, net of tax | (6.8) | 61.9 | 358.6 | 1.1 | 19.6 | 6.5 | (0.5) | 71.3 | (0.3) | 78.7 | 260.6 |
Non-controlling interest in consolidated subsidiaries | 17.3 | 3.1 | (21.4) | (6.3) | (6.1) | 16 | 0.9 | 7.3 | (7.3) | 18.1 | 22.2 |
Equity in earnings of unconsolidated affiliates, net of tax | 0 | 0 | 0 | 0 | 7.1 | 3.9 | 6.8 | 7.3 | 0 | 25.1 | 45.6 |
Net income attributable to White Mountains’s common shareholders | $ (33.3) | $ 91.7 | $ 341.1 | $ 13 | $ 267.9 | $ (58.9) | $ 4.3 | $ 84.3 | $ 412.5 | $ 297.6 | $ 312.2 |
Basic earnings per share | |||||||||||
Continuing operations | $ (5.81) | $ 6.12 | $ (3.44) | $ 2.51 | $ 43.82 | $ (11.10) | $ 0.80 | $ 1.76 | $ (0.47) | $ 34.12 | $ 8.70 |
Discontinued operations | (1.49) | 12.72 | 70.37 | (0.17) | 3.46 | 1.09 | (0.08) | 12.33 | 82.71 | 16.48 | 42.43 |
Total consolidated operations | (7.30) | 18.84 | 66.93 | 2.34 | 47.28 | (10.01) | 0.72 | 14.09 | 82.24 | 50.60 | 51.13 |
Diluted earnings per share | |||||||||||
Continuing operations | (5.81) | 6.11 | (3.43) | 2.51 | 43.79 | (11.10) | 0.80 | 1.76 | (0.47) | 34.12 | 8.70 |
Discontinued operations | (1.49) | 12.69 | 70.22 | (0.17) | 3.46 | 1.09 | (0.08) | 12.33 | 82.66 | 16.48 | 42.43 |
Total consolidated operations | $ (7.30) | $ 18.80 | $ 66.79 | $ 2.34 | $ 47.25 | $ (10.01) | $ 0.72 | $ 14.09 | $ 82.19 | $ 50.60 | $ 51.13 |
SCHEDULE I SUMMARY OF INVEST171
SCHEDULE I SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Summary of investments other than investments in related parties | |||
Fixed maturity investments, at fair value | $ 4,250.2 | $ 2,630.2 | |
Cost | 5,308.8 | ||
Carrying Value | 5,341.5 | ||
Fair Value | 5,341.5 | ||
Fair value investments | 5,039.7 | 4,050.9 | $ 3,343.6 |
Fixed maturity investments | |||
Summary of investments other than investments in related parties | |||
Cost | 4,266 | ||
Carrying Value | 4,256.8 | ||
Fair Value | 4,256.8 | ||
US Government and agency obligations | |||
Summary of investments other than investments in related parties | |||
Cost | 281.7 | ||
Carrying Value | 278.3 | ||
Fair Value | 278.3 | ||
Debt securities issued by corporations | |||
Summary of investments other than investments in related parties | |||
Cost | 1,512.6 | ||
Carrying Value | 1,509.4 | ||
Fair Value | 1,509.4 | ||
Municipal obligations | |||
Summary of investments other than investments in related parties | |||
Cost | 308.8 | ||
Carrying Value | 309 | ||
Fair Value | 309 | ||
Mortgage and asset-backed securities | |||
Summary of investments other than investments in related parties | |||
Cost | 2,141.7 | ||
Carrying Value | 2,132.9 | ||
Fair Value | 2,132.9 | ||
Foreign government, agency and provincial obligations | |||
Summary of investments other than investments in related parties | |||
Cost | 12.9 | ||
Carrying Value | 13.2 | ||
Fair Value | 13.2 | ||
Preferred stocks | |||
Summary of investments other than investments in related parties | |||
Cost | 8.3 | ||
Carrying Value | 14 | ||
Fair Value | 14 | ||
Short-term investments | |||
Summary of investments other than investments in related parties | |||
Cost | 287.1 | ||
Carrying Value | 287.1 | ||
Fair Value | 287.1 | ||
Exchange Traded Funds [Member] | |||
Summary of investments other than investments in related parties | |||
Cost | 316.4 | ||
Carrying Value | 321.6 | ||
