EX-12 4 a09-1257_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

 

 

 

2008

 

2007

 

2006

 

2005

 

2004

 

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

 

$

(1,140.1

)

$

681.5

 

$

729.8

 

$

305.2

 

$

258.4

 

Distributed income of equity investees

 

—

 

31.2

 

85.6

 

—

 

—

 

Interest expense on debt

 

82.1

 

73.0

 

50.1

 

44.5

 

49.1

 

Interest portion of rental expense

 

13.1

 

18.3

 

16.4

 

16.4

 

15.5

 

(Loss) Earnings

 

$

(1,044.9

)

$

804.0

 

$

881.9

 

$

366.1

 

$

323.0

 

Interest expense on debt

 

$

82.1

 

$

73.0

 

$

50.1

 

$

44.5

 

$

49.1

 

Interest portion of rental expense

 

13.1

 

18.3

 

16.4

 

16.4

 

15.5

 

Fixed charges

 

$

95.2

 

$

91.3

 

$

66.5

 

$

60.9

 

$

64.6

 

Ratio of earnings to fixed charges(1)

 

—

 

8.8

 

13.3

 

6.0

 

5.0

 

 

(1)     Earnings were inadequate to cover fixed charges by $1,140.1 million for the year ended December 31, 2008.