Document and Entity Information
Document and Entity Information - $ / shares | 3 Months Ended | ||
Mar. 31, 2017 | Apr. 28, 2017 | Dec. 31, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | WHITE MOUNTAINS INSURANCE GROUP LTD | ||
Entity Central Index Key | 776,867 | ||
Document Type | 10-Q | ||
Document Period End Date | Mar. 31, 2017 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 4,572,792 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | Q1 | ||
Common shares, par value per share (in dollars per share) | $ 1 | $ 1 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Fixed maturity investments, at fair value | $ 4,175.4 | $ 4,250.2 |
Short-term investments, at amortized cost (which approximates fair value) | 230.9 | 287 |
Common equity securities, at fair value | 601 | 474.3 |
Other long-term investments | 331.7 | 323.3 |
Total investments | 5,339 | 5,334.8 |
Cash | 125 | 149.8 |
Reinsurance recoverable on unpaid losses | 174.7 | 172.9 |
Reinsurance recoverable on paid losses | 3.4 | 6.6 |
Insurance premiums receivable | 227.5 | 229.9 |
Deferred acquisition costs | 110.4 | 106.9 |
Deferred tax asset | 125.5 | 126.7 |
Ceded unearned insurance premiums | 52.4 | 44.2 |
Accrued investment income | 27.2 | 26.1 |
Accounts receivable on unsettled investment sales | 24.5 | 6.2 |
Goodwill and other intangible assets | 53 | 55.9 |
Other assets | 254.3 | 274.6 |
Assets held for sale | 0 | 10.1 |
Total assets | 6,516.9 | 6,544.7 |
Liabilities | ||
Loss and loss adjustment expense reserves | 1,368.8 | 1,365.6 |
Unearned insurance premiums | 678.1 | 658 |
Debt | 284.7 | 285.9 |
Accrued incentive compensation | 83.2 | 140 |
Funds held under insurance contracts | 148.7 | 153 |
Accounts payable on unsettled investment purchases | 17.3 | 0 |
Other liabilities | 178.5 | 199.9 |
Total liabilities held for sale | 0 | 5.1 |
Total liabilities | 2,759.3 | 2,807.5 |
White Mountains’s common shareholders’ equity | ||
White Mountains’ common shares | 4.6 | 4.6 |
Paid-in surplus | 802.5 | 806.1 |
Retained earnings | 2,821.8 | 2,797.2 |
Accumulated other comprehensive loss, after tax: | ||
Net unrealized foreign currency translation losses | (0.6) | (1.4) |
Pension liability | (3.1) | (3.2) |
Total White Mountains’s common shareholders’ equity | 3,625.2 | 3,603.3 |
Non-controlling interests | ||
Non-controlling interests | 132.4 | 133.9 |
Total equity | 3,757.6 | 3,737.2 |
Total liabilities and equity | $ 6,516.9 | $ 6,544.7 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Cash | $ 0 | $ 0 |
Common shares, par value per share (in dollars per share) | $ 1 | $ 1 |
Common shares, authorized shares | 50,000,000 | 50,000,000 |
Common shares, issued shares | 4,572,792 | 4,563,814 |
Common shares, outstanding shares | 4,572,792 | 4,563,814 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues: | ||
Earned insurance premiums | $ 264.8 | $ 282.1 |
Net investment income | 26.1 | 17.9 |
Net realized and unrealized investment gains | 51.3 | 29.5 |
Other revenue | 43.7 | 39.8 |
Total revenues | 385.9 | 369.3 |
Expenses: | ||
Loss and loss adjustment expenses | 151.7 | 161.1 |
Insurance Acquisition Expenses | 46.6 | 52.7 |
Other Underwriting Expense | 51.8 | 55.4 |
General and administrative expenses | 94.2 | 87.1 |
Interest expense | 3.7 | 4.5 |
Total expenses | 348 | 360.8 |
Pre-tax income from continuing operations | 37.9 | 8.5 |
Income tax (expense) benefit | (3.9) | 9.7 |
Net income from continuing operations | 34 | 18.2 |
Net (loss) gain on sale of discontinued operations, net of tax | (1) | 0 |
Net income from discontinued operations, net of tax | 0 | 1.1 |
Net income | 33 | 19.3 |
Net loss (income) attributable to non-controlling interests | 1.3 | (6.3) |
Net income attributable to White Mountains’s common shareholders | 34.3 | 13 |
Other comprehensive income, net of tax: | ||
Change in foreign currency translation, pension liability and other, net of tax | 0.9 | 0.1 |
Comprehensive income attributable to White Mountains’s common shareholders | $ 35.2 | $ 50.3 |
Basic income (loss) per share | ||
Continuing operations | $ 7.72 | $ 2.14 |
Discontinued operations | (0.22) | 0.20 |
Total consolidated operations | 7.50 | 2.34 |
Diluted income (loss) per share | ||
Continuing operations | 7.72 | 2.14 |
Discontinued operations | (0.22) | 0.20 |
Total consolidated operations | 7.50 | 2.34 |
Dividends declared per White Mountains’s common share | $ 1 | $ 1 |
Sale of Tranzact [Member] | ||
Expenses: | ||
Net (loss) gain on sale of discontinued operations, net of tax | $ (1) | $ 0 |
Sirius Group | ||
Revenues: | ||
Net realized and unrealized investment gains | 4.1 | |
Other comprehensive income, net of tax: | ||
Change in foreign currency translation, pension liability and other, net of tax | $ 0 | $ 37.2 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Common shares and paid-in surplus | Retained earnings | AOCI, after tax | Total | Non-controlling interest | Total Equity | Foreign Currency Gain (Loss)Common shares and paid-in surplus | Foreign Currency Gain (Loss)Retained earnings | Foreign Currency Gain (Loss)AOCI, after tax | Foreign Currency Gain (Loss)Total | Foreign Currency Gain (Loss)Non-controlling interest | Foreign Currency Gain (Loss)Total Equity | Star & Shield LLC [Member]Common shares and paid-in surplus | Star & Shield LLC [Member]Retained earnings | Star & Shield LLC [Member]AOCI, after tax | Star & Shield LLC [Member]Total | Star & Shield LLC [Member]Non-controlling interest | Star & Shield LLC [Member]Total Equity |
Balances at Dec. 31, 2015 | $ 978.2 | $ 3,084.9 | $ (149.9) | $ 3,913.2 | $ 454.8 | $ 4,368 | |||||||||||||
Increase (Decrease) in Shareholders' Equity | |||||||||||||||||||
Net income | $ 19.3 | 0 | 13 | 0 | 13 | 6.3 | 19.3 | ||||||||||||
Net change in foreign currency translation | 0.1 | $ 0 | $ 0 | $ 37.3 | $ 37.3 | $ 0 | $ 37.3 | ||||||||||||
Total comprehensive income | 0 | 13 | 37.3 | 50.3 | 6.3 | 56.6 | |||||||||||||
Dividends declared on common shares | 0 | (5.4) | 0 | (5.4) | 0 | (5.4) | |||||||||||||
Dividends to non-controlling interests | 0 | 0 | 0 | 0 | (6.2) | (6.2) | |||||||||||||
Repurchases and retirements of common shares | (39.8) | (132.9) | 0 | (172.7) | 0 | (172.7) | |||||||||||||
Acquisition from non-controlling interests - OneBeacon | (2.7) | 0 | 0 | (2.7) | (8.8) | (11.5) | |||||||||||||
Net contributions from non-controlling interests | 0 | 0 | 0 | 0 | 0.3 | 0.3 | |||||||||||||
Noncontrolling Interest, Period Increase (Decrease) | 0 | 0 | 0 | 0 | 4.8 | 4.8 | |||||||||||||
Amortization of restricted share awards | 3.2 | 0 | 0 | 3.2 | 0.2 | 3.4 | |||||||||||||
Balances at Mar. 31, 2016 | 938.9 | 2,959.6 | (112.6) | 3,785.9 | 451.4 | 4,237.3 | |||||||||||||
Balances at Dec. 31, 2016 | 3,737.2 | 810.7 | 2,797.2 | (4.6) | 3,603.3 | 133.9 | 3,737.2 | ||||||||||||
Increase (Decrease) in Shareholders' Equity | |||||||||||||||||||
Net income | 33 | 0 | 34.3 | 0 | 34.3 | (1.3) | 33 | ||||||||||||
Net change in foreign currency translation | 0.9 | $ 0 | $ 0 | $ 0.9 | $ 0.9 | $ 0 | $ 0.9 | ||||||||||||
Total comprehensive income | 0 | 34.3 | 0.9 | 35.2 | (1.3) | 33.9 | |||||||||||||
Dividends declared on common shares | 0 | (4.6) | 0 | (4.6) | 0 | (4.6) | |||||||||||||
Dividends to non-controlling interests | 0 | 0 | 0 | 0 | (6.6) | (6.6) | |||||||||||||
Repurchases and retirements of common shares | (1.4) | (5.1) | 0 | (6.5) | (1.1) | (7.6) | |||||||||||||
Deconsolidation of non-controlling interests associated with the sale of Star & Shield | $ 0 | $ 0 | $ 0 | $ 0 | $ (4.4) | $ (4.4) | |||||||||||||
Net contributions from non-controlling interests | (4.8) | 0 | 0 | (4.8) | 4.8 | 0 | |||||||||||||
Noncontrolling Interest, Period Increase (Decrease) | 0 | 0 | 0 | 0 | 6.9 | 6.9 | |||||||||||||
Amortization of restricted share awards | 2.6 | 0 | 0 | 2.6 | 0.2 | 2.8 | |||||||||||||
Balances at Mar. 31, 2017 | $ 3,757.6 | $ 807.1 | $ 2,821.8 | $ (3.7) | $ 3,625.2 | $ 132.4 | $ 3,757.6 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Cash flows from operations: | |||
Net income | $ 33 | $ 19.3 | |
Charges (credits) to reconcile net income to net cash used for operations: | |||
Net realized and unrealized investment (gains) losses | (51.3) | (29.5) | |
Deferred income tax (benefit) expense | (1.1) | 5 | |
Net (loss) income from discontinued operations | 0 | (1.1) | |
Net loss on sale of discontinued operations | 1 | 0 | |
Amortization and depreciation | 14.6 | 11.4 | |
Other operating items: | |||
Net change in loss and loss adjustment expense reserves | 2.9 | (46.2) | |
Net change in reinsurance recoverable on paid and unpaid losses | 1.4 | 26.5 | |
Net change in unearned insurance premiums | 20.7 | 13.9 | |
Net change in deferred acquisition costs | (3.5) | (2.2) | |
Net change in ceded unearned premiums | (8.2) | (6.8) | |
Net change in funds held under insurance treaties | (4.3) | (2.8) | |
Net change in insurance premiums receivable | 2.7 | (11) | |
Net change in restricted cash | 0 | (2.6) | |
Net change in other assets and liabilities, net | (64) | (19.8) | |
Net cash used for operations - continuing operations | (56.1) | (45.9) | |
Net cash used for operations | (56.1) | (86.6) | |
Cash flows from investing activities: | |||
Net change in short-term investments | 55.6 | (50.4) | |
Sales of fixed maturity and convertible investments | 868.5 | 202.3 | |
Maturities, calls and paydowns of fixed maturity and convertible investments | 175.8 | 155.9 | |
Sales of common equity securities | 17.7 | 767.5 | |
Distributions and redemptions of other long-term investments | 16.5 | 3 | |
Net settlement of investment cash flows and contributions with discontinued operations | 0 | (559.8) | |
Purchases of other long-term investments | (22.4) | (10.9) | |
Purchases of common equity securities | (113.4) | (86.1) | |
Purchases of fixed maturity and convertible investments | (957.6) | (315.2) | |
Purchases of unconsolidated affiliates and consolidated subsidiaries, net of cash acquired | 0 | (8.1) | |
Net change in unsettled investment purchases and sales | (1) | 44.3 | |
Net acquisitions of property and equipment | (0.4) | (1.3) | |
Net cash provided from investing activities - continuing operations | 39.3 | 141.2 | |
Net cash provided from investing activities | 39.3 | 174.8 | |
Cash flows from financing activities: | |||
Draw down of debt and revolving line of credit | 0 | 102.5 | |
Repayment of debt and revolving line of credit | (1.2) | 0 | |
Cash dividends paid to the Company’s common shareholders | (4.6) | (5.4) | |
Common shares repurchased | 0 | (166.8) | |
OneBeacon Ltd. common shares repurchased and retired | 0 | (10.6) | |
Distribution to non-controlling interest shareholders | (5.1) | (4.7) | |
Contributions to discontinued operations | 0 | (3) | |
Payments of contingent consideration related to purchases of consolidated subsidiaries | 0 | (7.8) | |
Capital contributions from BAM members | 9.6 | 6.7 | |
Other Financing Activities, Net | (7.6) | (7.2) | |
Net cash used for financing activities - continuing operations | (8.9) | (96.3) | |
Net cash used for financing activities | (8.9) | (104.6) | |
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | |
Net change in cash during the period - continuing operations | (25.7) | (1) | |
Cash balances at beginning of period | 149.8 | 167.2 | $ 167.2 |
Add: cash held for sale at the beginning of period | 0.9 | 1.2 | 1.2 |
Less: cash held for sale at the end of period | 0 | 2.1 | 0.9 |
Cash balances at end of period | 125 | 165.3 | 149.8 |
Supplemental cash flows information: | |||
Interest paid | (0.2) | (0.2) | |
Net income tax refund from national governments | 0 | 13.5 | |
Discontinued Operations [Member] | |||
Charges (credits) to reconcile net income to net cash used for operations: | |||
Net realized and unrealized investment (gains) losses | 0 | 8.8 | |
Net (loss) income from discontinued operations | 0 | (1.1) | |
Other operating items: | |||
Net cash used for operations - discontinued operations | 0 | (40.7) | |
Cash flows from investing activities: | |||
Net cash provided from investing activities - discontinued operations | 0 | 33.6 | |
Cash flows from financing activities: | |||
Net cash used for financing activities - discontinued operations | 0 | (8.3) | |
Cash balances at beginning of period | 0 | 150.2 | 150.2 |
Cash balances at end of period | 0 | 139.9 | $ 0 |
Supplemental cash flows information: | |||
Net income tax refund from national governments | $ 0 | $ 36.4 |
CONSOLIDATED STATEMENTS OF CAS7
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash and Cash Equivalents, at Carrying Value | $ 125 | $ 165.3 |
Restricted cash balances | 0 | 8.4 |
Effect of Exchange Rate on Cash and Cash Equivalents, Discontinued Operations | 0 | 4.2 |
Discontinued Operations [Member] | ||
Cash and Cash Equivalents, at Carrying Value | $ 0 | $ 139.9 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation These interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and include the accounts of White Mountains Insurance Group, Ltd. (the “Company” or the “Registrant”), its subsidiaries (collectively, with the Company, “White Mountains”) and other entities required to be consolidated under GAAP. The Company is an exempted Bermuda limited liability company whose principal businesses are conducted through its insurance subsidiaries and other affiliates. The Company’s headquarters is located at 26 Reid Street, Hamilton, Bermuda HM 11, its principal executive office is located at 80 South Main Street, Hanover, New Hampshire 03755-2053 and its registered office is located at Clarendon House, 2 Church Street, Hamilton, Bermuda HM 11. White Mountains’s reportable segments are OneBeacon, HG Global/BAM and Other Operations. As discussed further in the Company’s consolidated financial statements in Note 2 — “Significant Transactions” , on April 18, 2016, White Mountains completed its sale of Sirius International Insurance Group, Ltd., and its subsidiaries (collectively, “Sirius Group”) to CM International Holding PTE Ltd. (“CMI”), the Singapore-based investment arm of China Minsheng Investment Corp., Ltd. Also, on July 21, 2016, White Mountains completed its sale of Tranzact Holdings, LLC (“Tranzact”) to an affiliate of Clayton, Dubilier & Rice, LLC. For the three months ended March 31, 2016, Sirius Group and Tranzact have been presented as discontinued operations in the statement of operations and comprehensive income. See Note 17 — “Held for Sale and Discontinued Operations” . The OneBeacon segment consists of OneBeacon Insurance Group, Ltd. (“OneBeacon Ltd.”), an exempted Bermuda limited liability company that owns a family of property and casualty insurance companies (collectively, “OneBeacon”). OneBeacon is a specialty property and casualty insurance writer that offers a wide range of insurance products in the United States through independent agencies, regional and national brokers, wholesalers and managing general agencies. As of March 31, 2017 and December 31, 2016 , White Mountains owned 75.7% and 76.1% of OneBeacon Ltd.’s outstanding common shares. The HG Global/BAM segment consists of HG Global Ltd. (“HG Global”) and the consolidated results of Build America Mutual Assurance Company (“BAM”). BAM is the first and only mutual bond insurance company in the United States. By insuring the timely payment of principal and interest, BAM provides market access to, and lowers interest expense for, issuers of municipal bonds used to finance essential public purposes such as schools, utilities and transportation facilities. BAM is owned by and operated for the benefit of its members, the municipalities that purchase BAM's insurance for their debt issuances. HG Global was established to fund the startup of BAM and, through its wholly-owned subsidiary, HG Re Ltd. (“HG Re”), to provide 15% -of-par, first loss reinsurance protection for policies underwritten by BAM. HG Global, together with its subsidiaries, provided the initial capitalization of BAM through the purchase of $503.0 million of surplus notes issued by BAM (the “BAM Surplus Notes”). As of March 31, 2017 and December 31, 2016 , White Mountains owned 96.9% of HG Global’s preferred equity and 88.4% of its common equity. White Mountains does not have an ownership interest in BAM. However, GAAP requires White Mountains to consolidate BAM’s results in its financial statements. BAM’s results are attributed to non-controlling interests. White Mountains’s Other Operations segment consists of the Company and its intermediate holding companies, its wholly-owned investment management subsidiary, White Mountains Advisors LLC (“WM Advisors”) and certain consolidated and unconsolidated private capital investments. The consolidated private capital investments consist of QL Holdings LLC (“MediaAlpha”), Wobi Insurance Agency Ltd. (“Wobi”) and Removal Stars Ltd. (“Buzzmove”). White Mountains’s Other Operations segment also includes its variable annuity reinsurance business, White Mountains Life Reinsurance (Bermuda) Ltd. (“Life Re Bermuda”), which completed its runoff with all of its contracts maturing by June 30, 2016, and its U.S.-based service provider, White Mountains Financial Services LLC (collectively, “WM Life Re”) and Star & Shield Services LLC, Star & Shield Risk Management LLC, and Star & Shield Claims Services LLC (collectively “Star & Shield”). Star & Shield provides management services for a fee to Star & Shield Insurance Exchange (“SSIE”), a reciprocal that is owned by its members, who are policyholders. White Mountains was required to consolidate SSIE in its GAAP financial statements until White Mountains completed the sale of Star & Shield and its investment in SSIE Surplus Notes to K2 Insurance Services, LLC on March 7, 2017. White Mountains has presented Star & Shield’s and SSIE’s assets and liabilities as held for sale as of December 31, 2016. See Note 17 — “Held for Sale and Discontinued Operations” . All significant intercompany transactions have been eliminated in consolidation. Certain amounts in the prior period financial statements have been reclassified to conform to the current presentation. These interim financial statements include all adjustments considered necessary by management to fairly state the financial position, results of operations and cash flows of White Mountains. These interim financial statements may not be indicative of financial results for the full year and should be read in conjunction with the Company’s 2016 Annual Report on Form 10-K. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Refer to the Company’s 2016 Annual Report on Form 10-K for a complete discussion regarding White Mountains’s significant accounting policies. Recently Adopted Changes in Accounting Principles Stock Compensation Effective January 1, 2017, White Mountains adopted ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (ASC 718) which simplifies certain aspects of the accounting for share-based compensation. The new guidance provides an accounting policy election to account for forfeitures by either applying an assumption, as required under existing guidance, or by recognizing forfeitures when they actually occur. At adoption, White Mountains did not change its accounting policy for forfeitures, which is to apply an assumed forfeiture rate. The new guidance has also changed the threshold for partial cash settlement to settle statutory withholding requirements for equity classified awards, increasing the threshold up to the maximum statutory tax rate. As a result of adoption White Mountains reported $6.5 million and $5.8 million of statutory withholding tax payments made in connection with the settlement of restricted shares as financing cash flows for the three-month periods ended March 31, 2017 and 2016. Such payments were classified as operating cash flows prior to adoption. In addition, the new guidance changed the treatment for excess tax benefits which arise from the difference between the deduction for tax purposes and the compensation costs recognized for financial reporting. Under the new guidance, a reporting entity will recognize excess tax benefits or expense in current period earnings, regardless of whether it is in a taxes payable position. Short-Duration Contracts Effective December 31, 2016, White Mountains adopted ASU 2015-09, Disclosures about Short Duration Contracts (ASC 944), which requires expanded footnote disclosures about loss and loss adjustment expense (“LAE”) reserves. Upon adoption, White Mountains modified its footnote disclosures to include loss development tables on a disaggregated basis by accident year and a reconciliation of loss development data to the loss and LAE reserves reflected on the balance sheet. The footnotes disclosures have also been expanded to include information about claim frequency data, including a description of how the claims frequency data is measured. Prior year disclosures have been modified to conform to the new disclosures. See Note 3 — “Reserves for Unpaid Losses and Loss Adjustment Expenses” . Business Combinations - Measurement Period Adjustments Effective January 1, 2016, White Mountains adopted ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, which requires adjustments to provisional amounts recorded in connection with a business combination that are identified during the measurement period to be recorded in the reporting period in which the adjustment amounts are determined, rather than as retroactive adjustments to prior periods. White Mountains has not recognized any adjustments to estimated purchase accounting amounts for the year to date period ended March 31, 2016 and accordingly, there was no effect to White Mountains’s financial statements upon adoption. Amendments to Consolidation Analysis On January 1, 2016, White Mountains adopted ASU 2015-02, Amendments to the Consolidation Analysis (ASC 810) which amends the guidance for determining whether an entity is a variable interest entity (“VIE”). ASU 2015-02 eliminates the separate consolidation guidance for limited partnerships and, with it, the presumption that a general partner should consolidate a limited partnership. In addition, ASU 2015-02 changes the guidance for determining if fee arrangements qualify as variable interests and the effect fee arrangements have on the determination of the primary beneficiary. Adoption of ASU 2015-02 did not affect the consolidation analysis for any of White Mountains’s investments. Share-Based Compensation Awards On January 1, 2016, White Mountains adopted ASU 2014-12, Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (ASC 718) . The new guidance requires that a performance target that affects vesting and that can be achieved after the requisite service period be treated as a performance condition. Compensation cost is to be recognized in the period when it becomes probable the performance target will be achieved in an amount equal to the compensation cost attributable to the periods for which service has been rendered. Adoption did not have a significant effect on White Mountains’s financial position, results of operations, cash flows, presentation or disclosures. Debt Issuance Costs On January 1, 2016, White Mountains adopted ASU 2015-03, Imputation of Interest (ASC 835), which requires debt issuance costs to be presented as a deduction from the carrying amount of the related debt, consistent with the treatment required for debt discounts. The new guidance requires amortization of debt issuance costs to be classified within interest expense and also requires disclosure to the debt’s effective interest rate. White Mountains has applied the guidance retrospectively and as a result has reclassified $1.9 million of unamortized debt issuance costs from other assets to debt as of December 31, 2015, reflecting these amounts as a reduction from the related debt, and has modified its disclosures to include the required effective interest rate on its debt. As of March 31, 2017 , the unamortized debt issuance costs included in debt is $1.8 million . Recently Issued Accounting Pronouncements Cash Flow Statement In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (ASC 230), which addresses the classification and presentation of certain items, including debt prepayment and extinguishment costs, contingent consideration payments made after a business combination and distributions received from equity method investees, for which there was diversity in practice. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash (ASC 230) . Under current guidance, restricted amounts of cash or cash equivalents are excluded from the cash flow statement. The new guidance requires restricted cash and restricted cash equivalents to be included in the reconciliation of beginning and end-of-period amounts presented on the statement of cash flows. In addition, the new guidance requires a description of the nature of the changes in restricted cash and cash equivalents during the periods presented. The updated guidance in ASU 2016-15 and ASU 2016-18 are both effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. White Mountains is evaluating the expected impact of this new guidance. Credit Losses In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (ASC 326), which establishes new guidance for the recognition of credit losses for financial assets measured at amortized cost. The new ASU, which applies to financial assets that have the contractual right to receive cash requires reporting entities to estimate the credit losses expected over the life of a credit exposure using historical information, current information and reasonable and supportable forecasts that affect the collectability of the financial asset. The types of assets included in the scope of the new guidance includes premium receivables, reinsurance recoverables and loans. ASU 2016-13 is effective for annual periods beginning after January 1, 2020, including interim periods. White Mountains is evaluating the expected impact of this new guidance. Leases In February 2016, the FASB issued ASU 2016-02, Leases (ASC 842). The new guidance requires lessees to recognize lease assets and liabilities on the balance sheet for both operating and financing leases, with the exception of leases with an original term of 12 months or less. Under existing guidance recognition of lease assets and liabilities is not required for operating leases. The lease assets and liabilities to be recognized are both measured initially based on the present value of the lease payments. Under the new guidance, a sale-leaseback transaction must meet the recognition criteria under ASC 606, Revenues in order to be accounted for as sale. The new guidance is effective for White Mountains for years beginning after December 15, 2018, including interim periods therein. White Mountains is evaluating the expected impact of this new guidance and available adoption methods. Financial Instruments - Recognition and Measurement In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (ASC 825-10). The new ASU modifies the guidance for financial instruments, including investments in equity securities. Under the new guidance, all equity securities with readily determinable fair values are required to be measured at fair value with changes therein recognized through current period earnings. In addition, the new ASU requires a qualitative assessment for equity securities without readily determinable fair values to identify impairment, and for impaired equity securities to be measured at fair value. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, with early adoption permitted. White Mountains measures its portfolio of investment securities at fair value with changes therein recognized through current period earnings accordingly, does not expect the adoption of ASU 2016-01 to have a significant impact on its financial statements. Revenue Recognition In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (ASC 606) , which modifies the guidance for revenue recognition. Under ASU 2014-09, revenue is to be recognized at an amount that reflects the consideration to which an entity expects to be entitled in exchange for goods or services transferred to customers. The new guidance sets forth the steps to be followed to recognize revenue: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Subsequently, the FASB issued additional ASUs clarifying the guidance in and providing implementation guidance for ASU 2014-09. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers , which delays the effective date of ASU 2014-09 and all related ASUs to annual and interim reporting periods beginning after December 15, 2017. Most of White Mountains’s revenue from customers relates to insurance contracts, which are excluded from the scope of ASU 2014-09, as are investment income and investments gains and losses. However, the new guidance is applicable to some of White Mountains’s revenue streams, including certain fee arrangements as well as commissions and other non-insurance revenues. White Mountains is evaluating the new guidance, but does not expect ASU 2014-09 to have a significant effect on recognition of White Mountains’s non-insurance revenues from customers. |
Significant Transactions
Significant Transactions | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Significant Transactions | Significant Transactions Sale of Star and Shield On March 7, 2017, White Mountains completed its sale of Star & Shield and its investment in SSIE Surplus Notes to K2 Insurances LLC. White Mountains did not recognize any gain or loss on the sale. Through December 31, 2016, Star & Shield’s assets and liabilities are reported as held for sale within White Mountains's GAAP financial statements. See Note 17 — “Held for Sale and Discontinued Operations” . Buzzmove On August 4, 2016, White Mountains acquired a 70.9% ownership share in Buzzmove for a purchase price of GBP 6.1 million (approximately $8.1 million based upon the foreign exchange spot rate at the date of acquisition). White Mountains recognized total assets acquired related to Buzzmove of $11.5 million , including $7.6 million of goodwill and $1.1 million of intangible assets, and total liabilities assumed of $0.1 million , reflecting acquisition date fair values. Sale of Tranzact On July 21, 2016, White Mountains completed the sale of Tranzact to Clayton, Dubilier & Rice, LLC and received net proceeds of $221.3 million . In connection with the sale of Tranzact, the purchaser directly repaid $56.3 million for the portion of Tranzact's debt attributable to White Mountains's common shareholders. On October 5, 2016, White Mountains received additional proceeds of $1.2 million following the release of the post-closing purchase price adjustment escrow. White Mountains recorded a $51.9 million gain from the sale of Tranzact in discontinued operations, which included a $30.2 million tax expense for the reversal of a tax valuation allowance that is offset by a tax benefit recorded in continuing operations. See Note 8 — “Income Taxes” . The increase to White Mountains’s book value from the sale of Tranzact was $82.1 million . A reconciliation of the gain reported in discontinued operations to the impact to White Mountains's book value is as follows: Gain from sale of Tranzact reported in discontinued operations $ 51.9 Add back reclassification from continuing operations for the release of a tax valuation allowance 30.2 Increase to White Mountains book value from sale of Tranzact $ 82.1 In the first quarter of 2017, White Mountains recorded a $1.0 million reduction to the gain from sale of Tranzact in discontinued operations as a result of 2016 tax payments. Through July 21, 2016, Tranzact’s results of operations are reported as discontinued operations and assets and liabilities held for sale within White Mountains’s GAAP financial statements. See Note 17 — “Held for Sale and Discontinued Operations” . Sale of Sirius Group On April 18, 2016, White Mountains completed the sale of Sirius Group to CMI for approximately $2.6 billion . $ 161.8 million of this amount was used to purchase certain assets to be retained by White Mountains out of Sirius Group, including shares of OneBeacon. The amount paid at closing was based on an estimate of Sirius Group’s closing date tangible common shareholder’s equity. During the third quarter of 2016, there was a final true-up to Sirius Group’s tangible common shareholder’s equity that resulted in a $4.0 million reduction to the gain. During 2016, White Mountains recorded $363.2 million of gain from sale of Sirius Group in discontinued operations and $113.3 million in other comprehensive income from discontinued operations. Through April 18, 2016, Sirius Group’s results are reported as discontinued operations and assets and liabilities held for sale within White Mountains’s GAAP financial statements. The transactions to purchase the investments in OneBeacon and the other investments held by Sirius Group prior to the closing are presented in the statement of cash flows as net settlement of investment cash flows within discontinued operations. See Note 17 — “Held for Sale and Discontinued Operations” . Symetra On February 1, 2016, Symetra closed its merger agreement with Sumitomo Life Insurance Company (“Sumitomo Life”) and White Mountains received proceeds of $658.0 million , or $32.00 per common share. White Mountains also received a special dividend of $0.50 per share as part of the transaction that was paid in the third quarter of 2015. See Note 14 — “Investments in Unconsolidated Affiliates” OneBeacon Crop Business On July 31, 2015, OneBeacon exited its multiple peril crop insurance (“MPCI”) and its related crop-hail business (collectively, “Crop Business”) as its exclusive managing general agency, Climate Crop Insurance Agency (“CCIA”), exited the business through a sale of the agency to an affiliate of AmTrust. As a result of the transaction, OneBeacon and CCIA agreed to an early termination of the existing five-year agreement. In connection with the termination of the agreement, OneBeacon received a payment of $3.0 million . Also related to the transaction, OneBeacon withdrew its 2016 Plan of Operations, which previously authorized it to write MPCI for the 2016 Reinsurance Year, and affiliates of AmTrust agreed to reinsure the Company’s remaining net Crop Business exposure for the 2015 Reinsurance Year under a related 100% quota share reinsurance agreement which, coupled with other transfer and assignment agreements as well as communications with policyholders and agents, had the effect of assumption reinsurance. As a result of this transaction, the Company has no material net exposure related to the Crop Business. MediaAlpha On March 14, 2014, White Mountains acquired 60.0% of the outstanding Class A common units of MediaAlpha. White Mountains paid an initial purchase price of $28.1 million . The purchase price was subject to adjustment equal to 62.5% of the 2015 gross profit in excess of the 2013 gross profit. On February 26, 2016, White Mountains paid $7.8 million in settlement of the final purchase adjustment. After adjustment for the estimated contingent purchase price adjustment, White Mountains recognized total assets acquired related to MediaAlpha of $70.1 million , including $18.3 million of goodwill and $38.5 million of other intangible assets, and total liabilities assumed of $10.0 million , reflecting acquisition date fair values. On January 15, 2016, MediaAlpha acquired certain assets from Oversee.net for a purchase price of $3.9 million . The majority of assets acquired, which are included in other intangible assets, consists of customer relationships, a customer contract, a non-compete agreement from the seller, domain names and technology. Wobi On February 19, 2014, White Mountains acquired 54% of the outstanding common shares of Wobi for NIS 14.4 million (approximately $4.1 million based upon the foreign exchange spot rate at the date of acquisition). During 2014, in addition to the common shares, White Mountains also purchased NIS 31.5 million (approximately $9.0 million based upon the foreign exchange spot rate at the dates of acquisition) of convertible preferred shares of Wobi. As of the acquisition date, White Mountains recognized total assets acquired related to Wobi of $13.4 million , including $5.5 million of goodwill and $2.9 million of other intangible assets; and total liabilities assumed of $0.7 million at their estimated acquisition date fair values. During 2015, White Mountains purchased NIS 79.6 million (approximately $20.7 million based upon the foreign exchange spot rate at the dates of acquisition) of convertible preferred shares of Wobi. In addition, during 2015 White Mountains also purchased NIS 11.8 million (approximately $3.1 million based upon the foreign exchange spot rate at the date of acquisition) of common shares of Wobi. On February 23, 2015, Wobi acquired 56.2% of the outstanding share capital of Tnuva Finansit Ltd. (“Cashboard”) for NIS 9.5 million (approximately $2.4 million ). The acquisition of Cashboard accelerated Wobi’s development of its pension products comparison service. As of the acquisition date, Wobi recognized total assets acquired of $5.5 million , including $0.3 million of goodwill and $2.8 million of other intangible assets; and total liabilities assumed of $1.2 million at their estimated acquisition date fair values. During 2015, Wobi purchased the remaining share capital of Cashboard for NIS 26.4 million (approximately $6.5 million ). During 2016, White Mountains purchased NIS 35.9 million (approximately $9.6 million based upon the foreign exchange spot rates at the dates of acquisitions) of convertible preferred shares of Wobi. As of both March 31, 2017 and December 31, 2016 , White Mountains’s ownership share was 95.0% . |
Loss and Loss Adjustment Expens
Loss and Loss Adjustment Expense Reserves | 3 Months Ended |
Mar. 31, 2017 | |
Insurance Loss Reserves [Abstract] | |
Loss and Loss Adjustment Expense Reserves | Loss and Loss Adjustment Expense Reserves The following table summarizes the loss and loss adjustment expense (“LAE”) reserve activities of White Mountains’s insurance and reinsurance subsidiaries for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, Millions 2017 2016 Gross beginning balance $ 1,365.6 $ 1,389.8 Less beginning reinsurance recoverable on unpaid losses (172.9 ) (186.0 ) Net loss and LAE reserves 1,192.7 1,203.8 Add: SSIE reserves held for sale at beginning of the period (1) 4.7 5.5 Loss and LAE incurred relating to: Current year losses 151.7 161.2 Prior year losses — (.1 ) Total incurred losses and LAE 151.7 161.1 Loss and LAE paid relating to: Current year losses (21.5 ) (23.1 ) Prior year losses (129.1 ) (148.6 ) Total loss and LAE payments (150.6 ) (171.7 ) Less: Deconsolidation of SSIE (1) 4.4 — Less: SSIE reserves held for sale at end of the period (1) — 5.3 Net ending balance 1,194.1 1,193.4 Plus ending reinsurance recoverable on unpaid losses 174.7 150.4 Gross ending balance $ 1,368.8 $ 1,343.8 (1) Resulting from the sale of Star & Shield in the first quarter of 2017, SSIE is no longer consolidated. See Note 17 — “Held for Sale and Discontinued Operations” . Loss and LAE incurred relating to prior year losses for the three months ended March 31, 2017 For the three months ended March 31, 2017 , White Mountains did not experience any net loss reserve development on prior accident year reserves, as unfavorable reserve development at OneBeacon, primarily in Healthcare due to an adverse settlement on a single claim was offset by favorable reserve development driven by Technology, Accident & Health and Entertainment resulting from favorable loss experience. Loss and LAE incurred relating to prior year losses for the three months ended March 31, 2016 For the three months ended March 31, 2016 , White Mountains experienced net favorable loss reserve development of $0.1 million . For the three months ended March 31, 2016 , OneBeacon did not experience any net loss reserve development on prior accident year reserves, as favorable development from several businesses, including Technology and Accident, was offset by unfavorable development primarily in Healthcare. For the three months ended March 31, 2016 , SSIE had net favorable loss reserve development of $ 0.1 million. |
Third Party Reinsurance
Third Party Reinsurance | 3 Months Ended |
Mar. 31, 2017 | |
Reinsurance Disclosures [Abstract] | |