Fair Value | 321.6 | ||
Common equity securities | |||
Summary of investments other than investments in related parties | |||
Cost | 440.8 | ||
Carrying Value | 474.3 | ||
Fair Value | 474.3 | ||
Banks, trust and insurance companies | |||
Summary of investments other than investments in related parties | |||
Cost | 11.2 | ||
Carrying Value | 11.6 | ||
Fair Value | 11.6 | ||
Public utilities | |||
Summary of investments other than investments in related parties | |||
Cost | 0 | ||
Carrying Value | 0 | ||
Fair Value | 0 | ||
Industrial, miscellaneous and other | |||
Summary of investments other than investments in related parties | |||
Cost | 113.2 | ||
Carrying Value | 141.1 | ||
Fair Value | 141.1 | ||
Other long-term investments | |||
Summary of investments other than investments in related parties | |||
Cost | 314.9 | ||
Carrying Value | 323.3 | ||
Fair Value | 323.3 | ||
Fair value measured on a recurring basis | |||
Summary of investments other than investments in related parties | |||
Fair value investments | 5,195.9 | 4,134.4 | |
Fair value measured on a recurring basis | Other long-term investments | |||
Summary of investments other than investments in related parties | |||
Fair value investments | 177.7 | 169.5 | |
Level 3 | Other long-term investments | |||
Summary of investments other than investments in related parties | |||
Fair value investments | 177.7 | 169.5 | 125.9 |
Level 3 | Fair value measured on a recurring basis | |||
Summary of investments other than investments in related parties | |||
Fair value investments | 177.7 | 239.5 | |
Level 3 | Fair value measured on a recurring basis | Forward Contracts [Member] | |||
Summary of investments other than investments in related parties | |||
Fair value investments | (1.2) | ||
Level 3 | Fair value measured on a recurring basis | Other long-term investments | |||
Summary of investments other than investments in related parties | |||
Carrying value of investment accounted for using the equity method | 3.5 | 3.8 | 5.2 |
Fair value investments | 177.7 | 169.5 | |
Affordable Housing Development Fund [Member] | Other long-term investments | |||
Summary of investments other than investments in related parties | |||
Fair value investments | 12.3 | 14.7 | 16.8 |
Star & Shield Insurance Exchange [Member] | Fixed maturity investments | |||
Summary of investments other than investments in related parties | |||
Fixed maturity investments, at fair value | 6.6 | 9.5 | $ 10.1 |
Star & Shield Insurance Exchange [Member] | Short-term investments | |||
Summary of investments other than investments in related parties | |||
Fixed maturity investments, at fair value | $ 0.1 | $ 0.1 |
SCHEDULE II CONDENSED FINANC172
SCHEDULE II CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | ||
Other long-term investments | $ 323.3 | $ 315.8 |
Assets | ||
Cash Including Restricted Cash | 149.8 | 173 |
Fixed maturity investments, at fair value | 4,250.2 | 2,630.2 |
Short-term investments, at amortized cost | 287 | 211.2 |
Other assets | 274.6 | 273.2 |
Total assets | 6,544.7 | 10,282.6 |
Liabilities | ||
Debt | 285.9 | 337.6 |
Other liabilities | 199.9 | 250.8 |
Total liabilities | 2,807.5 | 5,914.6 |
White Mountains’s common shareholders’ equity | 3,737.2 | 4,368 |
