EX-12 7 a04-2892_1ex12.htm EX-12

Exhibit 12

 

WHITE MOUNTAINS INSURANCE GROUP, LTD.

Computation of Ratio of Earnings to Fixed Charges
($ in millions except ratios)

 

 

 

Year Ended

 

 

 

2003

 

2002

 

2001 (1)

 

2000

 

1999

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated pretax income from continuing operations before minority interest, equity in earnings of affiliates, accounting changes and extraordinary items

 

$

372.3

 

$

119.4

 

$

(427.5

)

$

355.4

 

$

161.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Less undistributed earnings in unconsolidated affiliates

 

n/a

 

n/a

 

n/a

 

(1.0

)

(29.0

)

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

70.9

 

71.8

 

45.7

 

16.1

 

14.7

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest portion of rental expense

 

14.3

 

15.3

 

7.7

 

0.9

 

0.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

$

457.5

 

$

206.5

 

$

(374.1

)

$

371.4

 

$

147.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

70.9

 

71.8

 

45.7

 

16.1

 

14.7

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest portion of rental expense

 

14.3

 

15.3

 

7.7

 

0.9

 

0.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

$

85.2

 

$

87.1

 

$

53.4

 

$

17.0

 

$

15.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

5.4

 

2.4

 

—

 

21.8

 

9.7

 

(1) Fixed charges exceeded earnings by $427.5 million in 2001.