Third Party Reinsurance | Third Party Reinsurance In the normal course of business, White Mountains’s insurance subsidiaries may seek to limit losses that may arise from catastrophes or other events by reinsuring with third party reinsurers. White Mountains remains liable for risks reinsured in the event that the reinsurer does not honor its obligations under reinsurance contracts. OneBeacon At March 31, 2017 , OneBeacon had $3.4 million and $174.7 million of reinsurance recoverables on paid and unpaid losses. At December 31, 2016 , OneBeacon had $6.6 million and $172.9 million of reinsurance recoverables on paid and unpaid losses. Reinsurance contracts do not relieve OneBeacon of its obligation to its policyholders. OneBeacon is selective with its reinsurers, placing reinsurance with only those reinsurers having a strong financial condition. OneBeacon monitors the financial strength and ratings of its reinsurers on an ongoing basis. Uncollectible amounts related to the ongoing specialty business historically have not been significant. Effective May 1, 2017, OneBeacon renewed its property catastrophe reinsurance program through April 30, 2018. The program provides coverage for OneBeacon's property business as well as certain acts of terrorism. Under the program, the first $ 20.0 million of losses resulting from any single catastrophe are retained, with 100.0% of the next $ 110.0 million of losses resulting from the catastrophe being reinsured. Any part of a catastrophe loss in excess of $ 130.0 million would be retained in full. In the event of a catastrophe, OneBeacon's property catastrophe reinsurance program is reinstated for the remainder of the original contract term by paying a reinstatement premium that is based on the percentage of coverage reinstated and the original property catastrophe coverage premium. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investments Securities White Mountains’s invested assets consist of investment securities and other long-term investments held for general investment purposes. The portfolio of investment securities includes fixed maturity investments, short-term investments, common equity securities, and other-long term investments, which are all classified as trading securities. Trading securities are reported at fair value as of the balance sheet date. Net realized and unrealized investment gains (losses) on trading securities are reported in pre-tax revenues. White Mountains’s fixed maturity investments are generally valued using industry standard pricing methodologies. Key inputs include benchmark yields, benchmark securities, reported trades, issuer spreads, bids, offers, credit ratings and prepayment speeds. Income on mortgage and asset-backed securities is recognized using an effective yield based on anticipated prepayments and the estimated economic life of the securities. When actual prepayments differ significantly from anticipated prepayments, the estimated economic life is recalculated and the remaining unamortized premium or discount is amortized prospectively over the remaining economic life. Realized investment gains (losses) resulting from sales of investment securities are accounted for using the specific identification method. Premiums and discounts on all fixed maturity investments are amortized or accreted to income over the anticipated life of the investment. Short-term investments consist of interest-bearing money market funds, certificates of deposit and other securities which, at the time of purchase, mature or become available for use within one year. Short-term investments are carried at amortized or accreted cost, which approximated fair value as of March 31, 2017 and December 31, 2016 . Other long-term investments consist primarily of hedge funds, private equity funds, unconsolidated private capital investments and the OneBeacon Surplus Notes. Net Investment Income White Mountains’s net investment income is comprised primarily of interest income associated with White Mountains’s fixed maturity investments and short-term investments and dividend income from its common equity securities and other long- term investments. Pre-tax net investment income for the three months ended March 31, 2017 and 2016 consisted of the following: Three Months Ended March 31, Millions 2017 2016 Investment income: Fixed maturity investments $ 24.5 $ 14.5 Short-term investments .3 .2 Common equity securities 2.1 1.2 Other long-term investments (.1 ) 2.8 Total investment income 26.8 18.7 Third-party investment expenses (.7 ) (.8 ) Net investment income, pre-tax $ 26.1 $ 17.9 Net Realized and Unrealized Investment Gains (Losses) Net realized and unrealized investment gains (losses) consisted of the following: Three Months Ended March 31, Millions 2017 2016 Net realized investment gains, pre-tax $ 1.1 $ 256.8 Net unrealized investment gains (losses), pre-tax 50.2 (227.3 ) Net realized and unrealized investment gains, pre-tax 51.3 29.5 Income tax expense attributable to net realized and unrealized investment gains (7.2 ) (8.5 ) Net realized and unrealized investment gains, after tax $ 44.1 $ 21.0 Net realized investment gains (losses) Net realized investment gains (losses) for the three months ended March 31, 2017 and 2016 consisted of the following: Three Months Ended Three Months Ended March 31, 2017 March 31, 2016 Millions Net Net Total net realized Net Net Total net realized Fixed maturity investments $ (2.2 ) $ .1 $ (2.1 ) $ (1.1 ) $ — $ (1.1 ) Common equity securities 1.2 .1 1.3 257.6 — 257.6 Other long-term investments 1.9 — 1.9 .3 — .3 Net realized investment gains, pre-tax .9 .2 1.1 256.8 — 256.8 Income tax expense attributable to net realized investment gains (.7 ) — (.7 ) (42.9 ) — (42.9 ) Net realized investment gains, after tax $ .2 $ .2 $ .4 $ 213.9 $ — $ 213.9 Net unrealized investment gains (losses) The following table summarizes net unrealized investment gains (losses) and changes in the carrying value of investments measured at fair value: Three Months Ended Three Months Ended March 31, 2017 March 31, 2016 Millions Net unrealized gains Net gains (losses) Total net unrealized gains reflected in earnings Net unrealized gains (losses) Net Total net unrealized gains (losses) reflected in earnings Fixed maturity investments $ 17.5 $ 1.7 $ 19.2 $ 21.7 $ — $ 21.7 Common equity securities 29.1 .5 29.6 (249.8 ) 2.4 (247.4 ) Other long-term investments 4.2 .2 4.4 (2.0 ) .4 (1.6 ) Forward contracts — (3.0 ) (3.0 ) — — — Net unrealized investment gains (losses), pre-tax 50.8 (.6 ) 50.2 (230.1 ) 2.8 (227.3 ) Income tax (expense) benefit (6.5 ) — (6.5 ) 34.4 — 34.4 Net unrealized investment $ 44.3 $ (.6 ) $ 43.7 $ (195.7 ) $ 2.8 $ (192.9 ) The following table summarizes the amount of total gains (losses) included in earnings attributable to unrealized investment gains (losses) for Level 3 investments for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, Millions 2017 2016 Fixed maturity investments $ .2 $ .5 Other long-term investments (1.9 ) 1.1 Total unrealized investment (losses) gains, pre-tax - Level 3 investments $ (1.7 ) $ 1.6 Investment Holdings The cost or amortized cost, gross unrealized investment gains (losses), net foreign currency gains (losses), and carrying values of White Mountains’s fixed maturity investments as of March 31, 2017 and December 31, 2016 were as follows: March 31, 2017 Millions Cost or amortized cost Gross unrealized gains Gross unrealized losses Net foreign currency gains Carrying value U.S. Government and agency obligations $ 110.7 $ — $ (.4 ) $ — $ 110.3 Debt securities issued by corporations 1,680.2 10.5 (7.6 ) 3.7 1,686.8 Municipal obligations 328.9 2.8 (1.4 ) — 330.3 Mortgage and asset-backed securities 2,020.0 5.1 (8.7 ) — 2,016.4 Foreign government, agency and provincial obligations 17.3 .4 — .2 17.9 Preferred stocks 8.3 5.4 — — 13.7 Total fixed maturity investments $ 4,165.4 $ 24.2 $ (18.1 ) $ 3.9 $ 4,175.4 December 31, 2016 Millions Cost or amortized cost Gross unrealized gains Gross unrealized losses Net foreign currency gains Carrying value U.S. Government and agency obligations $ 281.7 $ .1 $ (3.5 ) $ — $ 278.3 Debt securities issued by corporations 1,512.6 8.4 (13.7 ) 2.1 1,509.4 Municipal obligations 308.8 1.9 (1.7 ) — 309.0 Mortgage and asset-backed securities 2,141.7 2.6 (11.4 ) — 2,132.9 Foreign government, agency and provincial obligations 12.9 .3 — — 13.2 Preferred stocks 8.3 5.7 — — 14.0 Total fixed maturity investments $ 4,266.0 $ 19.0 $ (30.3 ) $ 2.1 $ 4,256.8 Less: fixed maturity investments reclassified to assets held for sale related to SSIE (6.6 ) Total fixed maturity investments $ 4,250.2 The cost or amortized cost, gross unrealized investment gains (losses), net foreign currency gains (losses), and carrying values of White Mountains’s common equity securities and other long-term investments as of March 31, 2017 and December 31, 2016 were as follows: March 31, 2017 Millions Cost or amortized cost Gross unrealized gains Gross unrealized losses Net foreign Carrying value Common equity securities $ 537.9 $ 65.0 $ (2.4 ) $ .5 $ 601.0 Other long-term investments $ 321.9 $ 39.7 $ (23.3 ) $ (6.6 ) $ 331.7 December 31, 2016 Millions Cost or Gross Gross Net foreign Carrying value Common equity securities $ 440.8 $ 35.9 $ (2.4 ) $ — $ 474.3 Other long-term investments $ 314.9 $ 40.3 $ (28.0 ) $ (3.9 ) $ 323.3 Other Long-term Investments Other long-term investments consist of the following as of March 31, 2017 and December 31, 2016 : Carrying Value at Millions March 31, 2017 December 31, 2016 Hedge funds and private equity funds, at fair value $ 147.2 $ 131.0 Private equity securities and limited liability companies, at fair value (1)(2) 72.4 72.0 OneBeacon Surplus Notes, at fair value (1) 69.6 71.9 Private convertible preferred securities, at fair value (1) 30.7 30.6 Tax advantaged federal affordable housing development fund (3) 11.7 12.3 Partnership investments accounted for under the equity method 3.0 3.5 Forward Contracts (4.2 ) (1.2 ) Other 1.3 3.2 Total other-long term investments $ 331.7 $ 323.3 (1) See Fair Value Measurements by Level table. (2) White Mountains holds a 20% ownership interest in OneTitle Holdings LLC (“OTH”) and has provided a $ 10.0 million surplus note facility under which OTH’s wholly-owned insurance subsidiary, OneTitle National Guaranty Company, Inc. may, under certain circumstances, draw funds. At March 31, 2017 , no funds had been drawn on the surplus note facility. (3) Fund accounted for using the proportional amortization method. Hedge Funds and Private Equity Funds White Mountains holds investments in hedge funds and private equity funds, which are included in other long-term investments. The fair value of these investments are generally estimated using the net asset value ( “ NAV ” ) of the funds. As of March 31, 2017 , White Mountains held investments in 5 hedge funds and 20 private equity funds. The largest investment in a single fund was $54.2 million as of March 31, 2017 and $36.5 million as of December 31, 2016. The following table summarizes investments in hedge funds and private equity funds by investment objective and sector as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Millions Fair Value Unfunded Commitments Fair Value Unfunded Commitments Hedge funds Long/short banks and financials $ 54.2 $ — $ 36.5 $ — Long/short equity REIT 19.7 — 19.9 — Other 2.2 — 3.4 — Total hedge funds 76.1 — 59.8 — Private equity funds Aerospace/Defense/Government 24.4 23.6 19.4 25.9 Manufacturing/Industrial 18.8 22.2 15.9 22.4 Multi-sector 11.0 2.0 11.4 2.0 Direct lending/Mezzanine debt 5.5 32.0 1.8 35.7 Healthcare 3.4 .4 3.5 .4 Energy infrastructure & services 2.8 3.0 14.1 3.2 Private equity secondaries 2.5 2.1 3.0 2.1 Financial Services 1.5 4.5 1.0 5.0 Insurance .9 41.3 .8 41.3 Real estate .3 .1 .3 .1 Total private equity funds 71.1 131.2 71.2 138.1 Total hedge funds and private equity funds included in other long-term investments $ 147.2 $ 131.2 $ 131.0 $ 138.1 Redemption of investments in certain hedge funds is subject to restrictions including lock-up periods where no redemptions or withdrawals are allowed, restrictions on redemption frequency and advance notice periods for redemptions. Amounts requested for redemptions remain subject to market fluctuations until the redemption effective date, which generally falls at the end of the defined redemption period. As of March 31, 2017, one hedge fund with a fair value of $38.3 million was subject to a lock-up period that expires on September 1, 2018. The following summarizes the March 31, 2017 fair value of hedge funds subject to restrictions on redemption frequency and advance notice period requirements for investments in active hedge funds: Notice Period Millions Redemption frequency 30-59 days notice 60-89 days notice 90-119 days notice Total Monthly $ — $ — $ — $ — Quarterly 15.9 — — 15.9 Semi-annual 38.3 19.7 — 58.0 Annual — — 2.2 2.2 Total $ 54.2 $ 19.7 $ 2.2 $ 76.1 Certain of White Mountains’s investments in hedge funds are no longer active and are in the process of disposing of their underlying investments. Distributions from such funds are remitted to investors as the fund’s underlying investments are liquidated. As of March 31, 2017 , the hedge funds in liquidation had no value. The actual amount of any final distribution remittances remain subject to market fluctuations. The date at which such remittances, if any, will be received is not determinable as of March 31, 2017 . White Mountains has also submitted redemption requests for certain of its investments in active hedge funds. As of March 31, 2017 , redemptions of $2.2 million are outstanding that would be subject to market fluctuations. The date at which such redemptions will be received is not determinable as of March 31, 2017 . Redemptions are recorded as receivables when the investment is no longer subject to market fluctuations. Investments in private equity funds are generally subject to a lock-up period during which investors may not request a redemption. Distributions prior to the expected termination date of the fund may be limited to dividends or proceeds arising from the liquidation of the fund’s underlying investments. In addition, certain private equity funds provide an option to extend the lock-up period at either, the sole discretion of the fund manager or upon agreement between the fund and the investors. As of March 31, 2017 , investments in private equity funds were subject to lock-up periods as follows: Millions 1-3 years 3 – 5 years 5 – 10 years >10 years Total Private Equity Funds — expected lock-up period remaining $18.4 $23.3 $22.2 $7.2 $71.1 OneBeacon Surplus Notes In the fourth quarter of 2014, in conjunction with OneBeacon's sale of its runoff business to an affiliate of Armour Group Holdings Limited (the “OneBeacon Runoff Transaction”), OneBeacon provided financing in the form of the OneBeacon Surplus Notes with a par value of $101.0 million , which had a fair value of $69.6 million and $ 71.9 million as of March 31, 2017 and December 31, 2016 . Subsequent to closing, the OneBeacon Surplus Notes are included in OneBeacon’s investment portfolio, classified within other long-term investments. The internal valuation model used to estimate the fair value of the OneBeacon Surplus Notes is based on discounted expected cash flows using information as of the measurement date. The estimated fair value of the surplus notes is sensitive to changes in public debt credit spreads, as well as changes in estimates with respect to other variables including a discount to reflect the private nature of the notes (and the related lack of liquidity), the credit quality of the notes, based on the financial performance of the Issuer relative to expectations, and the timing, amount, and likelihood of interest and principal payments on the notes, which are subject to regulatory approval and therefore may vary from the contractual terms. For the purposes of estimating fair value, OneBeacon has assumed that all accrued but unpaid interest on the seller priority note since the date of issuance is paid in 2020, with regular annual interest payments on both the seller priority note and the pari passu note beginning in 2021, all accrued but unpaid interest on the pari passu note since the date of issuance is paid in 2025 and principal repayments begin on a graduated basis in 2030 for the seller priority note and 2035 for the pari passu note. Although these variables involve considerable judgment, OneBeacon does not currently expect any resulting changes in the estimated value of the surplus notes to be material to its financial position. An interest payment of $2.4 million was received in the three months ended March 31, 2016. Below is a table illustrating the valuation adjustments taken to arrive at estimated fair value of the OneBeacon Surplus Notes as of March 31, 2017 and December 31, 2016 : Type of Surplus Note Total as of March 31, 2017 Total as of December 31, 2016 Millions Seller Priority Pari Passu Par Value $ 57.9 $ 43.1 $ 101.0 $ 101.0 Fair value adjustments to reflect: Current market rates on public debt and contract-based repayments (1) 7.2 1.8 9.0 5.1 Regulatory approval (2) 2.9 (13.2 ) (10.3 ) (15.6 ) Liquidity adjustment (3) (19.9 ) (10.2 ) (30.1 ) (18.6 ) Total adjustments (9.8 ) (21.6 ) (31.4 ) (29.1 ) Fair value (4) $ 48.1 $ 21.5 $ 69.6 $ 71.9 (1) Represents the value of the surplus notes, at current market yields on comparable publicly traded debt, and assuming issuer is allowed to make principal and interest payments when its financial capacity is available, as measured by statutory capital in excess of a 250% RBC score under the National Association of Insurance Commissioners’ risk-based capital standards for property and casualty companies. The favorable year-to-date change in impact is due principally to the narrowing of non-investment grade credit spreads as well as the time value of money benefit from moving three months closer to modeled cash receipts. (2) Represents anticipated delay in securing regulatory approvals of interest and principal payments to reflect graduated changes in Issuer's statutory surplus. The monetary impact of the anticipated delay is measured based on credit spreads of public securities with roughly equivalent percentages of discounted payments missed. The favorable year-to-date change in impact is driven primarily by the narrowing of non-investment grade credit spreads, which causes negative valuation impact from the anticipated delay in securing regulatory approval to be lower. (3) Represents impact of liquidity spread to account for OneBeacon's sole ownership of the notes, lack of a trading market, and unique nature of the ongoing regulatory approval process. The unfavorable year-to-date change in impact is due largely to an increase in the assumed liquidity spread to 400 basis points at March 31, 2017 from 250 basis points at December 31, 2016. (4) The decrease in the fair value of the surplus notes during the three months ended March 31, 2017 was driven primarily by an increase in the assumed liquidity spread, partially offset by the narrowing of non-investment grade credit spreads as well as the time value of money benefit generated by moving three months closer to modeled cash receipts. Fair value measurements as of March 31, 2017 Fair value measurements are categorized into a hierarchy that distinguishes between inputs based on market data from independent sources (“observable inputs”) and a reporting entity’s internal assumptions based upon the best information available when external market data is limited or unavailable (“unobservable inputs”). Quoted prices in active markets for identical assets or liabilities have the highest priority (“Level 1”), followed by observable inputs other than quoted prices, including prices for similar but not identical assets or liabilities (“Level 2”) and unobservable inputs, including the reporting entity’s estimates of the assumptions that market participants would use, having the lowest priority (“Level 3”). As of March 31, 2017 and December 31, 2016, White Mountains used quoted market prices or other observable inputs to determine fair value for approximately 93% and 94% of its investment portfolio. Investments valued using Level 1 inputs include fixed maturity investments, primarily investments in U.S. Treasuries, short-term investments, which include U.S. Treasury Bills and common equity securities. Investments valued using Level 2 inputs are primarily comprised of fixed maturity investments, which have been disaggregated into classes, including debt securities issued by corporations, municipal obligations, mortgage and asset-backed securities, foreign government, agency and provincial obligations and preferred stocks. Investments valued using Level 2 inputs also include certain passive exchange traded funds (“ETFs”) that track U.S. stock indices such as the S&P 500 but are traded on foreign exchanges and that management values using the fund manager’s published NAV to account for the difference in market close times. Fair value estimates for investments that trade infrequently and have few or no observable market prices are classified as Level 3 measurements. Level 3 fair value estimates based upon unobservable inputs include White Mountains’s investments in the OneBeacon Surplus Notes, as well as certain investments in fixed maturity investments, common equity securities and other long-term investments where quoted market prices are unavailable or are not considered reasonable. Transfers between levels are based on investments held as of the beginning of the period. White Mountains uses brokers and outside pricing services to assist in determining fair values. For investments in active markets, White Mountains uses the quoted market prices provided by outside pricing services to determine fair value. The outside pricing services White Mountains uses have indicated that they will only provide prices where observable inputs are available. In circumstances where quoted market prices are unavailable or are not considered reasonable, White Mountains estimates the fair value using industry standard pricing methodologies and observable inputs such as benchmark yields, reported trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers, credit ratings, prepayment speeds, reference data including research publications and other relevant inputs. Given that many fixed maturity investments do not trade on a daily basis, the outside pricing services evaluate a wide range of fixed maturity investments by regularly drawing parallels from recent trades and quotes of comparable securities with similar features. The characteristics used to identify comparable fixed maturity investments vary by asset type and take into account market convention. White Mountains’s process to assess the reasonableness of the market prices obtained from the outside pricing sources covers substantially all of its fixed maturity investments and includes, but is not limited to, the evaluation of pricing methodologies and a review of the pricing services’ quality control processes and procedures on at least an annual basis, a comparison of its invested asset prices obtained from alternate independent pricing vendors on at least a semi-annual basis, monthly analytical reviews of certain prices and a review of the underlying assumptions utilized by the pricing services for select measurements on an ad hoc basis throughout the year. White Mountains also performs back-testing of selected sales activity to determine whether there are any significant differences between the market price used to value the security prior to sale and the actual sale price on an ad-hoc basis throughout the year. Prices provided by the pricing services that vary by more than 5% and $1.0 million from the expected price based on these assessment procedures are considered outliers. Also considered outliers are prices that have not changed from period to period and prices that have trended unusually compared to market conditions. In circumstances where the results of White Mountains’s review process does not appear to support the market price provided by the pricing services, White Mountains challenges the vendor provided price. If White Mountains cannot gain satisfactory evidence to support the challenged price, it relies upon its own pricing methodologies to estimate the fair value of the security in question. The valuation process described above is generally applicable to all of White Mountains’s fixed maturity investments. The techniques and inputs specific to asset classes within White Mountains’s fixed maturity investments for Level 2 securities that use observable inputs are as follows: Debt securities issued by corporations: The fair value of debt securities issued by corporations is determined from a pricing evaluation technique that uses information from market sources and integrates relative credit information, observed market movements, and sector news. Key inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including sector, coupon, credit quality ratings, duration, credit enhancements, early redemption features and market research publications. Mortgage and asset-backed securities: The fair value of mortgage and asset-backed securities is determined from a pricing evaluation technique that uses information from market sources and leveraging similar securities. Key inputs include benchmark yields, reported trades, underlying tranche cash flow data, collateral performance, plus new issue data, as well as broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including issuer, vintage, loan type, collateral attributes, prepayment speeds, default rates, recovery rates, cash flow stress testing, credit quality ratings and market research publications. Municipal obligations: The fair value of municipal obligations is determined from a pricing evaluation technique that uses information from market makers, brokers-dealers, buy-side firms, and analysts along with general market information. Key inputs include benchmark yields, reported trades, issuer financial statements, material event notices and new issue data, as well as broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including type, coupon, credit quality ratings, duration, credit enhancements, geographic location and market research publications. Foreign government, agency and provincial obligations: The fair value of foreign government, agency and provincial obligations is determined from a pricing evaluation technique that uses feeds from data sources in each respective country, including active market makers and inter-dealer brokers. Key inputs include benchmark yields, reported trades, broker-dealer quotes, two-sided markets, benchmark securities, bids, offers, local exchange prices, foreign exchange rates and reference data including coupon, credit quality ratings, duration and market research publications. Preferred stocks: The fair value of preferred stocks is determined from a pricing evaluation technique that calculates the appropriate spread over a comparable security for each issue. Key inputs include exchange prices (underlying and common stock of same issuer), benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including sector, coupon, credit quality ratings, duration, credit enhancements, early redemption features and market research publications. Level 3 valuations are generated from techniques that use assumptions not observable in the market. These unobservable assumptions reflect White Mountains’s assumptions that market participants would use in valuing the investment. Generally, certain securities may start out as Level 3 when they are originally issued but as observable inputs become available in the market, they may be reclassified to Level 2. White Mountains employs a number of procedures to assess the reasonableness of the fair value measurements for its other long-term investments, including obtaining and reviewing periodic and audited annual financial statements of hedge funds and private equity funds and discussing each fund’s pricing with the fund manager throughout the year. However, since the fund managers do not provide sufficient information to evaluate the pricing inputs and methods for each underlying investment, the inputs are considered to be unobservable. The fair value of White Mountains’s investments in hedge funds and private equity funds has generally been determined using the fund manager's NAV. In the event White Mountains believes that its estimate of NAV of a hedge fund or private equity fund differs from that reported by the fund manager due to illiquidity or other factors, White Mountains will adjust the reported NAV to more appropriately represent the fair value of its interest in the hedge fund or private equity fund investment. As of March 31, 2017 and December 31, 2016, White Mountains recorded negative adjustments of $ 1.0 million and $ 5.0 million to the reported NAV of certain investments in hedge funds and private equity funds. Fair Value Measurements by Level The following tables summarize White Mountains’s fair value measurements for investments as of March 31, 2017 and December 31, 2016 by level. The major security types were based on the legal form of the securities. White Mountains has disaggregated its fixed maturity investments based on the issuing entity type, which impacts credit quality, with debt securities issued by U.S. government entities carrying minimal credit risk, while the credit and other risks associated with other issuers, such as corporations, foreign governments, municipalities or entities issuing mortgage and asset-backed securities vary depending on the nature of the issuing entity type. White Mountains further disaggregates debt securities issued by corporations and common equity securities by industry sector because investors often reference commonly used benchmarks and their subsectors to monitor risk and performance. Accordingly, White Mountains has further disaggregated these asset classes into subclasses based on the similar sectors and industry classifications it uses to evaluate investment risk and performance against commonly used benchmarks, such as the Bloomberg Barclays U.S. Intermediate Aggregate and S&P 500 indices. The fair value measurements for derivative assets associated with White Mountains’s variable annuity business are presented in Note 9 . March 31, 2017 Millions Fair Value Level 1 Level 2 Level 3 Fixed maturity investments: U.S. Government and agency obligations $ 110.3 $ 100.8 $ 9.5 $ — Debt securities issued by corporations: Consumer 362.9 — 362.9 — Financials 263.3 — 263.3 — Health Care 248.4 — 248.4 — Utilities 229.3 — 229.3 — Industrial 174.5 — 174.5 — Communications 135.9 — 135.9 — Technology 118.1 — 118.1 — Materials 101.9 — 101.9 — Energy 52.5 — 52.5 — Total debt securities issued by corporations 1,686.8 — 1,686.8 — Mortgage and asset-backed securities 2,016.4 — 1,958.1 58.3 Municipal obligations 330.3 — 330.3 — Foreign government, agency and provincial obligations 17.9 .6 17.3 — Preferred stocks 13.7 — 13.7 — Total fixed maturity investments 4,175.4 101.4 4,015.7 58.3 Short-term investments (4) 230.9 227.9 3.0 — Common equity securities: Exchange traded funds (1) 384.8 330.6 54.2 — Consumer 32.2 32.2 — — Health Care 27.1 27.1 — — Financials 18.2 18.2 — — Technology 16.1 16.1 — — Communications 13.9 13.9 — — Industrial 9.0 9.0 — — Energy 7.7 7.7 — — Materials 5.1 5.1 — — Utilities 1.0 1.0 — — Other 85.9 — 85.9 — Total common equity securities 601.0 460.9 140.1 — Other long-term investments (2)(3) 174.0 — — 174.0 Total investments $ 5,181.3 $ 790.2 $ 4,158.8 $ 232.3 (1) ETFs traded on foreign exchanges are priced using the fund's published NAV to account for the difference in market close times and are therefore designated a level 2 measurement. (2) Excludes carrying value of $3.0 associated with other long-term investment limited partnerships accounted for using the equity method and $(4.2) related to foreign currency forward contracts. Excludes carrying value of $11.7 associated with a tax advantaged federal affordable housing development fund accounted for using the proportional amortization method. (3) Excludes carrying value of $147.2 associated with hedge funds and private equity funds for which fair value is measured at NAV using the practical expedient. (4) Short-term investments are measured at amortized cost, which approximates fair value. December 31, 2016 Millions Fair Value Level 1 Level 2 Level 3 Fixed maturity investments: U.S. Government and agency obligations $ 278.3 $ 268.8 $ 9.5 $ — Debt securities issued by corporations: Consumer 385.6 — 385.6 — Health Care 244.2 — 244.2 — Utilities 180.3 — 180.3 — Financials 176.0 — 176.0 — Industrial 146.4 — 146.4 — Communications 131.4 — 131.4 — Materials 102.6 — 102.6 — Technology 89.4 — 89.4 — Energy 53.5 — 53.5 — Total debt securities issued by corporations 1,509.4 — 1,509.4 — Mortgage and asset-backed securities 2,132.9 — 2,132.9 — Municipal obligations 309.0 — 309.0 — Foreign government, agency and provincial obligations 13.2 .6 12.6 — Preferred stocks 14.0 — 14.0 — Total fixed maturity investments (4) 4,256.8 269.4 3,987.4 — Short-term investments (4)(5) 287.1 274.4 12.7 — Common equity securities: Exchange traded funds (1) 321.6 270.4 51.2 — Health Care 20.9 20.9 — — Consumer 12.9 12.9 — — Financials 11.6 11.6 — — Technology 11.0 11.0 — — Communications 10.5 10.5 — — Energy 3.7 3.7 — — Industrial 2.2 2.2 — — Other 79.9 — 79.9 — Total common equity securities 474.3 343.2 131.1 — Other long-term investments (2)(3) 177.7 — — 177.7 Total investments (4) $ 5,195.9 $ 887.0 $ 4,131.2 $ 177.7 (1) ETFs traded on foreign exchanges are priced using the fund's published NAV to account for the difference in market close times and are therefore designated a level 2 measurement. (2) Excludes carrying value of $3.5 associated with other long-term investment limited partnerships accounted for using the equity method and $(1.2) related to foreign currency forward contracts. Excludes carrying value of $12.3 associated wi |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets White Mountains has recognized goodwill and other intangible assets at the acquisition date fair values in connection with its purchases of subsidiaries. On January 15, 2016, MediaAlpha acquired certain assets from Oversee.net for a purchase price of $3.9 million . The majority of assets acquired, which are included in other intangible assets, consists of customer relationships, a customer contract, a non-compete agreement from the seller, domain names and technology. The following table shows the change in goodwill and other intangible assets: Three Months Ended March 31, Millions 2017 2016 Goodwill Other intangible assets Total Goodwill Other intangible assets Total Beginning balance $ 31.7 $ 24.2 $ 55.9 $ 24.1 $ 31.3 $ 55.4 Add: Amounts held for sale at beginning of the period (1) — — — — .4 .4 Acquisition of businesses — — — — 3.9 3.9 Amortization, including foreign currency translation — (2.9 ) (2.9 ) — (3.1 ) (3.1 ) Less: Amounts held for sale at end of the period (1) — — — — .3 .3 Ending balance $ 31.7 $ 21.3 $ 53.0 $ 24.1 $ 32.2 $ 56.3 (1) See Note 17 — “Held for Sale and Discontinued Operations” . |
Debt
Debt | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt White Mountains’s debt outstanding as of March 31, 2017 and December 31, 2016 consisted of the following: Millions March 31, Effective Rate (1) December 31, Effective Rate (1) WTM Bank Facility $ — N/A $ — N/A OBH Senior Notes, at face value 275.0 4.7% 275.0 4.7% Unamortized original issue discount and debt issuance costs (1.8 ) (1.8 ) OBH Senior Notes, carrying value 273.2 273.2 OneBeacon Bank Facility — N/A — N/A MediaAlpha Bank Facility 11.7 6.1% 12.9 5.7% Unamortized issuance cost (.2 ) (.2 ) MediaAlpha Bank Facility, carrying value 11.5 12.7 Total debt $ 284.7 $ 285.9 (1) Effective rate considers the effect of the debt issuance costs. WTM Bank Facility On August 14, 2013, White Mountains entered into a revolving credit facility with a syndicate of lenders administered by Wells Fargo Bank, N.A., which has a total commitment of $425.0 million and has a maturity date of August 14, 2018 (the “WTM Bank Facility”). As of March 31, 2017 , the WTM Bank Facility was undrawn. The WTM Bank Facility contains various affirmative, negative and financial covenants which White Mountains considers to be customary for such borrowings, including certain minimum net worth and maximum debt to capitalization standards. OBH Senior Notes In November 2012, OneBeacon U.S. Holdings, Inc. (“OBH”) issued $275.0 million face value of senior unsecured notes (“OBH Senior Notes”) through a public offering, at an issue price of 99.9% and received $272.9 million of proceeds. The OBH Senior Notes bear an annual interest rate of 4.6% payable semi-annually in arrears on May 9 and November 9, until maturity on November 9, 2022, and are fully and unconditionally guaranteed as to the payment of principal and interest by OneBeacon Ltd. Taking into effect the amortization of the original issue discount and all underwriting and issuance expenses, the OBH Senior Notes have an effective yield to maturity of approximately 4.7% per annum. The OBH Senior Notes were issued under indentures that contain restrictive covenants which, among other things, limit the ability of OneBeacon Ltd., OBH, and their respective subsidiaries to create liens and enter into sale and leaseback transactions and limits the ability of OneBeacon Ltd. and OBH to consolidate, merge or transfer its properties and assets. The indentures do not contain any financial ratios or specified levels of net worth or liquidity to which the OneBeacon Ltd. or OBH must adhere. In addition, a failure by OneBeacon Ltd. or OBH or their respective subsidiaries to pay principal and interest on covered debt, where such failure results in the acceleration of at least $75.0 million of the principal amount of covered debt, could trigger the acceleration of the OBH Senior Notes. OneBeacon Bank Facility On September 29, 2015, OneBeacon Ltd. and OneBeacon U.S. Holdings, Inc. (“OBH”), as co-borrowers and co-guarantors, entered into a revolving credit facility administered by U.S. Bank N.A. and also including BMO Harris Bank N.A., which has a total commitment of $65.0 million and has a maturity date of September 29, 2019 (the “OneBeacon Bank Facility”). As of March 31, 2017 , the OneBeacon Bank Facility was undrawn. The OneBeacon Bank Facility contains various affirmative, negative and financial covenants which White Mountains considers to be customary for such borrowings, including certain minimum net worth and maximum debt to capitalization standards. MediaAlpha Bank Facility On July 23, 2015, MediaAlpha entered into a secured credit facility with Opus Bank, which has a total commitment of $20.0 million and has a maturity date of July 23, 2019 (the “MediaAlpha Bank Facility”). The MediaAlpha Bank Facility consists of a $15.0 million term loan facility, which has an outstanding balance of $11.7 million as of March 31, 2017, and a revolving loan facility for $5.0 million , which is undrawn as of March 31, 2017. During the three months ended March 31, 2017 , MediaAlpha repaid $1.2 million under the term loan facility. The MediaAlpha Bank Facility carries a variable interest rate that is based on the Prime Rate, as published by the Wall Street Journal, plus a spread of 1.5% as of March 31, 2017 . The MediaAlpha Bank Facility is secured by intellectual property and the common stock of MediaAlpha’s subsidiaries, and contains various affirmative, negative and financial covenants that White Mountains considers to be customary for such borrowings, including a maximum leverage ratio. Compliance At March 31, 2017 , White Mountains was in compliance with the covenants under all of its debt instruments. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company and its Bermuda domiciled subsidiaries are not subject to Bermuda income tax under current Bermuda law. In the event there is a change in the current law such that taxes are imposed, the Company and its Bermuda domiciled subsidiaries would be exempt from such tax until March 31, 2035, pursuant to the Bermuda Exempted Undertakings Tax Protection Act of 1966. The Company has subsidiaries and branches that operate in various other jurisdictions around the world that are subject to tax in the jurisdictions in which they operate. The jurisdictions in which the Company’s subsidiaries and branches are subject to tax are Barbados, Gibraltar, Ireland, Israel, Luxembourg, the Netherlands, the United Kingdom and the United States. White Mountains’ income tax expense related to pre-tax income from continuing operations for the three months ended March 31, 2017, represented a net effective tax rate of 10.3% . The effective tax rate for the three months ended March 31, 2017 was lower than the U.S. statutory rate of 35% due to income generated in jurisdictions other than the United States. White Mountains’s income tax benefit related to pre-tax income from continuing operations for the three months ended March 31, 2016, represented a net effective tax rate of (114.1)% . As noted below, the effective tax rate for the three months ended March 31, 2016 was impacted by a $12.8 million tax benefit on the settlement of the 2007-2009 IRS exam. Without the tax benefit on the settlement of the 2007-2009 IRS exam there would have been tax expense, which would have resulted in a net effective tax rate that is approximately the same as the U.S. statutory rate of 35% . In arriving at the effective tax rate for the three months ended March 31, 2017 and 2016, White Mountains forecasted all income and expense items including the change in unrealized investment gains (losses) and realized investment gains (losses) for the years ending December 31, 2017 and 2016. White Mountains records a valuation allowance against deferred tax assets if it becomes more likely than not that all or a portion of a deferred tax asset will not be realized. Changes in valuation allowances from period to period are included in income tax expense in the period of change. In determining whether or not a valuation allowance, or change therein, is warranted, White Mountains considers factors such as prior earnings history, expected future earnings, carryback and carryforward periods and strategies that if executed would result in the realization of a deferred tax asset. It is possible that certain planning strategies or projected earnings in certain subsidiaries may not be feasible to utilize the entire deferred tax asset, which could result in material changes to White Mountains’s deferred tax assets and tax expense. In the first and second quarters of 2016 White Mountains recorded tax benefits of $12.8 million and $3.5 million respectively related to the settlement of IRS audits of certain subsidiaries of OneBeacon for tax years 2007-2009 and 2010-2012. In the second quarter of 2016 White Mountains recorded an increase in deferred tax assets of $0.6 million and a corresponding increase in valuation allowance of $0.6 million related to the settlement of the IRS audit of Guilford Holdings, Inc. and subsidiaries for tax year 2012. With few exceptions, White Mountains is no longer subject to U.S. federal, state, or non-U.S. income tax examinations by tax authorities for years before 2013. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2017 | |
