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Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract] |
Pre-tax net investment income | The following table presents pre-tax net investment income for the three months ended March 31, 2019 and 2018:
|  | Three Months Ended
|  | March 31,
Millions |  | 2019 |  | 2018
Fixed maturity investments |  | $ | 8.1 |  |  | $ | 10.9 |
Short-term investments |  | 1.3 |  |  | 2.6 |
Common equity securities |  | 5.4 |  |  | 5.0 |
Other long-term investments |  | 1.6 |  |  | 1.9 |
Total investment income |  | 16.4 |  |  | 20.4 |
Third-party investment expenses |  | (.4 | ) |  | (.7 | )
Net investment income, pre-tax |  | $ | 16.0 |  |  | $ | 19.7 |
Schedule of Realized and Unrealized Gain (Loss) on Investments | The following table presents net realized and unrealized investment gains (losses) for the three months ended March 31, 2019 and 2018:
|  | Three Months Ended
|  | March 31,
Millions |  | 2019 |  | 2018
Net realized investment gains (losses), pre-tax |  | $ | 25.7 |  |  | $ | (5.1 | )
Net unrealized investment gains (losses), pre-tax (1) |  | 219.9 |  |  | (48.6 | )
Net realized and unrealized investment gains (losses), pre-tax |  | 245.6 |  |  | (53.7 | )
Income tax (expense) benefit attributable to net realized and unrealized investment gains (losses) |  | (52.2 | ) |  | 5.7 |
Net realized and unrealized investment gains (losses), after-tax |  | $ | 193.4 |  |  | $ | (48.0 | )
(1) Includes $114.7 in unrealized investment gains associated with the MediaAlpha Transaction. See Note 2 — “Significant Transactions.” For the three months ended March 31, 2019 and 2018, all of White Mountains’s net realized and unrealized investment gains (losses) were recorded in the consolidated statements of operations. There were no investment gains (losses) recorded in other comprehensive income.
Schedule of realized gain (loss) on investments | The following table presents net realized investment gains (losses) for the three months ended March 31, 2019 and 2018:
|  | Three Months Ended |  | Three Months Ended
|  | March 31, 2019 |  | March 31, 2018
Millions |  | Net Realized (Losses) Gains |  | Net Foreign Exchange Gains (Losses) |  | Total Net Realized (Losses) Gains Reflected in Earnings |  | Net Realized (Losses) Gains |  | Net Foreign Exchange Gains (Losses) |  | Total Net Realized Gains (Losses) Reflected in Earnings
Fixed maturity investments |  | $ | (.9 | ) |  | $ | — |  |  | $ | (.9 | ) |  | $ | (13.7 | ) |  | $ | 18.2 |  |  | $ | 4.5 |
Short-term investments |  | — |  |  | — |  |  | — |  |  | (.1 | ) |  | — |  |  | (.1 | )
Common equity securities |  | 25.8 |  |  | — |  |  | 25.8 |  |  | 1.2 |  |  | — |  |  | 1.2 |
Other long-term investments |  | .8 |  |  | — |  |  | .8 |  |  | (3.5 | ) |  | (7.2 | ) |  | (10.7 | )
Net realized investment gains (losses), pre-tax |  | 25.7 |  |  | — |  |  | 25.7 |  |  | (16.1 | ) |  | 11.0 |  |  | (5.1 | )
Income tax expense attributable to net realized investment gains (losses) |  | (1.7 | ) |  | — |  |  | (1.7 | ) |  | (.6 | ) |  | — |  |  | (.6 | )
Net realized investment gains (losses), after-tax |  | $ | 24.0 |  |  | $ | — |  |  | $ | 24.0 |  |  | $ | (16.7 | ) |  | $ | 11.0 |  |  | $ | (5.7 | )
Schedule of unrealized gain (loss) on investments | The following table presents net unrealized investment gains (losses) and changes in the carrying value of investments measured at fair value for the three months ended March 31, 2019 and 2018:
|  | Three Months Ended |  | Three Months Ended
|  | March 31, 2019 |  | March 31, 2018
Millions |  | Net Unrealized Gains |  | Net Foreign Exchange Losses |  | Total Net Unrealized Gains Reflected in Earnings |  | Net Unrealized Losses |  | Net Foreign Exchange (Losses) Gains |  | Total Net Unrealized (Losses) Gains Reflected in Earnings
