Equity Method Eligible Investments (Tables)

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Schedule of equity method eligible investments

The following table presents the ownership interests and carrying values of White Mountains’s equity method eligible investments as of December 31, 2021 and 2020:

	December 31, 2021				December 31, 2020
Millions	Ownership Interest		Carrying Value		Ownership Interest		Carrying Value
Kudu Participation Contracts (1)	3.2 - 32.0%		$	669.5	3.2 - 35.0%		$	400.6
Investment in MediaAlpha	28.0	%	261.6		35.0	%	802.2
PassportCard/DavidShield	53.8	%	120.0		53.8	%	95.0
Elementum Holdings, L.P.	29.7	%	45.0		28.9	%	55.1
Other equity method eligible investments, at fair value	Under 50.0%		109.3		Under 50.0%		132.2
Other equity method eligible investments, at fair value	50.0% and over		17.8		50.0% and over		15.2

Schedule of significant equity method eligible investments

The following tables present summarized financial information for MediaAlpha as of December 31, 2021 and 2020 for the years ended December 31, 2021, 2020, and 2019:

	December 31,
Millions	2021		2020
Balance sheet data:
Total assets	$	289.8	$	210.3
Total liabilities	$	351.4	$	315.5

	Year Ended December 31,
Millions	2021		2020		2019 (1)
Income statement data:
Total revenues	$	645.3	$	584.8	$	408.0
Total expenses	$	653.8	$	574.2	$	390.2
Net income (loss)	$	(8.5)	$	10.6	$	17.8

(1) For the year ended December 31, 2019, MediaAlpha recorded out of period adjustments that increased (decreased) total revenues by $0.1, total expenses by $1.2 and net income by $(1.1). 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.

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

	December 31,
Millions	2021		2020
Balance sheet data(1):
Total assets	$	1,845.7	$	1,328.5
Total liabilities	$	373.4	$	228.7

(1) Financial data for White Mountains’s equity method eligible investees is generally reported on a one-quarter lag.

	Year Ended December 31,
Millions	2021		2020		2019
Income statement data(1):
Total revenues	$	987.4	$	526.5	$	344.6
Total expenses	$	418.7	$	325.9	$	88.3
Net income (loss)	$	568.7	$	201.7	$	255.1

(1) Financial data for White Mountains’s equity method eligible investees is generally reported on a one-quarter lag.