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Equity-Method Eligible Investments | 9 Months Ended
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Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract] |
Equity-Method Eligible Investments | Equity-Method Eligible Investments White Mountains’s equity method eligible investments include certain unconsolidated entities, Kudu’s Participation Contracts, private equity funds and hedge funds in which White Mountains has the ability to exert significant influence over the investee’s operating and financial policies. The following table presents the carrying values of White Mountains’s equity method eligible investments recorded within other long-term investments as of September 30, 2020 and December 31, 2019:
Millions |  | September 30, 2020 |  | December 31, 2019
Equity method eligible investments, at fair value |  | $ | 1,087.0 |  |  | $ | 761.7 |
Other, at fair value (1) |  | 84.2 |  |  | 94.6 |
Total other long-term investments |  | $ | 1,171.2 |  |  | $ | 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 September 30, 2020 and December 31, 2019:
|  | Basic Ownership Interest |  |
Investee |  | September 30, 2020 |  | December 31, 2019 |  | Instrument Held
PassportCard/DavidShield (1) |  | 53.8% |  | 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
Tuckerman Capital Funds |  | 14.5 - 62.2% |  | 17.5 - 62.4% |  | Limited and general partnership interests
Enlightenment Capital Funds |  | 9.6 - 66.7% |  | 10.0 - 38.4% |  | Limited and general partnership interests
JAM Partners L.P. |  | — |  | 11.1% |  | Limited partnership interest
Kudu Participation Contracts |  | 3.2 - 35.0% |  | 3.2 - 30.0% |  | Revenue and earnings participation contracts
(1) During the nine months ending September 30, 2020, White Mountains made an additional $15 million investment in PassportCard/DavidShield. See Note 2 — “Significant Transactions”. As a result of the MediaAlpha Transaction, White Mountains reduced its ownership interest of the basic units outstanding of MediaAlpha from 61.0% to 48.3% (58.9% to 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 three and nine months ended September 30, 2019, White Mountains recognized $35.3 million and $150.0 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 and nine months ended September 30, 2020, White Mountains recognized $250.0 million and $295.0 million in unrealized investment gains associated with its investment in MediaAlpha. On October 30, 2020, MediaAlpha completed an initial public offering. As a result, the valuation of White Mountains’s investment in MediaAlpha will be based on the market value of MediaAlpha’s common stock in periods subsequent to the IPO. See Note 18 — “Subsequent Events”. 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 September 30, 2019, MediaAlpha was considered a significant subsidiary. For the period from February 26, 2019 to September 30, 2019, MediaAlpha’s total revenues, total expenses, and net income were $233.1 million, $220.6 million, and $12.5 million. The following tables present summarized financial information for MediaAlpha which is considered a significant subsidiary for the nine months ending September 30, 2020:
Millions |  | September 30, 2020 |  | December 31, 2019
Balance sheet data: |  |  |  |
Total assets |  | $ | 135.7 |  |  | $ | 105.4 |
Total liabilities |  | $ | 460.8 |  |  | $ | 144.9 |
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
Millions |  | 2020 |  | 2019 |  | 2020 |  | 2019
Income statement data: |  |  |  |  |  |  |  |
Total revenues |  | $ | 151.5 |  |  | $ | 110.4 |  |  | $ | 394.6 |  |  | $ | 281.9 |
Total expenses |  | $ | (144.1 | ) |  | $ | (102.6 | ) |  | $ | (368.2 | ) |  | $ | (274.5 | )
Net income |  | $ | 7.4 |  |  | $ | 7.8 |  |  | $ | 26.4 |  |  | $ | 7.4 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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