Derivatives | Derivatives Variable Annuity Reinsurance White Mountains entered into agreements to reinsure death and living benefit guarantees associated with certain variable annuities in Japan. During the third quarter of 2015, the variable annuity contracts reinsured by WM Life Re began to mature and were fully runoff by June 30, 2016. The reinsurance agreement was commuted in December 2016. The following table summarizes the pre-tax operating results of WM Life Re for the three months ended March 31, 2016 . Three Months Ended March 31, Millions 2016 Fees, included in other revenue $ 1.0 Change in fair value of variable annuity liability, included in other revenue (.4 ) Change in fair value of derivatives, included in other revenue (1.7 ) Foreign exchange, included in other revenue .9 Other investment income and losses — Total revenue (.2 ) Death benefit claims paid, included in general and administrative expenses (.1 ) General and administrative expenses (.8 ) Pre-tax loss $ (1.1 ) The following summarizes realized and unrealized derivative gains (losses) recognized in other revenue for the three months ended March 31, 2016 and the carrying values, included in other assets, as of December 31, 2016 by type of instrument: Gains (losses) Three Months Ended Carrying Value March 31, As of Millions 2016 December 31, 2016 Fixed income/interest rate $ 1.8 $ — Foreign exchange (4.2 ) — Equity .7 — Total $ (1.7 ) $ — The following tables summarize the changes in White Mountains’s variable annuity reinsurance liabilities and derivative instruments for the three months ended March 31, 2016. Three Months Ended March 31, 2016 Variable Annuity Liabilities Derivative Instruments Millions Level 3 Level 3 (1) Level 2 (1)(2) Level 1 (3) Total Beginning of period $ .3 $ 2.7 $ 16.5 $ .9 $ 20.1 Purchases — — — — — Realized and unrealized (losses) gains (.4 ) 1.2 1.1 (4.0 ) (1.7 ) Transfers in — — — — — Sales/settlements — (1.3 ) (7.3 ) 3.3 (5.3 ) End of period $ (.1 ) $ 2.6 $ 10.3 $ .2 $ 13.1 (1) Consists of over-the-counter instruments. (2) Consists of interest rate swaps, total return swaps, foreign currency forward contracts, and bond forwards. Fair value measurement based upon bid/ask pricing quotes for similar instruments that are actively traded, where available. Swaps for which an active market does not exist have been priced using observable inputs including the swap curve and the underlying bond index. (3) Consists of exchange traded equity index, foreign currency and interest rate futures. Fair value measurements based upon quoted prices for identical instruments that are actively traded. All of White Mountains’s variable annuity reinsurance liabilities were classified as Level 3 measurements. The fair value of White Mountains’s variable annuity reinsurance liabilities were estimated using actuarial and capital market assumptions related to the projected discounted cash flows over the term of the reinsurance agreement. Actuarial assumptions regarding future policyholder behavior, including surrender and lapse rates, were generally unobservable inputs and significantly impacted the fair value estimates. Generally, the liabilities associated with these guarantees increased with declines in the equity markets, interest rates and currencies against the Japanese yen, as well as with increases in market volatilities. White Mountains used derivative instruments to mitigate the risks associated with changes in the fair value of the reinsured variable annuity guarantees. The types of inputs used to estimate the fair value of these derivative instruments, with the exception of actuarial assumptions regarding policyholder behavior and risk margins, were generally the same as those used to estimate the fair value of variable annuity liabilities. WM Life Re entered into both over-the-counter (“OTC”) and exchange traded derivative instruments to economically hedge the liability from the variable annuity benefit guarantee. In the case of OTC derivatives, WM Life Re had exposure to credit risk for amounts that were uncollateralized by counterparties. WM Life Re’s internal risk management guidelines established net counterparty exposure thresholds that took into account OTC counterparties’ credit ratings. The OTC derivative contracts were subject to restrictions on liquidation of the instruments and distribution of proceeds under collateral agreements. In the case of exchange traded instruments, WM Life Re had exposure to credit risk for amounts uncollateralized by margin balances. WM Life Re had master netting agreements with certain of its counterparties whereby the collateral provided (held) was calculated on a net basis. The following summarizes amounts offset under master netting agreements: March 31, 2016 Millions Gross asset amounts before offsets (1) Gross liability amounts offset under master netting arrangements Net amounts recognized in Other Assets Interest rate contracts OTC $ 2.2 $ (2.5 ) $ (.3 ) Foreign exchange contracts OTC 12.7 — 12.7 Exchange traded — (.1 ) (.1 ) Equity contracts OTC 1.5 (.9 ) .6 Exchange traded .3 (.1 ) .2 Total (2) $ 16.7 $ (3.6 ) $ 13.1 (1) Amount equal to fair value of instrument as recognized in other assets (2) All derivative instruments held by WM Life Re were subject to master netting arrangements. There were no open derivatives instruments and no exposure to credit losses on OTC and exchanged traded derivatives subsequent to June 30, 2016. The following summarizes the value, collateral held or provided by WM Life Re and net exposure to credit losses on OTC and exchange traded derivative instruments by counterparty recorded within other assets as of March 31, 2016 : March 31, 2016 Millions Net amount of assets reflected in Balance Sheet Collateral provided to counter-party - Cash Collateral provided to counter-party - Financial Instruments Net amount of exposure after effect of collateral provided Excess collateral provided to counter-party- Cash Excess collateral provided - Financial Instruments Counter-party collateral held by WM Life Re- Cash Net amount of exposure to counter-party Standard & Poor's Rating (1) JP Morgan $ 6.5 $ — $ — $ 6.5 $ — $ — $ 5.4 $ 1.1 A + Bank of America 1.4 — — 1.4 — — — 1.4 A Citigroup - OTC 5.0 — — 5.0 — — .5 4.5 A Citigroup - Exchange Traded .2 — — .2 7.9 — — 8.1 A Total $ 13.1 $ — $ — $ 13.1 $ 7.9 $ — $ 5.9 $ 15.1 (1) Standard & Poor’s ratings as detailed above are: “A+” (Strong, which is the fifth highest of twenty-three creditworthiness ratings), “A” (Strong, which is the sixth highest of twenty-three creditworthiness ratings), “A-” (Strong, which is the seventh highest of twenty-three creditworthiness ratings) and “BBB+” (Adequate, which is the eighth highest of twenty-three creditworthiness ratings). |
Forward Contracts | |
Derivatives | Forward Contracts White Mountains investment portfolio contains investment grade fixed maturity investments denominated in British Pound Sterling (GBP) and common equity securities denominated in Euro (EUR). White Mountains entered into foreign currency forward contracts to manage its GBP and EUR foreign currency exposure. The contracts do not meet the criteria to be accounted for as a hedge. White Mountains monitors its exposure to foreign currency and adjusts its foreign currency positions within the risk guidelines and ranges established by senior management. While White Mountains actively manages its foreign currency positions, mismatches between movements in foreign currency rates and its foreign currency forward contract may result in foreign currency positions being outside pre-defined ranges and/or foreign currency losses. At March 31, 2017 , White Mountains held $299.9 million (GBP 200.0 million and EUR 50.0 million ) total gross notional value of foreign currency forward contracts. White Mountains’s foreign currency forward contracts are traded over-the-counter. The fair value of the contracts have been estimated using OTC quotes for similar instruments and accordingly, the measurements have been classified as Level 2 measurements at March 31, 2017 . The net realized and unrealized derivative loss recognized in net realized and unrealized investment gains (losses) for the period ended March 31, 2017 was $3.0 million . White Mountains’s forward contracts are subject to master netting agreements. As of March 31, 2017 and December 31, 2016, the gross liability amount offset under the master netting agreement and the net amount recognized in other long-term investments was $(4.2) million and $(1.2) million . White Mountains does not hold or provide any collateral under its forward contracts. The following table summarizes the notional amount and the uncollateralized balance associated with the forward currency contracts: March 31, 2017 Millions Notional Amount Carrying Value Standard & Poor's Rating (1) Barclays Bank PLC $ 247.2 $ (3.2 ) A- JP Morgan 52.7 (1.0 ) A- Total $ 299.9 $ (4.2 ) (1) Standard & Poor’s ratings “A-” (Strong, which is the ninth highest of twenty-one creditworthiness ratings). |
Municipal Bond Guarantee
Municipal Bond Guarantee | 3 Months Ended |
Mar. 31, 2017 | |
Guarantees [Abstract] | |
Municipal Bond Guarantee Insurance | Municipal Bond Guarantee Insurance In 2012, HG Global was capitalized with $594.5 million from White Mountains and $14.5 million from non-controlling interests to fund BAM, a newly formed mutual municipal bond insurer. As of March 31, 2017 , White Mountains owned 96.9% of HG Global’s preferred equity and 88.4% of its common equity. HG Global, together with its subsidiaries, provided the initial capitalization of BAM through the purchase of $503.0 million of BAM Surplus Notes. Through HG Re, which had statutory capital and surplus of $467.4 million at December 31, 2016, HG Global provides first loss reinsurance protection for policies underwritten by BAM of up to 15% of par outstanding, on a per policy basis. HG Re’s obligations to BAM are collateralized in trusts, and there is an aggregate loss limit that is equal to the total assets in the collateral trusts at any point in time. For the three months ended March 31, 2017 , HG Global had pre-tax income of $6.6 million , which included $4.8 million of interest income on the BAM Surplus Notes. For the three months ended March 31, 2016 , HG Global had pre-tax income of $7.3 million , which included $4.5 million of interest income on the BAM Surplus Notes. For the three months ended March 31, 2017 , White Mountains reported pre-tax losses of $12.2 million on BAM that were recorded in net loss attributable to non-controlling interests, which included $4.8 million of interest expense on the BAM Surplus Notes. For the three months ended March 31, 2016 , White Mountains reported pre-tax losses of $7.6 million on BAM that were recorded in net loss attributable to non-controlling interests, which included $4.5 million of interest expense on the BAM Surplus Notes. Effective January 1, 2014, HG Global and BAM agreed to change the interest rate on the BAM Surplus Notes for the five years ending December 31, 2018 from a fixed rate of 8% to a variable rate equal to the one -year U.S. treasury rate plus 300 basis points, set annually, which is 3.54% and 3.78% for 2016 and 2017. Prior to the end of 2018, BAM has the option to extend the variable rate period for an additional three years. At the end of the variable rate period, the interest rate will be fixed at the higher of the then current variable rate or 8% . BAM is required to seek regulatory approval to pay interest and principal on its surplus notes only when adequate capital resources have accumulated beyond BAM’s initial capitalization and a level that continues to support its outstanding obligations, business plan and ratings. All of the contracts issued by BAM are accounted for as insurance contracts under ASC 944-605, Financial Guarantee Insurance Contracts. Premiums are received upfront and an unearned premium revenue liability, equal to the amount of the cash received, is established at contract inception. Premium revenues are recognized in revenue over the period of the contracts in proportion to the amount of insurance protection provided using a constant rate. The constant rate is calculated based on the relationship between the par outstanding in a given reporting period compared with the sum of each of the par amounts outstanding for all periods. The following table provides a schedule of BAM’s insured obligations: March 31, 2017 December 31, 2016 Contracts outstanding 5,191 4,807 Remaining weighted average contract period outstanding (in years) 10.8 10.8 Contractual debt service outstanding (in millions): Principal $ 35,222.1 $ 33,057.3 Interest 17,589.9 16,396.6 Total debt service outstanding $ 52,812.0 $ 49,453.9 Gross unearned insurance premiums $ 99.8 $ 83.0 The following table is a schedule of BAM’s future premium revenues as of March 31, 2017 : Millions March 31, 2017 April 1, 2017 - December 31, 2017 $ 6.3 January 1, 2018 - March 31, 2018 2.1 April 1, 2018 - June 30, 2018 2.0 July 1, 2018 - September 30, 2018 2.0 October 1, 2018 - December 31, 2018 2.0 8.1 2019 7.8 2020 7.4 2021 7.0 2022 and thereafter 63.2 Total gross unearned insurance premiums $ 99.8 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share amounts are based on the weighted average number of common shares outstanding including unvested restricted shares that are considered participating securities. Diluted earnings per share amounts are based on the weighted average number of common shares including unvested restricted shares and the net effect of potentially dilutive common shares outstanding. The following table outlines the Company’s computation of earnings per share from continuing operations for the three months ended March 31, 2017 and 2016 . See Note 17 — “Held for Sale and Discontinued Operations” . Three Months Ended March 31, 2017 2016 Basic and diluted earnings per share numerators (in millions): Net income (loss) from continuing operations attributable to White Mountains’s common shareholders $ 35.3 $ 11.9 Allocation of income for unvested restricted common shares (.4 ) (.1 ) Dividends declared on participating restricted common shares (1) (.1 ) (.1 ) Total allocation to restricted common shares (.5 ) (.2 ) Net income (loss) attributable to White Mountains’s common shareholders, net of restricted common share amounts $ 34.8 $ 11.7 Undistributed net earnings (in millions): Net income (loss) attributable to White Mountains’s common shareholders, net of restricted common share amounts $ 34.8 $ 11.7 Dividends declared net of restricted common share amounts (1) (4.5 ) (5.9 ) Total undistributed net earnings, net of restricted common share amounts $ 30.3 $ 5.8 Basic earnings per share denominators (in thousands): Total average common shares outstanding during the period 4,564.6 5,539.6 Average unvested restricted shares (2) (52.5 ) (54.0 ) Basic earnings per share denominator 4,512.1 5,485.6 Diluted earnings per share denominator (in thousands): Total average common shares outstanding during the period (3) 4,564.6 5,540.5 Average unvested restricted common shares (2) (52.5 ) (54.0 ) Diluted earnings per share denominator (3) 4,512.1 5,486.5 Basic earnings per share (in dollars): Net income (loss) attributable to White Mountains’s common shareholders $ 7.72 $ 2.14 Dividends declared and paid (1.00 ) (1.00 ) Undistributed earnings $ 6.72 $ 1.14 Diluted earnings per share (in dollars): Net income (loss) attributable to White Mountains’s common shareholders $ 7.72 $ 2.14 Dividends declared and paid (1.00 ) (1.00 ) Undistributed earnings $ 6.72 $ 1.14 (1) Restricted shares issued by White Mountains receive dividends, and therefore, are considered participating securities. (2) Restricted shares outstanding vest either in equal annual installments or upon a stated date. See Note 15 — “Employee Share-Based Compensation Plans” . (3) The diluted earnings per share denominator for the three months ended March 31, 2016 includes the impact of 125,000 common shares issuable upon exercise of the non-qualified options outstanding, which resulted in 882 incremental shares outstanding over the period. The incremental shares had an effect on diluted earning per share of less than $0.01 . |
Non-controlling Interest
Non-controlling Interest | 3 Months Ended |
Mar. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Non-controlling Interests | The following table details the balance of non-controlling interests included in White Mountains’s total equity and the related percentage of each consolidated entity’s total equity owned by non-controlling shareholders as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 $ in millions Non-controlling Percentage Non-controlling Equity Non-controlling Percentage Non-controlling Equity OneBeacon Ltd. 24.3 % $ 250.7 23.9 % $ 244.6 Other, excluding mutuals and reciprocals HG Global 3.1 16.5 3.1 16.6 MediaAlpha 40.0 11.0 40.0 11.7 Wobi 5.0 1.0 5.0 .7 Dewar 18.8 3.4 18.8 3.9 Buzzmove 29.1 2.8 29.1 2.9 Total other, excluding mutuals and reciprocals 34.7 35.8 Mutuals and reciprocals BAM 100.0 (153.0 ) 100.0 (150.9 ) SSIE — — 100.0 4.4 Total mutuals and reciprocals (153.0 ) (146.5 ) Total non-controlling interests $ 132.4 $ 133.9 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Informartion | Segment Information White Mountains has determined that its reportable segments are OneBeacon, HG Global/BAM and Other Operations. As a result of the Sirius Group and Tranzact sales, the results of operations for Sirius Group, previously reported in its own segment, and Tranzact, previously reported in the Other Operations segment, have been classified as discontinued operations and are now presented, net of related income taxes, as such in the statement of operations and comprehensive income. Prior year amounts have been reclassified to conform to the current period’s presentation. See Note 17 — “Held for Sale and Discontinued Operations” . White Mountains has made its segment determination based on consideration of the following criteria: (i) the nature of the business activities of each of the Company’s subsidiaries and affiliates; (ii) the manner in which the Company’s subsidiaries and affiliates are organized; (iii) the existence of primary managers responsible for specific subsidiaries and affiliates; and (iv) the organization of information provided to the chief operating decision makers and the Board of Directors. Significant intercompany transactions among White Mountains’s segments have been eliminated herein. Financial information for White Mountains’s segments follows: HG Global/BAM Millions OneBeacon HG BAM (1) Other Operations Total Three Months Ended March 31, 2017 Earned insurance premiums $ 261.8 $ 1.5 $ .5 $ 1.0 $ 264.8 Net investment income 12.2 .6 2.0 11.3 26.1 Net investment income (loss) - surplus note interest — 4.8 (4.8 ) — — Net realized and unrealized investment gains 15.0 .3 1.0 35.0 51.3 Other revenue 3.4 — .4 39.9 (2) 43.7 Total revenues 292.4 7.2 (.9 ) 87.2 385.9 Losses and LAE 150.6 — — 1.1 151.7 Insurance acquisition expenses 45.3 .3 .9 .1 46.6 Other underwriting expenses 51.7 — .1 — 51.8 General and administrative expenses 4.7 .3 10.3 76.0 (3) 91.3 Amortization of other intangible assets .3 — — 2.6 2.9 Interest expense 3.3 — — .4 3.7 Total expenses 255.9 .6 11.3 80.2 348.0 Pre-tax income (loss) $ 36.5 $ 6.6 $ (12.2 ) $ 7.0 $ 37.9 HG Global/BAM Millions OneBeacon HG BAM (1) Other Operations Total Three Months Ended March 31, 2016 Earned insurance premiums $ 278.6 $ .9 $ .3 $ 2.3 $ 282.1 Net investment income 14.4 .5 1.6 1.4 17.9 Net investment income (loss) - surplus note interest — 4.5 (4.5 ) — — Net realized and unrealized investment gains 16.6 2.1 4.9 5.9 29.5 Other revenue .9 — .1 38.8 (2) 39.8 Total revenues 310.5 8.0 2.4 48.4 369.3 Losses and LAE 158.8 — — 2.3 161.1 Insurance acquisition expenses 51.0 .2 .7 .8 52.7 Other underwriting expenses 55.3 — .1 — 55.4 General and administrative expenses 3.6 .5 9.2 70.7 (3) 84.0 Amortization of other intangible assets .3 — — 2.8 3.1 Interest expense 3.3 — — 1.2 4.5 Total expenses 272.3 .7 10.0 77.8 360.8 Pre-tax income (loss) $ 38.2 $ 7.3 $ (7.6 ) $ (29.4 ) $ 8.5 (1) BAM manages its affairs on a statutory accounting basis. BAM’s statutory surplus includes surplus notes and is not reduced by accruals of interest expense on the surplus notes. BAM’s statutory surplus is reduced only after a payment of principal or interest has been approved by the New York Department of Financial Services. (2) Includes $ 32.5 from MediaAlpha for the three months ended March 31, 2017 , and $ 32.7 from MediaAlpha for the three months ended March 31, 2016 . (3) Includes $ 30.9 from MediaAlpha for the three months ended March 31, 2017 , and $ 30.5 from MediaAlpha for the three months ended March 31, 2016 . |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates Investments in Unconsolidated Affiliates | 3 Months Ended |
Mar. 31, 2017 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Investments in Unconsolidated Affiliates | Investments in Unconsolidated Affiliates White Mountains’s investments in unconsolidated affiliates represent investments in other companies in which White Mountains has a significant voting and economic interest but does not control the entity. Symetra In August 2015, Symetra announced it had entered into a definitive merger agreement with Sumitomo Life Insurance Company (“Sumitomo Life”) pursuant to which Sumitomo Life would acquire all of the outstanding shares of Symetra. Following the announcement and Symetra shareholders’ November 5, 2015 meeting to approve the transaction, White Mountains relinquished its representation on Symetra’s board of directors. As a result, White Mountains changed its accounting for Symetra common shares from the equity method to fair value as of December 31, 2015. During the fourth quarter of 2015, White Mountains recognized $ 258.8 million ($ 241.1 million after tax) of unrealized investment gains through net income, representing the difference between the carrying value of Symetra common shares under the equity method at the date of change and fair value at December 31, 2015. White Mountains also received a special dividend of $0.50 per share as part of the transaction that was paid in the third quarter of 2015. On February 1, 2016, Symetra closed its definitive merger agreement with Sumitomo Life and White Mountains received proceeds of $ 658.0 million , or $ 32.00 per common share. White Mountains recognized $4.7 million in pre-tax net investment gains associated with Symetra in the first quarter of 2016. |
Employee Share-Based Incentive
Employee Share-Based Incentive Compensation Plans | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Share-Based Incentive Compensation Plans | Employee Share-Based Incentive Compensation Plans White Mountains’s Long-Term Incentive Plan (the “WTM Incentive Plan”) provides for grants of various types of share-based and non share-based incentive awards to key employees and service providers of White Mountains. White Mountains’s share-based compensation incentive awards consist of performance shares, restricted shares and stock options. Share-Based Compensation Based on White Mountains Common Shares WTM Performance Shares Performance shares are conditional grants of a specified maximum number of common shares or an equivalent amount of cash. Awards generally vest at the end of a three -year period, are subject to the attainment of pre-specified performance goals, and are valued based on the market value of common shares at the time awards are paid. The following table summarizes performance share activity for the three months ended March 31, 2017 and 2016 for performance shares granted under the WTM Incentive Plan: Three Months Ended March 31, 2017 2016 Millions, except share amounts Target Performance Accrued Expense Target Performance Accrued Expense Beginning of period 80,353 $ 42.4 93,654 $ 57.7 Shares paid or expired (1) (30,167 ) (20.8 ) — — New grants 16,460 — 16,215 — Forfeitures and cancellations (2) (9,841 ) (5.7 ) (1,186 ) (.6 ) Expense recognized — 8.1 — 14.2 End of period (3) 56,805 $ 24.0 108,683 $ 71.3 (1) WTM performance share payments in 2017 for the 2014-2016 performance cycle, which were paid in March 2017, ranged from 34% to 76% of target. WTM performance share payments in 2016 for the 2013-2015 performance cycle ranged from 140% to 142% of target. (2) Amounts include changes in assumed forfeitures, as required under GAAP. (3) Outstanding performance share awards as of March 31, 2017 and 2016 exclude 2,195 and 10,826 performance share awards granted to employees of Sirius Group. For performance shares earned in the 2014-2016 performance cycle, all performance shares earned were settled in cash. For the performance shares earned in the 2013-2015 performance cycle, the Company issued 5,000 common shares and settled the remainder in cash. If all the outstanding WTM performance shares had vested on March 31, 2017 , the total additional compensation cost to be recognized would have been $30.5 million , based on accrual factors at March 31, 2017 (common share price and payout assumptions). Performance Shares granted under the WTM Incentive Plan The following table summarizes performance shares outstanding and accrued expense for performance shares awarded under the WTM Incentive Plan at March 31, 2017 for each performance cycle: Millions, except share amounts Target Performance Shares Outstanding Accrued Expense Performance cycle: 2017 – 2019 16,460 $ 1.2 2016 – 2018 19,415 7.3 2015 – 2017 21,795 15.8 Sub-total 57,670 24.3 Assumed forfeitures (865 ) (.3 ) March 31, 2017 56,805 $ 24.0 Restricted Shares The following table summarizes the unrecognized compensation cost associated with the outstanding restricted share awards for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 Millions, except share amounts Restricted Unamortized Restricted Unamortized Non-vested, Beginning of period 70,620 $ 19.7 70,675 $ 15.7 Issued 16,735 15.8 21,215 16.8 Vested (22,015 ) — (24,620 ) — Forfeited (5,200 ) (2.8 ) (800 ) (.3 ) Expense recognized — (3.6 ) — (3.0 ) End of period (1) 60,140 $ 29.1 66,470 $ 29.2 (1) Restricted share awards outstanding as of March 31, 2017 and 2016 include 5,235 and 2,195 restricted shares issued to employees of Sirius Group, which was accounted for as discontinued operations. During the three months ended March 31, 2017 , White Mountains issued 16,735 restricted shares that vest on January 1, 2020. During the first three months of 2016, White Mountains issued 21,215 restricted shares that vest on January 1, 2019. The unrecognized compensation cost at March 31, 2017 is expected to be recognized ratably over the remaining vesting periods. Stock Options Non-Qualified Options As March 31, 2017, the 125,000 Non-Qualified options issued to the Company’s former Chairman and CEO have been exercised. During the first quarter of 2017, 40,000 Non-Qualified Options, with an intrinsic value of $4.4 million , were exercised in exchange for 5,142 common shares with an equal total market value. During 2016, 5,000 Non-Qualified Options, with an intrinsic value of $0.4 million , were exercised at $742 per common share and 80,000 Non-Qualified Options, with an intrinsic value of $8.4 million , were exercised in exchange for 9,930 common shares with an equal total market value. Intrinsic value represents the difference between the market price of the Company’s common shares at the date of exercise less the fixed strike price of $742 per common share. The Non-Qualified Options were fully amortized as of 2011. Share-Based Compensation Based on OneBeacon Ltd. Common Shares The OneBeacon Long-Term Incentive Plan (the “OneBeacon Incentive Plan”) provides for grants to key employees of OneBeacon various types of share-based and non share-based incentive awards. OneBeacon’s share-based incentive awards include OneBeacon performance shares and restricted shares. OneBeacon Performance Shares OneBeacon performance shares are conditional grants of a specified maximum number of common shares or an equivalent amount of cash. OneBeacon performance share awards generally vest at the end of a three -year period, are subject to the attainment of pre-specified performance goals, and are valued based on the market value of OneBeacon Ltd. common shares at the time awards are paid. No OneBeacon performance shares were issued for the 2017-2019 cycle. The following table summarizes performance share activity for the three months ended March 31, 2017 and 2016 for OneBeacon performance shares granted under the OneBeacon Incentive Plan: Three Months Ended March 31, 2017 2016 Millions, except share amounts Target Performance Accrued Expense Target Performance Accrued Expense Beginning of period 452,519 $ 1.6 449,435 $ 1.4 Shares paid or expired (1) (142,710 ) — (167,300 ) (.7 ) New grants — — 163,150 — Assumed forfeitures and cancellations (2) (13 ) — (4,079 ) — Expense recognized — .3 — .4 End of period 309,796 $ 1.9 441,206 $ 1.1 (1) There were no payments made in 2017 for the 2014-2016 performance cycle; those performance shares did not meet the threshold performance goals and expired. OneBeacon performance share payments in 2016 for the 2013-2015 performance cycle were at 24.3% of target. (2) Amounts include changes in assumed forfeitures, as required under GAAP. If the outstanding OneBeacon performance shares had been vested on March 31, 2017 , the total additional compensation cost to be recognized would have been $1.8 million , based on accrual factors at March 31, 2017 (common share price, accumulated dividends and payout assumptions). The following table summarizes OneBeacon performance shares outstanding awarded under the OneBeacon Incentive Plan at March 31, 2017 for each performance cycle: Millions, except share amounts Target Performance Accrued Expense Performance cycle: 2016 – 2018 163,150 $ 1.1 2015 – 2017 146,646 .8 Sub-total 309,796 1.9 Assumed forfeitures — — March 31, 2017 309,796 $ 1.9 OneBeacon Restricted Shares The following table summarizes the unrecognized compensation cost associated with the outstanding OneBeacon restricted stock awards for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 Millions, except share amounts Restricted Unamortized Restricted Unamortized Non-vested, Beginning of period 395,872 $ 2.1 382,722 $ 2.5 Issued 461,160 7.4 170,650 2.3 Vested (157,500 ) — (157,500 ) — Forfeited — — — — Expense recognized — (.9 ) — (.5 ) End of period 699,532 $ 8.6 395,872 $ 4.3 On February 28, 2017, OneBeacon issued 461,160 restricted shares, of which 235,000 are scheduled to cliff vest on August 28, 2018, 115,450 are scheduled to cliff vest on January 1, 2020, and 110,710 are scheduled to vest in two equal installments on February 24, 2018 and February 24, 2019. On February 24, 2016, OneBeacon issued 170,650 shares of restricted shares, of which 92,500 restricted shares vest on February 24, 2018 and 78,150 vest on January 1, 2019. On May 25, 2011, OneBeacon issued 630,000 restricted shares to its CEO that vest in four equal annual installments. The first installment vested on February 22, 2014. Concurrently with the grant of the restricted shares, 35,000 OneBeacon performance shares issued to OneBeacon’s CEO for the 2011-2013 performance share cycle were forfeited and performance share awards to OneBeacon’s CEO for the subsequent five years were reduced by 35,000 shares. As of March 31, 2017 , unrecognized compensation expense of $ 8.6 million related to restricted stock awards is expected to be recognized over the remaining vesting periods. OneBeacon Restricted Stock Units During the first three months of 2017, the OneBeacon Compensation Committee awarded to certain employees 240,160 restricted stock units (“RSUs”) that are schedule to vest on December 31, 2019, contingent upon the approval of the OneBeacon 2017 Long-Term Incentive Plan at the 2017 Annual General Meeting to be held May 24, 2017, all of which were outstanding as of March 31, 2017. During the first three months of 2016, the OneBeacon Compensation Committee awarded to certain employees 222,449 RSUs that are scheduled to vest on December 31, 2018, of which, net of forfeiture assumptions, 208,499 were outstanding as of March 31, 2017 . At vesting the RSUs will be paid out in cash or shares at the discretion of the OneBeacon Compensation Committee. For the three months ended March 31, 2017 and 2016, the expense associated with the RSUs was $0.6 million and $0.4 million . If all of the outstanding RSUs had been vested on March 31, 2017, the total additional compensation cost to be recognized would have been $7.0 million , based on current accrual factors (common share price and accumulated dividends) as of March 31, 2017. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments White Mountains accounts for its financial instruments at fair value with the exception of the OBH Senior Notes and MediaAlpha Bank Facility, which are recorded as debt at face value less unamortized original issue discount. The following table summarizes the fair value and carrying value of these financial instruments as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Millions Fair Value Carrying Value Fair Value Carrying Value OBH Senior Notes $ 279.4 $ 273.2 $ 274.2 $ 273.2 MediaAlpha Bank Facility 11.7 11.5 13.0 12.7 The fair value estimate for the OBH Senior Notes has been determined using quoted market prices. The OBH Senior Notes are considered a Level 2 measurement. The fair value estimate for the MediaAlpha Bank Facility has been determined based on a discounted cash flows approach and is considered to be a Level 3 measurement. |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2017 | |
Discontinued Operations | Held for Sale and Discontinued Operations Sirius Group On April 18, 2016, White Mountains completed the sale of Sirius Group to CMI for approximately $2.6 billion . $161.8 million of this amount was used to purchase certain assets to be retained by White Mountains out of Sirius Group, including shares of OneBeacon. The amount paid at closing was based on an estimate of Sirius Group’s closing date tangible common shareholder’s equity. During 2016, White Mountains recorded $363.2 million of gain from sale of Sirius Group in discontinued operations in the statement of operations and $113.3 million in other comprehensive income from discontinued operations. Through April 18, 2016, Sirius Group’s results are reported as discontinued operations and assets and liabilities held for sale within White Mountains’s GAAP financial statements. Assets held for sale did not include White Mountains’s investment in OneBeacon and certain other investments that are in the Sirius Group legal entities. As of December 31, 2015, the value of these investments, net of related tax effects, was $686.2 million , of which $528.6 million related to Symetra. Net loss from discontinued operations does not include White Mountains’s net investment income and realized and unrealized investment gains and losses associated with these investments. For the three months ended March 31, 2016, $4.1 million of realized and unrealized investment gains and losses, net of related tax effects, that are included in the Sirius Group legal entities have been excluded from net loss from discontinued operations. For the three months ended March 31, 2016, White Mountains recorded $0.9 million of net loss from discontinued operations and $37.2 million of other comprehensive income from Sirius Group. Tranzact On June 9, 2016, White Mountains announced that it had entered into an agreement for the sale of Tranzact to an affiliate of Clayton, Dubilier & Rice, LLC. On July 21, 2016, White Mountains completed the sale of Tranzact and received net proceeds of $ 221.3 million at closing. On October 5, 2016, White Mountains received additional proceeds of $1.2 million following the release of the post-closing purchase price adjustment escrow. See Note 2 — “Significant Transactions” . During 2016, White Mountains recorded a $51.9 million gain from the sale of Tranzact in discontinued operations, which included a $30.2 million tax expense for the reversal of a tax valuation allowance that is offset by a tax benefit recorded in continuing operations. In the first quarter of 2017, White Mountains recorded a $1.0 million reduction to the gain from sale of Tranzact in discontinued operations as a result of 2016 tax payments. During 2016, White Mountains recognized a $ 21.4 million tax benefit in continuing operations related to the reversal of a valuation allowance that resulted from the gain on the sale of Tranzact recognized within discontinued operations. This tax benefit was recorded in continuing operations with an offsetting amount of net tax expense recorded in discontinued operations, $ 30.2 million of tax expense was recorded to gain from sale of Tranzact in discontinued operations and a $ 8.8 million tax benefit was recorded to net income from discontinued operations. Through July 21, 2016, Tranzact’s results of operations are reported as discontinued operations and assets and liabilities held for sale within White Mountains’s GAAP financial statements. For the three months ended March 31 2016, White Mountains recorded a net loss from discontinued operations of $ 2.0 million from Tranzact. Star & Shield On July 1, 2016, SSIE voluntarily ceased writing new policies. As a result, White Mountains wrote off its investment in SSIE Surplus Notes which resulted in a $21.0 million total decrease to net income attributable to White Mountains's common shareholders and a corresponding increase to net income attributable to non-controlling interests. On January 13, 2017, White Mountains reached an agreement to sell Star & Shield and its investment in SSIE Surplus Notes to K2 Insurance Services, LLC and the sale was completed on March 7, 2017. White Mountains did not recognize any gain or loss on the sale. Through December 31, 2016, Star & Shield’s assets and liabilities are reported as held for sale within White Mountains’s GAAP financial statements. |
Discontinued Operations [Member] | |
Discontinued Operations | Summary of Reclassified Balances and Related Items Net Assets Held for Sale The following summarizes the assets and liabilities associated with business classified as held for sale. At December 31, 2016, amounts presented relate to Star & Shield and SSIE. Millions December 31, 2016 Assets held for sale Fixed maturity investments, at fair value $ 6.6 Short-term investments, at amortized cost (which approximates fair value) .2 Total investments 6.8 Cash .9 Reinsurance recoverable on unpaid losses .3 Insurance and reinsurance premiums receivable 1.5 Other assets .6 Total assets held for sale $ 10.1 Liabilities held for sale Loss and loss adjustment expense reserves $ 5.0 Unearned insurance and reinsurance premiums 1.2 Other liabilities (1.1 ) Total liabilities held for sale 5.1 Net assets held for sale $ 5.0 Net Income (Loss) from Discontinued Operations The following summarizes the results of operations, including related income taxes associated with the business classified as discontinued operations. For the three months ended March 31, 2016, the amounts presented relate to Sirius Group and Tranzact. The results of discontinued operations from Sirius Group and Tranzact up to the closing date of the transaction inure to White Mountains. Three Months Ended Three Months Ended March 31, 2017 March 31, 2016 Millions Sirius Group Other Disc Ops Total Sirius Group Other Disc Ops Total Revenues Earned insurance premiums $ — $ — $ — $ 202.4 $ — $ 202.4 Net investment income — — — 12.2 — 12.2 Net realized and unrealized losses — — — (8.8 ) — (8.8 ) Other revenue — — — (4.1 ) 57.8 53.7 Total revenues — — — 201.7 57.8 259.5 Expenses Loss and loss adjustment expenses — — — 113.7 — 113.7 Insurance and reinsurance acquisition expenses — — — 48.4 — 48.4 Other underwriting expenses — — — 26.7 — 26.7 General and administrative expenses — — — 8.1 53.4 61.5 Interest expense — — — 6.6 1.4 8.0 Total expenses — — — 203.5 54.8 258.3 Pre-tax (loss) income — — — (1.8 ) 3.0 1.2 Income tax expense (benefit) — — — .9 (1.0 ) (.1 ) Net (loss) income from discontinued operations — — — (.9 ) 2.0 1.1 Net loss from sale of discontinued operations — (1.0 ) (1.0 ) — — — Total (loss) income from discontinued operations $ — $ (1.0 ) $ (1.0 ) $ (.9 ) $ 2.0 $ 1.1 Change in foreign currency translation and other from discontinued operations — — — 37.2 — 37.2 Comprehensive (loss) income from discontinued operations $ — $ (1.0 ) $ (1.0 ) $ 36.3 $ 2.0 $ 38.3 Net Change in Cash from Discontinued Operations The following summarizes the net change in cash, including income tax (payment to) refund from national governments and interest paid associated with the business classified as discontinued operations: Three Months Ended March 31, (Millions) 2017 2016 Net cash (used for) provided from operations $ — $ (40.7 ) Net cash provided from investing activities — 33.6 Net cash (used for) provided from financing activities — (8.3 ) Effect of exchange rate changes on cash — 4.2 Net change in cash during the period — (11.2 ) Cash balances at beginning of period .9 150.2 Net change in cash held for sale (.9 ) .9 Cash balances at end of period $ — $ 139.9 Supplemental cash flows information: Interest paid $ — $ (1.4 ) Net income tax payment to national governments $ — $ (36.4 ) Earnings Per Share Basic earnings per share amounts are based on the weighted average number of common shares outstanding including unvested restricted shares that are considered participating securities. Diluted earnings per share amounts are based on the weighted average number of common shares including unvested restricted shares and the net effect of potentially dilutive common shares outstanding. The following table outlines the computation of earnings per share for discontinued operations for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 Basic and diluted earnings per share numerators (in millions): Net income attributable to White Mountains’s common shareholders $ (1.0 ) $ 1.1 Allocation of income for participating unvested restricted common shares (1) — — Net income attributable to White Mountains’s common shareholders, net of restricted common share amounts (2) $ (1.0 ) $ 1.1 Basic earnings per share denominators (in thousands): Total average common shares outstanding during the period 4,564.6 5,539.6 Average unvested restricted common shares (3) (52.5 ) (54.0 ) Basic earnings per share denominator 4,512.1 5,485.6 Diluted earnings per share denominator (in thousands): Total average common shares outstanding during the period (4) 4,564.6 5,540.5 Average unvested restricted common shares (3) (52.5 ) (54.0 ) Diluted earnings per share denominator (4) 4,512.1 5,486.5 Basic earnings per share (in dollars): $ (.22 ) $ .20 Diluted earnings per share (in dollars): $ (.22 ) $ .20 (1) Restricted shares issued by White Mountains contain dividend participation features, and therefore, are considered participating securities. (2) Net earnings attributable to White Mountains’s common shareholders, net of restricted share amounts, is equal to undistributed earnings for the three months ended March 31, 2017 and 2016 . (3) Restricted common shares outstanding vest either in equal annual installments or upon a stated date. See Note 15 - “Employee Share-Based Compensation Plans” . (4) The diluted earnings per share denominator for the three months ended March 31, 2016 includes the impact of 125,000 common shares issuable upon exercise of the non-qualified options outstanding, which results in 882 incremental shares outstanding over the period. The incremental shares had an effect on diluted earning per share of less than $0.01 per share. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Legal Contingencies White Mountains, and the insurance and reinsurance industry in general, are routinely subject to claims related litigation and arbitration in the normal course of business, as well as litigation and arbitration that do not arise from, or are directly related to, claims activity. White Mountains’s estimates of the costs of settling matters routinely encountered in claims activity are reflected in the reserves for unpaid loss and LAE. See Note 3 — “Loss and Loss Adjustment Expense Reserves” . White Mountains considers the requirements of ASC 450 when evaluating its exposure to non-claims related litigation and arbitration. ASC 450 requires that accruals be established for litigation and arbitration if it is probable that a loss has been incurred and it can be reasonably estimated. ASC 450 also requires that litigation and arbitration be disclosed if it is probable that a loss has been incurred or if there is a reasonable possibility that a loss may have been incurred. Although the ultimate outcome of claims and non-claims related litigation and arbitration, and the amount or range of potential loss at any particular time, is often inherently uncertain, management does not believe that the ultimate outcome of such claims and non-claims related litigation and arbitration will have a material adverse effect on White Mountains’s financial condition, results of operations or cash flows. The following summarizes significant legal contingencies, ongoing non-claims related litigation or arbitration as of March 31, 2017 : Tribune Company In June 2011, Deutsche Bank Trust Company Americas, Law Debenture Company of New York and Wilmington Trust Company (collectively referred to as “Plaintiffs”), in their capacity as trustees for certain senior notes issued by the Tribune Company (“Tribune”), filed lawsuits in various jurisdictions (the “Noteholder Actions”) against numerous defendants including OneBeacon, OneBeacon-sponsored benefit plans and other affiliates of White Mountains in their capacity as former shareholders of Tribune seeking recovery of the proceeds from the sale of common stock of Tribune in connection with Tribune's leveraged buyout in 2007 (the “LBO”). Tribune filed for bankruptcy in 2008 in the Delaware bankruptcy court (the “Bankruptcy Court”). The Bankruptcy Court granted Plaintiffs permission to commence these LBO-related actions, and in 2011, the Judicial Panel on Multidistrict Litigation granted a motion to consolidate the actions for pretrial matters and transferred all such proceedings to the U.S. District Court for the Southern District of New York (the “SDNY”). Plaintiffs seek recovery of the proceeds received by the former Tribune shareholders on a theory of constructive fraudulent transfer asserting that Tribune purchased or repurchased its common shares without receiving fair consideration at a time when it was, or as a result of the purchases of shares, was rendered, insolvent. OneBeacon and OneBeacon-sponsored benefit plans received approximately $32.0 million , for Tribune common stock tendered in connection with the LBO. The Court granted an omnibus motion to dismiss the Noteholder Actions in September 2013 and Plaintiffs’ appealed. On March 29, 2016, a three judge panel of the U.S Second Circuit Court of Appeals affirmed the dismissal of the Noteholder Actions. On July 22, 2016, the Plaintiff's petition to the Second Circuit for reconsideration or for a rehearing en banc was denied in full. On September 9, 2016 the Plaintiffs filed for a writ of certiorari, seeking review in the U. S. Supreme Court. In addition, OneBeacon, OneBeacon-sponsored benefit plans and other affiliates of White Mountains in their capacity as former shareholders of Tribune, along with thousands of former Tribune shareholders, have been named as defendants in an adversary proceeding brought by the Official Committee of Unsecured Creditors of the Tribune Company (the “Committee”), on behalf of the Tribune Company, which seeks to avoid the repurchase of shares by Tribune in the LBO on a theory of intentional fraudulent transfer (the “Committee Action”). Tribune emerged from bankruptcy in 2012, and a litigation trustee replaced the Committee as plaintiff in the Committee Action. This matter was consolidated for pretrial matters with the Noteholder Actions in the SDNY and was stayed pending the motion to dismiss in the Noteholder Actions. An omnibus motion to dismiss the shareholder defendants in the Committee Action was filed in May 2014 and the motion was granted on January 6, 2017. The plaintiff has requested permission to move the SDNY to certify the decision as a final judgment capable of immediate appeal. No amount has been accrued in connection with this matter as of March 31, 2017 , as the amount of loss, if any, cannot be reasonably estimated. |
