Investments in Unconsolidated Entities

3 Months Ended

Mar. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Entities

The following table presents the carrying values of White Mountains’s equity method eligible investments recorded within other long-term investments as of March 31, 2020 and December 31, 2019:

Millions	March 31, 2020		December 31, 2019
Equity method eligible investments, at fair value	$	718.0	$	761.7
Other (1)	87.6		94.6
Total other long-term investments	$	805.6	$	856.3

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

The following table presents White Mountains’s significant equity method eligible investments as of March 31, 2020 and December 31, 2019:

	Basic Ownership Interest
Investee	March 31, 2020	December 31, 2019	Instrument Held
PassportCard/DavidShield	50.0%	50.0%	Common shares
MediaAlpha	48.3%	48.3%	Units
durchblicker	45.0%	45.0%	Common shares
Elementum	30.0%	30.0%	Limited partnership interest
Compare.com	18.4%	18.4%	Common shares
Tuckerman Capital Funds	16.1 - 61.3%	17.5 - 62.4%	Limited and general partnership interests
Enlightenment Capital Funds	9.6 - 36.5%	10.0 - 38.4%	Limited and general partnership interests
JAM Partners L.P.	—	11.1%	Limited partnership interest
Kudu Participation Contracts	3.2 - 30.0%	3.2 - 30.0%	Revenue and earnings participation contracts

As a result of the MediaAlpha Transaction, White Mountains 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 as of 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 initially 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 recognized as an unrealized investment gain. For the twelve months ended December 31, 2019, White Mountains recognized $180.0 million in unrealized investment gains associated with its investment in MediaAlpha including changes in the fair value of White Mountains’s investment in MediaAlpha subsequent to the MediaAlpha Transaction. For the three months ended March 31, 2020, White Mountains recognized $30.0 million in unrealized investment gains associated with its investment in MediaAlpha. 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.

The following tables present summarized financial information for MediaAlpha:

Millions	March 31, 2020		December 31, 2019
Balance sheet data:
Total assets	$	108.4	$	106.9
Total liabilities	$	137.5	$	144.6

	Three Months Ended
	March 31,
Millions	2020		2019
Income statement data:
Total revenues	$	119.5	$	48.8
Total expenses	109.5		54.9
Net income (loss)	$	10.0	$	(6.1	)