Investments in Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Affiliates

Investments in Unconsolidated Entities

White Mountains’s investments in unconsolidated entities are included within other long-term investments and consist of investments in common equity securities or similar instruments, which give White Mountains the ability to exert significant influence over the investee’s operating and financial policies (“equity method eligible unconsolidated entities”). Such investments may be accounted for under either the equity method or, alternatively, White Mountains may elect to account for them under the fair value option.

The following table presents the carrying values of investments in equity method eligible unconsolidated entities recorded within other long-term investments:

	December 31,
Millions	2018		2017
Equity method eligible unconsolidated entities, at fair value	$	138.1	$	58.0
Investments accounted for under the equity method	1.3		4.6
Total investments in equity method eligible unconsolidated entities	139.4		62.6
Other unconsolidated investments (1)	186.2		146.2
Total other long-term investments	$	325.6	$	208.8

⁽¹⁾ Consists of other long-term investments that are not equity method eligible.

The following table presents White Mountains’s investments in equity method eligible unconsolidated entities as of December 31, 2018 and 2017:

	Ownership Interest
Investee	December 31, 2018	December 31, 2017	Instrument Held
PassportCard/DavidShield (1)	50.0%	50% / 0%	Common shares
Kudu	49.5%	—	Units
durchblicker	45.0%	45.0%	Common shares
Tuckerman Capital Fund III, L.P.	18.5%	21.3%	Limited partnership interest
Compare.com	18.4%	22.1%	Common shares

⁽¹⁾ As of December 31, 2018, White Mountains’s ownership interest in DavidShield comprised a 50% direct interest and White Mountains’s ownership interest in PassportCard comprised a 25% direct ownership interest and a 25%indirect interest through DavidShield. As of December 31, 2017, White Mountains had no ownership in DavidShield and White Mountains’s ownership interest in PassportCard comprised a 50% direct interest. See Note 2 — “Significant Transactions”.

The following tables presents aggregated summarized financial information for White Mountains’s investments in equity method eligible unconsolidated entities:

	December 31,
Millions	2018		2017
Balance sheet data (1):
Total assets	$	218.8	$	75.4
Total liabilities	$	46.7	$	24.2

⁽¹⁾ Financial data for durchblicker, Compare.com and Tuckerman Capital Fund III, L.P. is on a one-quarter lag.

	Year Ended December 31,
Millions	2018			2017			2016
Income statement data (1):
Revenues	$	134.1		$	60.0		$	32.9
Expenses	$	(110.1	)	$	(66.8	)	$	(76.4	)

⁽¹⁾Financial data for durchblicker, Compare.com and Tuckerman Capital Fund III, L.P. is on a one-quarter lag.