Total liabilities and equity | 6,544.7 | 10,282.6 |
White Mountains Insurance Group Ltd. | ||
CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | ||
Other long-term investments | (1.2) | |
Assets | ||
Cash Including Restricted Cash | 3.1 | 0.3 |
Fixed maturity investments, at fair value | 80 | 0 |
Short-term investments, at amortized cost | 12.5 | 23.4 |
Other assets | 1.4 | 6.3 |
Investments in consolidated and unconsolidated affiliates | 4,898.2 | 4,350.9 |
Total assets | 4,994 | 4,380.9 |
Liabilities | ||
Debt | 0 | 50 |
Payable to subsidiary (2) | 1,387.2 | 400 |
Other liabilities | 3.5 | 17.7 |
Total liabilities | 1,390.7 | 467.7 |
White Mountains’s common shareholders’ equity | 3,603.3 | 3,913.2 |
Total liabilities and equity | $ 4,994 | $ 4,380.9 |
SCHEDULE II CONDENSED FINANC173
SCHEDULE II CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT (Details 2) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | |||||||||||
Fair value investments | $ 5,039.7 | $ 4,050.9 | $ 5,039.7 | $ 4,050.9 | $ 3,343.6 | ||||||
(Loss) revenues (including realized gains and losses) | 268.2 | $ 365 | $ 358.2 | $ 369.3 | 602.6 | $ 296.1 | $ 368.7 | $ 354.3 | 1,360.7 | 1,621.7 | 1,411.1 |
Expenses | 335 | 345 | 360.3 | 360.8 | 356.3 | 383 | 373.8 | 351.3 | 1,401.1 | 1,464.4 | 1,440.5 |
Pre-tax loss | (66.8) | 20 | (2.1) | 8.5 | 246.3 | (86.9) | (5.1) | 3 | (40.4) | 157.3 | (29.4) |
Income Tax Expense (Benefit) | 23 | 6.7 | 6 | 9.7 | 1 | 1.6 | 2.2 | (4.6) | 45.4 | 0.2 | 14.8 |
Net income (loss) from continuing operations | (43.8) | 26.7 | 3.9 | 18.2 | 247.3 | (85.3) | (2.9) | (1.6) | 5 | 157.5 | (14.6) |
Net (loss) income from discontinued operations, net of tax | (6.8) | 61.9 | 358.6 | 1.1 | 19.6 | 6.5 | (0.5) | 71.3 | (0.3) | 78.7 | 260.6 |
Net income attributable to White Mountains’s common shareholders | (33.3) | 91.7 | 341.1 | 13 | 267.9 | (58.9) | 4.3 | 84.3 | 412.5 | 297.6 | 312.2 |
Comprehensive income attributable to White Mountains’ common shareholders | 557.8 | 197.2 | 210.6 | ||||||||
Computation of net income (loss) available to common shareholders: | |||||||||||
Net income attributable to White Mountains’s common shareholders | (33.3) | $ 91.7 | $ 341.1 | $ 13 | 267.9 | $ (58.9) | $ 4.3 | $ 84.3 | 412.5 | 297.6 | 312.2 |
White Mountains Insurance Group Ltd. | |||||||||||
CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | |||||||||||
(Loss) revenues (including realized gains and losses) | (1) | 5 | 0.3 | ||||||||
Expenses | 68.2 | 59.9 | 32.3 | ||||||||
Pre-tax loss | (69.2) | (54.9) | (32) | ||||||||
Income Tax Expense (Benefit) | (0.5) | 0 | 0.9 | ||||||||
Net income (loss) from continuing operations | (69.7) | (54.9) | (31.1) | ||||||||
Net (loss) income from discontinued operations, net of tax | 0 | 0 | 13.9 | ||||||||
Equity in earnings (losses) from consolidated and unconsolidated affiliates | 482.2 | 352.5 | 329.4 | ||||||||
Net income attributable to White Mountains’s common shareholders | 412.5 | 297.6 | 312.2 | ||||||||
Other comprehensive income (loss), after-tax | 145.3 | (100.4) | (101.6) | ||||||||
Comprehensive income attributable to White Mountains’ common shareholders | 557.8 | 197.2 | 210.6 | ||||||||
Computation of net income (loss) available to common shareholders: | |||||||||||