Fixed maturity investments |  | $ | 22.0 |  |  | $ | — |  |  | $ | 22.0 |  |  | $ | (18.6 | ) |  | $ | (14.8 | ) |  | $ | (33.4 | )
Short-term investments |  | — |  |  | — |  |  | — |  |  | (.7 | ) |  | — |  |  | (.7 | )
Common equity securities |  | 85.5 |  |  | — |  |  | 85.5 |  |  | (16.7 | ) |  | — |  |  | (16.7 | )
Other long-term investments(1) |  | 112.7 |  |  | (.3 | ) |  | 112.4 |  |  | (1.9 | ) |  | 4.1 |  |  | 2.2 |
Net unrealized investment gains (losses), pre-tax |  | 220.2 |  |  | (.3 | ) |  | 219.9 |  |  | (37.9 | ) |  | (10.7 | ) |  | (48.6 | )
Income tax expense attributable to net unrealized investment gains (losses) |  | (50.5 | ) |  | — |  |  | (50.5 | ) |  | 6.3 |  |  | — |  |  | 6.3 |
Net unrealized investment gains (losses), after-tax |  | $ | 169.7 |  |  | $ | (.3 | ) |  | $ | 169.4 |  |  | $ | (31.6 | ) |  | $ | (10.7 | ) |  | $ | (42.3 | )
Net unrealized investment gains (losses) for Level 3 investments | The following table presents total gains (losses) included in earnings attributable to net unrealized investment gains (losses) for Level 3 investments for the three months ended March 31, 2019 and 2018:
|  | Three Months Ended
|  | March 31,
Millions |  | 2019 |  | 2018
Other long-term investments |  | $ | 114.0 |  |  | $ | (5.1 | )
Total net unrealized investment gains (losses), pre-tax - Level 3 investments |  | $ | 114.0 |  |  | $ | (5.1 | )
Investment holdings, equity securities, convertible fixed maturities and other long-term investments | The following tables present the cost or amortized cost, gross unrealized investment gains (losses) and carrying values of White Mountains’s fixed maturity investments as of March 31, 2019 and December 31, 2018:
|  | March 31, 2019
Millions |  | Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Carrying Value
U.S. Government and agency obligations |  | $ | 153.1 |  |  | $ | .4 |  |  | $ | (.5 | ) |  | $ | 153.0 |
Debt securities issued by corporations |  | 538.4 |  |  | 7.3 |  |  | (.9 | ) |  | 544.8 |
Municipal obligations |  | 279.7 |  |  | 6.1 |  |  | (.4 | ) |  | 285.4 |
Mortgage and asset-backed securities |  | 149.4 |  |  | .6 |  |  | (1.2 | ) |  | 148.8 |
Total fixed maturity investments |  | $ | 1,120.6 |  |  | $ | 14.4 |  |  | $ | (3.0 | ) |  | $ | 1,132.0 |
|  | December 31, 2018
Millions |  | Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Carrying Value
U.S. Government and agency obligations |  | $ | 154.0 |  |  | $ | .1 |  |  | $ | (.9 | ) |  | $ | 153.2 |
Debt securities issued by corporations |  | 519.0 |  |  | 1.0 |  |  | (9.5 | ) |  | 510.5 |
Municipal obligations |  | 279.0 |  |  | 2.4 |  |  | (1.1 | ) |  | 280.3 |
Mortgage and asset-backed securities |  | 136.1 |  |  | .1 |  |  | (2.7 | ) |  | 133.5 |
Total fixed maturity investments |  | $ | 1,088.1 |  |  | $ | 3.6 |  |  | $ | (14.2 | ) |  | $ | 1,077.5 |
The following tables present the cost or amortized cost, gross unrealized investment gains (losses), net foreign currency losses, and carrying values of White Mountains’s common equity securities and other long-term investments as of March 31, 2019 and December 31, 2018:
|  | March 31, 2019
Millions |  | Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Net Foreign Currency Losses |  | Carrying Value
Common equity securities |  | $ | 798.6 |  |  | $ | 107.3 |  |  | $ | (.9 | ) |  | $ | — |  |  | $ | 905.0 |
Other long-term investments |  | $ | 389.8 |  |  | $ | 164.3 |  |  | $ | (54.3 | ) |  | $ | (2.2 | ) |  | $ | 497.6 |
|  | December 31, 2018
Millions |  | Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Net Foreign Currency Losses |  | Carrying Value
Common equity securities |  | $ | 904.7 |  |  | $ | 51.0 |  |  | $ | (30.1 | ) |  | $ | — |  |  | $ | 925.6 |
