Investments in Unconsolidated Entities (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of Equity Method Investments [Line Items]

Investments in and Advances to Affiliates

The following table presents the carrying values of investments in equity method eligible unconsolidated entities recorded within other long-term investments as of March 31 2019 and December 31, 2018:



Millions	March 31, 2019		December 31, 2018
Equity method eligible unconsolidated entities, at fair value	$	293.6	$	138.1
Investments accounted for under the equity method	1.0		1.3
Total investments in equity method eligible unconsolidated entities	294.6		139.4
Other unconsolidated investments ⁽¹⁾	203.0		186.2
Total other long-term investments	$	497.6	$	325.6

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

Affiliated Entity

Schedule of Equity Method Investments [Line Items]

Equity Method Investments

The following table presents White Mountains’s investments in equity method eligible unconsolidated entities as of March 31, 2019 and 2018:



	Basic Ownership Interest
Investee	March 31, 2019	December 31, 2018	Instrument Held
MediaAlpha⁽¹⁾	48.3%	n/a	Units
PassportCard/DavidShield ⁽²⁾	50.0%	50.0%	Common shares
Kudu	49.5%	49.5%	Units
durchblicker	45.0%	45.0%	Common shares
Tuckerman Capital Fund III, L.P.	16.0%	18.5%	Limited partnership interest
Compare.com	18.4%	18.4%	Common shares

⁽¹⁾ As of December 31, 2018, MediaAlpha was a majority-owned consolidated subsidiary of White Mountains.

⁽²⁾ As of March 31, 2019 and December 31, 2018, White Mountains’s ownership interest in DavidShield comprised a 50.0% direct interest and White Mountains’s ownership interest in PassportCard comprised a 25.0% direct ownership interest and a 25.0% indirect interest through DavidShield. See Note 2 — “Significant Transactions”.

As a result of the MediaAlpha Transaction, White Mountains’s reduced its ownership interest in MediaAlpha to 48.3% of the basic units outstanding (42.0% on a fully diluted, fully converted basis). White Mountains’s remaining ownership interest in MediaAlpha no longer meets the criteria for a controlling ownership interest and, accordingly, White Mountains deconsolidated MediaAlpha on February 26, 2019. Upon deconsolidation, White Mountains’s investment in MediaAlpha met the criteria to be accounted for under the equity method or under the fair value option. White Mountains elected the fair value option and the investment in MediaAlpha was measured at its estimated fair value of $114.7 million as of March 31, 2019, with the change in fair value of $114.7 million reflected within unrealized investment gains. White Mountains’s consolidated statement of comprehensive income and its segment disclosures include MediaAlpha’s results of operations for the period from January 1, 2019 through February 26, 2019. See Note 2 — “Significant Transactions”.

For the period from February 26, 2019 to March 31, 2019, MediaAlpha’s total revenues, total expenses, and pre-tax income were $33.5 million, $32.5 million, and $1.1 million. As of March 31, 2019, MediaAlpha’s total assets and total liabilities were $102.3 million and $148.2 million.