Net income attributable to White Mountains’s common shareholders | 412.5 | 297.6 | $ 312.2 | ||||||||
Fair value measured on a recurring basis | |||||||||||
CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | |||||||||||
Fair value investments | 5,195.9 | 4,134.4 | 5,195.9 | 4,134.4 | |||||||
Level 3 | Fair value measured on a recurring basis | |||||||||||
CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | |||||||||||
Fair value investments | 177.7 | $ 239.5 | 177.7 | $ 239.5 | |||||||
Level 3 | Forward Contracts [Member] | Fair value measured on a recurring basis | |||||||||||
CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | |||||||||||
Fair value investments | $ (1.2) | $ (1.2) |
SCHEDULE II CONDENSED FINANC174
SCHEDULE II CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT (Details 3) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | |||||||||||
Net income attributable to White Mountains’s common shareholders | $ (33,300,000) | $ 91,700,000 | $ 341,100,000 | $ 13,000,000 | $ 267,900,000 | $ (58,900,000) | $ 4,300,000 | $ 84,300,000 | $ 412,500,000 | $ 297,600,000 | $ 312,200,000 |
Charges (credits) to reconcile net income to net cash (used for) provided from operations: | |||||||||||
Net realized and unrealized investment gains | (10,300,000) | (225,400,000) | (78,500,000) | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 6,800,000 | $ (61,900,000) | $ (358,600,000) | (1,100,000) | (19,600,000) | $ (6,500,000) | $ 500,000 | (71,300,000) | 300,000 | (78,700,000) | (260,600,000) |
Net change in other assets and liabilities, net | (226,700,000) | 49,700,000 | (142,400,000) | ||||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (130,600,000) | 119,700,000 | 69,900,000 | ||||||||
Net cash (used for) provided from discontinued operations | (24,700,000) | 56,000,000 | 48,900,000 | ||||||||
Net cash (used for) provided from operations | (155,300,000) | 175,700,000 | 118,800,000 | ||||||||
Cash flows from investing activities: | |||||||||||
Net decrease in short-term investments | (70,100,000) | 140,000,000 | (138,000,000) | ||||||||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 1,055,100,000 | 16,700,000 | (3,300,000) | ||||||||
Net cash provided from investing activities — discontinued operations | 221,700,000 | (5,400,000) | 51,200,000 | ||||||||
Net cash provided from investing activities | 1,276,800,000 | 11,300,000 | 47,900,000 | ||||||||
Cash flows from financing activities: | |||||||||||
Draw down of debt and revolving line of credit | 352,500,000 | 171,500,000 | 133,600,000 | ||||||||
Repayment of debt and revolving line of credit | (404,600,000) | (76,100,000) | (65,200,000) | ||||||||
Proceeds from issuances of common shares | 3,700,000 | 0 | 0 | ||||||||
Repurchases and retirement of common shares | (881,300,000) | (268,600,000) | (128,200,000) | ||||||||
Dividends paid on common shares | (5,400,000) | (6,000,000) | (6,200,000) | ||||||||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (942,200,000) | (203,000,000) | (65,100,000) | ||||||||
Net cash used for financing activities — discontinued operations | (200,000) | (11,600,000) | (64,500,000) | ||||||||
Net cash used for financing activities | (942,400,000) | (214,600,000) | (129,600,000) | ||||||||
Net change in cash during the period - continuing operations | (17,700,000) | (66,600,000) | 1,500,000 | ||||||||