Other long-term investments |  | $ | 330.3 |  |  | $ | 52.2 |  |  | $ | (54.9 | ) |  | $ | (2.0 | ) |  | $ | 325.6 |
Other Long-Term Investments The following table presents the carrying values of White Mountains’s other long-term investments as of March 31, 2019 and December 31, 2018:
|  | Carrying Value at
Millions |  | March 31, 2019 |  | December 31, 2018
MediaAlpha (1) |  | $ | 114.7 |  |  | $ | — |
PassportCard/DavidShield (1) |  | 75.0 |  |  | 75.0 |
Kudu |  | 71.7 |  |  | 30.7 |
Other unconsolidated entities (1)(2) |  | 54.4 |  |  | 60.0 |
Total unconsolidated entities(1)(2) |  | 315.8 |  |  | 165.7 |
Private equity funds and hedge funds |  | 150.7 |  |  | 146.1 |
Other |  | 31.1 |  |  | 13.8 |
Total other long-term investments |  | $ | 497.6 |  |  | $ | 325.6 |
(1) See Fair Value Measurements by Level table. (2) Includes White Mountains’s non-controlling interests in certain private common equity securities, limited liability companies and convertible preferred securities.
Other long-term investments | The following table presents investments in private equity funds and hedge funds by investment objective and sector as of March 31, 2019 and December 31, 2018:
|  | March 31, 2019 |  | December 31, 2018
Millions |  | Fair Value |  | Unfunded Commitments |  | Fair Value |  | Unfunded Commitments
Private equity funds |  |  |  |  |  |  |  |  |  |  |  |
Manufacturing/Industrial |  | $ | 42.1 |  |  | $ | 10.5 |  |  | $ | 42.9 |  |  | $ | 10.5 |
Aerospace/Defense/Government |  | 32.8 |  |  | 29.8 |  |  | 27.6 |  |  | 34.9 |
Direct lending |  | 13.6 |  |  | 16.8 |  |  | 13.0 |  |  | 17.7 |
Financial services |  | 9.1 |  |  | 12.8 |  |  | 8.3 |  |  | 13.6 |
Total private equity funds |  | 97.6 |  |  | 69.9 |  |  | 91.8 |  |  | 76.7 |
Hedge funds |  |  |  |  |  |  |  |  |  |  |  |
Long/short banks and financials |  | 53.1 |  |  | — |  |  | 54.3 |  |  | — |
Total hedge funds |  | 53.1 |  |  | — |  |  | 54.3 |  |  | — |
Total private equity funds and hedge funds included in other long-term investments |  | $ | 150.7 |  |  | $ | 69.9 |  |  | $ | 146.1 |  |  | $ | 76.7 |
Fair Value of private equity funds subject to lock-up periods | The following table presents investments in private equity funds that were subject to lock-up periods as of March 31, 2019:
Millions |  | 1 – 3 years |  | 3 – 5 years |  | 5 – 10 years |  | >10 years |  | Total
Private equity funds — expected lock-up period remaining |  | $7.0 |  | $— |  | $67.9 |  | $22.7 |  | $97.6
Fair value measurements by level, investment securities | The following tables present White Mountains’s fair value measurements for investments as of March 31, 2019 and December 31, 2018 by level. The major security types were based on the legal form of the securities. White Mountains has disaggregated its fixed maturity investments based on the issuing entity type, which impacts credit quality, with debt securities issued by U.S. government entities carrying minimal credit risk, while the credit and other risks associated with other issuers, such as corporations, foreign governments, municipalities or entities issuing mortgage and asset-backed securities vary depending on the nature of the issuing entity type. White Mountains further disaggregates debt securities issued by corporations and common equity securities by industry sector because investors often reference commonly used benchmarks and their subsectors to monitor risk and performance. Accordingly, White Mountains has further disaggregated these asset classes into subclasses based on the similar sectors and industry classifications it uses to evaluate investment risk and performance against commonly used benchmarks, such as the Bloomberg Barclays U.S. Intermediate Aggregate and S&P 500 indices.