OneBeacon Pension Plan
OneBeacon Pension Plan | 3 Months Ended |
Mar. 31, 2017 | |
Compensation Related Costs [Abstract] | |
OneBeacon Pension Plan | Note 19. OneBeacon Pension Plan OneBeacon previously sponsored the OneBeacon qualified pension plan (the “Qualified Plan”). During the three months ended March 31, 2016, the Qualified Plan finalized its termination by purchasing group annuity contracts from the Principal Financial Group (“Principal Financial”), and making lump sum distributions to Qualified Plan participants electing such payments, which eliminated the remaining Qualified Plan liability, and also ceased administratively paying benefits. As a result of these transactions, the Company recognized a pre-tax pension settlement charge of $0.3 million during the three months ended March 31, 2016, and no longer has a projected benefit obligation with respect to the Qualified Plan. OneBeacon transferred $ 47.1 million of excess invested assets from the Qualified Plan into the trust supporting the OneBeacon 401(k) Savings and Employee Stock Ownership Plan (“KSOP”), which OneBeacon determined to be the Qualified Replacement Plan (“QRP”) with $13.8 million of excess invested assets remaining in the Qualified Plan trust as of March 31, 2017 in order to wind-down potential post-termination obligations of that plan, as approved by way of a March 2016 private letter ruling from the IRS. The invested assets related to both the legacy Qualified Plan trust and the QRP are included in other assets and are accounted for at fair value with related income recognized in net other revenues. OneBeacon continues to sponsor a non-qualified, non-contributory, defined benefit pension plan (“Non-qualified Plan”) covering certain employees who were employed as of December 31, 2001 and former employees who had met the eligibility requirements, as well as retirees. The Non-qualified Plan was frozen and curtailed in 2002, resulting in the pension benefit obligation being equal to the accumulated benefit obligation. The benefits are based primarily on years of service and employees’ compensation through December 31, 2002. OneBeacon’s funding policy is generally to contribute amounts to satisfy actual disbursements for the calendar year. |
Subsequent Event Subsequent Eve
Subsequent Event Subsequent Event | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | Note 20. Subsequent Event On May 2, 2017, OneBeacon announced it had entered into a definitive agreement to be acquired by Intact Financial Corporation in an all-cash transaction for $18.10 per share, or roughly 1.65 x tangible book value (the “Transaction”). In addition, White Mountains entered into a definitive agreement to vote its shares of OneBeacon Ltd. in favor of the “Transaction”. White Mountains owns 75.7% of OneBeacon’s outstanding common shares, representing 96.9% of the voting power. White Mountains expects to receive gross proceeds of $1.3 billion from the Transaction, which is expected to close in the fourth quarter of 2017. It is subject to regulatory approval and other customary closing conditions. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Recently Adopted Changes in Accounting Principles and Recently Issued Accounting Pronouncements | Recently Adopted Changes in Accounting Principles Stock Compensation Effective January 1, 2017, White Mountains adopted ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (ASC 718) which simplifies certain aspects of the accounting for share-based compensation. The new guidance provides an accounting policy election to account for forfeitures by either applying an assumption, as required under existing guidance, or by recognizing forfeitures when they actually occur. At adoption, White Mountains did not change its accounting policy for forfeitures, which is to apply an assumed forfeiture rate. The new guidance has also changed the threshold for partial cash settlement to settle statutory withholding requirements for equity classified awards, increasing the threshold up to the maximum statutory tax rate. As a result of adoption White Mountains reported $6.5 million and $5.8 million of statutory withholding tax payments made in connection with the settlement of restricted shares as financing cash flows for the three-month periods ended March 31, 2017 and 2016. Such payments were classified as operating cash flows prior to adoption. In addition, the new guidance changed the treatment for excess tax benefits which arise from the difference between the deduction for tax purposes and the compensation costs recognized for financial reporting. Under the new guidance, a reporting entity will recognize excess tax benefits or expense in current period earnings, regardless of whether it is in a taxes payable position. Short-Duration Contracts Effective December 31, 2016, White Mountains adopted ASU 2015-09, Disclosures about Short Duration Contracts (ASC 944), which requires expanded footnote disclosures about loss and loss adjustment expense (“LAE”) reserves. Upon adoption, White Mountains modified its footnote disclosures to include loss development tables on a disaggregated basis by accident year and a reconciliation of loss development data to the loss and LAE reserves reflected on the balance sheet. The footnotes disclosures have also been expanded to include information about claim frequency data, including a description of how the claims frequency data is measured. Prior year disclosures have been modified to conform to the new disclosures. See Note 3 — “Reserves for Unpaid Losses and Loss Adjustment Expenses” . Business Combinations - Measurement Period Adjustments Effective January 1, 2016, White Mountains adopted ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, which requires adjustments to provisional amounts recorded in connection with a business combination that are identified during the measurement period to be recorded in the reporting period in which the adjustment amounts are determined, rather than as retroactive adjustments to prior periods. White Mountains has not recognized any adjustments to estimated purchase accounting amounts for the year to date period ended March 31, 2016 and accordingly, there was no effect to White Mountains’s financial statements upon adoption. Amendments to Consolidation Analysis On January 1, 2016, White Mountains adopted ASU 2015-02, Amendments to the Consolidation Analysis (ASC 810) which amends the guidance for determining whether an entity is a variable interest entity (“VIE”). ASU 2015-02 eliminates the separate consolidation guidance for limited partnerships and, with it, the presumption that a general partner should consolidate a limited partnership. In addition, ASU 2015-02 changes the guidance for determining if fee arrangements qualify as variable interests and the effect fee arrangements have on the determination of the primary beneficiary. Adoption of ASU 2015-02 did not affect the consolidation analysis for any of White Mountains’s investments. Share-Based Compensation Awards On January 1, 2016, White Mountains adopted ASU 2014-12, Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (ASC 718) . The new guidance requires that a performance target that affects vesting and that can be achieved after the requisite service period be treated as a performance condition. Compensation cost is to be recognized in the period when it becomes probable the performance target will be achieved in an amount equal to the compensation cost attributable to the periods for which service has been rendered. Adoption did not have a significant effect on White Mountains’s financial position, results of operations, cash flows, presentation or disclosures. Debt Issuance Costs On January 1, 2016, White Mountains adopted ASU 2015-03, Imputation of Interest (ASC 835), which requires debt issuance costs to be presented as a deduction from the carrying amount of the related debt, consistent with the treatment required for debt discounts. The new guidance requires amortization of debt issuance costs to be classified within interest expense and also requires disclosure to the debt’s effective interest rate. White Mountains has applied the guidance retrospectively and as a result has reclassified $1.9 million of unamortized debt issuance costs from other assets to debt as of December 31, 2015, reflecting these amounts as a reduction from the related debt, and has modified its disclosures to include the required effective interest rate on its debt. As of March 31, 2017 , the unamortized debt issuance costs included in debt is $1.8 million . Recently Issued Accounting Pronouncements Cash Flow Statement In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (ASC 230), which addresses the classification and presentation of certain items, including debt prepayment and extinguishment costs, contingent consideration payments made after a business combination and distributions received from equity method investees, for which there was diversity in practice. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash (ASC 230) . Under current guidance, restricted amounts of cash or cash equivalents are excluded from the cash flow statement. The new guidance requires restricted cash and restricted cash equivalents to be included in the reconciliation of beginning and end-of-period amounts presented on the statement of cash flows. In addition, the new guidance requires a description of the nature of the changes in restricted cash and cash equivalents during the periods presented. The updated guidance in ASU 2016-15 and ASU 2016-18 are both effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. White Mountains is evaluating the expected impact of this new guidance. Credit Losses In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (ASC 326), which establishes new guidance for the recognition of credit losses for financial assets measured at amortized cost. The new ASU, which applies to financial assets that have the contractual right to receive cash requires reporting entities to estimate the credit losses expected over the life of a credit exposure using historical information, current information and reasonable and supportable forecasts that affect the collectability of the financial asset. The types of assets included in the scope of the new guidance includes premium receivables, reinsurance recoverables and loans. ASU 2016-13 is effective for annual periods beginning after January 1, 2020, including interim periods. White Mountains is evaluating the expected impact of this new guidance. Leases In February 2016, the FASB issued ASU 2016-02, Leases (ASC 842). The new guidance requires lessees to recognize lease assets and liabilities on the balance sheet for both operating and financing leases, with the exception of leases with an original term of 12 months or less. Under existing guidance recognition of lease assets and liabilities is not required for operating leases. The lease assets and liabilities to be recognized are both measured initially based on the present value of the lease payments. Under the new guidance, a sale-leaseback transaction must meet the recognition criteria under ASC 606, Revenues in order to be accounted for as sale. The new guidance is effective for White Mountains for years beginning after December 15, 2018, including interim periods therein. White Mountains is evaluating the expected impact of this new guidance and available adoption methods. Financial Instruments - Recognition and Measurement In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (ASC 825-10). The new ASU modifies the guidance for financial instruments, including investments in equity securities. Under the new guidance, all equity securities with readily determinable fair values are required to be measured at fair value with changes therein recognized through current period earnings. In addition, the new ASU requires a qualitative assessment for equity securities without readily determinable fair values to identify impairment, and for impaired equity securities to be measured at fair value. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, with early adoption permitted. White Mountains measures its portfolio of investment securities at fair value with changes therein recognized through current period earnings accordingly, does not expect the adoption of ASU 2016-01 to have a significant impact on its financial statements. Revenue Recognition In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (ASC 606) , which modifies the guidance for revenue recognition. Under ASU 2014-09, revenue is to be recognized at an amount that reflects the consideration to which an entity expects to be entitled in exchange for goods or services transferred to customers. The new guidance sets forth the steps to be followed to recognize revenue: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Subsequently, the FASB issued additional ASUs clarifying the guidance in and providing implementation guidance for ASU 2014-09. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers , which delays the effective date of ASU 2014-09 and all related ASUs to annual and interim reporting periods beginning after December 15, 2017. Most of White Mountains’s revenue from customers relates to insurance contracts, which are excluded from the scope of ASU 2014-09, as are investment income and investments gains and losses. However, the new guidance is applicable to some of White Mountains’s revenue streams, including certain fee arrangements as well as commissions and other non-insurance revenues. White Mountains is evaluating the new guidance, but does not expect ASU 2014-09 to have a significant effect on recognition of White Mountains’s non-insurance revenues from customers. |
Significant Transactions (Table
Significant Transactions (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reconciliation to the increase in book value | A reconciliation of the gain reported in discontinued operations to the impact to White Mountains's book value is as follows: Gain from sale of Tranzact reported in discontinued operations $ 51.9 Add back reclassification from continuing operations for the release of a tax valuation allowance 30.2 Increase to White Mountains book value from sale of Tranzact $ 82.1 |
Loss and Loss Adjustment Expe30
Loss and Loss Adjustment Expense Reserves (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Insurance Loss Reserves [Abstract] | |
Loss and loss adjustment expense ("LAE") reserve activities | The following table summarizes the loss and loss adjustment expense (“LAE”) reserve activities of White Mountains’s insurance and reinsurance subsidiaries for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, Millions 2017 2016 Gross beginning balance $ 1,365.6 $ 1,389.8 Less beginning reinsurance recoverable on unpaid losses (172.9 ) (186.0 ) Net loss and LAE reserves 1,192.7 1,203.8 Add: SSIE reserves held for sale at beginning of the period (1) 4.7 5.5 Loss and LAE incurred relating to: Current year losses 151.7 161.2 Prior year losses — (.1 ) Total incurred losses and LAE 151.7 161.1 Loss and LAE paid relating to: Current year losses (21.5 ) (23.1 ) Prior year losses (129.1 ) (148.6 ) Total loss and LAE payments (150.6 ) (171.7 ) Less: Deconsolidation of SSIE (1) 4.4 — Less: SSIE reserves held for sale at end of the period (1) — 5.3 Net ending balance 1,194.1 1,193.4 Plus ending reinsurance recoverable on unpaid losses 174.7 150.4 Gross ending balance $ 1,368.8 $ 1,343.8 (1) Resulting from the sale of Star & Shield in the first quarter of 2017, SSIE is no longer consolidated. See Note 17 — “Held for Sale and Discontinued Operations” . |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Pre-tax net investment income | Pre-tax net investment income for the three months ended March 31, 2017 and 2016 consisted of the following: Three Months Ended March 31, Millions 2017 2016 Investment income: Fixed maturity investments $ 24.5 $ 14.5 Short-term investments .3 .2 Common equity securities 2.1 1.2 Other long-term investments (.1 ) 2.8 Total investment income 26.8 18.7 Third-party investment expenses (.7 ) (.8 ) Net investment income, pre-tax $ 26.1 $ 17.9 |
Schedule of Realized and Unrealized Gain (Loss) on Investments | Net realized and unrealized investment gains (losses) consisted of the following: Three Months Ended March 31, Millions 2017 2016 Net realized investment gains, pre-tax $ 1.1 $ 256.8 Net unrealized investment gains (losses), pre-tax 50.2 (227.3 ) Net realized and unrealized investment gains, pre-tax 51.3 29.5 Income tax expense attributable to net realized and unrealized investment gains (7.2 ) (8.5 ) Net realized and unrealized investment gains, after tax $ 44.1 $ 21.0 |
Realized Gain (Loss) on Investments | Net realized investment gains (losses) for the three months ended March 31, 2017 and 2016 consisted of the following: Three Months Ended Three Months Ended March 31, 2017 March 31, 2016 Millions Net Net Total net realized Net Net Total net realized Fixed maturity investments $ (2.2 ) $ .1 $ (2.1 ) $ (1.1 ) $ — $ (1.1 ) Common equity securities 1.2 .1 1.3 257.6 — 257.6 Other long-term investments 1.9 — 1.9 .3 — .3 Net realized investment gains, pre-tax .9 .2 1.1 256.8 — 256.8 Income tax expense attributable to net realized investment gains (.7 ) — (.7 ) (42.9 ) — (42.9 ) Net realized investment gains, after tax $ .2 $ .2 $ .4 $ 213.9 $ — $ 213.9 |
Schedule of unrealized gain (loss) on investments | The following table summarizes net unrealized investment gains (losses) and changes in the carrying value of investments measured at fair value: Three Months Ended Three Months Ended March 31, 2017 March 31, 2016 Millions Net unrealized gains Net gains (losses) Total net unrealized gains reflected in earnings Net unrealized gains (losses) Net Total net unrealized gains (losses) reflected in earnings Fixed maturity investments $ 17.5 $ 1.7 $ 19.2 $ 21.7 $ — $ 21.7 Common equity securities 29.1 .5 29.6 (249.8 ) 2.4 (247.4 ) Other long-term investments 4.2 .2 4.4 (2.0 ) .4 (1.6 ) Forward contracts — (3.0 ) (3.0 ) — — — Net unrealized investment gains (losses), pre-tax 50.8 (.6 ) 50.2 (230.1 ) 2.8 (227.3 ) Income tax (expense) benefit (6.5 ) — (6.5 ) 34.4 — 34.4 Net unrealized investment $ 44.3 $ (.6 ) $ 43.7 $ (195.7 ) $ 2.8 $ (192.9 ) |
Net unrealized investment gains (losses) for Level 3 investments | The following table summarizes the amount of total gains (losses) included in earnings attributable to unrealized investment gains (losses) for Level 3 investments for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, Millions 2017 2016 Fixed maturity investments $ .2 $ .5 Other long-term investments (1.9 ) 1.1 Total unrealized investment (losses) gains, pre-tax - Level 3 investments $ (1.7 ) $ 1.6 |
Investment holdings, equity securities, convertible fixed maturities and other long-term investments | The cost or amortized cost, gross unrealized investment gains (losses), net foreign currency gains (losses), and carrying values of White Mountains’s fixed maturity investments as of March 31, 2017 and December 31, 2016 were as follows: March 31, 2017 Millions Cost or amortized cost Gross unrealized gains Gross unrealized losses Net foreign currency gains Carrying value U.S. Government and agency obligations $ 110.7 $ — $ (.4 ) $ — $ 110.3 Debt securities issued by corporations 1,680.2 10.5 (7.6 ) 3.7 1,686.8 Municipal obligations 328.9 2.8 (1.4 ) — 330.3 Mortgage and asset-backed securities 2,020.0 5.1 (8.7 ) — 2,016.4 Foreign government, agency and provincial obligations 17.3 .4 — .2 17.9 Preferred stocks 8.3 5.4 — — 13.7 Total fixed maturity investments $ 4,165.4 $ 24.2 $ (18.1 ) $ 3.9 $ 4,175.4 December 31, 2016 Millions Cost or amortized cost Gross unrealized gains Gross unrealized losses Net foreign currency gains Carrying value U.S. Government and agency obligations $ 281.7 $ .1 $ (3.5 ) $ — $ 278.3 Debt securities issued by corporations 1,512.6 8.4 (13.7 ) 2.1 1,509.4 Municipal obligations 308.8 1.9 (1.7 ) — 309.0 Mortgage and asset-backed securities 2,141.7 2.6 (11.4 ) — 2,132.9 Foreign government, agency and provincial obligations 12.9 .3 — — 13.2 Preferred stocks 8.3 5.7 — — 14.0 Total fixed maturity investments $ 4,266.0 $ 19.0 $ (30.3 ) $ 2.1 $ 4,256.8 Less: fixed maturity investments reclassified to assets held for sale related to SSIE (6.6 ) Total fixed maturity investments $ 4,250.2 The cost or amortized cost, gross unrealized investment gains (losses), net foreign currency gains (losses), and carrying values of White Mountains’s common equity securities and other long-term investments as of March 31, 2017 and December 31, 2016 were as follows: March 31, 2017 Millions Cost or amortized cost Gross unrealized gains Gross unrealized losses Net foreign Carrying value Common equity securities $ 537.9 $ 65.0 $ (2.4 ) $ .5 $ 601.0 Other long-term investments $ 321.9 $ 39.7 $ (23.3 ) $ (6.6 ) $ 331.7 December 31, 2016 Millions Cost or Gross Gross Net foreign Carrying value Common equity securities $ 440.8 $ 35.9 $ (2.4 ) $ — $ 474.3 Other long-term investments $ 314.9 $ 40.3 $ (28.0 ) $ (3.9 ) $ 323.3 Other Long-term Investments Other long-term investments consist of the following as of March 31, 2017 and December 31, 2016 : Carrying Value at Millions March 31, 2017 December 31, 2016 Hedge funds and private equity funds, at fair value $ 147.2 $ 131.0 Private equity securities and limited liability companies, at fair value (1)(2) 72.4 72.0 OneBeacon Surplus Notes, at fair value (1) 69.6 71.9 Private convertible preferred securities, at fair value (1) 30.7 30.6 Tax advantaged federal affordable housing development fund (3) 11.7 12.3 Partnership investments accounted for under the equity method 3.0 3.5 Forward Contracts (4.2 ) (1.2 ) Other 1.3 3.2 Total other-long term investments $ 331.7 $ 323.3 (1) See Fair Value Measurements by Level table. (2) White Mountains holds a 20% ownership interest in OneTitle Holdings LLC (“OTH”) and has provided a $ 10.0 million surplus note facility under which OTH’s wholly-owned insurance subsidiary, OneTitle National Guaranty Company, Inc. may, under certain circumstances, draw funds. At March 31, 2017 , no funds had been drawn on the surplus note facility. (3) Fund accounted for using the proportional amortization method. |
Other long-term investments | The following table summarizes investments in hedge funds and private equity funds by investment objective and sector as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Millions Fair Value Unfunded Commitments Fair Value Unfunded Commitments Hedge funds Long/short banks and financials $ 54.2 $ — $ 36.5 $ — Long/short equity REIT 19.7 — 19.9 — Other 2.2 — 3.4 — Total hedge funds 76.1 — 59.8 — Private equity funds Aerospace/Defense/Government 24.4 23.6 19.4 25.9 Manufacturing/Industrial 18.8 22.2 15.9 22.4 Multi-sector 11.0 2.0 11.4 2.0 Direct lending/Mezzanine debt 5.5 32.0 1.8 35.7 Healthcare 3.4 .4 3.5 .4 Energy infrastructure & services 2.8 3.0 14.1 3.2 Private equity secondaries 2.5 2.1 3.0 2.1 Financial Services 1.5 4.5 1.0 5.0 Insurance .9 41.3 .8 41.3 Real estate .3 .1 .3 .1 Total private equity funds 71.1 131.2 71.2 138.1 Total hedge funds and private equity funds included in other long-term investments $ 147.2 $ 131.2 $ 131.0 $ 138.1 |
Fair value of hedge funds subject to restrictions on redemption frequency and advance notice period requirements for investments in active hedge funds | The following summarizes the March 31, 2017 fair value of hedge funds subject to restrictions on redemption frequency and advance notice period requirements for investments in active hedge funds: Notice Period Millions Redemption frequency 30-59 days notice 60-89 days notice 90-119 days notice Total Monthly $ — $ — $ — $ — Quarterly 15.9 — — 15.9 Semi-annual 38.3 19.7 — 58.0 Annual — — 2.2 2.2 Total $ 54.2 $ 19.7 $ 2.2 $ 76.1 |
Fair Value of private equity funds subject to lock-up periods | As of March 31, 2017 , investments in private equity funds were subject to lock-up periods as follows: Millions 1-3 years 3 – 5 years 5 – 10 years >10 years Total Private Equity Funds — expected lock-up period remaining $18.4 $23.3 $22.2 $7.2 $71.1 |
Par Value to Fair Value Reconciliation of Surplus Notes | Below is a table illustrating the valuation adjustments taken to arrive at estimated fair value of the OneBeacon Surplus Notes as of March 31, 2017 and December 31, 2016 : Type of Surplus Note Total as of March 31, 2017 Total as of December 31, 2016 Millions Seller Priority Pari Passu Par Value $ 57.9 $ 43.1 $ 101.0 $ 101.0 Fair value adjustments to reflect: Current market rates on public debt and contract-based repayments (1) 7.2 1.8 9.0 5.1 Regulatory approval (2) 2.9 (13.2 ) (10.3 ) (15.6 ) Liquidity adjustment (3) (19.9 ) (10.2 ) (30.1 ) (18.6 ) Total adjustments (9.8 ) (21.6 ) (31.4 ) (29.1 ) Fair value (4) $ 48.1 $ 21.5 $ 69.6 $ 71.9 (1) Represents the value of the surplus notes, at current market yields on comparable publicly traded debt, and assuming issuer is allowed to make principal and interest payments when its financial capacity is available, as measured by statutory capital in excess of a 250% RBC score under the National Association of Insurance Commissioners’ risk-based capital standards for property and casualty companies. The favorable year-to-date change in impact is due principally to the narrowing of non-investment grade credit spreads as well as the time value of money benefit from moving three months closer to modeled cash receipts. (2) Represents anticipated delay in securing regulatory approvals of interest and principal payments to reflect graduated changes in Issuer's statutory surplus. The monetary impact of the anticipated delay is measured based on credit spreads of public securities with roughly equivalent percentages of discounted payments missed. The favorable year-to-date change in impact is driven primarily by the narrowing of non-investment grade credit spreads, which causes negative valuation impact from the anticipated delay in securing regulatory approval to be lower. (3) Represents impact of liquidity spread to account for OneBeacon's sole ownership of the notes, lack of a trading market, and unique nature of the ongoing regulatory approval process. The unfavorable year-to-date change in impact is due largely to an increase in the assumed liquidity spread to 400 basis points at March 31, 2017 from 250 basis points at December 31, 2016. (4) The decrease in the fair value of the surplus notes during the three months ended March 31, 2017 was driven primarily by an increase in the assumed liquidity spread, partially offset by the narrowing of non-investment grade credit spreads as well as the time value of money benefit generated by moving three months closer to modeled cash receipts. |
Fair value measurements by level, investment securities | The following tables summarize White Mountains’s fair value measurements for investments as of March 31, 2017 and December 31, 2016 by level. The major security types were based on the legal form of the securities. White Mountains has disaggregated its fixed maturity investments based on the issuing entity type, which impacts credit quality, with debt securities issued by U.S. government entities carrying minimal credit risk, while the credit and other risks associated with other issuers, such as corporations, foreign governments, municipalities or entities issuing mortgage and asset-backed securities vary depending on the nature of the issuing entity type. White Mountains further disaggregates debt securities issued by corporations and common equity securities by industry sector because investors often reference commonly used benchmarks and their subsectors to monitor risk and performance. Accordingly, White Mountains has further disaggregated these asset classes into subclasses based on the similar sectors and industry classifications it uses to evaluate investment risk and performance against commonly used benchmarks, such as the Bloomberg Barclays U.S. Intermediate Aggregate and S&P 500 indices. The fair value measurements for derivative assets associated with White Mountains’s variable annuity business are presented in Note 9 . March 31, 2017 Millions Fair Value Level 1 Level 2 Level 3 Fixed maturity investments: U.S. Government and agency obligations $ 110.3 $ 100.8 $ 9.5 $ — Debt securities issued by corporations: Consumer 362.9 — 362.9 — Financials 263.3 — 263.3 — Health Care 248.4 — 248.4 — Utilities 229.3 — 229.3 — Industrial 174.5 — 174.5 — Communications 135.9 — 135.9 — Technology 118.1 — 118.1 — Materials 101.9 — 101.9 — Energy 52.5 — 52.5 — Total debt securities issued by corporations 1,686.8 — 1,686.8 — Mortgage and asset-backed securities 2,016.4 — 1,958.1 58.3 Municipal obligations 330.3 — 330.3 — Foreign government, agency and provincial obligations 17.9 .6 17.3 — Preferred stocks 13.7 — 13.7 — Total fixed maturity investments 4,175.4 101.4 4,015.7 58.3 Short-term investments (4) 230.9 227.9 3.0 — Common equity securities: Exchange traded funds (1) 384.8 330.6 54.2 — Consumer 32.2 32.2 — — Health Care 27.1 27.1 — — Financials 18.2 18.2 — — Technology 16.1 16.1 — — Communications 13.9 13.9 — — Industrial 9.0 9.0 — — Energy 7.7 7.7 — — Materials 5.1 5.1 — — Utilities 1.0 1.0 — — Other 85.9 — 85.9 — Total common equity securities 601.0 460.9 140.1 — Other long-term investments (2)(3) 174.0 — — 174.0 Total investments $ 5,181.3 $ 790.2 $ 4,158.8 $ 232.3 (1) ETFs traded on foreign exchanges are priced using the fund's published NAV to account for the difference in market close times and are therefore designated a level 2 measurement. (2) Excludes carrying value of $3.0 associated with other long-term investment limited partnerships accounted for using the equity method and $(4.2) related to foreign currency forward contracts. Excludes carrying value of $11.7 associated with a tax advantaged federal affordable housing development fund accounted for using the proportional amortization method. (3) Excludes carrying value of $147.2 associated with hedge funds and private equity funds for which fair value is measured at NAV using the practical expedient. (4) Short-term investments are measured at amortized cost, which approximates fair value. December 31, 2016 Millions Fair Value Level 1 Level 2 Level 3 Fixed maturity investments: U.S. Government and agency obligations $ 278.3 $ 268.8 $ 9.5 $ — Debt securities issued by corporations: Consumer 385.6 — 385.6 — Health Care 244.2 — 244.2 — Utilities 180.3 — 180.3 — Financials 176.0 — 176.0 — Industrial 146.4 — 146.4 — Communications 131.4 — 131.4 — Materials 102.6 — 102.6 — Technology 89.4 — 89.4 — Energy 53.5 — 53.5 — Total debt securities issued by corporations 1,509.4 — 1,509.4 — Mortgage and asset-backed securities 2,132.9 — 2,132.9 — Municipal obligations 309.0 — 309.0 — Foreign government, agency and provincial obligations 13.2 .6 12.6 — Preferred stocks 14.0 — 14.0 — Total fixed maturity investments (4) 4,256.8 269.4 3,987.4 — Short-term investments (4)(5) 287.1 274.4 12.7 — Common equity securities: Exchange traded funds (1) 321.6 270.4 51.2 — Health Care 20.9 20.9 — — Consumer 12.9 12.9 — — Financials 11.6 11.6 — — Technology 11.0 11.0 — — Communications 10.5 10.5 — — Energy 3.7 3.7 — — Industrial 2.2 2.2 — — Other 79.9 — 79.9 — Total common equity securities 474.3 343.2 131.1 — Other long-term investments (2)(3) 177.7 — — 177.7 Total investments (4) $ 5,195.9 $ 887.0 $ 4,131.2 $ 177.7 (1) ETFs traded on foreign exchanges are priced using the fund's published NAV to account for the difference in market close times and are therefore designated a level 2 measurement. (2) Excludes carrying value of $3.5 associated with other long-term investment limited partnerships accounted for using the equity method and $(1.2) related to foreign currency forward contracts. Excludes carrying value of $12.3 associated with a tax advantaged federal affordable housing development fund accounted for using the proportional amortization method. (3) Excludes carrying value of $131.0 associated with hedge funds and private equity funds for which fair value is measured at NAV using the practical expedient. (4) Includes carrying value of $6.6 in fixed maturity investments and $0.1 in short-term investments that are classified as assets held for sale related to SSIE. (5) Short-term investments are measured at amortized cost, which approximates fair value. |
Debt securities issued by corporations, credit ratings | The following table summarizes the ratings of debt securities issued by corporations held in White Mountains’s investment portfolio as of March 31, 2017 and December 31, 2016 : Fair Value at Millions March 31, 2017 December 31, 2016 AA 93.1 100.9 A 484.7 381.9 BBB 846.5 786.5 BB 240.2 214.0 B 22.3 26.1 Debt securities issued by corporations (1) $ 1,686.8 $ 1,509.4 (1) Credit ratings are assigned based on the following hierarchy: 1) Standard & Poor’s Financial Services LLC ("Standard & Poor's") and 2) Moody's Investor Services ("Moody’s"). |
Mortgage-backed, asset-backed securities | The following table summarizes the carrying value of White Mountains’s mortgage and asset-backed securities as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Millions Fair Value Level 2 Level 3 Fair Value Level 2 Level 3 Mortgage-backed securities: Agency: GNMA $ 249.0 $ 249.0 $ — $ 283.9 $ 283.9 $ — FNMA 270.1 270.1 — 278.3 278.3 — FHLMC 86.1 86.1 — 89.8 89.8 — Total Agency (1) 605.2 605.2 — 652.0 652.0 — Non-agency: Residential 309.9 251.6 58.3 205.3 205.3 — Commercial 126.9 126.9 — 127.5 127.5 — Total Non-agency 436.8 378.5 58.3 332.8 332.8 — Total mortgage-backed securities 1,042.0 983.7 58.3 984.8 984.8 — Other asset-backed securities: Credit card receivables 383.0 383.0 — 438.3 438.3 — Vehicle receivables 353.0 353.0 — 479.5 479.5 — Other 238.4 238.4 — 230.3 230.3 — Total other asset-backed securities 974.4 974.4 — 1,148.1 1,148.1 — Total mortgage and asset-backed securities $ 2,016.4 $ 1,958.1 $ 58.3 $ 2,132.9 $ 2,132.9 $ — (1) Represents publicly traded mortgage-backed securities which carry the full faith and credit guaranty of the U.S. government (i.e., GNMA) or are guaranteed by a government sponsored entity (i.e., FNMA, FHLMC). |
Schedule of security issuance years of investments in non-agency RMBS and non-agency CMBS securities | The security issuance years of White Mountains’s investments in non-agency RMBS and non-agency CMBS securities as of March 31, 2017 are as follows: Security Issuance Year Millions Fair Value 2004 2005 2006 2008 2010 2011 2012 2013 2014 2015 2016 2017 Non-agency RMBS $ 309.9 $ 18.1 $ 5.3 $ 2.8 $ 2.4 $ 6.0 $ 8.4 $ 4.2 $ 19.8 $ 49.4 $ 104.2 $ 34.5 $ 54.8 Non-agency CMBS 126.9 — — — — 4.1 — 18.1 11.5 23.4 44.2 25.6 — Total $ 436.8 $ 18.1 $ 5.3 $ 2.8 $ 2.4 $ 10.1 $ 8.4 $ 22.3 $ 31.3 $ 72.8 $ 148.4 $ 60.1 $ 54.8 |
Non-agency residential mortgage securities, collateral quality and tranche levels | The classification of the underlying collateral quality and the tranche levels of White Mountains’s non-agency RMBS securities are as follows as of March 31, 2017 : Millions Fair Value Super Senior (1) Senior (2) Subordinate (3) Prime $ 309.9 $ 104.9 $ 205.0 $ — Non-prime — — — — Sub-prime — — — — Total $ 309.9 $ 104.9 $ 205.0 $ — (1) At issuance, Super Senior, or in the case of resecuritization, the underlying securities, were rated “AAA” by Standard & Poor’s, “Aaa” by Moody’s or “AAA” by Fitch and were senior to other “AAA” or “Aaa” bonds. (2) At issuance, Senior, or in the case of resecuritization, the underlying securities, were rated “AAA” by Standard & Poor’s, “Aaa” by Moody’s or “AAA” by Fitch and were senior to non-“AAA” or non-“Aaa” bonds. (3) At issuance, Subordinate were not rated “AAA” by Standard & Poor’s, “Aaa” by Moody’s or “AAA” by Fitch and were junior to “AAA” or “Aaa” bonds. |
Non-agency commercial mortgage securities, type of interest rate and tranche levels | The amount of fixed and floating rate securities and their tranche levels of White Mountains’s non-agency CMBS securities are as follows as of March 31, 2017 : Millions Fair Value Super Senior (1) Senior (2) Subordinate (3) Fixed rate CMBS $ 115.2 $ 1.6 $ 70.1 $ 43.5 Floating rate CMBS 11.7 — — 11.7 Total $ 126.9 $ 1.6 $ 70.1 $ 55.2 (1) At issuance, Super Senior, or in the case of resecuritization, the underlying securities, were rated “AAA” by Standard & Poor’s, “Aaa” by Moody’s or “AAA” by Fitch Ratings (“Fitch”) and were senior to other “AAA” or “Aaa” bonds. (2) At issuance, Senior, or in the case of resecuritization, the underlying securities, were rated “AAA” by Standard & Poor’s, “Aaa” by Moody’s or “AAA” by Fitch and were senior to non-“AAA” or non-“Aaa” bonds. (3) At issuance, Subordinate were not rated “AAA” by Standard & Poor’s, “Aaa” by Moody’s or “AAA” by Fitch and were junior to “AAA” or “Aaa” bonds. |
Rollforward of fair value investments by level | The following tables summarize the changes in White Mountains’s fair value measurements by level for the three months ended March 31, 2017 and 2016 : Level 3 Investments Millions Level 1 investments Level 2 investments Fixed maturity investments Common equity securities Other long-term investments Hedge Funds and Private Equity Funds measured at NAV (3) Total Balance at January 1, 2017 $ 612.5 $ 4,118.5 $ — $ — $ 177.7 $ 131.0 $ 5,039.7 (1)(2)(4) Total realized and unrealized gains (losses) 22.4 25.5 .2 — (1.9 ) 8.2 54.4 Amortization/Accretion — (6.5 ) — — — — (6.5 ) Purchases 124.5 890.4 58.1 — .2 22.1 1,095.3 Sales (197.1 ) (866.9 ) — (2.0 ) (14.1 ) (1,080.1 ) Deconsolidation of SSIE — (5.2 ) — — — (5.2 ) Transfers in — — — — — — — Transfers out — — — — — — — Balance at $ 562.3 $ 4,155.8 $ 58.3 $ — $ 174.0 $ 147.2 $ 5,097.6 (1)(2) (1) Excludes carrying value of $3.5 and $3.0 at January 1, 2017 and March 31, 2017 associated with other long-term investments accounted for using the equity method and $(1.2) and $(4.2) related to foreign currency forward contracts. Excludes carrying value of $12.3 and $11.7 at January 1, 2017 and March 31, 2017 associated with a tax advantaged federal affordable housing development fund accounted for using the proportional amortization method. (2) Excludes carrying value of $ 287.1 and $ 230.9 at January 1, 2017 and March 31, 2017 associated with short-term investments, of which $0.1 is classified as held for sale at January 1, 2017 . (3) Investments for which fair value is measured at NAV using the practical expedient are no longer classified within the fair value hierarchy. See Note 1 — “Summary of Significant Accounting Policies” . (4) Includes carrying value of $6.6 of fixed maturity investments at January 1, 2017 that is classified as assets held for sale related to SSIE. Level 3 Investments Millions Level 1 investments Level 2 investments Fixed maturity investments Common equity securities Other long-term investments Hedge Funds and Private Equity Funds measured at NAV (3) Total Balance at January 1, 2016 $ 1,152.2 $ 2,531.4 $ 70.0 $ — $ 169.5 $ 127.8 $ 4,050.9 (1)(2)(4) Total realized and unrealized gains (losses) 11.3 19.1 .5 — 1.1 (2.4 ) 29.6 Amortization/Accretion — (4.2 ) — — — — (4.2 ) Purchases 109.0 292.4 — — 2.1 8.9 412.4 Sales (852.9 ) (272.6 ) — — — (3.0 ) (1,128.5 ) Transfers in — — — — — — — Transfers out — — — — — — — Balance at $ 419.6 $ 2,566.1 $ 70.5 $ — $ 172.7 $ 131.3 $ 3,360.2 (1)(2)(4) (1) Excludes carrying value of $ 3.8 and $3.7 at January 1, 2016 and March 31, 2016 associated with other long-term investment limited partnerships accounted for using the equity method. Excludes carrying value of $14.7 and $14.1 at January 1, 2016 and March 31, 2016 associated with a tax advantaged federal affordable housing development fund accounted for using the proportional amortization method. (2) Excludes carrying value of $ 211.3 million and $ 261.7 million at January 1, 2016 and March 31, 2016 associated with short-term investments of which $0.1 and $0.3 is classified as held for sale at January 1, 2016 and March 31, 2016 . (3) Investments for which fair value is measured at NAV using the practical expedient are no longer classified within the fair value hierarchy. See Note 1 — “Summary of Significant Accounting Policies” . (4) Includes carrying value of $9.5 and $9.4 of fixed maturity investments at January 1, 2016 and March 31, 2016 that is classified as assets held for sale related to SSIE. |