Cash balance at beginning of year | 167,200,000 | 232,700,000 | 167,200,000 | 232,700,000 | 233,500,000 | ||||||
Cash balance at end of year | 149,800,000 | 167,200,000 | 149,800,000 | 167,200,000 | 232,700,000 | ||||||
Interest Paid | (14,800,000) | (12,800,000) | (13,000,000) | ||||||||
OneBeacon Ltd. common shares repurchased and retired | (11,500,000) | (3,700,000) | (1,700,000) | ||||||||
White Mountains Insurance Group Ltd. | |||||||||||
CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | |||||||||||
Payable to subsidiary (2) | 200,000 | 2,400,000 | 700,000 | ||||||||
Transfer from Investments | 80,000,000 | ||||||||||
Net income attributable to White Mountains’s common shareholders | 412,500,000 | 297,600,000 | 312,200,000 | ||||||||
Charges (credits) to reconcile net income to net cash (used for) provided from operations: | |||||||||||
Net realized and unrealized investment gains | 1,100,000 | 0 | (200,000) | ||||||||
Undistributed current earnings from subsidiaries | (482,200,000) | (352,500,000) | (329,400,000) | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | (13,900,000) | ||||||||
Other non-cash reconciling items including restricted share and option amortization | 17,900,000 | (400,000) | 12,900,000 | ||||||||
Net change in other assets and liabilities, net | (11,400,000) | 21,400,000 | (7,600,000) | ||||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (62,100,000) | (33,900,000) | (26,000,000) | ||||||||
Net cash (used for) provided from discontinued operations | 0 | 0 | 13,900,000 | ||||||||
Net cash (used for) provided from operations | (62,100,000) | (33,900,000) | (12,100,000) | ||||||||
Cash flows from investing activities: | |||||||||||
Net decrease in short-term investments | 10,900,000 | 7,600,000 | (29,600,000) | ||||||||
Purchases of investment securities | 0 | 0 | (7,600,000) | ||||||||
Sales and maturities of investment securities | 0 | 0 | 39,400,000 | ||||||||
Issuance of debt (to) from subsidiaries | 992,000,000 | 271,000,000 | 144,600,000 | ||||||||
Repayment of debt (to) from subsidiaries | (5,000,000) | (35,000,000) | (30,000,000) | ||||||||
Receipt of cash flow from discontinued operations | 0 | 0 | 13,900,000 | ||||||||
Distributions from subsidiaries | 0 | 15,000,000 | 29,700,000 | ||||||||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 997,900,000 | 258,600,000 | 160,400,000 | ||||||||
Net cash provided from investing activities — discontinued operations | 0 | 0 | (13,900,000) | ||||||||
Net cash provided from investing activities | 997,900,000 | 258,600,000 | 146,500,000 | ||||||||
Cash flows from financing activities: | |||||||||||
Draw down of debt and revolving line of credit | 350,000,000 | 125,000,000 | 65,000,000 | ||||||||
Repayment of debt and revolving line of credit | (400,000,000) | (75,000,000) | (65,000,000) | ||||||||
Proceeds from issuances of common shares | 3,700,000 | 0 | 0 | ||||||||
Repurchases and retirement of common shares | (881,300,000) | (268,600,000) | (128,200,000) | ||||||||
Dividends paid on common shares | (5,400,000) | (6,000,000) | (6,200,000) | ||||||||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (933,000,000) | (224,600,000) | (134,400,000) | ||||||||
