EX-12 8 a12-1085_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

 

 

 

2011

 

2010

 

2009

 

2008 (1)

 

2007

 

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

 

$

61.6

 

$

153.1

 

$

797.2

 

$

(1,070.2

)

$

750.4

 

Distributed income of equity investees

 

 

 

—

 

—

 

—

 

31.2

 

Interest expense on debt

 

55.2

 

57.3

 

70.8

 

81.6

 

73.0

 

Interest portion of rental expense

 

7.6

 

9.4

 

11.7

 

13.1

 

18.3

 

Earnings (loss)

 

$

124.4

 

$

219.8

 

$

879.7

 

$

(975.5

)

$

872.9

 

Interest expense on debt

 

55.2

 

$

57.3

 

$

70.8

 

$

81.6

 

$

73.0

 

Interest portion of rental expense

 

7.6

 

9.4

 

11.7

 

13.1

 

18.3

 

Fixed charges

 

$

62.8

 

$

66.7

 

$

82.5

 

$

94.7

 

$

91.3

 

Ratio of earnings to fixed charges

 

2.0

 

3.3

 

10.7

 

—

 

9.6

 

 

(1)  Earnings were inadequate to cover fixed charges by $1,070.2 for the year ended December 31, 2008.