Equity-Method Eligible Investments (Tables)

9 Months Ended

Sep. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

The following table presents the ownership interests and carrying values of White Mountains’s equity method eligible investments as of September 30, 2022 and December 31, 2021:

	September 30, 2022				December 31, 2021
Millions	Ownership Interest		Carrying Value		Ownership Interest		Carrying Value
Kudu Participation Contracts (1)	4.1 - 33.0%		$	813.2	3.2 - 32.0%		$	669.5
Investment in MediaAlpha	27.4	%	148.2		28.0	%	261.6
PassportCard/DavidShield	53.8	%	132.0		53.8	%	120.0
Elementum Holdings, L.P.	29.7	%	45.0		29.7	%	45.0
Other equity method eligible investments, at fair value	Under 50.0%		102.7		Under 50.0%		109.3
Other equity method eligible investments, at fair value	50.0% and over		27.7		50.0% and over		17.8

(1) Ownership interest generally references basic ownership interest with the exception of Kudu’s Participation Contracts, which are non-controlling equity interests in the form of revenue and earnings participation contracts.

The following tables present summarized financial information for MediaAlpha as of September 30, 2022 and December 31, 2021 and for the three and nine months ended September 30, 2022 and 2021:

Millions	September 30, 2022		December 31, 2021
Balance sheet data:
Total assets	$	265.2	$	289.8
Total liabilities	$	333.6	$	351.4

	Three Months Ended September 30,				Nine Months Ended September 30,
Millions	2022		2021		2022		2021
Income statement data:
Total revenues	$	89.0	$	152.7	$	335.1	$	483.7
Total expenses	$	110.2	$	157.0	$	379.2	$	488.2
Net income (loss)	$	(21.2)	$	(4.3)	$	(44.1)	$	(4.5)