Net cash used for financing activities — discontinued operations | 0 | 0 | 0 | ||||||||
Net cash used for financing activities | (933,000,000) | (225,000,000) | (134,400,000) | ||||||||
Net change in cash during the period - continuing operations | 2,800,000 | 100,000 | 0 | ||||||||
Cash balance at beginning of year | $ 300,000 | $ 200,000 | 300,000 | 200,000 | 200,000 | ||||||
Cash balance at end of year | $ 3,100,000 | $ 300,000 | 3,100,000 | 300,000 | 200,000 | ||||||
Proceeds from Dividends | 15,000,000 | 29,700,000 | |||||||||
Interest Paid | $ (1,200,000) | $ 0 | $ (300,000) |
SCHEDULE III SUPPLEMENTARY I175
SCHEDULE III SUPPLEMENTARY INSURANCE INFORMATION (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
SUPPLEMENTARY INSURANCE INFORMATION | |||
Net investment income | $ 86.8 | $ 60.8 | $ 59.5 |
OneBeacon | |||
SUPPLEMENTARY INSURANCE INFORMATION | |||
Deferred acquisition costs | 96.3 | 100.7 | 103.2 |
Future policy benefits, losses, claims and loss expenses | 1,365.6 | 1,389.8 | 1,342.2 |
Unearned premiums | 575.1 | 560.3 | 588.3 |
Other policy claims and benefits payable | 0 | 0 | 0 |
Premiums earned | 1,100.6 | 1,176.2 | 1,177.1 |
Net investment income | 50.6 | 45.9 | 43.4 |
Benefits, claims, losses, and settlement expenses | 656 | 700.7 | 815.1 |
Amortization of deferred policy acquisition costs | 206 | 213.8 | 203.3 |
Other operating expenses | 209 | 218.2 | 179.2 |
Premiums written | 1,100.7 | 1,136.6 | 1,216.9 |
Net investment income | 50.6 | 45.9 | 43.4 |
HG Global-BAM | |||
SUPPLEMENTARY INSURANCE INFORMATION | |||
Deferred acquisition costs | 10.6 | 6.9 | 4 |
Future policy benefits, losses, claims and loss expenses | 0 | 0 | 0 |
Unearned premiums | 82.9 | 50.2 | 27.6 |
Other policy claims and benefits payable | 0 | 0 | 0 |
Premiums earned | 5.9 | 3.3 | 1.8 |
Net investment income | 9 | 6.1 | 7.1 |
Benefits, claims, losses, and settlement expenses | 0 | 0 | 0 |
Amortization of deferred policy acquisition costs | 3.4 | 2.9 | 2.1 |
Other operating expenses | 0.4 | 0.4 | 0.4 |
Premiums written | 38.6 | 25.9 | 16.2 |
Other Operations | |||
SUPPLEMENTARY INSURANCE INFORMATION | |||
Deferred acquisition costs | 0 | 0 | 0 |
Future policy benefits, losses, claims and loss expenses | 5 | 6 | 7.8 |
Unearned premiums | 1.2 | 2.1 | 0.8 |
Other policy claims and benefits payable | 0 | 0 | 0 |
Premiums earned | 7.5 | 8.7 | 6.1 |
Net investment income | 0.2 | 0.2 | 0.2 |
Benefits, claims, losses, and settlement expenses | 8 | 8.2 | 8.9 |
Amortization of deferred policy acquisition costs | 2.2 | 3.4 | 0.8 |
Other operating expenses | 0.1 | 0 | 0 |
Premiums written | 6.5 | 10.1 | 5.9 |
Non-insurance [Member] | Operating Segments | |||
SUPPLEMENTARY INSURANCE INFORMATION | |||
Net investment income | $ 27 | $ 8.6 | $ 8.8 |
SCHEDULE IV REINSURANCE (Detail
SCHEDULE IV REINSURANCE (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Premiums earned | |||
Gross amount | $ 1,198.1 | $ 1,322 | $ 1,233.5 |
Ceded to other companies | (113.5) | (179.7) | (119.4) |
Assumed from other companies | 29.4 | 45.9 | 70.9 |
Net earned premiums | 1,114 | 1,188.2 | 1,185 |
OneBeacon | |||
Premiums earned | |||
Gross amount | 1,177 | 1,298 | 1,209.1 |
Ceded to other companies | (105.8) | (167.7) | (102.9) |
Assumed from other companies | 29.4 | 45.9 | 70.9 |
