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Equity-Method Eligible Investments (Tables)
 12 Months Ended
Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]  
Schedule of equity method eligible investments
The following table presents the carrying values of White Mountains’s equity method eligible investments as of December 31, 2020 and 2019:
December 31,
Millions20202019
Investment in MediaAlpha$802.2 $180.0 
Other equity method eligible investments, at fair value$698.1 $581.7 
Schedule of significant equity method eligible investments
The following table presents White Mountains’s significant equity method eligible investments as of December 31, 2020 and 2019:
Basic Ownership Interest
InvesteeDecember 31, 2020December 31, 2019Instrument Held
PassportCard/DavidShield53.8%50.0%Common shares
New Market Solutions, LLC.46.7%n/aUnits
durchblicker45.0%45.0%Common shares
MediaAlpha (1)
35.0%48.3%
Common Shares/Units (1)
Elementum Holdings, L.P.28.9%30.0%Limited partnership interest
Compare.com18.4%18.4%Common shares
Tuckerman Capital Funds14.9 - 62.0%17.5 - 62.4%Limited and general partnership interests
JAM Partners L.P.n/a11.1%Limited partnership interest
Enlightenment Capital Funds9.7- 66.7%10.0 - 38.4%Limited and general partnership interests
Kudu’s Participation Contracts3.2 - 35.0%3.2 - 30.0%Revenue and earnings participation contracts
(1) On October 30, 2020, MediaAlpha completed the MediaAlpha IPO. See Note 2 — “Significant Transactions”
The following tables present aggregated summarized financial information for White Mountains’s investments in equity method eligible unconsolidated entities, excluding MediaAlpha:

December 31,
Millions20202019
Balance sheet data(1):
Total assets$1,328.5 $1,959.2 
Total liabilities$228.7 $653.2 
(1) Financial data for White Mountains’s equity method eligible investees is generally reported on a one-quarter lag.
Year Ended December 31,
Millions202020192018
Income statement data(1):
Total revenues$526.5 $344.6 $226.0 
Total expenses$325.9 $88.3 $141.4 
Net income (loss)$201.7 $255.1 $83.6 
(1) Financial data for White Mountains’s equity method eligible investees is generally reported on a one-quarter lag.
Financials  
Schedule of Equity Method Investments [Line Items]  
Schedule of significant equity method eligible investments The following tables present summarized financial information for MediaAlpha as of December 31, 2020 and 2019 for the twelve months ended December 31, 2020, 2019, and 2018:
December 31,
Millions2020
2019 (1)
Balance sheet data:
Total assets$212.7 $105.4 
Total liabilities$315.8 $144.9 
(1) As of December 31, 2019, MediaAlpha recorded out of period adjustments that (decreased) increased total assets and total liabilities by $(1.5) and $0.3. The adjustments primarily related to MediaAlpha’s accounting for its other intangible assets and debt. White Mountains has evaluated the impact of the adjustments and concluded that they are not material, individually and in the aggregate, to current or prior period financial statements.

Year Ended December 31,
Millions2020
2019 (1)
2018 (1)
Income statement data:
Total revenues$584.8 $408.0 $296.9 
Total expenses$575.4 $390.2 $278.8 
Net income (loss)$9.4 $17.8 $18.1 
(1) For the twelve months ended December 31, 2019 and 2018, MediaAlpha recorded out of period adjustments that increased (decreased) total revenues by $0.1 and $(0.2), total expenses by $1.2 and $(9.4) and net income by $(1.1) and $9.2. The adjustments primarily related to MediaAlpha’s accounting for its equity-based compensation and amortization of other intangible assets. White Mountains has evaluated the impact of the adjustments and concluded that they are not material, individually and in the aggregate, to current or prior period financial statements.