EX-12 12 a09-35767_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

 

 

 

2009

 

2008 (1)

 

2007

 

2006

 

2005

 

Consolidated pre-tax income (loss) from continuing operations before equity in earnings of affiliates, accounting changes and extraordinary items

 

$

764.0

 

$

(1,138.4

)

$

685.2

 

$

729.8

 

$

305.2

 

Distributed income of equity investees

 

—

 

—

 

31.2

 

85.6

 

—

 

Interest expense on debt

 

70.8

 

82.1

 

73.0

 

50.1

 

44.5

 

Interest portion of rental expense

 

13.4

 

13.1

 

18.3

 

16.4

 

16.4

 

Earnings (loss)

 

$

848.2

 

$

(1,043.2

)

$

807.7

 

$

881.9

 

$

366.1

 

Interest expense on debt

 

$

70.8

 

$

82.1

 

$

73.0

 

$

50.1

 

$

44.5

 

Interest portion of rental expense

 

13.4

 

13.1

 

18.3

 

16.4

 

16.4

 

Fixed charges

 

$

84.2

 

$

95.2

 

$

91.3

 

$

66.5

 

$

60.9

 

Ratio of earnings to fixed charges

 

10.1

 

—

 

8.8

 

13.3

 

6.0

 

 

(1)          Earnings were inadequate to cover fixed charges by $1,138.4 for the year ended December 31, 2008.