Net earned premiums | $ 1,100.6 | $ 1,176.2 | $ 1,177.1 |
Percentage of amount assumed to net | 2.70% | 3.90% | 6.00% |
HG/BAM | |||
Premiums earned | |||
Gross amount | $ 5.9 | $ 3.3 | $ 1.8 |
Ceded to other companies | 0 | 0 | 0 |
Assumed from other companies | 0 | 0 | 0 |
Net earned premiums | $ 5.9 | $ 3.3 | $ 1.8 |
Percentage of amount assumed to net | 0.00% | 0.00% | 0.00% |
Other Segments | |||
Premiums earned | |||
Gross amount | $ 15.2 | $ 20.7 | $ 22.6 |
Ceded to other companies | (7.7) | (12) | (16.5) |
Assumed from other companies | 0 | 0 | 0 |
Net earned premiums | $ 7.5 | $ 8.7 | $ 6.1 |
Percentage of amount assumed to net | 0.00% | 0.00% | 0.00% |
SCHEDULE V VALUATION AND QUA177
SCHEDULE V VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reinsurance recoverable on paid losses: Allowance for reinsurance balances | |||
VALUATION AND QUALIFYING ACCOUNTS | |||
Balance at beginning of period | $ 0.7 | $ 2.2 | $ 14.3 |
Charged to costs and expenses | (0.2) | 0.1 | 0.5 |
Charged to other accounts (1) | 0 | 0 | 0 |
Deductions described | 0 | (1.4) | (11.6) |
Balance at end of period | 0.9 | 0.7 | 2.2 |
Property and casualty insurance and reinsurance premiums receivable: Allowance for uncollectible accounts | |||
VALUATION AND QUALIFYING ACCOUNTS | |||
Balance at beginning of period | 2 | 1.9 | 3.1 |
Charged to costs and expenses | 0.3 | (0.8) | (0.2) |
Charged to other accounts (1) | (0.4) | (0.7) | (1) |
Deductions described | 0 | 0 | 0 |
Balance at end of period | $ 1.3 | $ 2 | $ 1.9 |
SCHEDULE VI SUPPLEMENTAL INF178
SCHEDULE VI SUPPLEMENTAL INFORMATION FOR PROPERTY AND CASUALTY INSURANCE UNDERWRITERS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
SUPPLEMENTAL INFORMATION FOR PROPERTY AND CASUALTY INSURANCE UNDERWRITERS | |||
Current Accident Year | $ 649.2 | $ 712.9 | $ 732 |
Prior Accident Year | $ 14.8 | $ (4) | $ 92 |
Rate at which reserves are discounted (as a percent) | 2.50% | 2.50% | 2.50% |
OneBeacon | |||
SUPPLEMENTAL INFORMATION FOR PROPERTY AND CASUALTY INSURANCE UNDERWRITERS | |||
Deferred acquisition costs | $ 96.3 | $ 100.7 | $ 103.2 |
Reserves for Unpaid Claims and Claims Adjustment Expenses | 1,365.6 | 1,389.8 | 1,342.2 |
Discount, if any, deducted in Column C | 1.6 | 1.1 | 1 |
Unearned Premiums | 575.1 | 560.3 | 588.3 |
Earned Premiums | 1,100.6 | 1,176.2 | 1,177.1 |
Net investment income | 50.6 | 45.9 | 43.4 |
Current Accident Year | 640.6 | 702.5 | 725.3 |
Prior Accident Year | 15.4 | (1.8) | 89.8 |
Amortization of deferred policy acquisition | (206) | (213.8) | (203.3) |
Paid Claims and Claims Adjustment Expenses | 667.1 | 677.5 | 608.6 |
Premiums written | 1,100.7 | 1,136.6 | 1,216.9 |
Other Operations | |||
SUPPLEMENTAL INFORMATION FOR PROPERTY AND CASUALTY INSURANCE UNDERWRITERS | |||
Deferred acquisition costs | 0 | 0 | 0 |
Reserves for Unpaid Claims and Claims Adjustment Expenses | 5 | 6 | 7.8 |
Discount, if any, deducted in Column C | 0 | 0 | 0 |
Unearned Premiums | 1.2 | 2.1 | 0.8 |
Earned Premiums | 7.5 | 8.7 | 6.1 |
Net investment income | 0.2 | 0.2 | 0.2 |
Current Accident Year | 8.6 | 10.4 | 6.7 |
Prior Accident Year | (0.6) | (2.2) | 2.2 |
Amortization of deferred policy acquisition | 0 | 0 | 0 |
Paid Claims and Claims Adjustment Expenses | 8.8 | 10.4 | 14.8 |
Premiums written | $ 6.5 | $ 10.1 | $ 5.9 |