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Exhibit 12
WHITE MOUNTAINS INSURANCE GROUP, LTD.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
($ IN MILLIONS EXCEPT RATIOS)
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YEAR ENDED
------------------------------------------------------------------------
2004 2003 2002 2001 2000
------------ ------------ ------------ ------------ ------------
Consolidated pretax income from continuing operations
before minority interest, equity in earnings of
affiliates, accounting changes and extraordinary items $ 247.8 $ 372.3 $ 119.4 $ (427.5) $ 355.4
Less undistributed earnings in unconsolidated affiliates n/a n/a n/a n/a (1.0)
Interest expense on debt 49.1 48.6 71.8 45.7 16.1
Interest portion of rental expense 15.5 14.3 15.3 7.7 0.9
------------ ------------ ------------ ------------ ------------
Earnings $ 312.4 $ 435.2 $ 206.5 $ (374.1) $ 371.4
============ ============ ============ ============ ============
Interest expense on debt 49.1 48.6 71.8 45.7 16.1
Interest portion of rental expense 15.5 14.3 15.3 7.7 0.9
------------ ------------ ------------ ------------ ------------
Fixed charges 64.6 62.9 87.1 53.4 17.0
============ ============ ============ ============ ============
RATIO OF EARNINGS TO FIXED CHARGES 4.8 6.9 2.4 (7.0) 21.8
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