EX-12 11 a07-4895_1ex12.htm EX-12

Exhibit 12

WHITE MOUNTAINS INSURANCE GROUP, LTD.

Statement Re Computation of Ratio of Earnings to Fixed Charges

($ in millions except ratios)

 

 

 

 

 

 

Year Ended

 

 

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated pretax income from continuing operations

 

 

 

 

 

 

 

 

 

 

 

before minority interest, equity in earnings of affiliates,

 

 

 

 

 

 

 

 

 

 

 

accounting changes and extraordinary items

 

$

729.8

 

$

305.2

 

$

258.4

 

$

373.9

 

$

119.4

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributed income of equity investees

 

85.6

 

—

 

—

 

3.7

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense on debt

 

50.1

 

44.5

 

49.1

 

48.6

 

71.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest portion of rental expense

 

16.4

 

16.4

 

15.5

 

14.3

 

15.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

$

881.9

 

$

366.1

 

$

323.0

 

$

440.5

 

$

206.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense on debt

 

50.1

 

44.5

 

49.1

 

48.6

 

71.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest portion of rental expense

 

16.4

 

16.4

 

15.5

 

14.3

 

15.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

66.5

 

60.9

 

64.6

 

62.9

 

87.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

13.3

 

6.0

 

5.0

 

7.0

 

2.4