|  | March 31, 2019
Millions |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Fixed maturity investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agency obligations |  | $ | 153.0 |  |  | $ | 153.0 |  |  | $ | — |  |  | $ | — |
Debt securities issued by corporations: |  |  |  |  |  |  |  |  |
Financials |  | 139.7 |  |  | — |  |  | 139.7 |  |  | — |
Healthcare |  | 74.7 |  |  | — |  |  | 74.7 |  |  | — |
Energy |  | 66.0 |  |  | — |  |  | 66.0 |  |  | — |
Consumer |  | 61.0 |  |  | — |  |  | 61.0 |  |  | — |
Industrial |  | 57.0 |  |  | — |  |  | 57.0 |  |  | — |
Technology |  | 55.0 |  |  | — |  |  | 55.0 |  |  | — |
Communications |  | 40.4 |  |  | — |  |  | 40.4 |  |  | — |
Utilities |  | 28.5 |  |  | — |  |  | 28.5 |  |  | — |
Materials |  | 22.5 |  |  | — |  |  | 22.5 |  |  | — |
Total debt securities issued by corporations |  | 544.8 |  |  | — |  |  | 544.8 |  |  | — |
Mortgage and asset-backed securities |  | 148.8 |  |  | — |  |  | 148.8 |  |  | — |
Municipal obligations |  | 285.4 |  |  | — |  |  | 285.4 |  |  | — |
Total fixed maturity investments |  | 1,132.0 |  |  | 153.0 |  |  | 979.0 |  |  | — |
Short-term investments (1) |  | 269.8 |  |  | 249.0 |  |  | 20.8 |  |  | — |
Common equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Exchange traded funds (2) |  | 712.3 |  |  | 646.3 |  |  | 66.0 |  |  | — |
Other (3) |  | 192.7 |  |  | — |  |  | 192.7 |  |  | — |
Total common equity securities |  | 905.0 |  |  | 646.3 |  |  | 258.7 |  |  | — |
Other long-term investments |  | 275.1 |  |  | — |  |  | — |  |  | 275.1 |
Other long-term investments — NAV (4) |  | 222.5 |  |  | — |  |  | — |  |  | — |
Total investments |  | $ | 2,804.4 |  |  | $ | 1,048.3 |  |  | $ | 1,258.5 |  |  | $ | 275.1 |
(1) Short-term investments are measured at amortized cost, which approximates fair value. (2) ETFs traded on foreign exchanges are priced using the fund’s published NAV to account for the difference in market close times and are therefore designated a level 2 measurement. (3) Consists of two investments in unit trusts that primarily invest in international equities. (4) Consists of unconsolidated entities, private equity funds and one hedge fund for which fair value is measured at NAV using the practical expedient. Investments for which fair value is measured at NAV are not classified within the fair value hierarchy.
