EX-12 2 a2182981zex-12.htm EXHIBIT 12
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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
 
   2007
   2006
   2005
   2004
   2003
Consolidated pretax income from continuing operations before minority interest, equity in earnings of affiliates, accounting changes and extraordinary items   $ 681.5   $ 729.8   $ 305.2   $ 258.4   $ 373.9

Distributed income of equity investees
 
 
31.2
 
 
85.6
 
 
—
 
 
—
 
 
3.7

Interest expense on debt
 
 
73.0
 
 
50.1
 
 
44.5
 
 
49.1
 
 
48.6

Interest portion of rental expense
 
 
18.3
 
 
16.4
 
 
16.4
 
 
15.5
 
 
14.3
   
 
 
 
 
Earnings   $ 804.0   $ 881.9   $ 366.1   $ 323.0   $ 440.5
   
 
 
 
 

Interest expense on debt
 
$
73.0
 
$
50.1
 
$
44.5
 
$
49.1
 
$
48.6

Interest portion of rental expense
 
 
18.3
 
 
16.4
 
 
16.4
 
 
15.5
 
 
14.3
   
 
 
 
 
Fixed charges   $ 91.3   $ 66.5   $ 60.9   $ 64.6   $ 62.9
   
 
 
 
 

Ratio of earnings to fixed charges
 
 
8.8
 
 
13.3
 
 
6.0
 
 
5.0
 
 
7.0



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