Equity-Method Eligible Investments

9 Months Ended

Sep. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

White Mountains’s equity method eligible investments include White Mountains’s investment in MediaAlpha, certain other unconsolidated entities, including 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 basic ownership interests and carrying values of White Mountains’s equity method eligible investments as of September 30, 2021 and December 31, 2020:


	September 30, 2021				December 31, 2020
Millions	Basic Ownership Interest		Carrying Value		Basic Ownership Interest		Carrying Value
Kudu Participation Contracts	3.2 - 32.7%		604.7		3.2 - 35.0%		400.6
Investment in MediaAlpha	28.4	%	$	316.4	35.0	%	$	802.2
PassportCard/DavidShield	53.8	%	105.0		53.8	%	95.0
Elementum Holdings, L.P.	29.7	%	56.7		28.9	%	55.1
Other equity method eligible investments, at fair value	Under 50.0%		95.6		Under 50.0%		132.2
Other equity method eligible investments, at fair value	50.0% and over		17.2		50.0% and over		15.2

For the three and nine months ended September 30, 2021, White Mountains received dividend and income distributions from equity method eligible investments of $13.0 million and $37.7 million, which were recorded within net investment income in the consolidated statement of operations. For the three and nine months ended September 30, 2020, White Mountains received dividend and income distributions from equity method eligible investments of $63.9 million and $85.3 million, which were recorded within net investment income in the consolidated statement of operations.

Subsequent to the MediaAlpha IPO, White Mountains’s investment in MediaAlpha is accounted for at fair value based on the publicly traded share price of MediaAlpha’s common stock and White Mountains presents its investment in MediaAlpha as a separate line item on the balance sheet. See Note 2 — “Significant Transactions”. For the nine months ended September 30, 2021 and 2020, MediaAlpha was considered a significant subsidiary.

The following tables present summarized financial information for MediaAlpha as of September 30, 2021 and December 31, 2020 and for the three and nine months ended September 30, 2021 and 2020:


Millions	September 30, 2021		December 31, 2020
Balance sheet data:
Total assets	$	245.5	$	210.3
Total liabilities	$	318.4	$	315.5


	Three Months Ended September 30,				Nine Months Ended September 30,
Millions	2021		2020		2021		2020
Income statement data:
Total revenues	$	152.7	$	151.5	$	483.7	$	394.6
Total expenses	$	157.0	$	146.7	$	488.2	$	370.8
Net (loss) income	$	(4.3)	$	4.8	$	(4.5)	$	23.8