|  | December 31, 2018
Millions |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Fixed maturity investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agency obligations |  | $ | 153.2 |  |  | $ | 153.2 |  |  | $ | — |  |  | $ | — |
Debt securities issued by corporations: |  |  |  |  |  |  |  |  |  |  |  |
Financials |  | 143.4 |  |  | — |  |  | 143.4 |  |  | — |
Consumer |  | 68.5 |  |  | — |  |  | 68.5 |  |  | — |
Technology |  | 60.5 |  |  | — |  |  | 60.5 |  |  | — |
Energy |  | 57.6 |  |  | — |  |  | 57.6 |  |  | — |
Healthcare |  | 55.0 |  |  | — |  |  | 55.0 |  |  | — |
Industrial |  | 47.6 |  |  | — |  |  | 47.6 |  |  | — |
Communications |  | 31.8 |  |  | — |  |  | 31.8 |  |  | — |
Materials |  | 26.3 |  |  | — |  |  | 26.3 |  |  | — |
Utilities |  | 19.8 |  |  | — |  |  | 19.8 |  |  | — |
Total debt securities issued by corporations |  | 510.5 |  |  | — |  |  | 510.5 |  |  | — |
Mortgage and asset-backed securities |  | 133.5 |  |  | — |  |  | 133.5 |  |  | — |
Municipal obligations |  | 280.3 |  |  | — |  |  | 280.3 |  |  | — |
Total fixed maturity investments |  | 1,077.5 |  |  | 153.2 |  |  | 924.3 |  |  | — |
Short-term investments (1) |  | 214.2 |  |  | 204.4 |  |  | 9.8 |  |  | — |
Common equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Exchange traded funds (2) |  | 675.3 |  |  | 617.0 |  |  | 58.3 |  |  | — |
Healthcare |  | 14.0 |  |  | 14.0 |  |  | — |  |  | — |
Financials |  | 13.5 |  |  | 13.5 |  |  | — |  |  | — |
Communications |  | 12.7 |  |  | 12.7 |  |  | — |  |  | — |
Industrial |  | 11.4 |  |  | 11.4 |  |  | — |  |  | — |
Technology |  | 7.4 |  |  | 7.4 |  |  | — |  |  | — |
Consumer |  | 6.2 |  |  | 6.2 |  |  | — |  |  | — |
Energy |  | 4.1 |  |  | 4.1 |  |  | — |  |  | — |
Materials |  | 3.1 |  |  | 3.1 |  |  | — |  |  | — |
Other (3) |  | 177.9 |  |  | — |  |  | 177.9 |  |  | — |
Total common equity securities |  | 925.6 |  |  | 689.4 |  |  | 236.2 |  |  | — |
Other long-term investments |  | 138.7 |  |  | — |  |  | — |  |  | 138.7 |
Other long-term investments — NAV (4) |  | 186.9 |  |  | — |  |  | — |  |  | — |
Total investments |  | $ | 2,542.9 |  |  | $ | 1,047.0 |  |  | $ | 1,170.3 |  |  | $ | 138.7 |
(1) Short-term investments are measured at amortized cost, which approximates fair value. (2) ETFs traded on foreign exchanges are priced using the fund’s published NAV to account for the difference in market close times and are therefore designated a level 2 measurement. (3) Consists of two investments in unit trusts that primarily invest in international equities. (4) Consists of unconsolidated entities, private equity funds and one hedge fund for which fair value is measured at NAV using the practical expedient. Investments for which fair value is measured at NAV are not classified within the fair value hierarchy.
Debt securities issued by corporations, credit ratings | The following table presents the ratings of debt securities issued by corporations held in White Mountains’s investment portfolio as of March 31, 2019 and December 31, 2018:
|  | Fair Value at
Millions |  | March 31, 2019 |  | December 31, 2018
AAA |  | $ | 9.6 |  |  | $ | 8.9 |
AA |  | 83.8 |  |  | 88.7 |
A |  | 300.3 |  |  | 270.5 |
BBB |  | 151.1 |  |  | 142.4 |
Debt securities issued by corporations (1) |  | $ | 544.8 |  |  | $ | 510.5 |
(1) | Credit ratings are based upon issuer credit ratings provided by Standard & Poor’s Financial Services LLC (“Standard & Poor’s”), or if unrated by Standard & Poor’s, long-term obligation ratings provided by Moody’s Investor Service, Inc.
