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Exhibit 12
WHITE MOUNTAINS INSURANCE GROUP, LTD.
Statement Re Computation of Ratio of Earnings to Fixed Charges
($ in millions except ratios)
|
| Year Ended |
| |||||||||||||
|
| 2009 |
| 2008 (1) |
| 2007 |
| 2006 |
| 2005 |
| |||||
Consolidated pre-tax income (loss) from continuing operations before equity in earnings of affiliates, accounting changes and extraordinary items |
| $ | 764.0 |
| $ | (1,138.4 | ) | $ | 685.2 |
| $ | 729.8 |
| $ | 305.2 |
|
Distributed income of equity investees |
| — |
| — |
| 31.2 |
| 85.6 |
| — |
| |||||
Interest expense on debt |
| 70.8 |
| 82.1 |
| 73.0 |
| 50.1 |
| 44.5 |
| |||||
Interest portion of rental expense |
| 13.4 |
| 13.1 |
| 18.3 |
| 16.4 |
| 16.4 |
| |||||
Earnings (loss) |
| $ | 848.2 |
| $ | (1,043.2 | ) | $ | 807.7 |
| $ | 881.9 |
| $ | 366.1 |
|
Interest expense on debt |
| $ | 70.8 |
| $ | 82.1 |
| $ | 73.0 |
| $ | 50.1 |
| $ | 44.5 |
|
Interest portion of rental expense |
| 13.4 |
| 13.1 |
| 18.3 |
| 16.4 |
| 16.4 |
| |||||
Fixed charges |
| $ | 84.2 |
| $ | 95.2 |
| $ | 91.3 |
| $ | 66.5 |
| $ | 60.9 |
|
Ratio of earnings to fixed charges |
| 10.1 |
| — |
| 8.8 |
| 13.3 |
| 6.0 |
|
(1) Earnings were inadequate to cover fixed charges by $1,138.4 for the year ended December 31, 2008.