Schedule of significant unobservable inputs used in estimating the fair value of investment securities | The following summarizes significant unobservable inputs used in estimating the fair value of investment securities, other than hedge funds and private equity funds, classified within Level 3 as of March 31, 2017 and December 31, 2016 . The fair value of investments in hedge funds and private equity funds are generally estimated using the NAV of the funds. Description March 31, 2017 $ in millions, except share price Rating (6) Valuation Technique(s) Fair (1) Unobservable Input Non-agency residential mortgage-backed securities AAA Broker pricing $58.3 Broker quote 102.56 Private equity security NR Share price of most recent transaction $21.0 Share price - $1.00 Private equity security NR Discounted cash flow $22.1 Discount rate - 25.0% Private equity security NR Share price of most recent transaction $3.4 Share price - $2.52 Private convertible preferred security NR Multiple of EBITDA $3.7 EBITDA multiple - 6.00 Private convertible preferred security NR Share price of most recent transaction $27.0 Share price - $3.83 Community development tax incentive investment NR Member share of GAAP net equity $14.5 GAAP net equity $14.5 Private equity security NR Discounted cash flow/ Option pricing method $9.4 Discount rate - 21.0% Time until expiration - 4 years Volatility/Standard deviation - 50.0% Risk free rate - 1.00% OneBeacon Surplus Notes: NR - Seller priority Discounted cash flow $48.1 Discount rate (2) - 10.6% Timing of interest payments (4) - 2020 Timing of principal payments (4) - 2030 - Pari passu Discounted cash flow $21.5 Discount rate (3) - 15.0% Timing of interest payments (5) - 2021 Timing of principal payments (5) - 2035 (1) Includes the net unrealized investment gains (losses) associated with foreign currency; foreign currency effects based on observable inputs. (2) Stochastic modeling supporting the fair value estimation indicates that the average percentage of discounted payments missed on the seller priority note is roughly equivalent to that of a conventional debt security with a credit rating of ‘B’. The corresponding credit spread, increased to 400 bps as of March 31, 2017 from 250 bps as of December 31, 2016 to reflect an increase in the assumed liquidity spread for the seller priority note. (3) Stochastic modeling supporting the fair value estimation indicates that the average percentage of discounted payments missed on the pari passu note is roughly equivalent to that of a conventional debt security with a credit rating of ‘CCC’. The corresponding credit spread, increased to 400 bps as of March 31, 2017 from 250 bps as of December 31, 2016 to reflect an increase in the assumed liquidity spread for the pari passu note. (4) As of March 31, 2017, OneBeacon has assumed for the purpose of estimating fair value that all accrued but unpaid interest on the seller priority note since the date of issuance is paid in 2020, with regular annual interest payments beginning thereafter. Principal repayments are assumed to begin on a graduated basis in 2030. (5) As of March 31, 2017, OneBeacon has assumed for the purpose of estimating fair value that regular annual interest payments on the pari passu note begin in 2021. All accrued but unpaid interest since the date of issuance is assumed to be paid in 2025. Principal repayments are assumed to begin on a graduated basis in 2035. (6) Credit ratings are assigned based on the following hierarchy: 1) Standard and Poor's and 2) Moody’s. Description December 31, 2016 $ in millions, except share price Valuation Technique(s) Fair Value (1) Unobservable Input Private equity security Share price of most recent transaction $21.0 Share price - $1.00 Private equity security Discounted cash flow $22.1 Discount rate - 25.0% Private equity security Share price of most recent transaction $3.2 Share price - $2.52 Private convertible preferred security Multiple of EBITDA $3.6 EBITDA multiple - 6.00 Private convertible preferred security Share price of most recent transaction $27.0 Share price - $3.83 Community development tax incentive investment Member share of GAAP net equity $14.3 GAAP net equity $14.3 Private equity security Discounted cash flow/ Option pricing method $9.3 Discount rate - 21.0% Time until expiration - 4 years Volatility/Standard deviation - 50.0% Risk free rate - 1.00% OneBeacon Surplus Notes: - Seller priority Discounted cash flow $51.1 Discount rate (2) - 9.6% Timing of interest payments (4) - 2020 Timing of principal payments (4) - 2030 - Pari passu Discounted cash flow $20.8 Discount rate (3) - 15.0% Timing of interest payments (5) - 2021 Timing of principal payments (5) - 2035 (1) Includes the net unrealized investment gains (losses) associated with foreign currency; foreign currency effects based on observable inputs. (2) Stochastic modeling supporting the fair value estimation indicates that the average percentage of discounted payments missed on the seller priority note is roughly equivalent to that of a conventional debt security with a credit rating of ‘B’. The corresponding credit spread increased by an additional 250 basis points to reflect both a liquidity discount for a private debt instrument and regulatory payment approval uncertainty, was added to the treasury rate to determine the discount rate for the seller priority note. (3) Stochastic modeling supporting the fair value estimation indicates that the average percentage of discounted payments missed on the pari passu note is roughly equivalent to that of a conventional debt security with a credit rating of ‘CCC’. The corresponding credit spread increased by an additional 250 basis points to reflect both a liquidity discount for a private debt instrument and regulatory payment approval uncertainty, was added to the treasury rate to determine the discount rate for the pari passu note. (4) As of December 31, 2016, OneBeacon has assumed for the purpose of estimating fair value that all accrued but unpaid interest on the seller priority note since the date of issuance is paid in 2020, with regular annual interest payments beginning thereafter. Principal repayments are assumed to begin on a graduated basis in 2030. (5) As of December 31, 2016, OneBeacon has assumed for the purpose of estimating fair value that regular annual interest payments on the pari passu note begin in 2021. All accrued but unpaid interest since the date of issuance is assumed to be paid in 2025. Principal repayments are assumed to begin on a graduated basis in 2035. |
Goodwill and Other Intangible32
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | The following table shows the change in goodwill and other intangible assets: Three Months Ended March 31, Millions 2017 2016 Goodwill Other intangible assets Total Goodwill Other intangible assets Total Beginning balance $ 31.7 $ 24.2 $ 55.9 $ 24.1 $ 31.3 $ 55.4 Add: Amounts held for sale at beginning of the period (1) — — — — .4 .4 Acquisition of businesses — — — — 3.9 3.9 Amortization, including foreign currency translation — (2.9 ) (2.9 ) — (3.1 ) (3.1 ) Less: Amounts held for sale at end of the period (1) — — — — .3 .3 Ending balance $ 31.7 $ 21.3 $ 53.0 $ 24.1 $ 32.2 $ 56.3 (1) See Note 17 — “Held for Sale and Discontinued Operations” . |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of debt outstanding | White Mountains’s debt outstanding as of March 31, 2017 and December 31, 2016 consisted of the following: Millions March 31, Effective Rate (1) December 31, Effective Rate (1) WTM Bank Facility $ — N/A $ — N/A OBH Senior Notes, at face value 275.0 4.7% 275.0 4.7% Unamortized original issue discount and debt issuance costs (1.8 ) (1.8 ) OBH Senior Notes, carrying value 273.2 273.2 OneBeacon Bank Facility — N/A — N/A MediaAlpha Bank Facility 11.7 6.1% 12.9 5.7% Unamortized issuance cost (.2 ) (.2 ) MediaAlpha Bank Facility, carrying value 11.5 12.7 Total debt $ 284.7 $ 285.9 (1) Effective rate considers the effect of the debt issuance costs. |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule of Collateral | White Mountains does not hold or provide any collateral under its forward contracts. The following table summarizes the notional amount and the uncollateralized balance associated with the forward currency contracts: March 31, 2017 Millions Notional Amount Carrying Value Standard & Poor's Rating (1) Barclays Bank PLC $ 247.2 $ (3.2 ) A- JP Morgan 52.7 (1.0 ) A- Total $ 299.9 $ (4.2 ) (1) Standard & Poor’s ratings “A-” (Strong, which is the ninth highest of twenty-one creditworthiness ratings). |
Variable Annuity | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Pre-tax operating results of WM Life Re | The following table summarizes the pre-tax operating results of WM Life Re for the three months ended March 31, 2016 . Three Months Ended March 31, Millions 2016 Fees, included in other revenue $ 1.0 Change in fair value of variable annuity liability, included in other revenue (.4 ) Change in fair value of derivatives, included in other revenue (1.7 ) Foreign exchange, included in other revenue .9 Other investment income and losses — Total revenue (.2 ) Death benefit claims paid, included in general and administrative expenses (.1 ) General and administrative expenses (.8 ) Pre-tax loss $ (1.1 ) |
Realized and unrealized derivative gains (losses) recognized in other revenues and carrying values, by the type of instrument | The following summarizes realized and unrealized derivative gains (losses) recognized in other revenue for the three months ended March 31, 2016 and the carrying values, included in other assets, as of December 31, 2016 by type of instrument: Gains (losses) Three Months Ended Carrying Value March 31, As of Millions 2016 December 31, 2016 Fixed income/interest rate $ 1.8 $ — Foreign exchange (4.2 ) — Equity .7 — Total $ (1.7 ) $ — |
Fair Value of Assets and Liabilities Measured on Recurring and Non-recurring Basis Table | The following tables summarize the changes in White Mountains’s variable annuity reinsurance liabilities and derivative instruments for the three months ended March 31, 2016. Three Months Ended March 31, 2016 Variable Annuity Liabilities Derivative Instruments Millions Level 3 Level 3 (1) Level 2 (1)(2) Level 1 (3) Total Beginning of period $ .3 $ 2.7 $ 16.5 $ .9 $ 20.1 Purchases — — — — — Realized and unrealized (losses) gains (.4 ) 1.2 1.1 (4.0 ) (1.7 ) Transfers in — — — — — Sales/settlements — (1.3 ) (7.3 ) 3.3 (5.3 ) End of period $ (.1 ) $ 2.6 $ 10.3 $ .2 $ 13.1 (1) Consists of over-the-counter instruments. (2) Consists of interest rate swaps, total return swaps, foreign currency forward contracts, and bond forwards. Fair value measurement based upon bid/ask pricing quotes for similar instruments that are actively traded, where available. Swaps for which an active market does not exist have been priced using observable inputs including the swap curve and the underlying bond index. (3) Consists of exchange traded equity index, foreign currency and interest rate futures. Fair value measurements based upon quoted prices for identical instruments that are actively traded. |
Exchange traded and OTC derivative instruments | The following summarizes amounts offset under master netting agreements: March 31, 2016 Millions Gross asset amounts before offsets (1) Gross liability amounts offset under master netting arrangements Net amounts recognized in Other Assets Interest rate contracts OTC $ 2.2 $ (2.5 ) $ (.3 ) Foreign exchange contracts OTC 12.7 — 12.7 Exchange traded — (.1 ) (.1 ) Equity contracts OTC 1.5 (.9 ) .6 Exchange traded .3 (.1 ) .2 Total (2) $ 16.7 $ (3.6 ) $ 13.1 (1) Amount equal to fair value of instrument as recognized in other assets (2) All derivative instruments held by WM Life Re were subject to master netting arrangements. |
Net exposure to collateral | The following summarizes the value, collateral held or provided by WM Life Re and net exposure to credit losses on OTC and exchange traded derivative instruments by counterparty recorded within other assets as of March 31, 2016 : March 31, 2016 Millions Net amount of assets reflected in Balance Sheet Collateral provided to counter-party - Cash Collateral provided to counter-party - Financial Instruments Net amount of exposure after effect of collateral provided Excess collateral provided to counter-party- Cash Excess collateral provided - Financial Instruments Counter-party collateral held by WM Life Re- Cash Net amount of exposure to counter-party Standard & Poor's Rating (1) JP Morgan $ 6.5 $ — $ — $ 6.5 $ — $ — $ 5.4 $ 1.1 A + Bank of America 1.4 — — 1.4 — — — 1.4 A Citigroup - OTC 5.0 — — 5.0 — — .5 4.5 A Citigroup - Exchange Traded .2 — — .2 7.9 — — 8.1 A Total $ 13.1 $ — $ — $ 13.1 $ 7.9 $ — $ 5.9 $ 15.1 (1) Standard & Poor’s ratings as detailed above are: “A+” (Strong, which is the fifth highest of twenty-three creditworthiness ratings), “A” (Strong, which is the sixth highest of twenty-three creditworthiness ratings), “A-” (Strong, which is the seventh highest of twenty-three creditworthiness ratings) and “BBB+” (Adequate, which is the eighth highest of twenty-three creditworthiness ratings). |
Municipal Bond Guarantee (Table
Municipal Bond Guarantee (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Guarantees [Abstract] | |
Schedule of Municipal Bond Guarantee Insured Obligations | The following table provides a schedule of BAM’s insured obligations: March 31, 2017 December 31, 2016 Contracts outstanding 5,191 4,807 Remaining weighted average contract period outstanding (in years) 10.8 10.8 Contractual debt service outstanding (in millions): Principal $ 35,222.1 $ 33,057.3 Interest 17,589.9 16,396.6 Total debt service outstanding $ 52,812.0 $ 49,453.9 Gross unearned insurance premiums $ 99.8 $ 83.0 |
Financial Guarantee Insurance Contracts, Premium Received over Contract Period [Table Text Block] | The following table is a schedule of BAM’s future premium revenues as of March 31, 2017 : Millions March 31, 2017 April 1, 2017 - December 31, 2017 $ 6.3 January 1, 2018 - March 31, 2018 2.1 April 1, 2018 - June 30, 2018 2.0 July 1, 2018 - September 30, 2018 2.0 October 1, 2018 - December 31, 2018 2.0 8.1 2019 7.8 2020 7.4 2021 7.0 2022 and thereafter 63.2 Total gross unearned insurance premiums $ 99.8 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Computation of earnings per share | The following table outlines the Company’s computation of earnings per share from continuing operations for the three months ended March 31, 2017 and 2016 . See Note 17 — “Held for Sale and Discontinued Operations” . Three Months Ended March 31, 2017 2016 Basic and diluted earnings per share numerators (in millions): Net income (loss) from continuing operations attributable to White Mountains’s common shareholders $ 35.3 $ 11.9 Allocation of income for unvested restricted common shares (.4 ) (.1 ) Dividends declared on participating restricted common shares (1) (.1 ) (.1 ) Total allocation to restricted common shares (.5 ) (.2 ) Net income (loss) attributable to White Mountains’s common shareholders, net of restricted common share amounts $ 34.8 $ 11.7 Undistributed net earnings (in millions): Net income (loss) attributable to White Mountains’s common shareholders, net of restricted common share amounts $ 34.8 $ 11.7 Dividends declared net of restricted common share amounts (1) (4.5 ) (5.9 ) Total undistributed net earnings, net of restricted common share amounts $ 30.3 $ 5.8 Basic earnings per share denominators (in thousands): Total average common shares outstanding during the period 4,564.6 5,539.6 Average unvested restricted shares (2) (52.5 ) (54.0 ) Basic earnings per share denominator 4,512.1 5,485.6 Diluted earnings per share denominator (in thousands): Total average common shares outstanding during the period (3) 4,564.6 5,540.5 Average unvested restricted common shares (2) (52.5 ) (54.0 ) Diluted earnings per share denominator (3) 4,512.1 5,486.5 Basic earnings per share (in dollars): Net income (loss) attributable to White Mountains’s common shareholders $ 7.72 $ 2.14 Dividends declared and paid (1.00 ) (1.00 ) Undistributed earnings $ 6.72 $ 1.14 Diluted earnings per share (in dollars): Net income (loss) attributable to White Mountains’s common shareholders $ 7.72 $ 2.14 Dividends declared and paid (1.00 ) (1.00 ) Undistributed earnings $ 6.72 $ 1.14 (1) Restricted shares issued by White Mountains receive dividends, and therefore, are considered participating securities. (2) Restricted shares outstanding vest either in equal annual installments or upon a stated date. See Note 15 — “Employee Share-Based Compensation Plans” . (3) The diluted earnings per share denominator for the three months ended March 31, 2016 includes the impact of 125,000 common shares issuable upon exercise of the non-qualified options outstanding, which resulted in 882 incremental shares outstanding over the period. The incremental shares had an effect on diluted earning per share of less than $0.01 . |
Non-controlling Interest (Table
Non-controlling Interest (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Disclosure | The following table details the balance of non-controlling interests included in White Mountains’s total equity and the related percentage of each consolidated entity’s total equity owned by non-controlling shareholders as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 $ in millions Non-controlling Percentage Non-controlling Equity Non-controlling Percentage Non-controlling Equity OneBeacon Ltd. 24.3 % $ 250.7 23.9 % $ 244.6 Other, excluding mutuals and reciprocals HG Global 3.1 16.5 3.1 16.6 MediaAlpha 40.0 11.0 40.0 11.7 Wobi 5.0 1.0 5.0 .7 Dewar 18.8 3.4 18.8 3.9 Buzzmove 29.1 2.8 29.1 2.9 Total other, excluding mutuals and reciprocals 34.7 35.8 Mutuals and reciprocals BAM 100.0 (153.0 ) 100.0 (150.9 ) SSIE — — 100.0 4.4 Total mutuals and reciprocals (153.0 ) (146.5 ) Total non-controlling interests $ 132.4 $ 133.9 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Financial information for White Mountains' segments | Significant intercompany transactions among White Mountains’s segments have been eliminated herein. Financial information for White Mountains’s segments follows: HG Global/BAM Millions OneBeacon HG BAM (1) Other Operations Total Three Months Ended March 31, 2017 Earned insurance premiums $ 261.8 $ 1.5 $ .5 $ 1.0 $ 264.8 Net investment income 12.2 .6 2.0 11.3 26.1 Net investment income (loss) - surplus note interest — 4.8 (4.8 ) — — Net realized and unrealized investment gains 15.0 .3 1.0 35.0 51.3 Other revenue 3.4 — .4 39.9 (2) 43.7 Total revenues 292.4 7.2 (.9 ) 87.2 385.9 Losses and LAE 150.6 — — 1.1 151.7 Insurance acquisition expenses 45.3 .3 .9 .1 46.6 Other underwriting expenses 51.7 — .1 — 51.8 General and administrative expenses 4.7 .3 10.3 76.0 (3) 91.3 Amortization of other intangible assets .3 — — 2.6 2.9 Interest expense 3.3 — — .4 3.7 Total expenses 255.9 .6 11.3 80.2 348.0 Pre-tax income (loss) $ 36.5 $ 6.6 $ (12.2 ) $ 7.0 $ 37.9 HG Global/BAM Millions OneBeacon HG BAM (1) Other Operations Total Three Months Ended March 31, 2016 Earned insurance premiums $ 278.6 $ .9 $ .3 $ 2.3 $ 282.1 Net investment income 14.4 .5 1.6 1.4 17.9 Net investment income (loss) - surplus note interest — 4.5 (4.5 ) — — Net realized and unrealized investment gains 16.6 2.1 4.9 5.9 29.5 Other revenue .9 — .1 38.8 (2) 39.8 Total revenues 310.5 8.0 2.4 48.4 369.3 Losses and LAE 158.8 — — 2.3 161.1 Insurance acquisition expenses 51.0 .2 .7 .8 52.7 Other underwriting expenses 55.3 — .1 — 55.4 General and administrative expenses 3.6 .5 9.2 70.7 (3) 84.0 Amortization of other intangible assets .3 — — 2.8 3.1 Interest expense 3.3 — — 1.2 4.5 Total expenses 272.3 .7 10.0 77.8 360.8 Pre-tax income (loss) $ 38.2 $ 7.3 $ (7.6 ) $ (29.4 ) $ 8.5 (1) BAM manages its affairs on a statutory accounting basis. BAM’s statutory surplus includes surplus notes and is not reduced by accruals of interest expense on the surplus notes. BAM’s statutory surplus is reduced only after a payment of principal or interest has been approved by the New York Department of Financial Services. (2) Includes $ 32.5 from MediaAlpha for the three months ended March 31, 2017 , and $ 32.7 from MediaAlpha for the three months ended March 31, 2016 . (3) Includes $ 30.9 from MediaAlpha for the three months ended March 31, 2017 , and $ 30.5 from MediaAlpha for the three months ended March 31, 2016 . |
Employee Share-Based Incentiv39
Employee Share-Based Incentive Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
White Mountains | |
Share-based compensation arrangement by share-based payment award | |
Summary of performance shares outstanding and accrued expense for performance shares awarded under the WTM Incentive Plan | The following table summarizes performance share activity for the three months ended March 31, 2017 and 2016 for performance shares granted under the WTM Incentive Plan: Three Months Ended March 31, 2017 2016 Millions, except share amounts Target Performance Accrued Expense Target Performance Accrued Expense Beginning of period 80,353 $ 42.4 93,654 $ 57.7 Shares paid or expired (1) (30,167 ) (20.8 ) — — New grants 16,460 — 16,215 — Forfeitures and cancellations (2) (9,841 ) (5.7 ) (1,186 ) (.6 ) Expense recognized — 8.1 — 14.2 End of period (3) 56,805 $ 24.0 108,683 $ 71.3 (1) WTM performance share payments in 2017 for the 2014-2016 performance cycle, which were paid in March 2017, ranged from 34% to 76% of target. WTM performance share payments in 2016 for the 2013-2015 performance cycle ranged from 140% to 142% of target. (2) Amounts include changes in assumed forfeitures, as required under GAAP. (3) Outstanding performance share awards as of March 31, 2017 and 2016 exclude 2,195 and 10,826 performance share awards granted to employees of Sirius Group. |
Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block] | The following table summarizes performance shares outstanding and accrued expense for performance shares awarded under the WTM Incentive Plan at March 31, 2017 for each performance cycle: Millions, except share amounts Target Performance Shares Outstanding Accrued Expense Performance cycle: 2017 – 2019 16,460 $ 1.2 2016 – 2018 19,415 7.3 2015 – 2017 21,795 15.8 Sub-total 57,670 24.3 Assumed forfeitures (865 ) (.3 ) March 31, 2017 56,805 $ 24.0 |
Summary of restricted shares activity | The following table summarizes the unrecognized compensation cost associated with the outstanding restricted share awards for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 Millions, except share amounts Restricted Unamortized Restricted Unamortized Non-vested, Beginning of period 70,620 $ 19.7 70,675 $ 15.7 Issued 16,735 15.8 21,215 16.8 Vested (22,015 ) — (24,620 ) — Forfeited (5,200 ) (2.8 ) (800 ) (.3 ) Expense recognized — (3.6 ) — (3.0 ) End of period (1) 60,140 $ 29.1 66,470 $ 29.2 (1) Restricted share awards outstanding as of March 31, 2017 and 2016 include 5,235 and 2,195 restricted shares issued to employees of Sirius Group, which was accounted for as discontinued operations. |
OneBeacon [Member] | |
Share-based compensation arrangement by share-based payment award | |
Summary of performance shares outstanding and accrued expense for performance shares awarded under the WTM Incentive Plan | The following table summarizes performance share activity for the three months ended March 31, 2017 and 2016 for OneBeacon performance shares granted under the OneBeacon Incentive Plan: Three Months Ended March 31, 2017 2016 Millions, except share amounts Target Performance Accrued Expense Target Performance Accrued Expense Beginning of period 452,519 $ 1.6 449,435 $ 1.4 Shares paid or expired (1) (142,710 ) — (167,300 ) (.7 ) New grants — — 163,150 — Assumed forfeitures and cancellations (2) (13 ) — (4,079 ) — Expense recognized — .3 — .4 End of period 309,796 $ 1.9 441,206 $ 1.1 (1) There were no payments made in 2017 for the 2014-2016 performance cycle; those performance shares did not meet the threshold performance goals and expired. OneBeacon performance share payments in 2016 for the 2013-2015 performance cycle were at 24.3% of target. (2) Amounts include changes in assumed forfeitures, as required under GAAP. |
Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block] | The following table summarizes OneBeacon performance shares outstanding awarded under the OneBeacon Incentive Plan at March 31, 2017 for each performance cycle: Millions, except share amounts Target Performance Accrued Expense Performance cycle: 2016 – 2018 163,150 $ 1.1 2015 – 2017 146,646 .8 Sub-total 309,796 1.9 Assumed forfeitures — — March 31, 2017 309,796 $ 1.9 |
Summary of restricted shares activity | The following table summarizes the unrecognized compensation cost associated with the outstanding OneBeacon restricted stock awards for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 Millions, except share amounts Restricted Unamortized Restricted Unamortized Non-vested, Beginning of period 395,872 $ 2.1 382,722 $ 2.5 Issued 461,160 7.4 170,650 2.3 Vested (157,500 ) — (157,500 ) — Forfeited — — — — Expense recognized — (.9 ) — (.5 ) End of period 699,532 $ 8.6 395,872 $ 4.3 |
Fair Value of Financial Instr40
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of the fair value and carrying value of financial instruments | The following table summarizes the fair value and carrying value of these financial instruments as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Millions Fair Value Carrying Value Fair Value Carrying Value OBH Senior Notes $ 279.4 $ 273.2 $ 274.2 $ 273.2 MediaAlpha Bank Facility 11.7 11.5 13.0 12.7 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Summary of Reclassified Balances and Related Items Net Assets Held for Sale The following summarizes the assets and liabilities associated with business classified as held for sale. At December 31, 2016, amounts presented relate to Star & Shield and SSIE. Millions December 31, 2016 Assets held for sale Fixed maturity investments, at fair value $ 6.6 Short-term investments, at amortized cost (which approximates fair value) .2 Total investments 6.8 Cash .9 Reinsurance recoverable on unpaid losses .3 Insurance and reinsurance premiums receivable 1.5 Other assets .6 Total assets held for sale $ 10.1 Liabilities held for sale Loss and loss adjustment expense reserves $ 5.0 Unearned insurance and reinsurance premiums 1.2 Other liabilities (1.1 ) Total liabilities held for sale 5.1 Net assets held for sale $ 5.0 Net Income (Loss) from Discontinued Operations The following summarizes the results of operations, including related income taxes associated with the business classified as discontinued operations. For the three months ended March 31, 2016, the amounts presented relate to Sirius Group and Tranzact. The results of discontinued operations from Sirius Group and Tranzact up to the closing date of the transaction inure to White Mountains. Three Months Ended Three Months Ended March 31, 2017 March 31, 2016 Millions Sirius Group Other Disc Ops Total Sirius Group Other Disc Ops Total Revenues Earned insurance premiums $ — $ — $ — $ 202.4 $ — $ 202.4 Net investment income — — — 12.2 — 12.2 Net realized and unrealized losses — — — (8.8 ) — (8.8 ) Other revenue — — — (4.1 ) 57.8 53.7 Total revenues — — — 201.7 57.8 259.5 Expenses Loss and loss adjustment expenses — — — 113.7 — 113.7 Insurance and reinsurance acquisition expenses — — — 48.4 — 48.4 Other underwriting expenses — — — 26.7 — 26.7 General and administrative expenses — — — 8.1 53.4 61.5 Interest expense — — — 6.6 1.4 8.0 Total expenses — — — 203.5 54.8 258.3 Pre-tax (loss) income — — — (1.8 ) 3.0 1.2 Income tax expense (benefit) — — — .9 (1.0 ) (.1 ) Net (loss) income from discontinued operations — — — (.9 ) 2.0 1.1 Net loss from sale of discontinued operations — (1.0 ) (1.0 ) — — — Total (loss) income from discontinued operations $ — $ (1.0 ) $ (1.0 ) $ (.9 ) $ 2.0 $ 1.1 Change in foreign currency translation and other from discontinued operations — — — 37.2 — 37.2 Comprehensive (loss) income from discontinued operations $ — $ (1.0 ) $ (1.0 ) $ 36.3 $ 2.0 $ 38.3 Net Change in Cash from Discontinued Operations The following summarizes the net change in cash, including income tax (payment to) refund from national governments and interest paid associated with the business classified as discontinued operations: Three Months Ended March 31, (Millions) 2017 2016 Net cash (used for) provided from operations $ — $ (40.7 ) Net cash provided from investing activities — 33.6 Net cash (used for) provided from financing activities — (8.3 ) Effect of exchange rate changes on cash — 4.2 Net change in cash during the period — (11.2 ) Cash balances at beginning of period .9 150.2 Net change in cash held for sale (.9 ) .9 Cash balances at end of period $ — $ 139.9 Supplemental cash flows information: Interest paid $ — $ (1.4 ) Net income tax payment to national governments $ — $ (36.4 ) Earnings Per Share Basic earnings per share amounts are based on the weighted average number of common shares outstanding including unvested restricted shares that are considered participating securities. Diluted earnings per share amounts are based on the weighted average number of common shares including unvested restricted shares and the net effect of potentially dilutive common shares outstanding. The following table outlines the computation of earnings per share for discontinued operations for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 Basic and diluted earnings per share numerators (in millions): Net income attributable to White Mountains’s common shareholders $ (1.0 ) $ 1.1 Allocation of income for participating unvested restricted common shares (1) — — Net income attributable to White Mountains’s common shareholders, net of restricted common share amounts (2) $ (1.0 ) $ 1.1 Basic earnings per share denominators (in thousands): Total average common shares outstanding during the period 4,564.6 5,539.6 Average unvested restricted common shares (3) (52.5 ) (54.0 ) Basic earnings per share denominator 4,512.1 5,485.6 Diluted earnings per share denominator (in thousands): Total average common shares outstanding during the period (4) 4,564.6 5,540.5 Average unvested restricted common shares (3) (52.5 ) (54.0 ) Diluted earnings per share denominator (4) 4,512.1 5,486.5 Basic earnings per share (in dollars): $ (.22 ) $ .20 Diluted earnings per share (in dollars): $ (.22 ) $ .20 (1) Restricted shares issued by White Mountains contain dividend participation features, and therefore, are considered participating securities. (2) Net earnings attributable to White Mountains’s common shareholders, net of restricted share amounts, is equal to undistributed earnings for the three months ended March 31, 2017 and 2016 . (3) Restricted common shares outstanding vest either in equal annual installments or upon a stated date. See Note 15 - “Employee Share-Based Compensation Plans” . (4) The diluted earnings per share denominator for the three months ended March 31, 2016 includes the impact of 125,000 common shares issuable upon exercise of the non-qualified options outstanding, which results in 882 incremental shares outstanding over the period. The incremental shares had an effect on diluted earning per share of less than $0.01 per share. |
Summary of Significant Accoun42
Summary of Significant Accounting Policies (Basis of Presentation) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 31, 2012 |
Basis of Presentation | ||||
Debt Issuance Cost | $ 1.8 | |||
OneBeacon Ltd. | ||||
Basis of Presentation | ||||
Ownership interest (as a percent) | 75.70% | 76.10% | ||
HG Global | ||||
Basis of Presentation | ||||
Noncontrolling equity percentage | 3.10% | 3.10% | ||
Surplus Notes | $ 503 | |||
Percentage of par value of policy reinsured | 15.00% | |||
OneBeacon [Member] | ||||
Basis of Presentation | ||||
Noncontrolling equity percentage | 24.30% | 23.90% | ||
Debt Issuance Cost | $ 1.9 | |||
Preferred Stock | HG Global | ||||
Basis of Presentation | ||||
Noncontrolling equity percentage | 96.90% | |||
Ownership interest (as a percent) | 96.90% | |||
Common Stock | HG Global | ||||
Basis of Presentation | ||||
Noncontrolling equity percentage | 88.40% | |||
Ownership interest (as a percent) | 88.40% |
Significant Transactions (Detai
Significant Transactions (Details) $ / shares in Units, ₪ in Millions, $ in Millions | Aug. 04, 2016USD ($) | Apr. 18, 2016USD ($) | Feb. 01, 2016USD ($)$ / shares | Feb. 01, 2016$ / shares | Feb. 23, 2015ILS (₪) | Feb. 23, 2015USD ($) | Feb. 19, 2014ILS (₪) | Feb. 19, 2014USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2016ILS (₪) | Dec. 31, 2016USD ($) | Dec. 31, 2015ILS (₪) | Dec. 31, 2015USD ($) | Mar. 14, 2014USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Repayments of Debt | $ 1.2 | $ 0 | ||||||||||||||||||
Payments to Acquire Other Investments | 22.4 | 10.9 | ||||||||||||||||||
Investments | 5,339 | $ 5,334.8 | $ 5,334.8 | |||||||||||||||||
Sales of common equity securities | 17.7 | 767.5 | ||||||||||||||||||
Payments to Acquire Businesses and Interest in Affiliates | 0 | 8.1 | ||||||||||||||||||
Other Income | 43.7 | 39.8 | ||||||||||||||||||
Assets | 6,516.9 | 6,544.7 | 6,544.7 | |||||||||||||||||
Goodwill | 31.7 | 31.7 | $ 24.1 | 24.1 | 31.7 | $ 24.1 | ||||||||||||||
Intangible Assets, Net (Excluding Goodwill) | 21.3 | 24.2 | 32.2 | 32.2 | 24.2 | $ 31.3 | ||||||||||||||
Liabilities | 2,759.3 | 2,807.5 | 2,807.5 | |||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 1.3 | (6.3) | ||||||||||||||||||
Net (loss) gain on sale of discontinued operations, net of tax | $ (1) | 0 | ||||||||||||||||||
Buzzmove [Member] | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Ownership interest (as a percent) | 70.90% | |||||||||||||||||||
Assets | $ 11.5 | |||||||||||||||||||
Goodwill | 7.6 | |||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) | 1.1 | |||||||||||||||||||
Liabilities | 0.1 | |||||||||||||||||||
Cashboard [Member] | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Ownership interest (as a percent) | 56.20% | |||||||||||||||||||
Goodwill | $ 0.3 | |||||||||||||||||||
Liabilities | 1.2 | |||||||||||||||||||
WOBI | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Ownership interest (as a percent) | 95.00% | |||||||||||||||||||
Goodwill | $ 5.5 | |||||||||||||||||||
Liabilities | $ 0.7 | |||||||||||||||||||
QuoteLab [Member] | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Ownership interest (as a percent) | 60.00% | |||||||||||||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 28.1 | |||||||||||||||||||
Assets | $ 70.1 | |||||||||||||||||||
Goodwill | 18.3 | |||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) | 38.5 | |||||||||||||||||||
Liabilities | $ 10 | |||||||||||||||||||
Percent of gross profit | 62.50% | 62.50% | ||||||||||||||||||
Additional cash that will be paid as part of the purchase price | 7.8 | 7.8 | ||||||||||||||||||
LowFares.com | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Payments to Acquire Businesses and Interest in Affiliates | $ 3.9 | 3.9 | ||||||||||||||||||
Common Stock | WOBI | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Ownership interest (as a percent) | 54.00% | |||||||||||||||||||
United Kingdom, Pounds | Buzzmove [Member] | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | 6.1 | |||||||||||||||||||
Israel, New Shekels | Common Stock | WOBI | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Payments to Acquire Additional Interest in Subsidiaries | ₪ | ₪ 35.9 | |||||||||||||||||||
Israel, New Shekels | Preferred Stock [Member] | WOBI | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Payments to Acquire Businesses and Interest in Affiliates | ₪ | ₪ 31.5 | ₪ 79.6 | ||||||||||||||||||
Israel, New Shekels | Common Stock | Cashboard [Member] | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Payments to Acquire Businesses and Interest in Affiliates | ₪ | ₪ 9.5 | 26.4 | ||||||||||||||||||
Israel, New Shekels | Common Stock | WOBI | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Payments to Acquire Businesses and Interest in Affiliates | ₪ | ₪ 14.4 | ₪ 11.8 | ||||||||||||||||||
United States of America, Dollars | Buzzmove [Member] | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 8.1 | |||||||||||||||||||
United States of America, Dollars | Common Stock | WOBI | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Payments to Acquire Additional Interest in Subsidiaries | 9.6 | |||||||||||||||||||
United States of America, Dollars | Preferred Stock [Member] | WOBI | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Payments to Acquire Businesses and Interest in Affiliates | $ 9 | $ 20.7 | ||||||||||||||||||
United States of America, Dollars | Common Stock | Cashboard [Member] | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Payments to Acquire Businesses and Interest in Affiliates | 2.4 | 6.5 | ||||||||||||||||||
United States of America, Dollars | Common Stock | WOBI | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Payments to Acquire Businesses and Interest in Affiliates | 4.1 | 3.1 | ||||||||||||||||||
WOBI | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Assets | 5.5 | 13.4 | ||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) | $ 2.8 | $ 2.9 | ||||||||||||||||||
Sirius Group | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Payments to Acquire Other Investments | $ 161.8 | $ 161.8 | ||||||||||||||||||
Investments | 686.2 | |||||||||||||||||||
Sales of unconsolidated affiliates and consolidated subsidiaries, net of cash sold | $ 2,600 | $ 2,600 | ||||||||||||||||||
Net (loss) gain on sale of discontinued operations, net of tax | $ 4 | 363.2 | ||||||||||||||||||
Sale of Sirius Group [Member] | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Change in foreign currency translation and other, net of tax | 113.3 | |||||||||||||||||||
Tranzact [Member] | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Repayments of Debt | 56.3 | |||||||||||||||||||
Increase of Book Value | 82.1 | |||||||||||||||||||
Sales of unconsolidated affiliates and consolidated subsidiaries, net of cash sold | $ 1.2 | 221.3 | ||||||||||||||||||
Net (loss) gain on sale of discontinued operations, net of tax | $ (1) | 51.9 | 51.9 | |||||||||||||||||
Discontinued Operation, Tax Effect of Discontinued Operation | $ 30.2 | $ 30.2 | ||||||||||||||||||
Crop insurance [Member] | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Proceeds related from termination of agreement | $ 3 | |||||||||||||||||||
Percentage of Quota Share Reinsurance Agreement | 100.00% | 100.00% | ||||||||||||||||||
Symetra | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Sales of common equity securities | $ 658 | |||||||||||||||||||
Dividends Payable, Amount Per Share | $ / shares | $ 32 | $ 32 | ||||||||||||||||||
Symetra | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Sales of common equity securities | $ 658 | |||||||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ / shares | $ 0.50 | |||||||||||||||||||
Symetra | Sirius Group | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Investments | $ 528.6 |
Loss and Loss Adjustment Expe44
Loss and Loss Adjustment Expense Reserves (Loss and Loss Adjustment Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Gross beginning balance | $ 1,365.6 | $ 1,389.8 |
Less beginning reinsurance recoverable on unpaid losses | (172.9) | (186) |
Net loss and LAE reserves | 1,192.7 | 1,203.8 |
Loss and LAE incurred relating to current year losses | 151.7 | 161.2 |
Net (favorable) and unfavorable loss reserve development | 0 | 0.1 |
Total incurred losses and LAE | 151.7 | 161.1 |
Current year losses | (21.5) | (23.1) |
Prior year losses | (129.1) | (148.6) |
Total loss and LAE payments | (150.6) | (171.7) |
Net ending balance | 1,194.1 | 1,193.4 |
Plus ending reinsurance recoverable on unpaid losses | 174.7 | 150.4 |
Gross ending balance | 1,368.8 | 1,343.8 |
Star & Shield Insurance Exchange | ||
Net ending balance | 0 | |
Star & Shield Insurance Exchange | ||
Net (favorable) and unfavorable loss reserve development | 0.1 | |
Star & Shield Insurance Exchange | ||
Net loss and LAE reserves | 4.7 | 5.5 |
Net ending balance | $ 4.4 | $ 5.3 |
Loss and Loss Adjustment Expe45
Loss and Loss Adjustment Expense Reserves (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2016 | |
Loss and Loss Adjustment, Expense Reserves [Line Items] | |||
Net (favorable) and unfavorable loss reserve development | $ 0 | $ (0.1) | |
Loss and LAE incurred relating to current year losses | $ 151.7 | 161.2 | |
Star & Shield Insurance Exchange | |||
Loss and Loss Adjustment, Expense Reserves [Line Items] | |||
Net (favorable) and unfavorable loss reserve development | $ (0.1) | ||
OneBeacon [Member] | |||
Loss and Loss Adjustment, Expense Reserves [Line Items] | |||
Net (favorable) and unfavorable loss reserve development | $ 0 |
Third Party Reinsurance (Narrat
Third Party Reinsurance (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Reinsurance Retention Policy [Line Items] | ||
Reinsurance recoverable on paid losses | $ 3.4 | $ 6.6 |
Reinsurance recoverable on unpaid losses | 174.7 | 172.9 |
OneBeacon [Member] | ||
Reinsurance Retention Policy [Line Items] | ||
Reinsurance recoverable on paid losses | 3.4 | 6.6 |
Reinsurance recoverable on unpaid losses | $ 174.7 | $ 172.9 |
Property Catastrophe Program [Member] | OneBeacon [Member] | ||
Reinsurance Retention Policy [Line Items] | ||
Percentage of par value of policy reinsured | 100.00% | |
Reinsurance Retention Policy Excess Retention Amount Reinsured Net Of Participation | $ 110 | |
Property Catastrophe Program [Member] | Minimum | OneBeacon [Member] | ||
Reinsurance Retention Policy [Line Items] | ||
Reinsurance Retention Policy, Amount Retained | 20 | |
Property Catastrophe Program [Member] | Maximum [Member] | OneBeacon [Member] | ||
Reinsurance Retention Policy [Line Items] | ||
Reinsurance Retention Policy, Excess Retention, Amount Reinsured | $ 130 |
Investment Securities (Net Inve
Investment Securities (Net Investment Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Investment income | ||
Total investment income | $ 26.8 | $ 18.7 |
Third-party investment expenses | (0.7) | (0.8) |
Net investment income, pre-tax | 26.1 | 17.9 |
Fixed maturity investments. | ||
Investment income | ||
Investment Income, Net, Amortization of Discount and Premium | 24.5 | 14.5 |
Short-term investments | ||
Investment income | ||
Investment Income, Net, Amortization of Discount and Premium | 0.3 | 0.2 |
Common Stock | ||
Investment income | ||
Investment Income, Net, Amortization of Discount and Premium | 2.1 | 1.2 |
Other long-term investments | ||
Investment income | ||
Investment Income, Net, Amortization of Discount and Premium | $ (0.1) | $ 2.8 |
Investment Securities (Net Real
Investment Securities (Net Realized and Unrealized Investment Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Net realized investment gains, pre-tax | $ 1.1 | $ 256.8 |
Net unrealized investment gains (losses), pre-tax | 50.2 | (227.3) |
Net realized and unrealized investment gains, pre-tax | 51.3 | 29.5 |
Income tax expense attributable to net realized and unrealized investment gains | (7.2) | (8.5) |
Net realized and unrealized investment gains, after tax | 44.1 | 21 |
Fixed maturity investments. | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Net realized investment gains, pre-tax | (2.1) | (1.1) |
Net unrealized investment gains (losses), pre-tax | 19.2 | 21.7 |
Common equity securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Net realized investment gains, pre-tax | 1.3 | 257.6 |
Net unrealized investment gains (losses), pre-tax | 29.6 | (247.4) |
Other long-term investments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Net realized investment gains, pre-tax | 1.9 | 0.3 |
Net unrealized investment gains (losses), pre-tax | $ 4.4 | $ (1.6) |
Investment Securities (Net Re49
Investment Securities (Net Realized Investment Gains (Losses)) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading Securities, Realized Gain (Loss) | $ 0.9 | $ 256.8 |
Trading securities, Tax on Realized Holding Gain (Loss) on Investments | (0.7) | (42.9) |
Trading securities realized holding gain (loss) on investments after tax | 0.2 | 213.9 |
Foreign Currency Transaction Gain (Loss), Realized | 0.2 | 0 |
Trading Securities, Tax on Realized Foreign Currency Transaction Gain (Loss) Tax | 0 | 0 |
Trading securities, realized foreign currency gain (loss) net of tax | 0.2 | 0 |