Mortgage-backed, asset-backed securities | The following table presents the fair value of White Mountains’s mortgage and asset-backed securities as of March 31, 2019 and December 31, 2018:
|  | March 31, 2019 |  | December 31, 2018
Millions |  | Fair Value |  | Level 2 |  | Level 3 |  | Fair Value |  | Level 2 |  | Level 3
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FNMA |  | $ | 59.8 |  |  | $ | 59.8 |  |  | $ | — |  |  | $ | 53.6 |  |  | $ | 53.6 |  |  | $ | — |
FHLMC |  | 43.0 |  |  | 43.0 |  |  | — |  |  | 38.1 |  |  | 38.1 |  |  | $ | — |
GNMA |  | 25.6 |  |  | 25.6 |  |  | — |  |  | 23.7 |  |  | 23.7 |  |  | $ | — |
Total agency (1) |  | 128.4 |  |  | 128.4 |  |  | — |  |  | 115.4 |  |  | 115.4 |  |  | — |
Total mortgage-backed securities |  | 128.4 |  |  | 128.4 |  |  | — |  |  | 115.4 |  |  | 115.4 |  |  | — |
Other asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vehicle receivables |  | 11.5 |  |  | 11.5 |  |  | — |  |  | 9.2 |  |  | 9.2 |  |  | — |
Credit card receivables |  | 8.9 |  |  | 8.9 |  |  | — |  |  | 8.9 |  |  | 8.9 |  |  | — |
Total other asset-backed securities |  | 20.4 |  |  | 20.4 |  |  | — |  |  | 18.1 |  |  | 18.1 |  |  | — |
Total mortgage and asset-backed securities |  | $ | 148.8 |  |  | $ | 148.8 |  |  | $ | — |  |  | $ | 133.5 |  |  | $ | 133.5 |  |  | $ | — |
(1) | Represents publicly traded mortgage-backed securities which carry the full faith and credit guaranty of the U.S. Government (i.e., GNMA) or are guaranteed by a government sponsored entity (i.e., FNMA, FHLMC).
Non-agency commercial mortgage securities, type of interest rate and tranche levels |
Rollforward of fair value investments by level | The following tables present the changes in White Mountains’s fair value measurements by level for the three months ended March 31, 2019 and 2018:
|  |  | Level 3 Investments | Unconsolidated Entities, Private Equity Funds and Hedge Funds Measured at NAV (3) |  |  |
Millions | Level 1 Investments | Level 2 Investments | Other Long-term Investments(2) |  | Total |
Balance at December 31, 2018 | $ | 842.6 |  | $ | 1,160.5 |  | $ | 138.7 |  | $ | 186.9 |  |  | $ | 2,328.7 |  | (1)
Net realized and unrealized gains (losses) | 91.7 |  | 40.7 |  | 114.0 |  | (.8 | ) |  | 245.6 |  |
Amortization/Accretion | .1 |  | (.4 | ) | — |  | — |  |  | (.3 | ) |
Purchases | 14.6 |  | 142.3 |  | 11.5 |  | 49.2 |  |  | 217.6 |  |
Sales | (149.7 | ) | (105.4 | ) | — |  | (1.9 | ) |  | (257.0 | ) |
Transfers in | — |  | — |  | 10.9 |  | — |  |  | 10.9 |  |
Transfers out | — |  | — |  | — |  | (10.9 | ) |  | (10.9 | ) |
Balance at March 31, 2019 | $ | 799.3 |  | $ | 1,237.7 |  | $ | 275.1 |  | $ | 222.5 |  |  | $ | 2,534.6 |  | (1)
(1) Excludes carrying value of $269.8 million and $214.2 as of March 31, 2019 and December 31, 2018, respectively classified as short-term investments. (2) Includes $114.7 in unrealized investment gains associated with the MediaAlpha Transaction. See Note 2 — “Significant Transactions”. (3) Investments for which fair value is measured at NAV using the practical expedient are no longer classified within the fair value hierarchy. See Note 1 — “Basis of Presentation and Significant Accounting Policies”.
