EX-12 3 wtm10-k2018ex12.htm EXHIBIT 12 Exhibit


Exhibit 12
WHITE MOUNTAINS INSURANCE GROUP, LTD.
Statement Re Computation of Ratio of Earnings to Fixed Charges
($ in millions except ratios)
 
 
Year Ended
 
 
2018 (1)
 
2017
 
2016 (2)
 
2015
 
2014 (3)
Consolidated pre-tax income (loss) from continuing operations before equity in earnings of affiliates, accounting changes and extraordinary items
 
$
(178.2
)
 
$
7.8

 
$
(147.3
)
 
$
129.2

 
$
(78.8
)
Interest expense on debt
 
9.5

 
2.3

 
3.0

 
1.6

 
1.2

Interest portion of rental expense
 
1.8

 
1.2

 
1.1

 
.7

 
.6

Earnings (loss)
 
$
(166.9
)
 
$
11.3

 
$
(143.2
)
 
$
131.5

 
$
(77.0
)
Interest expense on debt
 
$
9.5

 
$
2.3

 
$
3.0

 
$
1.6

 
$
1.2

Interest portion of rental expense
 
1.8

 
1.2

 
1.1

 
.7

 
.6

Fixed charges
 
$
11.3

 
$
3.5

 
$
4.1

 
$
2.3

 
$
1.8

Ratio of earnings to fixed charges
 
(14.8
)
 
3.2

 
(34.9
)
 
57.2

 
(42.8
)
(1) Earnings were inadequate to cover fixed charges by $178.2 for the year ended December 31, 2018.
(2) Earnings were inadequate to cover fixed charges by $147.3 for the year ended December 31, 2016.
(3) Earnings were inadequate to cover fixed charges by $78.8 for the year ended December 31, 2014.