Net realized investment gains, pre-tax | 1.1 | 256.8 |
Tax on Net Realized Gain (Loss) and Foreign Currency Gain (Loss) on Trading Securities | (0.7) | (42.9) |
Net Realized Gain (Loss) and Foreign Currency Gain (Loss) on Trading Securities Net of Tax | 0.4 | 213.9 |
Fixed maturity investments. | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading Securities, Realized Gain (Loss) | (2.2) | (1.1) |
Foreign Currency Transaction Gain (Loss), Realized | 0.1 | 0 |
Net realized investment gains, pre-tax | (2.1) | (1.1) |
Common equity securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading Securities, Realized Gain (Loss) | 1.2 | 257.6 |
Foreign Currency Transaction Gain (Loss), Realized | 0.1 | 0 |
Net realized investment gains, pre-tax | 1.3 | 257.6 |
Other long-term investments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading Securities, Realized Gain (Loss) | 1.9 | 0.3 |
Foreign Currency Transaction Gain (Loss), Realized | 0 | 0 |
Net realized investment gains, pre-tax | $ 1.9 | $ 0.3 |
Investment Securities (Net Unre
Investment Securities (Net Unrealized Investment Gains (Losses)) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Unrealized gains (losses) on investments | $ 50.8 | $ (230.1) |
Trading Securities, Tax on Unrealized Holding Gain (Loss) on Investments | (6.5) | 34.4 |
Trading Securities Unrealized Holding Gain (Loss) on Investments after Tax | 44.3 | (195.7) |
Foreign Currency Transaction Gain (Loss), Unrealized | (0.6) | 2.8 |
Trading Securities, Unrealized Foreign Currency Transaction Gain (Loss) Tax | 0 | 0 |
Trading Securities, Unrealized Foreign Currency Gain (Loss) Net of Tax | (0.6) | 2.8 |
Net unrealized investment gains (losses), pre-tax | 50.2 | (227.3) |
Net Unrealized Gain (Loss) and Foreign Currency Gain (Loss) on Trading Securities Tax | (6.5) | 34.4 |
Net Unrealized Gain (Loss) and Foreign Currency Gain (Loss) on Trading Securities Net of Tax | 43.7 | (192.9) |
Fixed maturity investments. | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Unrealized gains (losses) on investments | 17.5 | 21.7 |
Foreign Currency Transaction Gain (Loss), Unrealized | 1.7 | 0 |
Net unrealized investment gains (losses), pre-tax | 19.2 | 21.7 |
Common equity securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Unrealized gains (losses) on investments | 29.1 | (249.8) |
Foreign Currency Transaction Gain (Loss), Unrealized | 0.5 | 2.4 |
Net unrealized investment gains (losses), pre-tax | 29.6 | (247.4) |
Other long-term investments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Unrealized gains (losses) on investments | 4.2 | (2) |
Foreign Currency Transaction Gain (Loss), Unrealized | 0.2 | 0.4 |
Net unrealized investment gains (losses), pre-tax | 4.4 | (1.6) |
Forward Contracts | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Unrealized gains (losses) on investments | 0 | 0 |
Foreign Currency Transaction Gain (Loss), Unrealized | (3) | 0 |
Net unrealized investment gains (losses), pre-tax | $ (3) | $ 0 |
Investment Securities (Investme
Investment Securities (Investment gains (losses) for Level 3) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Unrealized gains (losses) on investments | $ 50.8 | $ (230.1) |
Fixed maturity investments. | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Unrealized gains (losses) on investments | 17.5 | 21.7 |
Common equity securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Unrealized gains (losses) on investments | 29.1 | (249.8) |
Other long-term investments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Unrealized gains (losses) on investments | 4.2 | (2) |
Level 3 Inputs | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Unrealized gains (losses) on investments | (1.7) | 1.6 |
Level 3 Inputs | Fixed maturity investments. | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Unrealized gains (losses) on investments | 0.2 | 0.5 |
Level 3 Inputs | Other long-term investments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Unrealized gains (losses) on investments | $ (1.9) | $ 1.1 |
Investment Securities (Invest52
Investment Securities (Investment Holdings Fixed Maturity Table) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fixed maturity investments, at fair value | $ 4,175.4 | $ 4,250.2 | ||
U.S. Government and agency obligations | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Cost or amortized cost | 110.7 | 281.7 | ||
Trading Securities, Unrealized Holding Gain | 0 | 0.1 | ||
Trading Securities, Unrealized Holding Loss | (0.4) | (3.5) | ||
Net foreign currency gains (losses) | 0 | 0 | ||
Fixed maturity investments, at fair value | 110.3 | 278.3 | ||
Debt securities issued by corporations | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Cost or amortized cost | 1,680.2 | 1,512.6 | ||
Trading Securities, Unrealized Holding Gain | 10.5 | 8.4 | ||
Trading Securities, Unrealized Holding Loss | (7.6) | (13.7) | ||
Net foreign currency gains (losses) | 3.7 | 2.1 | ||
Fixed maturity investments, at fair value | 1,686.8 | 1,509.4 | ||
Municipal obligations | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Cost or amortized cost | 328.9 | 308.8 | ||
Trading Securities, Unrealized Holding Gain | 2.8 | 1.9 | ||
Trading Securities, Unrealized Holding Loss | (1.4) | (1.7) | ||
Net foreign currency gains (losses) | 0 | 0 | ||
Fixed maturity investments, at fair value | 330.3 | 309 | ||
Mortgage-backed and asset-backed securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Cost or amortized cost | 2,020 | 2,141.7 | ||
Trading Securities, Unrealized Holding Gain | 5.1 | 2.6 | ||
Trading Securities, Unrealized Holding Loss | (8.7) | (11.4) | ||
Net foreign currency gains (losses) | 0 | 0 | ||
Fixed maturity investments, at fair value | 2,016.4 | 2,132.9 | ||
Foreign government, agency and provincial obligations | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Cost or amortized cost | 17.3 | 12.9 | ||
Trading Securities, Unrealized Holding Gain | 0.4 | 0.3 | ||
Trading Securities, Unrealized Holding Loss | 0 | 0 | ||
Net foreign currency gains (losses) | 0.2 | 0 | ||
Fixed maturity investments, at fair value | 17.9 | 13.2 | ||
Preferred Stock | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Cost or amortized cost | 8.3 | 8.3 | ||
Trading Securities, Unrealized Holding Gain | 5.4 | 5.7 | ||
Trading Securities, Unrealized Holding Loss | 0 | 0 | ||
Net foreign currency gains (losses) | 0 | 0 | ||
Fixed maturity investments, at fair value | 13.7 | 14 | ||
Fixed Income Investments | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Cost or amortized cost | 4,165.4 | 4,266 | ||
Trading Securities, Unrealized Holding Gain | 24.2 | 19 | ||
Trading Securities, Unrealized Holding Loss | (18.1) | (30.3) | ||
Net foreign currency gains (losses) | 3.9 | 2.1 | ||
Total fixed maturity investments including assets held for sale | $ 4,175.4 | 4,256.8 | ||
Star & Shield Insurance Exchange | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Trading Securities Debt Reclassified to Assets Held-for-sale | $ (6.6) | $ (9.4) | $ (9.5) |
Investment Securities (Invest53
Investment Securities (Investment Holding Common Equities/ Other Investments) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Fixed maturity investments, at fair value | $ 4,175.4 | $ 4,250.2 |
Common Stock | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or amortized cost | 537.9 | 440.8 |
Trading Securities, Unrealized Holding Gain | 65 | 35.9 |
Trading Securities, Unrealized Holding Loss | (2.4) | (2.4) |
Net foreign currency gains (losses) | 0.5 | 0 |
Fixed maturity investments, at fair value | 601 | 474.3 |
Other long-term investments. | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or amortized cost | 321.9 | 314.9 |
Trading Securities, Unrealized Holding Gain | 39.7 | 40.3 |
Trading Securities, Unrealized Holding Loss | (23.3) | (28) |
Net foreign currency gains (losses) | (6.6) | (3.9) |
Fixed maturity investments, at fair value | $ 331.7 | $ 323.3 |
Investment Securities (Other lo
Investment Securities (Other long-term investments) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Payments to Acquire Other Investments | $ 22.4 | $ 10.9 | ||
Other Investments | (331.7) | $ (323.3) | ||
Forward Contracts | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Other Investments | (4.2) | (1.2) | ||
Other long-term investments | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Other Investments | (1.3) | (3.2) | ||
Hedge and private equity funds included in other long-term investments | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Other Investments | (147.2) | (131) | ||
Limited liability companies and private equity securities [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Other Investments | (72.4) | (72) | ||
Surplus Note | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Other Investments | (69.6) | (71.9) | ||
Convertible Preferred Stock | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Other Investments | (30.7) | (30.6) | ||
Affordable Housing Development Fund | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Other Investments | (11.7) | $ (14.1) | (12.3) | $ (14.7) |
Partnership investments | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Other Investments | (3) | (3.5) | ||
Hedge Funds Equity R E I T [Member] | Hedge funds | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Other long-term investments | 19.7 | 19.9 | ||
Unfunded Commitments | $ 0 | $ 0 | ||
OneTitle [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Ownership interest (as a percent) | 20.00% | |||
Surplus Notes | $ 10 |
Investment Securities (Hedge Fu
Investment Securities (Hedge Funds and Private Equity Funds) (Details) $ in Millions | Mar. 31, 2017USD ($)fund | Dec. 31, 2016USD ($) |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other Investments | $ | $ 331.7 | $ 323.3 |
Hedge funds | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Number of investments | fund | 5 | |
Private equity funds | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Number of investments | fund | 20 | |
Hedge and private equity funds included in other long-term investments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Largest single fund investment | $ | $ 54.2 | $ 36.5 |
Investment Securities (Fair Val
Investment Securities (Fair Value of Hedge Funds and Private Equity Funds) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Hedge funds | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | $ 76.1 | |
Private equity funds | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 71.1 | |
Hedge and private equity funds included in other long-term investments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 147.2 | $ 131 |
Unfunded Commitments | 131.2 | 138.1 |
Private equity funds | Private Equity Energy Infrastructure and Services | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 2.8 | 14.1 |
Unfunded Commitments | 3 | 3.2 |
Private equity funds | Private Equity Multi Sector | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 11 | 11.4 |
Unfunded Commitments | 2 | 2 |
Private equity funds | Direct Lending [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 5.5 | 1.8 |
Unfunded Commitments | 32 | 35.7 |
Private equity funds | Private Equity Secondaries | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 2.5 | 3 |
Unfunded Commitments | 2.1 | 2.1 |
Private equity funds | Financial Services Sector [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 1.5 | 1 |
Unfunded Commitments | 4.5 | 5 |
Private equity funds | Private Equity Healthcare | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 3.4 | 3.5 |
Unfunded Commitments | 0.4 | 0.4 |
Private equity funds | Private Equity Insurance | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 0.9 | 0.8 |
Unfunded Commitments | 41.3 | 41.3 |
Private equity funds | Aerospace Defense Government | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 24.4 | 19.4 |
Unfunded Commitments | 23.6 | 25.9 |
Private equity funds | Industrial | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 18.8 | 15.9 |
Unfunded Commitments | 22.2 | 22.4 |
Private equity funds | Private equity funds | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 71.1 | 71.2 |
Unfunded Commitments | 131.2 | 138.1 |
Private equity funds | Real Estate Funds [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 0.3 | 0.3 |
Unfunded Commitments | 0.1 | 0.1 |
Hedge funds | Hedge Fund, Long/ Short Equity Banks and Financial [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 54.2 | 36.5 |
Unfunded Commitments | 0 | 0 |
Hedge funds | Hedge Funds Equity R E I T [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 19.7 | 19.9 |
Unfunded Commitments | 0 | 0 |
Hedge funds | Hedge Funds, Other | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 2.2 | 3.4 |
Unfunded Commitments | 0 | 0 |
Hedge funds | Hedge funds | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 76.1 | 59.8 |
Unfunded Commitments | $ 0 | $ 0 |
Investment Securities (Restrict
Investment Securities (Restrictions on Redemption Frequency and Advance Notice Requirements) (Details) - Hedge funds $ in Millions | Mar. 31, 2017USD ($) |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Other long-term investments | $ 76.1 |
Redemption requests | 2.2 |
30-59 days notice | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Other long-term investments | 54.2 |
Fair Value Investments Entities that Calculate Net Asset Value Per Share Investment Redemption Notice Period60 To89 Days [Member] | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Other long-term investments | 19.7 |
Fair Value Investments Entities that Calculate Net Asset Value Per Share Investment Redemption Notice Period90 To119 Days [Member] | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Other long-term investments | 2.2 |
Monthly | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Other long-term investments | 0 |
Monthly | 30-59 days notice | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Other long-term investments | 0 |
Monthly | Fair Value Investments Entities that Calculate Net Asset Value Per Share Investment Redemption Notice Period60 To89 Days [Member] | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Other long-term investments | 0 |
Monthly | Fair Value Investments Entities that Calculate Net Asset Value Per Share Investment Redemption Notice Period90 To119 Days [Member] | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Other long-term investments | 0 |
Quarterly | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Other long-term investments | 15.9 |
Quarterly | 30-59 days notice | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Other long-term investments | 15.9 |
Quarterly | Fair Value Investments Entities that Calculate Net Asset Value Per Share Investment Redemption Notice Period60 To89 Days [Member] | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Other long-term investments | 0 |
Quarterly | Fair Value Investments Entities that Calculate Net Asset Value Per Share Investment Redemption Notice Period90 To119 Days [Member] | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Other long-term investments | 0 |
Semi-annual | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Other long-term investments | 58 |
Semi-annual | 30-59 days notice | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Other long-term investments | 38.3 |
Semi-annual | Fair Value Investments Entities that Calculate Net Asset Value Per Share Investment Redemption Notice Period60 To89 Days [Member] | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Other long-term investments | 19.7 |
Semi-annual | Fair Value Investments Entities that Calculate Net Asset Value Per Share Investment Redemption Notice Period90 To119 Days [Member] | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Other long-term investments | 0 |
Annual | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Other long-term investments | 2.2 |
Annual | 30-59 days notice | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Other long-term investments | 0 |
Annual | Fair Value Investments Entities that Calculate Net Asset Value Per Share Investment Redemption Notice Period60 To89 Days [Member] | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Other long-term investments | 0 |
Annual | Fair Value Investments Entities that Calculate Net Asset Value Per Share Investment Redemption Notice Period90 To119 Days [Member] | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Other long-term investments | $ 2.2 |
September 2018 [Member] | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Number of Investments | 1 |
Other long-term investments | $ 38.3 |
Investment Securities (Invest58
Investment Securities (Investments In Private Equity Funds Subject to Lock-Up Periods) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Net Income (Loss) Attributable to Noncontrolling Interest | $ (1.3) | $ 6.3 |
Private equity funds | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 71.1 | |
1-3 years | Private equity funds | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 18.4 | |
3-5 years | Private equity funds | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 23.3 | |
5-10 years | Private equity funds | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | 22.2 | |
Greater than 10 years | Private equity funds | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other long-term investments | $ 7.2 |
Investment Securities OneBeacon
Investment Securities OneBeacon Surplus Notes (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 23, 2014 | |
Interest Paid | $ 0.2 | $ 0.2 | ||
OneBeacon [Member] | ||||
Assets, Fair Value Adjustment | (31.4) | $ (29.1) | ||
Seller Priority Surplus Note [Member] | OneBeacon [Member] | ||||
Assets, Fair Value Adjustment | $ (9.8) | |||
Surplus Note | ||||
Interest Paid | $ 2.4 | |||
Surplus Note | OneBeacon [Member] | ||||
Basis points | 4.00% | 2.50% | ||
Pari Passu Surplus Note [Member] | OneBeacon [Member] | ||||
Assets, Fair Value Adjustment | $ (21.6) | |||
Surplus Note | ||||
RBC Score | 250.00% | 250.00% | ||
Par Value [Member] | OneBeacon [Member] | ||||
Surplus Notes | $ 101 | $ 101 | $ 101 | |
Par Value [Member] | Seller Priority Surplus Note [Member] | OneBeacon [Member] | ||||
Surplus Notes | 57.9 | |||
Par Value [Member] | Pari Passu Surplus Note [Member] | OneBeacon [Member] | ||||
Surplus Notes | 43.1 | |||
Fair Value [Member] | OneBeacon [Member] | ||||
Surplus Notes | 69.6 | 71.9 | ||
Fair Value [Member] | Seller Priority Surplus Note [Member] | OneBeacon [Member] | ||||
Surplus Notes | 48.1 | |||
Fair Value [Member] | Pari Passu Surplus Note [Member] | OneBeacon [Member] | ||||
Surplus Notes | 21.5 | |||
Current market rates on repayments [Member] | OneBeacon [Member] | ||||
Assets, Fair Value Adjustment | 9 | 5.1 | ||
Current market rates on repayments [Member] | Seller Priority Surplus Note [Member] | OneBeacon [Member] | ||||
Assets, Fair Value Adjustment | 7.2 | |||
Current market rates on repayments [Member] | Pari Passu Surplus Note [Member] | OneBeacon [Member] | ||||
Assets, Fair Value Adjustment | 1.8 | |||
Regulatory Approval [Member] | OneBeacon [Member] | ||||
Assets, Fair Value Adjustment | (10.3) | (15.6) | ||
Regulatory Approval [Member] | Seller Priority Surplus Note [Member] | OneBeacon [Member] | ||||
Assets, Fair Value Adjustment | 2.9 | |||
Regulatory Approval [Member] | Pari Passu Surplus Note [Member] | OneBeacon [Member] | ||||
Assets, Fair Value Adjustment | (13.2) | |||
Liquidity Adjustment [Member] | OneBeacon [Member] | ||||
Assets, Fair Value Adjustment | (30.1) | $ (18.6) | ||
Liquidity Adjustment [Member] | Seller Priority Surplus Note [Member] | OneBeacon [Member] | ||||
Assets, Fair Value Adjustment | (19.9) | |||
Liquidity Adjustment [Member] | Pari Passu Surplus Note [Member] | OneBeacon [Member] | ||||
Assets, Fair Value Adjustment | $ (10.2) |
Investment Securities (Fair V60
Investment Securities (Fair Value Measurements) (Details) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Maximum percentage of price difference provided by pricing services | 5.00% | |
Maximum price difference provided by pricing services | $ 1 | |
Hedge Funds and Private Equity Funds [Member] | ||
Other than Temporary Impairment Losses, Investments | $ 1 | $ 5 |
Investment Securities (Fair V61
Investment Securities (Fair Value Measurement by Level) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Percentage of Investments Recorded at Fair Value | 93.00% | 94.00% | ||
Fair value investments | $ 5,097,600,000 | $ 3,360,200,000 | $ 5,039,700,000 | $ 4,050,900,000 |
Other Investments | 331,700,000 | 323,300,000 | ||
Short-term investments, at amortized cost (which approximates fair value) | 230,900,000 | 287,000,000 | ||
Fair Value, Assets Measured on Recurring Basis Gain (Loss) Included in Earnings | 54,400,000 | (29,600,000) | ||
Accretion (Amortization) of Discounts and Premiums, Investments | 6,500,000 | 4,200,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 1,095,300,000 | 412,400,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (1,080,100,000) | (1,128,500,000) | ||
Transfers in | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Transfers out | 0 | 0 | ||
Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 562,300,000 | 419,600,000 | 612,500,000 | 1,152,200,000 |
Fair Value, Assets Measured on Recurring Basis Gain (Loss) Included in Earnings | (22,400,000) | (11,300,000) | ||
Accretion (Amortization) of Discounts and Premiums, Investments | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 124,500,000 | 109,000,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (197,100,000) | (852,900,000) | ||
Transfers in | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Transfers out | 0 | 0 | ||
Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 4,155,800,000 | 2,566,100,000 | 4,118,500,000 | 2,531,400,000 |
Fair Value, Assets Measured on Recurring Basis Gain (Loss) Included in Earnings | (25,500,000) | (19,100,000) | ||
Accretion (Amortization) of Discounts and Premiums, Investments | 6,500,000 | 4,200,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 890,400,000 | 292,400,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (866,900,000) | (272,600,000) | ||
Transfers in | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Transfers out | 0 | 0 | ||
Debt securities issued by corporations | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 1,686,800,000 | 1,509,400,000 | ||
Mortgage-backed and asset-backed securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 2,016,400,000 | 2,132,900,000 | ||
Mortgage-backed and asset-backed securities | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 1,958,100,000 | 2,132,900,000 | ||
Mortgage-backed and asset-backed securities | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 58,300,000 | 0 | ||
Fixed maturity investments. | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 58,300,000 | 70,500,000 | 0 | 70,000,000 |
Fair Value, Assets Measured on Recurring Basis Gain (Loss) Included in Earnings | (200,000) | (500,000) | ||
Accretion (Amortization) of Discounts and Premiums, Investments | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 58,100,000 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | ||||
Transfers in | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Transfers out | 0 | 0 | ||
Common equity securities | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis Gain (Loss) Included in Earnings | 0 | 0 | ||
Accretion (Amortization) of Discounts and Premiums, Investments | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | |||
Transfers in | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Transfers out | 0 | 0 | ||
Other long-term investments | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 174,000,000 | 172,700,000 | 177,700,000 | 169,500,000 |
Fair Value, Assets Measured on Recurring Basis Gain (Loss) Included in Earnings | 1,900,000 | (1,100,000) | ||
Accretion (Amortization) of Discounts and Premiums, Investments | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 200,000 | 2,100,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (2,000,000) | |||
Transfers in | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Transfers out | 0 | 0 | ||
Hedge and private equity funds included in other long-term investments | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Other long-term investments | 147,200,000 | 131,000,000 | ||
Hedge and private equity funds included in other long-term investments | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 147,200,000 | 131,300,000 | 131,000,000 | 127,800,000 |
Fair Value, Assets Measured on Recurring Basis Gain (Loss) Included in Earnings | (8,200,000) | 2,400,000 | ||
Accretion (Amortization) of Discounts and Premiums, Investments | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 22,100,000 | 8,900,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (14,100,000) | (3,000,000) | ||
Transfers in | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Transfers out | 0 | 0 | ||
Fair value measured on a recurring basis | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 5,181,300,000 | 5,195,900,000 | ||
Fair value measured on a recurring basis | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 790,200,000 | 887,000,000 | ||
Fair value measured on a recurring basis | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 4,158,800,000 | 4,131,200,000 | ||
Fair value measured on a recurring basis | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 232,300,000 | 177,700,000 | ||
Fair value measured on a recurring basis | U.S. Government and agency obligations | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 110,300,000 | 278,300,000 | ||
Fair value measured on a recurring basis | U.S. Government and agency obligations | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 100,800,000 | 268,800,000 | ||
Fair value measured on a recurring basis | U.S. Government and agency obligations | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 9,500,000 | 9,500,000 | ||
Fair value measured on a recurring basis | U.S. Government and agency obligations | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 1,686,800,000 | 1,509,400,000 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 1,686,800,000 | 1,509,400,000 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Consumer | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 362,900,000 | 385,600,000 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Consumer | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Consumer | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 362,900,000 | 385,600,000 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Consumer | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Industrial | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 174,500,000 | 146,400,000 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Industrial | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Industrial | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 174,500,000 | 146,400,000 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Industrial | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Financials | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 263,300,000 | 176,000,000 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Financials | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Financials | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 263,300,000 | 176,000,000 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Financials | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Communications [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 135,900,000 | 131,400,000 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Communications [Member] | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Communications [Member] | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 135,900,000 | 131,400,000 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Communications [Member] | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Health Care [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 248,400,000 | 244,200,000 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Health Care [Member] | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Health Care [Member] | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 248,400,000 | 244,200,000 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Health Care [Member] | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Energy | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 52,500,000 | 53,500,000 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Energy | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Energy | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 52,500,000 | 53,500,000 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Energy | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Technology | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 118,100,000 | 89,400,000 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Technology | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Technology | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 118,100,000 | 89,400,000 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Technology | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Utilities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 229,300,000 | 180,300,000 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Utilities | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Utilities | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 229,300,000 | 180,300,000 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Utilities | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Materials | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 101,900,000 | 102,600,000 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Materials | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Materials | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 101,900,000 | 102,600,000 | ||
Fair value measured on a recurring basis | Debt securities issued by corporations | Materials | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Mortgage-backed and asset-backed securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 2,016,400,000 | 2,132,900,000 | ||
Fair value measured on a recurring basis | Mortgage-backed and asset-backed securities | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Mortgage-backed and asset-backed securities | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 1,958,100,000 | 2,132,900,000 | ||
Fair value measured on a recurring basis | Mortgage-backed and asset-backed securities | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 58,300,000 | 0 | ||
Fair value measured on a recurring basis | Municipal obligations | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 330,300,000 | 309,000,000 | ||
Fair value measured on a recurring basis | Municipal obligations | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Municipal obligations | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 330,300,000 | 309,000,000 | ||
Fair value measured on a recurring basis | Municipal obligations | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Foreign government, agency and provincial obligations | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 17,900,000 | 13,200,000 | ||
Fair value measured on a recurring basis | Foreign government, agency and provincial obligations | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 600,000 | 600,000 | ||
Fair value measured on a recurring basis | Foreign government, agency and provincial obligations | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 17,300,000 | 12,600,000 | ||
Fair value measured on a recurring basis | Foreign government, agency and provincial obligations | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Preferred Stock | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 13,700,000 | 14,000,000 | ||
Fair value measured on a recurring basis | Preferred Stock | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Preferred Stock | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 13,700,000 | 14,000,000 | ||
Fair value measured on a recurring basis | Preferred Stock | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Fixed maturity investments. | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 4,175,400,000 | 4,256,800,000 | ||
Fair value measured on a recurring basis | Fixed maturity investments. | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 101,400,000 | 269,400,000 | ||
Fair value measured on a recurring basis | Fixed maturity investments. | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 4,015,700,000 | 3,987,400,000 | ||
Fair value measured on a recurring basis | Fixed maturity investments. | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 58,300,000 | 0 | ||
Fair value measured on a recurring basis | Short-term investments | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 230,900,000 | 287,100,000 | ||
Fair value measured on a recurring basis | Short-term investments | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 227,900,000 | 274,400,000 | ||
Short-term investments, at amortized cost (which approximates fair value) | 211,300,000 | 287,100,000 | 261,700,000 | |
Fair value measured on a recurring basis | Short-term investments | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 3,000,000 | 12,700,000 | ||
Fair value measured on a recurring basis | Short-term investments | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Consumer | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 32,200,000 | 12,900,000 | ||
Fair value measured on a recurring basis | Common equity securities | Consumer | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 32,200,000 | 12,900,000 | ||
Fair value measured on a recurring basis | Common equity securities | Consumer | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Consumer | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Industrial | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 9,000,000 | 2,200,000 | ||
Fair value measured on a recurring basis | Common equity securities | Industrial | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 9,000,000 | 2,200,000 | ||
Fair value measured on a recurring basis | Common equity securities | Industrial | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Industrial | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Financials | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 18,200,000 | 11,600,000 | ||
Fair value measured on a recurring basis | Common equity securities | Financials | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 18,200,000 | 11,600,000 | ||
Fair value measured on a recurring basis | Common equity securities | Financials | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Financials | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Communications [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 13,900,000 | 10,500,000 | ||
Fair value measured on a recurring basis | Common equity securities | Communications [Member] | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 13,900,000 | 10,500,000 | ||
Fair value measured on a recurring basis | Common equity securities | Communications [Member] | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Communications [Member] | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Health Care [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 27,100,000 | 20,900,000 | ||
Fair value measured on a recurring basis | Common equity securities | Health Care [Member] | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 27,100,000 | 20,900,000 | ||
Fair value measured on a recurring basis | Common equity securities | Health Care [Member] | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Health Care [Member] | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Energy | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 7,700,000 | 3,700,000 | ||
Fair value measured on a recurring basis | Common equity securities | Energy | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 7,700,000 | 3,700,000 | ||
Fair value measured on a recurring basis | Common equity securities | Energy | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Energy | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Technology | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 16,100,000 | 11,000,000 | ||
Fair value measured on a recurring basis | Common equity securities | Technology | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 16,100,000 | 11,000,000 | ||
Fair value measured on a recurring basis | Common equity securities | Technology | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Technology | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Utilities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 1,000,000 | |||
Fair value measured on a recurring basis | Common equity securities | Utilities | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 1,000,000 | |||
Fair value measured on a recurring basis | Common equity securities | Utilities | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | |||
Fair value measured on a recurring basis | Common equity securities | Utilities | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | |||
Fair value measured on a recurring basis | Common equity securities | Materials | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 5,100,000 | |||
Fair value measured on a recurring basis | Common equity securities | Materials | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 5,100,000 | |||
Fair value measured on a recurring basis | Common equity securities | Materials | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | |||
Fair value measured on a recurring basis | Common equity securities | Materials | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | |||
Fair value measured on a recurring basis | Common equity securities | Exchange Traded Funds [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 384,800,000 | 321,600,000 | ||
Fair value measured on a recurring basis | Common equity securities | Exchange Traded Funds [Member] | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 330,600,000 | 270,400,000 | ||
Fair value measured on a recurring basis | Common equity securities | Exchange Traded Funds [Member] | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 54,200,000 | 51,200,000 | ||
Fair value measured on a recurring basis | Common equity securities | Exchange Traded Funds [Member] | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Other: | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 85,900,000 | 79,900,000 | ||
Fair value measured on a recurring basis | Common equity securities | Other: | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Other: | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 85,900,000 | 79,900,000 | ||
Fair value measured on a recurring basis | Common equity securities | Other: | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Common equity securities | Common equity securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 601,000,000 | 474,300,000 | ||
Fair value measured on a recurring basis | Common equity securities | Common equity securities | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 460,900,000 | 343,200,000 | ||
Fair value measured on a recurring basis | Common equity securities | Common equity securities | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 140,100,000 | 131,100,000 | ||
Fair value measured on a recurring basis | Common equity securities | Common equity securities | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Other long-term investments | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 174,000,000 | 177,700,000 | ||
Fair value measured on a recurring basis | Other long-term investments | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Other long-term investments | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Fair value measured on a recurring basis | Other long-term investments | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 174,000,000 | 177,700,000 | ||
Carrying value of investment accounted for using the equity method | 3,000,000 | 3,700,000 | 3,500,000 | 3,800,000 |
Affordable Housing Development Fund | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Other Investments | 11,700,000 | 14,100,000 | 12,300,000 | 14,700,000 |
Affordable Housing Development Fund | Fair value measured on a recurring basis | Other long-term investments | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Other Investments | 11,700,000 | 12,300,000 | ||
Forward Contracts | Fair value measured on a recurring basis | Other long-term investments | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Derivative, fair value, net | $ (4,200,000) | (1,200,000) | ||
Star & Shield Insurance Exchange | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Trading Securities Debt Reclassified to Assets Held-for-sale | $ 9,400,000 | 6,600,000 | $ 9,500,000 | |
Star & Shield Insurance Exchange | Short-term investments | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Trading Securities Debt Reclassified to Assets Held-for-sale | $ 100,000 | |||
Surplus Note | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
RBC Score | 250.00% | 250.00% | ||
Star & Shield Insurance Exchange | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | $ (5,200,000) | |||
Star & Shield Insurance Exchange | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | |||
Star & Shield Insurance Exchange | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (5,200,000) | |||
Star & Shield Insurance Exchange | Fixed maturity investments. | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | |||
Star & Shield Insurance Exchange | Common equity securities | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | |||
Star & Shield Insurance Exchange | Other long-term investments | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | $ 0 |
Investment Securities (Debt sec
Investment Securities (Debt securities issued by corporation) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | $ 5,097.6 | $ 5,039.7 | $ 3,360.2 | $ 4,050.9 |
Debt securities issued by corporations | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 1,686.8 | 1,509.4 | ||
AA | Debt securities issued by corporations | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 93.1 | 100.9 | ||
A | Debt securities issued by corporations | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 484.7 | 381.9 | ||
BBB | Debt securities issued by corporations | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 846.5 | 786.5 | ||
BB | Debt securities issued by corporations | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 240.2 | 214 | ||
Standard & Poor's, B Rating [Member] | Debt securities issued by corporations | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | $ 22.3 | $ 26.1 |
Investment Securities (Mortgage
Investment Securities (Mortgage-backed, Asset-backed Securities) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | $ 5,097.6 | $ 5,039.7 | $ 3,360.2 | $ 4,050.9 |
Non-Agency Residential Mortgage [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 33.9 | |||
Commercial Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | $ 126.9 | $ 127.5 |
Investment Securities (Mortga64
Investment Securities (Mortgage-backed Asset Securities Table) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | $ 5,097.6 | $ 5,039.7 | $ 3,360.2 | $ 4,050.9 |