|  |  | Level 3 Investments | Unconsolidated Entities, Private Equity Funds and Hedge Funds Measured at NAV (3) |  |
Millions | Level 1 Investments | Level 2 Investments | Other Long-term Investments | Total |
Balance at December 31, 2017 | $ | 890.4 |  | $ | 2,105.4 |  | $ | 77.2 |  | $ | 135.3 |  | $ | 3,208.3 |  | (1)(2)
Net realized and unrealized (losses) gains | (14.3 | ) | (26.0 | ) | (7.8 | ) | 2.7 |  | (45.4 | ) | (4)
Amortization/Accretion | — |  | (1.2 | ) | — |  | — |  | (1.2 | ) |
Purchases | 238.9 |  | 407.7 |  | 44.0 |  | 2.0 |  | 692.6 |  |
Sales | (240.7 | ) | (1,080.8 | ) | — |  | (.3 | ) | (1,321.8 | ) |
Transfers in | — |  | — |  | — |  | — |  | — |  |
Transfers out | — |  | — |  | — |  | — |  | — |  |
Balance at March 31, 2018 | $ | 874.3 |  | $ | 1,405.1 |  | $ | 113.4 |  | $ | 139.7 |  | $ | 2,532.5 |  | (1)
(1) Excludes carrying value of $763.0 and $176.1 as of March 31, 2018 and December 31, 2017, respectively classified as short-term investments. (2) Excludes carrying value of $(3.7) as of December 31, 2017 associated with foreign currency forward contracts. (3) Investments for which fair value is measured at NAV using the practical expedient are no longer classified within the fair value hierarchy. See Note 1 — “Basis of Presentation and Significant Accounting Policies”.
Schedule of significant unobservable inputs used in estimating the fair value of investment securities | The following tables present significant unobservable inputs used in estimating the fair value of other long-term investments, other than private equity funds and hedge funds, classified within Level 3 as of March 31, 2019 and December 31, 2018. The fair value of investments in certain unconsolidated entities, private equity funds and hedge funds are generally estimated using the NAV of the funds.
$ in Millions, Except Share Price |  | March 31, 2019
Description |  | Valuation Technique(s) |  | Fair Value (1) |  | Unobservable Input
MediaAlpha |  | Share price of recent transaction(2) |  | $114.7 |  | Unit price | - | $208.98
PassportCard/DavidShield |  | Discounted cash flow |  | $75.0 |  | Discount rate | - | 18.0%
|  |  |  |  |  | Revenue exit multiple | - | 1.00
Compare.com |  | Discounted cash flow |  | $16.9 |  | Discount rate | - | 22.0%
|  |  |  |  |  | Revenue exit multiple | - | 2.75
YOUSURE Tarifvergleich GmbH (“durchblicker”) |  | Discounted cash flow |  | $15.2 |  | Discount rate | - | 23.0%
|  |  |  |  |  | Revenue exit multiple | - | 2.25
Captricity, Inc. |  | Discounted cash flow |  | $14.5 |  | Discount rate | - | 23.0%
|  |  |  |  |  | Revenue exit multiple | - | 3.75
Galvanic Applied Sciences |  | Multiple of EBITDA |  | $2.7 |  | EBITDA multiple | - | 6.00
Private debt instrument |  | Discounted cash flow |  | $10.0 |  | Discount rate | - | 9.23%
Private debt instrument |  | Discounted cash flow |  | $10.9 |  | Discount rate | - | 7.00%
(1) Includes the net unrealized investment gains (losses) associated with foreign currency; foreign currency effects based on observable inputs. (2) The MediaAlpha Transaction was completed on February 26, 2019. See Note 2 - “Significant Transactions”.
$ in Millions, Except Share Price |  | December 31, 2018
Description |  | Valuation Technique(s) |  | Fair Value (1) |  | Unobservable Input
PassportCard/DavidShield |  | Discounted cash flow |  | $75.0 |  | Discount rate | - | 18.0%
|  |  |  |  |  | Revenue exit multiple | - | 1.00
Compare.com |  | Discounted cash flow |  | $16.9 |  | Discount rate | - | 22.0%
|  |  |  |  |  | Revenue exit multiple | - | 2.75
durchblicker |  | Discounted cash flow |  | $15.5 |  | Discount rate | - | 23.0%
|  |  |  |  |  | Revenue exit multiple | - | 2.25
Captricity, Inc. |  | Discounted cash flow |  | $14.5 |  | Discount rate | - | 23.0%
|  |  |  |  |  | Revenue exit multiple | - | 3.75
Galvanic Applied Sciences |  | Multiple of EBITDA |  | $3.1 |  | EBITDA multiple | - | 6.00
Private debt instrument |  | Discounted cash flow |  | $10.0 |  | Discount rate | - | 9.23%
(1) Includes the net unrealized investment gains (losses) associated with foreign currency; foreign currency effects based on observable inputs.

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