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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 |
| |||||||||||||
|
| 2011 |
| 2010 |
| 2009 |
| 2008 (1) |
| 2007 |
| |||||
Consolidated pre-tax income (loss) from continuing operations before equity in earnings of affiliates, accounting changes and extraordinary items |
| $ | 61.6 |
| $ | 153.1 |
| $ | 797.2 |
| $ | (1,070.2 | ) | $ | 750.4 |
|
Distributed income of equity investees |
|
|
| — |
| — |
| — |
| 31.2 |
| |||||
Interest expense on debt |
| 55.2 |
| 57.3 |
| 70.8 |
| 81.6 |
| 73.0 |
| |||||
Interest portion of rental expense |
| 7.6 |
| 9.4 |
| 11.7 |
| 13.1 |
| 18.3 |
| |||||
Earnings (loss) |
| $ | 124.4 |
| $ | 219.8 |
| $ | 879.7 |
| $ | (975.5 | ) | $ | 872.9 |
|
Interest expense on debt |
| 55.2 |
| $ | 57.3 |
| $ | 70.8 |
| $ | 81.6 |
| $ | 73.0 |
| |
Interest portion of rental expense |
| 7.6 |
| 9.4 |
| 11.7 |
| 13.1 |
| 18.3 |
| |||||
Fixed charges |
| $ | 62.8 |
| $ | 66.7 |
| $ | 82.5 |
| $ | 94.7 |
| $ | 91.3 |
|
Ratio of earnings to fixed charges |
| 2.0 |
| 3.3 |
| 10.7 |
| — |
| 9.6 |
|
(1) Earnings were inadequate to cover fixed charges by $1,070.2 for the year ended December 31, 2008.