Commercial Mortgage Backed Securities Fixed Rate [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 115.2 | |||
Government National Mortgage Association Certificates and Obligations (GNMA) | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 249 | 283.9 | ||
Federal National Mortgage Association Certificates and Obligations (FNMA) | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 270.1 | 278.3 | ||
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 86.1 | 89.8 | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 605.2 | 652 | ||
Residential Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 309.9 | 205.3 | ||
Commercial Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 126.9 | 127.5 | ||
Mortgage-backed Securities, Issued by Private Enterprises | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 436.8 | 332.8 | ||
Collateralized Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 1,042 | 984.8 | ||
Collateralized Credit Card Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 383 | 438.3 | ||
Collateralized Auto Loans | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 353 | 479.5 | ||
Collateralized Securities, Other | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 238.4 | 230.3 | ||
Asset-backed Securities, Securitized Loans and Receivables | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 974.4 | 1,148.1 | ||
Mortgage-backed and asset-backed securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 2,016.4 | 2,132.9 | ||
Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 4,155.8 | 4,118.5 | $ 2,566.1 | $ 2,531.4 |
Level 2 Inputs | Government National Mortgage Association Certificates and Obligations (GNMA) | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 249 | 283.9 | ||
Level 2 Inputs | Federal National Mortgage Association Certificates and Obligations (FNMA) | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 270.1 | 278.3 | ||
Level 2 Inputs | Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 86.1 | 89.8 | ||
Level 2 Inputs | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 605.2 | 652 | ||
Level 2 Inputs | Residential Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 251.6 | 205.3 | ||
Level 2 Inputs | Commercial Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 126.9 | 127.5 | ||
Level 2 Inputs | Mortgage-backed Securities, Issued by Private Enterprises | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 378.5 | 332.8 | ||
Level 2 Inputs | Collateralized Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 983.7 | 984.8 | ||
Level 2 Inputs | Collateralized Credit Card Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 383 | 438.3 | ||
Level 2 Inputs | Collateralized Auto Loans | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 353 | 479.5 | ||
Level 2 Inputs | Collateralized Securities, Other | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 238.4 | 230.3 | ||
Level 2 Inputs | Asset-backed Securities, Securitized Loans and Receivables | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 974.4 | 1,148.1 | ||
Level 2 Inputs | Mortgage-backed and asset-backed securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 1,958.1 | 2,132.9 | ||
Level 3 Inputs | Government National Mortgage Association Certificates and Obligations (GNMA) | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Level 3 Inputs | Federal National Mortgage Association Certificates and Obligations (FNMA) | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Level 3 Inputs | Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Level 3 Inputs | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Level 3 Inputs | Residential Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 58.3 | 0 | ||
Level 3 Inputs | Commercial Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Level 3 Inputs | Mortgage-backed Securities, Issued by Private Enterprises | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 58.3 | 0 | ||
Level 3 Inputs | Collateralized Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 58.3 | 0 | ||
Level 3 Inputs | Collateralized Credit Card Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Level 3 Inputs | Collateralized Auto Loans | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Level 3 Inputs | Collateralized Securities, Other | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Level 3 Inputs | Asset-backed Securities, Securitized Loans and Receivables | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | 0 | ||
Level 3 Inputs | Mortgage-backed and asset-backed securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | $ 58.3 | $ 0 |
Investment Securities (Non-agen
Investment Securities (Non-agency Mortgage-backed Securities) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | $ 5,097.6 | $ 5,039.7 | $ 3,360.2 | $ 4,050.9 |
Commercial Mortgage Backed Securities Fixed Rate [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 115.2 | |||
Commercial Mortgage Backed Securities Floating Rate [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 11.7 | |||
Residential Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 309.9 | 205.3 | ||
Commercial Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 126.9 | 127.5 | ||
Mortgage-backed Securities, Issued by Private Enterprises | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 436.8 | $ 332.8 | ||
Securities Issued in 2004 | Residential Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 18.1 | |||
Securities Issued in 2004 | Commercial Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | |||
Securities Issued in 2004 | Mortgage-backed Securities, Issued by Private Enterprises | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 18.1 | |||
Securities Issued in 2005 | Residential Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 5.3 | |||
Securities Issued in 2005 | Commercial Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | |||
Securities Issued in 2005 | Mortgage-backed Securities, Issued by Private Enterprises | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 5.3 | |||
Securities Issued In 2006 | Residential Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 2.8 | |||
Securities Issued In 2006 | Commercial Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | |||
Securities Issued In 2006 | Mortgage-backed Securities, Issued by Private Enterprises | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 2.8 | |||
Securities Issued In 2008 | Residential Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 2.4 | |||
Securities Issued In 2008 | Commercial Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | |||
Securities Issued In 2008 | Mortgage-backed Securities, Issued by Private Enterprises | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 2.4 | |||
Securities Issued In 2010 | Residential Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 6 | |||
Securities Issued In 2010 | Commercial Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 4.1 | |||
Securities Issued In 2010 | Mortgage-backed Securities, Issued by Private Enterprises | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 10.1 | |||
Securities Issued In 2011 | Residential Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 8.4 | |||
Securities Issued In 2011 | Commercial Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | |||
Securities Issued In 2011 | Mortgage-backed Securities, Issued by Private Enterprises | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 8.4 | |||
Securities Issued in 2012 | Residential Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 4.2 | |||
Securities Issued in 2012 | Commercial Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 18.1 | |||
Securities Issued in 2012 | Mortgage-backed Securities, Issued by Private Enterprises | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 22.3 | |||
Securities Issued in 2013 | Residential Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 19.8 | |||
Securities Issued in 2013 | Commercial Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 11.5 | |||
Securities Issued in 2013 | Mortgage-backed Securities, Issued by Private Enterprises | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 31.3 | |||
Securities Issued in 2014 | Residential Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 49.4 | |||
Securities Issued in 2014 | Commercial Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 23.4 | |||
Securities Issued in 2014 | Mortgage-backed Securities, Issued by Private Enterprises | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 72.8 | |||
Securities Issued in 2015 [Member] | Residential Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 104.2 | |||
Securities Issued in 2015 [Member] | Commercial Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 44.2 | |||
Securities Issued in 2015 [Member] | Mortgage-backed Securities, Issued by Private Enterprises | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 148.4 | |||
Securities Issued in 2016 [Member] | Residential Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 34.5 | |||
Securities Issued in 2016 [Member] | Commercial Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 25.6 | |||
Securities Issued in 2016 [Member] | Mortgage-backed Securities, Issued by Private Enterprises | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 60.1 | |||
Securities Issued in 2017 [Member] | Residential Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 54.8 | |||
Securities Issued in 2017 [Member] | Commercial Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | |||
Securities Issued in 2017 [Member] | Mortgage-backed Securities, Issued by Private Enterprises | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 54.8 | |||
Subordinate | Commercial Mortgage Backed Securities Fixed Rate [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 43.5 | |||
Subordinate | Commercial Mortgage Backed Securities Floating Rate [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 11.7 | |||
Subordinate | Residential Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | |||
Subordinate | Commercial Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 55.2 | |||
Super Senior | Commercial Mortgage Backed Securities Fixed Rate [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 1.6 | |||
Super Senior | Commercial Mortgage Backed Securities Floating Rate [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | |||
Super Senior | Residential Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 104.9 | |||
Super Senior | Commercial Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 1.6 | |||
Senior | Commercial Mortgage Backed Securities Fixed Rate [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 70.1 | |||
Senior | Commercial Mortgage Backed Securities Floating Rate [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | |||
Senior | Residential Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 205 | |||
Senior | Commercial Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | $ 70.1 |
Investment Securities (Non-ag66
Investment Securities (Non-agency Residential Mortgage-backed Securities) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | $ 5,097.6 | $ 5,039.7 | $ 3,360.2 | $ 4,050.9 |
Residential Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 309.9 | $ 205.3 | ||
Residential Mortgage Backed Securities | Super Senior | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 104.9 | |||
Residential Mortgage Backed Securities | Senior | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 205 | |||
Residential Mortgage Backed Securities | Subordinate | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | |||
Prime | Residential Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 309.9 | |||
Prime | Residential Mortgage Backed Securities | Super Senior | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 104.9 | |||
Prime | Residential Mortgage Backed Securities | Senior | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 205 | |||
Prime | Residential Mortgage Backed Securities | Subordinate | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | |||
Non-prime | Residential Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | |||
Non-prime | Residential Mortgage Backed Securities | Super Senior | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | |||
Non-prime | Residential Mortgage Backed Securities | Senior | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | |||
Non-prime | Residential Mortgage Backed Securities | Subordinate | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | |||
Sub-prime | Residential Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | |||
Sub-prime | Residential Mortgage Backed Securities | Super Senior | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | |||
Sub-prime | Residential Mortgage Backed Securities | Senior | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | |||
Sub-prime | Residential Mortgage Backed Securities | Subordinate | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | $ 0 |
Investment Securities (Non-ag67
Investment Securities (Non-agency Commercial Mortgage-backed Securities) (Details) $ in Millions | 3 Months Ended | |||
Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | $ 5,097.6 | $ 5,039.7 | $ 3,360.2 | $ 4,050.9 |
Commercial Mortgage Backed Securities Fixed Rate [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Average Basis Points of Subordination | 0.0025 | |||
Fair value investments | $ 115.2 | |||
Commercial Mortgage Backed Securities Fixed Rate [Member] | Super Senior | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 1.6 | |||
Commercial Mortgage Backed Securities Fixed Rate [Member] | Senior | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 70.1 | |||
Commercial Mortgage Backed Securities Fixed Rate [Member] | Subordinate | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 43.5 | |||
Commercial Mortgage Backed Securities Floating Rate [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 11.7 | |||
Commercial Mortgage Backed Securities Floating Rate [Member] | Super Senior | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | |||
Commercial Mortgage Backed Securities Floating Rate [Member] | Senior | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 0 | |||
Commercial Mortgage Backed Securities Floating Rate [Member] | Subordinate | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 11.7 | |||
Commercial Mortgage Backed Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 126.9 | $ 127.5 | ||
Commercial Mortgage Backed Securities | Super Senior | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 1.6 | |||
Commercial Mortgage Backed Securities | Senior | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | 70.1 | |||
Commercial Mortgage Backed Securities | Subordinate | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value investments | $ 55.2 |
Rollforward of Fair Value Measu
Rollforward of Fair Value Measurements by Level (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | $ 1,080,100,000 | $ 1,128,500,000 | ||
Balance at January 1, 2017 | 5,039,700,000 | 4,050,900,000 | ||
Total realized and unrealized gains (losses) | (54,400,000) | 29,600,000 | ||
Amortization/Accretion | (6,500,000) | (4,200,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 1,095,300,000 | 412,400,000 | ||
Transfers in | 0 | 0 | ||
Transfers out | 0 | 0 | ||
Balance at March 31, 2017 | 5,097,600,000 | 3,360,200,000 | ||
Other Investments | 331,700,000 | $ 323,300,000 | ||
Net realized and unrealized investment gains, after tax | 44,100,000 | 21,000,000 | ||
Net realized and unrealized investment gains | 51,300,000 | 29,500,000 | ||
Short-term investments, at amortized cost (which approximates fair value) | $ 230,900,000 | 287,000,000 | ||
Maximum Percentage Differences Between Prices Provided by Pricing Services Considered Outliers | (5.00%) | |||
Maximum price difference provided by pricing services | $ 1,000,000 | |||
Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 197,100,000 | 852,900,000 | ||
Balance at January 1, 2017 | 612,500,000 | 1,152,200,000 | ||
Total realized and unrealized gains (losses) | 22,400,000 | 11,300,000 | ||
Amortization/Accretion | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 124,500,000 | 109,000,000 | ||
Transfers in | 0 | 0 | ||
Transfers out | 0 | 0 | ||
Balance at March 31, 2017 | 562,300,000 | 419,600,000 | ||
Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 866,900,000 | 272,600,000 | ||
Balance at January 1, 2017 | 4,118,500,000 | 2,531,400,000 | ||
Total realized and unrealized gains (losses) | 25,500,000 | 19,100,000 | ||
Amortization/Accretion | (6,500,000) | (4,200,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 890,400,000 | 292,400,000 | ||
Transfers in | 0 | 0 | ||
Transfers out | 0 | 0 | ||
Balance at March 31, 2017 | 4,155,800,000 | 2,566,100,000 | ||
Fixed maturity investments. | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | ||||
Balance at January 1, 2017 | 0 | 70,000,000 | ||
Total realized and unrealized gains (losses) | 200,000 | 500,000 | ||
Amortization/Accretion | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 58,100,000 | 0 | ||
Transfers in | 0 | 0 | ||
Transfers out | 0 | 0 | ||
Balance at March 31, 2017 | 58,300,000 | 70,500,000 | ||
Common equity securities | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | |||
Balance at January 1, 2017 | 0 | 0 | ||
Total realized and unrealized gains (losses) | 0 | 0 | ||
Amortization/Accretion | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | |||
Transfers in | 0 | 0 | ||
Transfers out | 0 | 0 | ||
Balance at March 31, 2017 | 0 | 0 | ||
Other long-term investments | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 2,000,000 | |||
Balance at January 1, 2017 | 177,700,000 | 169,500,000 | ||
Total realized and unrealized gains (losses) | (1,900,000) | 1,100,000 | ||
Amortization/Accretion | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 200,000 | 2,100,000 | ||
Transfers in | 0 | 0 | ||
Transfers out | 0 | 0 | ||
Balance at March 31, 2017 | 174,000,000 | 172,700,000 | ||
Hedge and private equity funds included in other long-term investments | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 14,100,000 | 3,000,000 | ||
Balance at January 1, 2017 | 131,000,000 | 127,800,000 | ||
Total realized and unrealized gains (losses) | 8,200,000 | (2,400,000) | ||
Amortization/Accretion | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 22,100,000 | 8,900,000 | ||
Transfers in | 0 | 0 | ||
Transfers out | 0 | 0 | ||
Balance at March 31, 2017 | 147,200,000 | 131,300,000 | ||
Fair value measured on a recurring basis | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Balance at January 1, 2017 | 5,195,900,000 | |||
Balance at March 31, 2017 | 5,181,300,000 | |||
Fair value measured on a recurring basis | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Balance at January 1, 2017 | 887,000,000 | |||
Balance at March 31, 2017 | 790,200,000 | |||
Fair value measured on a recurring basis | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Balance at January 1, 2017 | 4,131,200,000 | |||
Balance at March 31, 2017 | 4,158,800,000 | |||
Fair value measured on a recurring basis | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Balance at January 1, 2017 | 177,700,000 | |||
Balance at March 31, 2017 | 232,300,000 | |||
Fair value measured on a recurring basis | Fixed maturity investments. | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Balance at January 1, 2017 | 4,256,800,000 | |||
Balance at March 31, 2017 | 4,175,400,000 | |||
Fair value measured on a recurring basis | Fixed maturity investments. | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Balance at January 1, 2017 | 269,400,000 | |||
Balance at March 31, 2017 | 101,400,000 | |||
Fair value measured on a recurring basis | Fixed maturity investments. | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Balance at January 1, 2017 | 3,987,400,000 | |||
Balance at March 31, 2017 | 4,015,700,000 | |||
Fair value measured on a recurring basis | Fixed maturity investments. | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Balance at January 1, 2017 | 0 | |||
Balance at March 31, 2017 | 58,300,000 | |||
Fair value measured on a recurring basis | Other long-term investments | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Balance at January 1, 2017 | 177,700,000 | |||
Balance at March 31, 2017 | 174,000,000 | |||
Fair value measured on a recurring basis | Other long-term investments | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Balance at January 1, 2017 | 0 | |||
Balance at March 31, 2017 | 0 | |||
Fair value measured on a recurring basis | Other long-term investments | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Balance at January 1, 2017 | 0 | |||
Balance at March 31, 2017 | 0 | |||
Fair value measured on a recurring basis | Other long-term investments | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Balance at January 1, 2017 | 177,700,000 | |||
Balance at March 31, 2017 | 174,000,000 | |||
Carrying value of investment accounted for using the equity method | 3,000,000 | 3,700,000 | 3,500,000 | $ 3,800,000 |
Fair value measured on a recurring basis | Short-term investments | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Balance at January 1, 2017 | 287,100,000 | |||
Balance at March 31, 2017 | 230,900,000 | |||
Fair value measured on a recurring basis | Short-term investments | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Balance at January 1, 2017 | 274,400,000 | |||
Balance at March 31, 2017 | 227,900,000 | |||
Short-term investments, at amortized cost (which approximates fair value) | 211,300,000 | 287,100,000 | 261,700,000 | |
Fair value measured on a recurring basis | Short-term investments | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Balance at January 1, 2017 | 12,700,000 | |||
Balance at March 31, 2017 | 3,000,000 | |||
Fair value measured on a recurring basis | Short-term investments | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Balance at January 1, 2017 | 0 | |||
Balance at March 31, 2017 | 0 | |||
Discontinued Operations [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Net realized and unrealized investment gains | 0 | (8,800,000) | ||
Star & Shield Insurance Exchange | Fair value measured on a recurring basis | Short-term investments | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Short-term investments, at amortized cost (which approximates fair value) | 300,000 | 100,000 | 100,000 | |
Affordable Housing Development Fund | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Other Investments | 11,700,000 | 14,100,000 | 12,300,000 | 14,700,000 |
Affordable Housing Development Fund | Fair value measured on a recurring basis | Other long-term investments | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Other Investments | 11,700,000 | 12,300,000 | ||
Star & Shield Insurance Exchange | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Trading Securities Debt Reclassified to Assets Held-for-sale | $ 9,400,000 | 6,600,000 | $ 9,500,000 | |
Forward Contracts | Fair value measured on a recurring basis | Other long-term investments | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Derivative, fair value, net | (4,200,000) | $ (1,200,000) | ||
Star & Shield Insurance Exchange | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 5,200,000 | |||
Star & Shield Insurance Exchange | Level 1 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | |||
Star & Shield Insurance Exchange | Level 2 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 5,200,000 | |||
Star & Shield Insurance Exchange | Fixed maturity investments. | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | |||
Star & Shield Insurance Exchange | Common equity securities | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | |||
Star & Shield Insurance Exchange | Other long-term investments | Level 3 Inputs | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | $ 0 |
Investment Securities (Signific
Investment Securities (Significant Unobservable Inputs) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015input | |
Standard & Poor's, AAA Rating | Non-Agency Residential Mortgage [Member] | Broker Pricing [Member] | |||
Quantitative information for Level 3 Fair Value Measurements Assets | |||
Assets, Fair Value Disclosure | $ 58.3 | ||
Fair Value Measurements, Valuation Techniques | 102.56 | ||
NR | Private equity funds | Discounted cash flows | |||
Quantitative information for Level 3 Fair Value Measurements Assets | |||
Assets, Fair Value Disclosure | $ 22.1 | $ 22.1 | |
Fair Value Measurements, Valuation Techniques | 0.25 | 0.25 | |
NR | Private equity funds | Option pricing method [Member] | |||
Quantitative information for Level 3 Fair Value Measurements Assets | |||
Assets, Fair Value Disclosure | $ 9.4 | $ 9.3 | |
Fair Value Measurements, Valuation Techniques | 0.21 | 0.21 | |
NR | Convertible Preferred Stock | Multiple of EBITA [Member] | |||
Quantitative information for Level 3 Fair Value Measurements Assets | |||
Assets, Fair Value Disclosure | $ 3.7 | $ 3.6 | |
Unobservable Inputs | input | 0 | ||
Fair Value Measurements, Valuation Techniques | 6 | 6 | |
NR | Community Reinvestment Vehicle [Member] | GAAP net equity [Member] | |||
Quantitative information for Level 3 Fair Value Measurements Assets | |||
Assets, Fair Value Disclosure | $ 14.5 | $ 14.3 | |
Fair Value Measurements, Valuation Techniques | 14.5 | 14.3 | |
NR | Seller Priority Surplus Note [Member] | Discounted cash flows | |||
Quantitative information for Level 3 Fair Value Measurements Assets | |||
Assets, Fair Value Disclosure | $ 48.1 | $ 51.1 | |
Fair Value Measurements, Valuation Techniques | 0.106 | 0.096 | |
NR | Pari Passu Surplus Note [Member] | Discounted cash flows | |||
Quantitative information for Level 3 Fair Value Measurements Assets | |||
Assets, Fair Value Disclosure | $ 21.5 | $ 20.8 | |
Fair Value Measurements, Valuation Techniques | 0.150 | 0.15 | |
Investment A [Member] | NR | Private equity funds | Recent transaction [Member] | |||
Quantitative information for Level 3 Fair Value Measurements Assets | |||
Assets, Fair Value Disclosure | $ 21 | $ 21 | |
Fair Value Measurements, Valuation Techniques | 1 | 1 | |
Investment B [Member] | NR | Private equity funds | Recent transaction [Member] | |||
Quantitative information for Level 3 Fair Value Measurements Assets | |||
Assets, Fair Value Disclosure | $ 3.4 | $ 3.2 | |
Fair Value Measurements, Valuation Techniques | 2.521 | 2.52 | |
Investment E [Member] | NR | Convertible Preferred Stock | Recent transaction [Member] | |||
Quantitative information for Level 3 Fair Value Measurements Assets | |||
Assets, Fair Value Disclosure | $ 27 | $ 27 | |
Fair Value Measurements, Valuation Techniques | 3.83 | 3.83 | |
Investment C | NR | Private equity funds | |||
Quantitative information for Level 3 Fair Value Measurements Assets | |||
Time Until Expiration of Security | 4 years | 4 years | |
Volatility Rate | 50.00% | 50.00% | |
Risk Free Rate | 1.00% | 1.00% | |
Standard & Poor's, B Rating [Member] | |||
Quantitative information for Level 3 Fair Value Measurements Assets | |||
Basis points | 4.00% | 2.50% | |
Standard & Poor's, CCC Rating [Member] | |||
Quantitative information for Level 3 Fair Value Measurements Assets | |||
Basis points | 4.00% | 2.50% |
Goodwill and Other Intangible70
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Payments to Acquire Businesses and Interest in Affiliates | $ 0 | $ 8.1 | |||
Goodwill | 31.7 | $ 24.1 | 24.1 | $ 31.7 | $ 24.1 |
Intangible Assets, Net (Excluding Goodwill) | $ 21.3 | 32.2 | 32.2 | $ 24.2 | $ 31.3 |
LowFares.com | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Payments to Acquire Businesses and Interest in Affiliates | $ 3.9 | $ 3.9 |
Goodwill and Other Intangible71
Goodwill and Other Intangible Assets - Goodwill Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 31.7 | $ 24.1 | $ 31.7 | $ 24.1 |
Intangible Assets, Net (Excluding Goodwill) | 21.3 | 32.2 | 24.2 | 31.3 |
Goodwill and other intangible assets | 53 | 56.3 | 55.9 | 55.4 |
Acquisition of businesses | 0 | 3.9 | ||
Disposal Group, Including Discontinued Operation, Intangible Assets | 0 | 0.3 | 0 | 0.4 |
Amortization of Intangible Assets | (2.9) | (3.1) | ||
Intangible Asset and Goodwill [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Acquisition of businesses | 3.9 | |||
Disposal Group, Including Discontinued Operation, Intangible Assets | 0 | 0.3 | $ 0 | $ 0.4 |
Amortization of Intangible Assets | $ (2.9) | $ (3.1) |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |||||
Nov. 30, 2012 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2012 | Dec. 31, 2016 | Jul. 23, 2015 | Aug. 14, 2013 | |
Debt Instrument | |||||||
Total debt | $ 284.7 | $ 285.9 | |||||
Notional amount | 299.9 | ||||||
Repayments of Debt | 1.2 | $ 0 | |||||
Draw down of debt and revolving line of credit | $ 0 | $ 102.5 | |||||
MediaAlpha Bank Facility [Member] | |||||||
Debt Instrument | |||||||
Basis points | 1.50% | ||||||
2012 OBH Senior Notes | |||||||
Debt Instrument | |||||||
Proceeds from Issuance of Debt | $ 275 | ||||||
WTM Bank Facility | |||||||
Debt Instrument | |||||||
Total commitment under revolving credit facility | $ 425 | ||||||
OB Bank Facility [Member] | |||||||
Debt Instrument | |||||||
Total commitment under revolving credit facility | $ 65 | ||||||
One Beacon Holdings Inc [Member] | 2012 OBH Senior Notes | |||||||
Debt Instrument | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.70% | ||||||
Proceeds from Issuance of Debt | $ 272.9 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.60% | ||||||
Debt Instrument, Issue Price as Percentage of Par Value | 99.90% | ||||||
OneBeacon [Member] | 2012 OBH Senior Notes | |||||||
Debt Instrument | |||||||
Debt instrument at face value | 275 | 275 | |||||
Unamortized original issue discount | (1.8) | (1.8) | |||||
Total debt | $ 273.2 | $ 273.2 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 4.70% | 4.70% | |||||
White Mountains | WTM Bank Facility | |||||||
Debt Instrument | |||||||
Total debt | $ 0 | $ 0 | |||||
MediaAlpha [Member] | MediaAlpha Bank Facility [Member] | |||||||
Debt Instrument | |||||||
Debt instrument at face value | $ 11.7 | $ 12.9 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 6.10% | 5.70% | |||||
Unamortized Debt Issuance Expense | $ (0.2) | $ (0.2) | |||||
Line of Credit Facility, Fair Value of Amount Outstanding | 11.5 | $ 12.7 | |||||
Total commitment under revolving credit facility | $ 20 | ||||||
Notional amount | 15 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | 5 | ||||||
MediaAlpha [Member] | Term Loan [Member] | |||||||
Debt Instrument | |||||||
Repayments of Debt | 1.2 | ||||||
Debt Instrument, Redemption, Period One [Member] | OneBeacon [Member] | 2012 OBH Senior Notes | |||||||
Debt Instrument | |||||||
Total debt | $ 75 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | |
Income Tax Contingency [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Percent | 10.30% | (114.10%) | |||
U.S. statutory rate (as a percent) | 35.00% | 35.00% | 35.00% | ||
Income Tax Expense (Benefit) | $ 3.9 | $ (9.7) | |||
Tax Year 2012 [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Deferred Tax Assets, Gross | $ 0.6 | ||||
Operating Loss Carryforwards, Valuation Allowance | 0.6 | ||||
Tax Assessment Year 2010 to 2012 [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income Tax Expense (Benefit) | $ (3.5) | ||||
Tax Assessment Year 2007 to 2009 [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income Tax Expense (Benefit) | $ (12.8) | ||||
Discontinued Operations [Member] | Tranzact [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income Tax Expense (Benefit) | $ (21.4) |
Derivatives (Details)
Derivatives (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2015 |
Notional amount | $ 299.9 | |
Collective account values of underlying variable annuities as a percentage of the guarantee value | 113.00% |
Derivatives Pre-Tax Operating R
Derivatives Pre-Tax Operating Results of WM Life Re (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Pre-tax operating results of WM Life Re | ||
Total revenues | $ 385.9 | $ 369.3 |
General and administrative expenses | (94.2) | (87.1) |
Pre-tax income from continuing operations | $ 37.9 | 8.5 |
White Mountains Life Re | ||
Pre-tax operating results of WM Life Re | ||
Fees, included in other revenue | 1 | |
Change in fair value of variable annuity liability, included in other revenue | (0.4) | |
Realized and unrealized gains (losses) | (1.7) | |
Foreign exchange, included in other revenue | 0.9 | |
Other investment income and losses | 0 | |
Total revenues | (0.2) | |
Liability for Future Policy Benefits, Other Increase (Decrease) | (0.1) | |
General and administrative expenses | (0.8) | |
Pre-tax income from continuing operations | $ (1.1) |
Derivatives Realized and Unreal
Derivatives Realized and Unrealized Gains (Losses) (Details) - White Mountains Life Re - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Variable Annuity Reinsurance [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | $ 13.1 | ||
Realized and unrealized derivative gains (losses) recognized in other revenues and carrying values of instruments | |||
Realized and unrealized gains (losses) | (1.7) | ||
Derivative, fair value, net | 13.1 | $ 0 | $ 20.1 |
Derivative Transfers In (Out), Net | 0 | ||
Fair Value Derivatives Measured on Recurring Basis, Asset Sales and Settlements | 5.3 | ||
Fixed income/interest rate | |||
Realized and unrealized derivative gains (losses) recognized in other revenues and carrying values of instruments | |||
Realized and unrealized gains (losses) | 1.8 | ||
Derivative, fair value, net | 0 | ||
Foreign exchange | |||
Realized and unrealized derivative gains (losses) recognized in other revenues and carrying values of instruments | |||
Realized and unrealized gains (losses) | (4.2) | ||
Derivative, fair value, net | 0 | ||
Equity | |||
Realized and unrealized derivative gains (losses) recognized in other revenues and carrying values of instruments | |||
Realized and unrealized gains (losses) | 0.7 | ||
Derivative, fair value, net | $ 0 | ||
Level 2 Inputs | |||
Realized and unrealized derivative gains (losses) recognized in other revenues and carrying values of instruments | |||
Realized and unrealized gains (losses) | 1.1 | ||
Derivative, fair value, net | 10.3 | 16.5 | |
Derivative Transfers In (Out), Net | 0 | ||
Fair Value Derivatives Measured on Recurring Basis, Asset Sales and Settlements | 7.3 | ||
Level 1 Inputs | |||
Realized and unrealized derivative gains (losses) recognized in other revenues and carrying values of instruments | |||
Realized and unrealized gains (losses) | (4) | ||
Derivative, fair value, net | 0.2 | 0.9 | |
Derivative Transfers In (Out), Net | 0 | ||
Fair Value Derivatives Measured on Recurring Basis, Asset Sales and Settlements | (3.3) | ||
Fair Value, Inputs, Level 3 [Member] | Variable Annuity | |||
Variable Annuity Reinsurance [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0.1 | (0.3) | |
Realized and unrealized derivative gains (losses) recognized in other revenues and carrying values of instruments | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (0.4) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers | 0 | ||
Fair Value Measurement with Unobservable Inputs, Reconciliation, Recurring Basis, Liability Sales or Settlements | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | |||
Realized and unrealized derivative gains (losses) recognized in other revenues and carrying values of instruments | |||
Realized and unrealized gains (losses) | 1.2 | ||
Derivative, fair value, net | 2.6 | $ 2.7 | |
Derivative Transfers In (Out), Net | 0 | ||
Fair Value Derivatives Measured on Recurring Basis, Asset Sales and Settlements | $ 1.3 |
Derivatives Variable Annuity Re
Derivatives Variable Annuity Reinsurance Liabilities and Derivative Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2015 | |
Variable Annuity Reinsurance [Line Items] | |||
Notional amount | $ 299.9 | ||
Changes in derivative instruments | |||
Collective account values of underlying variable annuities as a percentage of the guarantee value | 113.00% | ||
White Mountains Life Re | |||
Changes in derivative instruments | |||
Beginning of period | $ 0 | $ 20.1 | |
Purchases | 0 | ||
Realized and unrealized gains (losses) | (1.7) | ||
Transfers in | 0 | ||
Sales/settlements | (5.3) | ||
End of period | 13.1 | ||
White Mountains Life Re | Level 2 Inputs | |||
Changes in derivative instruments | |||
Beginning of period | 16.5 | ||
Purchases | 0 | ||
Realized and unrealized gains (losses) | 1.1 | ||
Transfers in | 0 | ||
Sales/settlements | (7.3) | ||
End of period | 10.3 | ||
White Mountains Life Re | Level 1 Inputs | |||
Changes in derivative instruments | |||
Beginning of period | 0.9 | ||
Purchases | 0 | ||
Realized and unrealized gains (losses) | (4) | ||
Transfers in | 0 | ||
Sales/settlements | 3.3 | ||
End of period | 0.2 | ||
Variable Annuity | White Mountains Life Re | Level 3 Inputs | |||
Changes in derivative instruments | |||
Beginning balance | (0.3) | ||
Realized and unrealized gains (losses) | (0.4) | ||
Transfers in | 0 | ||
Sales/settlements | 0 | ||
Ending balance | 0.1 | ||
Purchases | 0 | ||
Derivative [Member] | White Mountains Life Re | Level 3 Inputs | |||
Changes in derivative instruments | |||
Beginning of period | 2.7 | ||
Purchases | 0 | ||
Realized and unrealized gains (losses) | 1.2 | ||
Transfers in | 0 | ||
Sales/settlements | (1.3) | ||
End of period | $ 2.6 |
Derivatives (Value, Collateral
Derivatives (Value, Collateral (held) provided by WM Life Re and Net Exposure to Credit Losses on OTC Derivative Instruments) (Details) - White Mountains Life Re $ in Millions | Mar. 31, 2016USD ($) |
Offsetting Liabilities [Line Items] | |
Derivative Assets | $ 16.7 |
Derivative Liabilities | (3.6) |
Net amounts recognized in Other assets | 13.1 |
Over The Counter | Fixed income/interest rate | |
Offsetting Liabilities [Line Items] | |
Derivative Assets | 2.2 |
Derivative Liabilities | (2.5) |
Net amounts recognized in Other assets | (0.3) |
Over The Counter | Foreign exchange | |
Offsetting Liabilities [Line Items] | |
Derivative Assets | 12.7 |
Derivative Liabilities | 0 |
Net amounts recognized in Other assets | 12.7 |
Over The Counter | Equity | |
Offsetting Liabilities [Line Items] | |
Derivative Assets | 1.5 |
Derivative Liabilities | (0.9) |
Net amounts recognized in Other assets | 0.6 |
Exchange Traded | Foreign exchange | |
Offsetting Liabilities [Line Items] | |
Derivative Assets | 0 |
Derivative Liabilities | (0.1) |
Net amounts recognized in Other assets | (0.1) |
Exchange Traded | Equity | |
Offsetting Liabilities [Line Items] | |
Derivative Assets | 0.3 |
Derivative Liabilities | (0.1) |
Net amounts recognized in Other assets | $ 0.2 |
Derivatives (Uncollateralized A
Derivatives (Uncollateralized Amounts Due Under WM Life Re's OTC Derivative Contracts) (Details) - White Mountains Life Re $ in Thousands | Mar. 31, 2016USD ($)Rating |
Credit risk on derivative instruments | |
Excess collateral provided - Financial Instruments | $ 13,100 |
Collertal provided to counterparty in cash | 0 |
Collateral provided to counterparty in financial instruments | 0 |
Net amount of exposure after effect of collateral | 13,100 |
Excess collateral provided to counterparty in cash | 7,900 |
Derivative, Collateral, Right to Reclaim Securities | 0 |
Counter-party collateral held by WMLife Re - Cash | 5,900 |
Net amount of exposure to counter-party | $ 15,100 |
S and P Credit Ratings | Rating | 23 |
Standard & Poor's, A Rating [Member] | Bank of America [Member] | |
Credit risk on derivative instruments | |
Excess collateral provided - Financial Instruments | $ 1,400 |
Collertal provided to counterparty in cash | 0 |
Collateral provided to counterparty in financial instruments | 0 |
Net amount of exposure after effect of collateral | 1,400 |
Excess collateral provided to counterparty in cash | 0 |
Derivative, Collateral, Right to Reclaim Securities | 0 |
Counter-party collateral held by WMLife Re - Cash | 0 |
Net amount of exposure to counter-party | 1,400 |
Standard & Poor's, A Rating [Member] | Citigroup - OTC | |
Credit risk on derivative instruments | |
Excess collateral provided - Financial Instruments | 5,000 |
Collertal provided to counterparty in cash | 0 |
Collateral provided to counterparty in financial instruments | 0 |
Net amount of exposure after effect of collateral | 5,000 |
Excess collateral provided to counterparty in cash | 0 |
Derivative, Collateral, Right to Reclaim Securities | 0 |
Counter-party collateral held by WMLife Re - Cash | 500 |
Net amount of exposure to counter-party | 4,500 |
Standard & Poor's, A Rating [Member] | Citigroup Exchange Traded [Member] | |
Credit risk on derivative instruments | |
Excess collateral provided - Financial Instruments | 200 |
Collertal provided to counterparty in cash | 0 |
Collateral provided to counterparty in financial instruments | 0 |
Net amount of exposure after effect of collateral | 200 |
Excess collateral provided to counterparty in cash | 7,900 |
Derivative, Collateral, Right to Reclaim Securities | 0 |
Counter-party collateral held by WMLife Re - Cash | 0 |
Net amount of exposure to counter-party | 8,100 |
Standard & Poor's, A plus | JP Morgan | |
Credit risk on derivative instruments | |
Excess collateral provided - Financial Instruments | 6,500 |
Collertal provided to counterparty in cash | 0 |
Collateral provided to counterparty in financial instruments | 0 |
Net amount of exposure after effect of collateral | 6,500 |
Excess collateral provided to counterparty in cash | 0 |
Derivative, Collateral, Right to Reclaim Securities | 0 |
Counter-party collateral held by WMLife Re - Cash | 5,400 |
Net amount of exposure to counter-party | $ 1,100 |
Derivatives Forward Contracts (
Derivatives Forward Contracts (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | ||
Notional amount | $ 299.9 | |
Forward Contracts | ||
Derivative [Line Items] | ||
Notional amount | 299.9 | |
Derivative, fair value, net | (4.2) | |
Realized and unrealized gains (losses) | (3) | |
Other Investments [Member] | ||
Derivative [Line Items] | ||
Derivative Liability | (4.2) | $ (1.2) |
United Kingdom, Pounds | ||
Derivative [Line Items] | ||
Notional amount | 200 | |
Euro Member Countries, Euro | ||
Derivative [Line Items] | ||
Notional amount | 50 | |
Barclays [Member] | Standard & Poor's, A- Rating [Member] | Forward Contracts | ||
Derivative [Line Items] | ||
Notional amount | 247.2 | |
Derivative, fair value, net | (3.2) | |
JP Morgan | Standard & Poor's, A- Rating [Member] | Forward Contracts | ||
Derivative [Line Items] | ||
Notional amount | 52.7 | |
Derivative, fair value, net | $ (1) |
Municipal Bond Guarantee (Detai
Municipal Bond Guarantee (Details) $ in Millions | 1 Months Ended | 3 Months Ended | ||
Jul. 31, 2012USD ($) | Mar. 31, 2017USD ($)yrContract | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)Contract | |
Guarantor Obligations [Line Items] | ||||
Pre-tax (loss) income | $ 37.9 | $ 8.5 | ||
Net investment income (loss) - surplus note interest | $ 0 | $ 0 | ||
BAM | ||||
Guarantor Obligations [Line Items] | ||||
Municipal bond contract | Contract | 5,191 | 4,807 | ||
Insured Financial Obligations, Remaining Weighted Average Contract Period | 10 years 10 months | 10 years 10 months | ||
Municipal bond outstanding principal | $ 35,222.1 | $ 33,057.3 | ||
Municipal bond outstanding interest | 17,589.9 | 16,396.6 | ||
Municipal bond debt service outstanding | $ 52,812 | 49,453.9 | ||
Year of U.S. Treasury Rate | yr | 1 | |||
Financial Guarantee Insurance Contracts, Future Expected Premium Revenue to be Recognized, Next Twelve Months | $ 6.3 | |||
Financial Guarantee Insurance Contracts, Future Expected Premium Revenue to be Recognized, Year Two | 8.1 | |||
Financial Guarantee Insurance Contracts, Future Expected Premium Revenue to be Recognized, Year Three | 7.8 | |||
Financial Guarantee Insurance Contracts, Future Expected Premium Revenue to be Recognized, Year Five | 7 | |||
Financial Guarantee Insurance Contracts, Future Expected Premium Revenue to be Recognized, Year Four | 7.4 | |||
Financial Guarantee Insurance Contracts, Future Expected Premium Revenue to be Recognized, Year Six Through Ten | 63.2 | |||
Financial Guarantee Insurance Contracts, Unearned Premium Revenue | 99.8 | 83 | ||
HG Global | ||||
Guarantor Obligations [Line Items] | ||||
Partners Capital Contribution | $ 594.5 | |||
Surplus Notes | 503 | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 6.6 | |||
HG Global | Preferred Stock | ||||
Guarantor Obligations [Line Items] | ||||
Ownership interest (as a percent) | 96.90% | |||
HG Global | Common Stock | ||||
Guarantor Obligations [Line Items] | ||||
Ownership interest (as a percent) | 88.40% | |||
Build America Mutual | ||||
Guarantor Obligations [Line Items] | ||||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ (12.2) | |||
BAM | ||||
Guarantor Obligations [Line Items] | ||||
Pre-tax (loss) income | (12.2) | $ (7.6) | ||
Net investment income (loss) - surplus note interest | $ (4.8) | (4.5) | ||
HG Re | ||||
Guarantor Obligations [Line Items] | ||||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | $ 467.4 | |||
Percentage of par value of policy reinsured | 15.00% | |||
HG Global | ||||
Guarantor Obligations [Line Items] | ||||
Pre-tax (loss) income | $ 6.6 | 7.3 | ||
Net investment income (loss) - surplus note interest | 4.8 | $ 4.5 | ||
BAM Management | ||||
Guarantor Obligations [Line Items] | ||||
Partners Capital Contribution | $ 14.5 | |||
Surplus Note | BAM | ||||
Guarantor Obligations [Line Items] | ||||
Interest Income, Other | $ 4.8 | |||
Derivative, Fixed Interest Rate | 3.78% | 3.54% | ||
Surplus Note | Build America Mutual | ||||
Guarantor Obligations [Line Items] | ||||
Interest expense | $ 4.8 | |||
Combination One | Surplus Note | BAM | ||||
Guarantor Obligations [Line Items] | ||||
Number of years of change in interest rate | yr | 5 | |||
Combination Two | Surplus Note | BAM | ||||
Guarantor Obligations [Line Items] | ||||
Number of years of change in interest rate | yr | 3 | |||
US Treasury Rate [Member] | Surplus Note | BAM | ||||
Guarantor Obligations [Line Items] | ||||
Basis points | 3.00% | |||
Fixed interest rate [Member] | Surplus Note | BAM | ||||
Guarantor Obligations [Line Items] | ||||
Derivative, Fixed Interest Rate | 8.00% | |||
Fourth Quarter, year two [Member] | BAM | ||||
Guarantor Obligations [Line Items] | ||||
Financial Guarantee Insurance Contracts, Future Expected Premium Revenue to be Recognized, Year Two | $ 2 | |||
Third Quarter, year two [Member] | BAM | ||||
Guarantor Obligations [Line Items] | ||||
Financial Guarantee Insurance Contracts, Future Expected Premium Revenue to be Recognized, Year Two | 2 | |||
Second Quarter, year two [Member] | BAM | ||||
Guarantor Obligations [Line Items] | ||||
Financial Guarantee Insurance Contracts, Future Expected Premium Revenue to be Recognized, Year Two | 2 | |||
First Quarter, year two [Member] | BAM | ||||
Guarantor Obligations [Line Items] | ||||
Financial Guarantee Insurance Contracts, Future Expected Premium Revenue to be Recognized, Year Two | $ 2.1 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Sep. 30, 2016 | Mar. 31, 2016 | |
Basic and diluted earnings per share numerators (in millions): | |||
Net income (loss) attributable to White Mountains’ common shareholders | $ 35.3 | $ 11.9 | |
Allocation of income for unvested restricted common shares | (0.4) | (0.1) | |
Dividends declared on participating restricted common shares | (0.1) | (0.1) | |
Total allocation to restricted common shares | (0.5) | (0.2) | |
Net income (loss) attributable to White Mountains’s common shareholders, net of restricted common share amounts | 34.8 | 11.7 | |
Undistributed net earnings (in millions): | |||
Net income (loss) attributable to White Mountains’s common shareholders, net of restricted common share amounts | 34.8 | 11.7 | |
Dividends declared net of restricted common share amounts | (4.5) | (5.9) | |
Total undistributed net earnings, net of restricted common share amounts | $ 30.3 | $ 5.8 | |
Basic earnings per share denominators | |||
Total average common shares outstanding during the period | 4,564,600 | 5,539,600 | |
Average unvested restricted common shares | (52,500) | (54,000) | |
Basic earnings per share denominator | 4,512,100 | 5,485,600 | |
Diluted earnings per share denominator | |||
Total average common shares outstanding during the period | 4,564,600 | 5,539,600 | |
Average unvested restricted common shares | (52,500) | (54,000) | |
Average outstanding dilutive options to acquire common shares | 4,564,600 | 5,540,500 | |
Diluted earnings (loss) per share denominator | 4,512,100 | 5,486,500 | |
Basic earnings per share (in dollars): | |||
Continuing operations | $ 7.72 | $ 2.14 | |
Dividends declared | (1) | (1) | |
Undistributed earnings (loss) (in dollars per share) | 6.72 | 1.14 | |
Earnings Per Share, Diluted [Abstract] | |||
Continuing operations | 7.72 | 2.14 | |
Dividends declared | (1) | (1) | |
Undistributed earnings (loss) (in dollars per share) | 6.72 | $ 1.14 | |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 882 | ||
Earnings Per Share, Diluted | $ 7.50 | $ 2.34 | |
Discontinued Operations [Member] | |||
Basic and diluted earnings per share numerators (in millions): | |||
Allocation of income for unvested restricted common shares | $ 0 | $ 0 | |
Basic earnings per share denominators | |||
Total average common shares outstanding during the period | 4,564,600 | 5,540,500 | |
Average unvested restricted common shares | (52,500) | (54,000) | |
Basic earnings per share denominator | 4,512,100 | 5,485,600 | |
Diluted earnings per share denominator | |||
Total average common shares outstanding during the period | 4,564,600 | 5,540,500 | |
Average unvested restricted common shares | (52,500) | (54,000) | |
Diluted earnings (loss) per share denominator | 4,512,100 | 5,486,500 | |
Earnings Per Share, Diluted [Abstract] | |||
Earnings Per Share, Diluted | $ (0.22) | $ 0.20 | |
Employee Stock Option [Member] | |||
Earnings Per Share, Diluted [Abstract] | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 120,000 | ||
Employee Stock Option [Member] | |||
Earnings Per Share, Diluted [Abstract] | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 125,000 | ||
Earnings Per Share, Diluted | $ 0.01 |
Non-controlling Interest (Detai
Non-controlling Interest (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Noncontrolling Interest [Line Items] | ||
Total non-controlling interests | $ 132.4 | $ 133.9 |
Total Non-Controlling Excluding Reciprocals [Member] | ||
Noncontrolling Interest [Line Items] | ||
Total non-controlling interests | $ 34.7 | $ 35.8 |
OneBeacon [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling equity percentage | 24.30% | 23.90% |
Total non-controlling interests | $ 250.7 | $ 244.6 |
HG Global | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling equity percentage | 3.10% | 3.10% |
Total non-controlling interests | $ 16.5 | $ 16.6 |
MediaAlpha [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling equity percentage | 40.00% | 40.00% |
Total non-controlling interests | $ 11 | $ 11.7 |
WOBI | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling equity percentage | 5.00% | 5.00% |
Total non-controlling interests | $ 1 | $ 0.7 |
AWG Dewar | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling equity percentage | 18.80% | 18.80% |
Total non-controlling interests | $ 3.4 | $ 3.9 |
Buzzmove [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling equity percentage | 29.10% | 29.10% |
Total non-controlling interests | $ 2.8 | $ 2.9 |
Build America Mutual | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling equity percentage | 100.00% | 100.00% |
Total non-controlling interests | $ (153) | $ (150.9) |
Star & Shield Insurance Exchange | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling equity percentage | 0.00% | 100.00% |
Total non-controlling interests | $ 0 | $ 4.4 |
Star & Shield Insurance Exchange | Total mutual and reciprocals [Member] | ||
Noncontrolling Interest [Line Items] | ||
Total non-controlling interests | $ (153) | $ (146.5) |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment reporting information | ||
Premiums Earned, Net | $ 264.8 | $ 282.1 |
Net investment income | 26.1 | 17.9 |
Net investment income (loss) - surplus note interest | 0 | 0 |
Net realized and unrealized investment gains | 51.3 | 29.5 |
Other Income | 43.7 | 39.8 |
Total revenues | 385.9 | 369.3 |
Loss and loss adjustment expenses | 151.7 | 161.1 |
Insurance Acquisition Expenses | 46.6 | 52.7 |
Other Underwriting Expense | 51.8 | 55.4 |
General and administrative expenses | 94.2 | 87.1 |
Amortization of Intangible Assets | 2.9 | 3.1 |
Interest expense | 3.7 | 4.5 |
Total expenses | 348 | 360.8 |
Pre-tax (loss) income | 37.9 | 8.5 |
OneBeacon [Member] | ||
Segment reporting information | ||
Premiums Earned, Net | 261.8 | 278.6 |
Net investment income | 12.2 | 14.4 |
Net investment income (loss) - surplus note interest | 0 | 0 |
Net realized and unrealized investment gains | 15 | 16.6 |
Other Income | 3.4 | 0.9 |
Total revenues | 292.4 | 310.5 |
Loss and loss adjustment expenses | 150.6 | 158.8 |
Insurance Acquisition Expenses | 45.3 | 51 |
Other Underwriting Expense | 51.7 | 55.3 |
Interest expense | 3.3 | 3.3 |
Total expenses | 255.9 | 272.3 |
Pre-tax (loss) income | 36.5 | 38.2 |
HG Global | ||
Segment reporting information | ||
Premiums Earned, Net | 1.5 | 0.9 |
Net investment income | 0.6 | 0.5 |
Net investment income (loss) - surplus note interest | 4.8 | 4.5 |
Net realized and unrealized investment gains | 0.3 | 2.1 |
Other Income | 0 | 0 |
Total revenues | 7.2 | 8 |
Loss and loss adjustment expenses | 0 | 0 |
Insurance Acquisition Expenses | 0.3 | 0.2 |
Other Underwriting Expense | 0 | 0 |
Interest expense | 0 | 0 |
Total expenses | 0.6 | 0.7 |
Pre-tax (loss) income | 6.6 | 7.3 |
BAM | ||
Segment reporting information | ||
Premiums Earned, Net | 0.5 | 0.3 |
Net investment income | 2 | 1.6 |
Net investment income (loss) - surplus note interest | (4.8) | (4.5) |
Net realized and unrealized investment gains | 1 | 4.9 |
Other Income | 0.4 | 0.1 |
Total revenues | (0.9) | 2.4 |
Loss and loss adjustment expenses | 0 | 0 |
Insurance Acquisition Expenses | 0.9 | 0.7 |
Other Underwriting Expense | 0.1 | 0.1 |
Interest expense | 0 | 0 |
Total expenses | 11.3 | 10 |
Pre-tax (loss) income | (12.2) | (7.6) |
Other Operations | ||
Segment reporting information | ||
Premiums Earned, Net | 1 | 2.3 |
Net investment income | 11.3 | 1.4 |
Net investment income (loss) - surplus note interest | 0 | 0 |
Net realized and unrealized investment gains | 35 | 5.9 |
Other Income | 39.9 | 38.8 |
Total revenues | 87.2 | 48.4 |
Loss and loss adjustment expenses | 1.1 | 2.3 |
Insurance Acquisition Expenses | 0.1 | 0.8 |
Other Underwriting Expense | 0 | 0 |
Interest expense | 0.4 | 1.2 |
Total expenses | 80.2 | 77.8 |
Pre-tax (loss) income | 7 | (29.4) |
Segment Reconciling Items [Member] | ||
Segment reporting information | ||
General and administrative expenses | 91.3 | 84 |
Segment Reconciling Items [Member] | OneBeacon [Member] | ||
Segment reporting information | ||
General and administrative expenses | 4.7 | 3.6 |
Segment Reconciling Items [Member] | HG Global | ||
Segment reporting information | ||
General and administrative expenses | 0.3 | 0.5 |
Segment Reconciling Items [Member] | BAM | ||
Segment reporting information | ||
General and administrative expenses | 10.3 | 9.2 |
Segment Reconciling Items [Member] | Other Operations | ||
Segment reporting information | ||
General and administrative expenses | 76 | 70.7 |
General and Administrative Expense [Member] | ||
Segment reporting information | ||
Amortization of Intangible Assets | 2.9 | 3.1 |
General and Administrative Expense [Member] | OneBeacon [Member] | ||
Segment reporting information | ||
Amortization of Intangible Assets | 0.3 | 0.3 |
General and Administrative Expense [Member] | HG Global | ||
Segment reporting information | ||
Amortization of Intangible Assets | 0 | 0 |
General and Administrative Expense [Member] | BAM | ||
Segment reporting information | ||
Amortization of Intangible Assets | 0 | 0 |
General and Administrative Expense [Member] | Other Operations | ||
Segment reporting information | ||
Amortization of Intangible Assets | 2.6 | 2.8 |
MediaAlpha [Member] | Other Operations | ||
Segment reporting information | ||
Other Income | 32.5 | 32.7 |
General and administrative expenses | $ 30.9 | $ 30.5 |
Investments in Unconsolidated85
Investments in Unconsolidated Affiliates (Symetra) (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 01, 2016 | Feb. 01, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 |
Investments in unconsolidated affiliates | ||||||
Unrealized gains (losses) on investments | $ 50.8 | $ (230.1) | ||||
Trading Securities Unrealized Holding Gain (Loss) on Investments after Tax | 44.3 | (195.7) | ||||
Sales of common equity securities | $ 17.7 | 767.5 | ||||
Common shares, par value per share (in dollars per share) | $ 1 | $ 1 | ||||
Net realized and unrealized investment gains | $ 51.3 | 29.5 | ||||
Symetra | ||||||
Investments in unconsolidated affiliates | ||||||
Unrealized gains (losses) on investments | $ 258.8 | |||||
Trading Securities Unrealized Holding Gain (Loss) on Investments after Tax | $ 241.1 | |||||
Sales of common equity securities | $ 658 | |||||
Common shares, par value per share (in dollars per share) | $ 32 | $ 32 | ||||
Net realized and unrealized investment gains | 4.7 | |||||
Symetra | ||||||
Investments in unconsolidated affiliates | ||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.50 | |||||
Sales of common equity securities | $ 658 |
Employee Share-Based Incentiv86
Employee Share-Based Incentive Compensation Plans (WTM - Performance Shares) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Share-based compensation arrangement by share-based payment award | |||
Common shares, issued shares | 4,572,792 | 4,563,814 | |
Accrued Expense | |||
Accrued expense at the beginning of period | $ 140 | ||
Accrued expense at the end of the period | $ 83.2 | $ 140 | |
Performance Share | W T M Incentive Plan | Range Of Performance Cycle From 2014-2016 [Member] | |||
Accrued Expense | |||
Percentage of target payout - minimum actual | 34.00% | ||
Percentage of target payout - maximum actual | 76.00% | ||
Performance Share | W T M Incentive Plan | Performance Cycle 2013 to 2015 | |||
Share-based compensation arrangement by share-based payment award | |||
Common shares, issued shares | 5,000 | ||
Accrued Expense | |||
Percentage of target payout - minimum actual | 140.00% | ||
Percentage of target payout - maximum actual | 142.00% | ||
White Mountains | Restricted Share Cliff Vesting in January 2020 [Member] | W T M Incentive Plan | |||
Share-based compensation arrangement by share-based payment award | |||
Issued (in shares) | 16,735 | ||
White Mountains | Performance Share | W T M Incentive Plan | |||
Target Performance Share Activity | |||
Beginning of period (in shares) | 80,353 | 93,654 | 93,654 |
Shares paid or expired (in shares) | (30,167) | 0 | |
New grants (in shares) | 16,460 | 16,215 | |
Assumed forfeitures and cancellations | (9,841) | (1,186) | |
Ending of period (in shares) | 56,805 | 108,683 | 80,353 |
Accrued Expense | |||
Accrued expense at the beginning of period | $ 42.4 | $ 57.7 | $ 57.7 |
Payments and deferrals | (20.8) | 0 | |
Assumed forfeitures and cancellations | (5.7) | (0.6) | |
Expense recognized | 8.1 | 14.2 | |
Accrued expense at the end of the period | $ 24 | $ 71.3 | $ 42.4 |
Vesting Period | 3 years | ||
Additional compensation cost that would be recognized if all outstanding performance shares vested | $ 30.5 | ||
Sirius Group | Performance Share | W T M Incentive Plan | |||
Target Performance Share Activity | |||
Ending of period (in shares) | 2,195 | 10,826 |
Employee Share-Based Incentiv87
Employee Share-Based Incentive Compensation Plans (WTM - Performance Shares Granted Under the WTM Incentive Plan) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Share-based compensation arrangement by share-based payment award | ||||
Total Accrued Expense | $ 83.2 | $ 140 | ||
White Mountains | Performance Share | W T M Incentive Plan | ||||
Share-based compensation arrangement by share-based payment award | ||||
Target Performance Shares Outstanding | 57,670 | |||
Accrued Expense | $ 24.3 | |||
Target Performance Shares Outstanding, Assumed forfeitures | (865) | |||
Accrued Expense, Assumed forfeitures | (0.3) | |||
Total Target Performance Shares Outstanding | 56,805 | 80,353 | 108,683 | 93,654 |
Total Accrued Expense | $ 24 | $ 42.4 | $ 71.3 | $ 57.7 |
White Mountains | Performance Share | W T M Incentive Plan | Performance Cycle 2017 to 2019 | ||||
Share-based compensation arrangement by share-based payment award | ||||
Target Performance Shares Outstanding | 16,460 | |||
Accrued Expense | $ 1.2 | |||
White Mountains | Performance Share | W T M Incentive Plan | Performance Cycle 2016 to 2018 | ||||
Share-based compensation arrangement by share-based payment award | ||||
Target Performance Shares Outstanding | 19,415 | |||
Accrued Expense | $ 7.3 | |||
White Mountains | Performance Share | W T M Incentive Plan | Performance Cycle 2015 to 2017 | ||||
Share-based compensation arrangement by share-based payment award | ||||
Target Performance Shares Outstanding | 21,795 | |||
Accrued Expense | $ 15.8 |
Employee Share-Based Incentiv88
Employee Share-Based Incentive Compensation Plans (WTM - Restricted Shares) (Details) - W T M Incentive Plan - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
White Mountains | Restricted Share Cliff Vesting in January 2020 [Member] | ||
Target Restricted Share Activity | ||
Issued (in shares) | 16,735 | |
White Mountains | Restricted Share Cliff Vesting in January 2019 [Member] | ||
Target Restricted Share Activity | ||
Issued (in shares) | 21,215 | |
White Mountains | Restricted Stock | ||
Target Restricted Share Activity | ||
Beginning of period (in shares) | 70,620 | 70,675 |
Issued (in shares) | 16,735 | 21,215 |
Vested (in shares) | (22,015) | (24,620) |
Assumed forfeitures and cancellations | (5,200) | (800) |
Ending of period (in shares) | 60,140 | 66,470 |
Unamortized grant date fair value | ||
Unamortized grant date fair value, beginning balance | $ 19.7 | $ 15.7 |
Issued | 15.8 | 16.8 |
Assumed forfeitures and cancellations | (2.8) | (0.3) |
Expense recognized | (3.6) | (3) |
Unamortized grant date fair value, ending balance | $ 29.1 | $ 29.2 |
Sirius Group | Restricted Stock | ||
Target Restricted Share Activity | ||
Ending of period (in shares) | 5,235 | 2,195 |
Employee Share-Based Incentiv89
Employee Share-Based Incentive Compensation Plans (OneBeason - Peformance Shares) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Expense Amortized | |||
Accrued expense at the beginning of period | $ 140 | ||
Accrued expense at the end of the period | $ 83.2 | $ 140 | |
OneBeacon [Member] | Performance Share | One Beacon Long Term Incentive Plan | |||
Share-based compensation arrangement by share-based payment award | |||
Vesting Period | 3 years | ||
OneBeacon [Member] | One Beacon Long Term Incentive Plan | Performance Cycle 2013 to 2015 | |||
Expense Amortized | |||
Percentage of target payout - minimum actual | 24.30% | ||
OneBeacon [Member] | One Beacon Long Term Incentive Plan | Performance Share | |||
Target Performance Shares Outstanding | |||
Beginning of period (in shares) | 452,519 | 449,435 | 449,435 |
Shares paid or expired (in shares) | (142,710) | (167,300) | |
New grants (in shares) | 0 | 163,150 | |
Assumed forfeitures and cancellations | (13) | (4,079) | |
Ending of period (in shares) | 309,796 | 441,206 | 452,519 |
Expense Amortized | |||
Accrued expense at the beginning of period | $ 1.6 | $ 1.4 | $ 1.4 |
Payments and deferrals | 0 | (0.7) | |
Assumed forfeitures and cancellations | 0 | 0 | |
Expense recognized | 0.3 | 0.4 | |
Accrued expense at the end of the period | 1.9 | $ 1.1 | $ 1.6 |
Additional compensation cost that would be recognized if all outstanding performance shares vested | $ 1.8 |
Employee Share-Based Incentiv90
Employee Share-Based Incentive Compensation Plans (OneBeacon - Performance Shares Outstanding) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Share-based compensation arrangement by share-based payment award | ||||
Accrued incentive compensation | $ 83.2 | $ 140 | ||
OneBeacon [Member] | Performance Share | One Beacon Long Term Incentive Plan | ||||
Share-based compensation arrangement by share-based payment award | ||||
Target Performance Shares Outstanding | 309,796 | |||
Incentive Compensation Payable before Forfeitures | $ 1.9 | |||
Target Performance Shares Outstanding, Assumed forfeitures | 0 | |||
Accrued Expense, Assumed forfeitures | 0 | |||
Total Target Performance Shares Outstanding | 309,796 | 452,519 | 441,206 | 449,435 |
Accrued incentive compensation | $ 1.9 | $ 1.6 | $ 1.1 | $ 1.4 |
OneBeacon [Member] | Performance Share | One Beacon Long Term Incentive Plan | Performance Cycle 2016 to 2018 | ||||
Share-based compensation arrangement by share-based payment award | ||||
Target Performance Shares Outstanding | 163,150 | |||
Incentive Compensation Payable before Forfeitures | $ 1.1 | |||
OneBeacon [Member] | Performance Share | One Beacon Long Term Incentive Plan | Performance Cycle 2015 to 2017 | ||||
Share-based compensation arrangement by share-based payment award | ||||
Target Performance Shares Outstanding | 146,646 | |||
Incentive Compensation Payable before Forfeitures | $ 0.8 |
Employee Share-Based Incentiv91
Employee Share-Based Incentive Compensation Plans (OneBeacon - Restricted Shares) (Details) - OneBeacon [Member] - One Beacon Long Term Incentive Plan $ in Millions | Feb. 28, 2017shares | Feb. 24, 2016shares | May 31, 2011shares | Mar. 31, 2017USD ($)shares | Mar. 31, 2016USD ($)shares | May 25, 2011Installment |
Restricted Stock | ||||||
Target Restricted Share Activity | ||||||
Beginning of period (in shares) | 395,872 | 382,722 | ||||
Issued (in shares) | 461,160 | 170,650 | 461,160 | 170,650 | ||
Vested (in shares) | (157,500) | (157,500) | ||||
Assumed forfeitures and cancellations | 0 | 0 | ||||
Ending of period (in shares) | 699,532 | 395,872 | ||||
Unamortized grant date fair value | ||||||
Unamortized grant date fair value, beginning balance | $ | $ 2.1 | $ 2.5 | ||||
Issued | $ | 7.4 | 2.3 | ||||
Assumed forfeitures and cancellations | $ | 0 | 0 | ||||
Expense recognized | $ | (0.9) | (0.5) | ||||
Unamortized grant date fair value, ending balance | $ | $ 8.6 | $ 4.3 | ||||
Restricted Stock | Chief Executive Officer | ||||||
Target Restricted Share Activity | ||||||
Issued (in shares) | 630,000 | |||||
Unamortized grant date fair value | ||||||
Number of Installments in which the Shares Vest | Installment | 4 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Reduction in the next five years | 35,000 | |||||
Performance Share | ||||||
Target Restricted Share Activity | ||||||
Beginning of period (in shares) | 452,519 | 449,435 | ||||
Assumed forfeitures and cancellations | (13) | (4,079) | ||||
Ending of period (in shares) | 309,796 | 441,206 | ||||
Unamortized grant date fair value | ||||||
Assumed forfeitures and cancellations | $ | $ 0 | $ 0 | ||||
Expense recognized | $ | (0.3) | $ (0.4) | ||||
Unamortized grant date fair value, ending balance | $ | $ 1.8 | |||||
Performance Share | Chief Executive Officer | ||||||
Unamortized grant date fair value | ||||||
Annual reduction in performance shares | 35,000 | |||||
Years Performance Shares will be Forfeited | 5 years | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Target Restricted Share Activity | ||||||
Issued (in shares) | 240,160 | 222,449 | ||||
Ending of period (in shares) | 208,499 | |||||
Unamortized grant date fair value | ||||||
Expense recognized | $ | $ (0.6) | $ (0.4) | ||||
Restricted Share Cliff Vesting in August 2018 [Member] | Restricted Stock | ||||||
Target Restricted Share Activity | ||||||
Issued (in shares) | 235,000 | |||||
Restricted Share Cliff Vesting in January 2020 [Member] | Restricted Stock | ||||||
Target Restricted Share Activity | ||||||
Issued (in shares) | 115,450 | |||||
Restricted Share Vesting in February 2018 and February 2019 [Member] | Restricted Stock | ||||||
Target Restricted Share Activity | ||||||
Issued (in shares) | 110,710 | |||||
Restricted Share Vesting in February 2018 [Member] | Restricted Stock | ||||||
Target Restricted Share Activity | ||||||
Issued (in shares) | 92,500 | |||||
Restricted Share Vesting in February 2019 [Member] | Restricted Stock | ||||||
Target Restricted Share Activity | ||||||
Issued (in shares) | 78,150 |
Employee Share-Based Incentiv92
Employee Share-Based Incentive Compensation Plans (OneBeacon - Restricted Stock Units) (Details) - OneBeacon [Member] - USD ($) $ in Millions | Feb. 28, 2017 | Feb. 24, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Restricted Stock Units (RSUs) [Member] | One Beacon Long Term Incentive Plan | ||||||
Share-based compensation arrangement by share-based payment award | ||||||
Issued (in shares) | 240,160 | 222,449 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 208,499 | |||||
Expense recognized | $ 0.6 | $ 0.4 | ||||
Restricted Stock | One Beacon Long Term Incentive Plan | ||||||
Share-based compensation arrangement by share-based payment award | ||||||
Issued (in shares) | 461,160 | 170,650 | 461,160 | 170,650 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 699,532 | 395,872 | 395,872 | 382,722 | ||
Expense recognized | $ 0.9 | $ 0.5 | ||||
Additional compensation cost that would be recognized if all outstanding performance shares vested | 8.6 | $ 4.3 | $ 2.1 | $ 2.5 | ||
Scenario, Plan | Restricted Stock Units (RSUs) [Member] | ||||||
Share-based compensation arrangement by share-based payment award | ||||||
Additional compensation cost that would be recognized if all outstanding performance shares vested | $ 7 |
Employee Share-Based Incentiv93
Employee Share-Based Incentive Compensation Plans WTM Stock options (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Share-based compensation arrangement by share-based payment award | |||
Shares Issued, Price Per Share | $ 742 | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 882 | ||
Employee Stock Option [Member] | |||
Share-based compensation arrangement by share-based payment award | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 125,000 | ||
Common Stock [Member] | |||
Share-based compensation arrangement by share-based payment award | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 5,142 | ||
Chief Executive Officer | Employee Stock Option [Member] | |||
Share-based compensation arrangement by share-based payment award | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 4,400,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised | 125,000 | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 40,000 | ||
Combination Two | Employee Stock Option [Member] | |||
Share-based compensation arrangement by share-based payment award | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 8,400,000 | ||
Conversion of Stock, Shares Converted | 9,930 | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 80,000 | ||
Combination One | Employee Stock Option [Member] | |||
Share-based compensation arrangement by share-based payment award | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 400,000 | ||
Shares Issued, Price Per Share | $ 742 | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 5,000 |
Fair Value of Financial Instr94
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Debt | $ 284.7 | $ 285.9 |
OneBeacon [Member] | 2012 OBH Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Debt | 273.2 | 273.2 |
OneBeacon [Member] | Book Value | 2012 OBH Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Debt | 273.2 | 273.2 |
OneBeacon [Member] | Estimate of Fair Value Measurement [Member] | 2012 OBH Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Debt Instrument, Fair Value Disclosure | 279.4 | 274.2 |
MediaAlpha [Member] | Book Value | MediaAlpha Bank Facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Debt | 11.5 | 12.7 |
MediaAlpha [Member] | Estimate of Fair Value Measurement [Member] | MediaAlpha Bank Facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Debt Instrument, Fair Value Disclosure | $ 11.7 | $ 13 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Millions | Apr. 18, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Discontinued Operations [Line Items} | ||||||||
Payments to Acquire Other Investments | $ 22.4 | $ 10.9 | ||||||
Investments | 5,339 | $ 5,334.8 | $ 5,334.8 | |||||
Net realized and unrealized investment gains | 51.3 | 29.5 | ||||||
Net (loss) gain on sale of discontinued operations, net of tax | (1) | 0 | ||||||
Net (loss) income from discontinued operations | 0 | 1.1 | ||||||
Net change in foreign currency translation | 0.9 | 0.1 | ||||||
Other liabilities | 178.5 | 199.9 | 199.9 | |||||
Income Tax Expense (Benefit) | 3.9 | (9.7) | ||||||
Net Realized and Unrealized Gain (Loss) on Trading Securities | 51.3 | 29.5 | ||||||
Sirius Group | ||||||||
Discontinued Operations [Line Items} | ||||||||
Sales of unconsolidated affiliates and consolidated subsidiaries, net of cash sold | $ 2,600 | $ 2,600 | ||||||
Payments to Acquire Other Investments | $ 161.8 | $ 161.8 | ||||||
Investments | $ 686.2 | |||||||
Net realized and unrealized investment gains | 4.1 | |||||||
Net (loss) gain on sale of discontinued operations, net of tax | $ 4 | 363.2 | ||||||
Net change in foreign currency translation | 0 | 37.2 | ||||||
Sale of Sirius Group [Member] | ||||||||
Discontinued Operations [Line Items} | ||||||||
Change in foreign currency translation and other, net of tax | 113.3 | |||||||
Tranzact [Member] | ||||||||
Discontinued Operations [Line Items} | ||||||||
Sales of unconsolidated affiliates and consolidated subsidiaries, net of cash sold | $ 1.2 | 221.3 | ||||||
Net (loss) gain on sale of discontinued operations, net of tax | (1) | 51.9 | 51.9 | |||||
Discontinued Operation, Tax Effect of Discontinued Operation | $ 30.2 | 30.2 | ||||||
Discontinued Operations [Member] | ||||||||
Discontinued Operations [Line Items} | ||||||||
Net realized and unrealized investment gains | 0 | (8.8) | ||||||
Net (loss) income from discontinued operations | 0 | 1.1 | ||||||
Net change in foreign currency translation | 0 | 37.2 | ||||||
Discontinued Operation, Tax Effect of Discontinued Operation | 0 | (0.1) | ||||||
Discontinued Operations [Member] | Sirius Group | ||||||||
Discontinued Operations [Line Items} | ||||||||
Net realized and unrealized investment gains | 0 | (8.8) | ||||||
Net (loss) income from discontinued operations | 0 | (0.9) | ||||||
Net change in foreign currency translation | 0 | 37.2 | ||||||
Discontinued Operation, Tax Effect of Discontinued Operation | $ 0 | 0.9 | ||||||
Discontinued Operations [Member] | Tranzact [Member] | ||||||||
Discontinued Operations [Line Items} | ||||||||
Net (loss) income from discontinued operations | $ (2) | |||||||
Income Tax Expense (Benefit) | (21.4) | |||||||
Tax Effect of Extraordinary Item, Gain (Loss) | 30.2 | |||||||
Discontinued Operation, Tax Effect of Discontinued Operation | (8.8) | |||||||
Discontinued Operations, Held-for-sale | Star & Shield LLC [Member] | ||||||||
Discontinued Operations [Line Items} | ||||||||
Other Expenses | $ 21 |
Discontinued Operations - Finan
Discontinued Operations - Financial Statement Disclosures (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2017 | Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||||||
Fixed maturity investments, at fair value | $ 4,175.4 | $ 4,250.2 | ||||
Short-term investments, at amortized cost (which approximates fair value) | 230.9 | 287 | ||||
Common equity securities, at fair value | 601 | 474.3 | ||||
Other long-term investments | 331.7 | 323.3 | ||||
Total investments | 5,339 | 5,334.8 | ||||
Cash | 125 | 149.8 | ||||
Reinsurance recoverable on unpaid losses | 174.7 | 172.9 | ||||
Reinsurance recoverable on paid losses | 3.4 | 6.6 | ||||
Insurance premiums receivable | 227.5 | 229.9 | ||||
Deferred acquisition costs | 110.4 | 106.9 | ||||
Deferred tax asset | 125.5 | 126.7 | ||||
Ceded unearned insurance premiums | 52.4 | 44.2 | ||||
Accounts receivable on unsettled investment sales | 24.5 | 6.2 | ||||
Goodwill and other intangible assets | 53 | $ 56.3 | 55.9 | $ 55.4 | ||
Other assets | (254.3) | (274.6) | ||||
Assets held for sale | 0 | 10.1 | ||||
Loss and loss adjustment expense reserves | 1,368.8 | 1,343.8 | 1,365.6 | 1,389.8 | ||
Unearned insurance premiums | 678.1 | 658 | ||||
Debt | 284.7 | 285.9 | ||||
Accrued incentive compensation | 83.2 | 140 | ||||
Funds held under insurance contracts | 148.7 | 153 | ||||
Accounts payable on unsettled investment purchases | 17.3 | 0 | ||||
Other liabilities | 178.5 | 199.9 | ||||
Total liabilities held for sale | 0 | 5.1 | ||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||
Earned insurance premiums | 264.8 | 282.1 | ||||
Net investment income | 26.1 | 17.9 | ||||
Net realized and unrealized investment gains | 51.3 | 29.5 | ||||
Total revenues | 385.9 | 369.3 | ||||
Loss and loss adjustment expenses | 151.7 | 161.1 | ||||
Insurance Acquisition Expenses | 46.6 | 52.7 | ||||
Other Underwriting Expense | 51.8 | 55.4 | ||||
General and administrative expenses | 94.2 | 87.1 | ||||
Interest expense | 3.7 | 4.5 | ||||
Total expenses | 348 | 360.8 | ||||
Net (loss) income from discontinued operations | 0 | (1.1) | ||||
Net (loss) gain on sale of discontinued operations, net of tax | (1) | 0 | ||||
Net change in foreign currency translation | 0.9 | 0.1 | ||||
Net Cash Provided by (Used in) Discontinued Operations [Abstract] | ||||||
Cash balances at beginning of period | 149.8 | 167.2 | 167.2 | |||
Cash balances at end of period | 125 | 165.3 | 149.8 | |||
Net income tax payment (refund) from national governments | 0 | (13.5) | ||||
Sirius Group | ||||||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||||||
Total investments | $ 686.2 | |||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||
Net realized and unrealized investment gains | 4.1 | |||||
Net (loss) gain on sale of discontinued operations, net of tax | $ 4 | 363.2 | ||||
Net change in foreign currency translation | 0 | 37.2 | ||||
Tranzact [Member] | ||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||
Discontinued Operation, Tax Effect of Discontinued Operation | 30.2 | 30.2 | ||||
Net (loss) gain on sale of discontinued operations, net of tax | (1) | $ 51.9 | 51.9 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||
Net Cash Provided by (Used in) Discontinued Operations [Abstract] | ||||||
Net Change in Cash Reclassified to Assets Held-for-sale | (0.9) | 0.9 | ||||
Discontinued Operations [Member] | ||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||
Earned insurance premiums | 0 | 202.4 | ||||
Net investment income | 0 | 12.2 | ||||
Net realized and unrealized investment gains | 0 | (8.8) | ||||
Other revenue | 0 | 53.7 | ||||
Total revenues | 0 | 259.5 | ||||
Loss and loss adjustment expenses | 0 | 113.7 | ||||
Insurance Acquisition Expenses | 0 | 48.4 | ||||
Other Underwriting Expense | 0 | 26.7 | ||||
General and administrative expenses | 0 | 61.5 | ||||
Interest expense | 0 | 8 | ||||
Total expenses | 0 | 258.3 | ||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 0 | 1.2 | ||||
Discontinued Operation, Tax Effect of Discontinued Operation | 0 | (0.1) | ||||
Net (loss) income from discontinued operations | 0 | (1.1) | ||||
Net loss from discontinued operations, net of tax | (1) | 1.1 | ||||
Net change in foreign currency translation | 0 | 37.2 | ||||
Total comprehensive income | (1) | 38.3 | ||||
Net Cash Provided by (Used in) Discontinued Operations [Abstract] | ||||||
Net cash used for operations - discontinued operations | 0 | (40.7) | ||||
Net cash provided from investing activities - discontinued operations | 0 | 33.6 | ||||
Net cash used for financing activities - discontinued operations | 0 | (8.3) | ||||
Effect of exchange rate changes on cash | 0 | 4.2 | ||||
Net change in cash during the period | 0 | (11.2) | ||||
Cash balances at beginning of period | 0 | 150.2 | 150.2 | |||
Cash balances at end of period | 0 | 139.9 | 0 | |||
Interest paid | 0 | 1.4 | ||||
Net income tax payment (refund) from national governments | 0 | (36.4) | ||||
Discontinued Operations [Member] | Discontinued Operations, Held-for-sale | ||||||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||||||
Fixed maturity investments, at fair value | 6.6 | |||||
Short-term investments, at amortized cost (which approximates fair value) | 0.2 | |||||
Total investments | 6.8 | |||||
Cash | 0.9 | |||||
Reinsurance recoverable on unpaid losses | 0.3 | |||||
Insurance premiums receivable | 1.5 | |||||
Other assets | (0.6) | |||||
Assets held for sale | 10.1 | |||||
Loss and loss adjustment expense reserves | 5 | |||||
Unearned insurance premiums | 1.2 | |||||
Other liabilities | 1.1 | |||||
Total liabilities held for sale | 5.1 | |||||
Discontinued Operations [Member] | Sirius Group | ||||||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||||||
Net Assets | 5 | |||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||
Earned insurance premiums | 0 | 202.4 | ||||
Net investment income | 0 | 12.2 | ||||
Net realized and unrealized investment gains | 0 | (8.8) | ||||
Other revenue | 0 | (4.1) | ||||
Total revenues | 0 | 201.7 | ||||
Loss and loss adjustment expenses | 0 | 113.7 | ||||
Insurance Acquisition Expenses | 0 | 48.4 | ||||
Other Underwriting Expense | 0 | 26.7 | ||||
General and administrative expenses | 0 | 8.1 | ||||
Interest expense | 0 | 6.6 | ||||
Total expenses | 0 | 203.5 | ||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 0 | (1.8) | ||||
Discontinued Operation, Tax Effect of Discontinued Operation | 0 | 0.9 | ||||
Net (loss) income from discontinued operations | 0 | 0.9 | ||||
Net loss from discontinued operations, net of tax | 0 | (0.9) | ||||
Net change in foreign currency translation | 0 | 37.2 | ||||
Total comprehensive income | 0 | 36.3 | ||||
Discontinued Operations [Member] | Tranzact [Member] | ||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||
Discontinued Operation, Tax Effect of Discontinued Operation | (8.8) | |||||
Net (loss) income from discontinued operations | 2 | |||||
Discontinued Operations [Member] | Tranzact [Member] | Net gain (loss) from sale of discontinued operations [Member] | ||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||
Net (loss) gain on sale of discontinued operations, net of tax | (1) | |||||
Discontinued Operations [Member] | Other Discontinued Operations [Member] | ||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||
Earned insurance premiums | 0 | 0 | ||||
Net investment income | 0 | 0 | ||||
Net realized and unrealized investment gains | 0 | 0 | ||||
Other revenue | 0 | 57.8 | ||||
Total revenues | 0 | 57.8 | ||||
Loss and loss adjustment expenses | 0 | 0 | ||||
Insurance Acquisition Expenses | 0 | 0 | ||||
Other Underwriting Expense | 0 | 0 | ||||
General and administrative expenses | 0 | 53.4 | ||||
Interest expense | 0 | 1.4 | ||||
Total expenses | 0 | 54.8 | ||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 0 | 3 | ||||
Discontinued Operation, Tax Effect of Discontinued Operation | 0 | (1) | ||||
Net (loss) income from discontinued operations | 0 | (2) | ||||
Net loss from discontinued operations, net of tax | (1) | 2 | ||||
Total comprehensive income | (1) | 2 | ||||
Discontinued Operations [Member] | OneBeacon Runoff [Member] | Net gain (loss) from sale of discontinued operations [Member] | ||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||
Net (loss) gain on sale of discontinued operations, net of tax | $ 0 | |||||
Discontinued Operations, Held-for-sale | ||||||
Net Cash Provided by (Used in) Discontinued Operations [Abstract] | ||||||
Cash balances at beginning of period | 0.9 | 150.2 | 150.2 | |||
Cash balances at end of period | $ 0 | $ 139.9 | $ 0.9 |
Discontinued Operations - EPS (
Discontinued Operations - EPS (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Sep. 30, 2016 | Mar. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 882 | ||
Income (Loss) Allocated to Participating Unvested Restricted Common Shares | $ 0.4 | $ 0.1 | |
Net Income (Loss) Available to Common Stockholders, Basic | $ 34.3 | $ 13 | |
Total average common shares outstanding during the period | 4,564,600 | 5,539,600 | |
Average unvested restricted common shares | (52,500) | (54,000) | |
Basic earnings per share denominator | 4,512,100 | 5,485,600 | |
Average outstanding dilutive options to acquire common shares | 4,564,600 | 5,540,500 | |
Diluted earnings (loss) per share denominator | 4,512,100 | 5,486,500 | |
Earnings Per Share, Diluted | $ 7.50 | $ 2.34 | |
Discontinued Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net loss from discontinued operations, net of tax | $ (1) | $ 1.1 | |
Income (Loss) Allocated to Participating Unvested Restricted Common Shares | 0 | 0 | |
Net Income (Loss) Available to Common Stockholders, Basic | $ (1) | $ 1.1 | |
Total average common shares outstanding during the period | 4,564,600 | 5,540,500 | |
Average unvested restricted common shares | (52,500) | (54,000) | |
Basic earnings per share denominator | 4,512,100 | 5,485,600 | |
Diluted earnings (loss) per share denominator | 4,512,100 | 5,486,500 | |
Earnings Per Share, Basic | $ (0.22) | $ 0.20 | |
Earnings Per Share, Diluted | $ (0.22) | $ 0.20 | |
Employee Stock Option [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 120,000 |
Contingencies (Details)
Contingencies (Details) $ in Millions | 1 Months Ended |
Jun. 30, 2007USD ($) | |
Tribune Company Litigation | Pending Litigation | OneBeacon [Member] | |
Loss Contingencies [Line Items] | |
Proceeds from Sale, Maturity and Collection of Investments | $ 32 |
OneBeacon Pension Plan (Details
OneBeacon Pension Plan (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Pension Plan | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Transfer of assets | $ 47.1 | |
Qualified Plan | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 13.8 | |
Principal Financial Group | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Pre-tax settlement charge | $ 0.3 |
Subsequent Event (Details)
Subsequent Event (Details) $ / shares in Units, $ in Billions | May 02, 2017$ / shares | Dec. 31, 2017USD ($) | Mar. 31, 2017 |
Scenario, Forecast | |||
Subsequent Event [Line Items] | |||
Proceeds from acquisition | $ | $ 1.3 | ||
Intact Financial Corporation | OneBeacon [Member] | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Acquisition price per share (in USD per share) | $ / shares | $ 18.10 | ||
Transaction book value multiple | 1.65 | ||
OneBeacon [Member] | |||
Subsequent Event [Line Items] | |||
Percentage of voting interest acquired | 96.90% | ||
Ownership interest (as a percent) | 75.70% |