Equity-Method Eligible Investments

6 Months Ended

Jun. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Equity-Method Eligible Investments

Equity Method Eligible Investments

White Mountains’s equity method eligible investments include Kudu’s Participation Contracts, White Mountains’s investment in MediaAlpha, PassportCard/DavidShield, Elementum Holdings, L.P. and certain other unconsolidated entities, 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 ownership interests and carrying values of White Mountains’s equity method eligible investments as of June 30, 2023 and December 31, 2022:

	June 30, 2023			December 31, 2022
$ in Millions	Ownership Interest (1)	Carrying Value		Ownership Interest (1)	Carrying Value
Kudu’s Participation Contracts (1)	4.1% - 30.0%	$	737.1	4.1% - 30.0%	$	695.9
Investment in MediaAlpha	35.7%	235.7		27.1%	168.6
PassportCard/DavidShield	53.8%	150.0		53.8%	135.0
Elementum Holdings, L.P.	26.6%	30.0		29.7%	30.0
Other equity method eligible investments, at fair value	Under 50.0%	263.4		Under 50.0%	84.4
Other equity method eligible investments, at fair value	50.0% and over	24.9		50.0% and over	—

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

For the three and six months ended June 30, 2023, White Mountains received dividend and income distributions from equity method eligible investments of $22.1 million and $28.5 million, which were recorded within net investment income in the consolidated statements of operations. For the three and six months ended June 30, 2022, White Mountains received dividend and income distributions from equity method eligible investments of $15.6 million and $28.7 million.

For the six months ended June 30, 2022, MediaAlpha was considered a significant subsidiary.

The following tables present summarized financial information for MediaAlpha as of June 30, 2023 and December 31, 2022 and for the three and six months ended June 30, 2023 and 2022:

Millions	June 30, 2023		December 31, 2022
Balance sheet data:
Total assets	$	140.2	$	170.1
Total liabilities	$	234.6	$	256.2

	Three Months Ended June 30,				Six Months Ended June 30,
Millions	2023		2022		2023		2022
Income statement data:
Total revenues	$	84.8	$	103.4	$	196.4	$	246.0
Total expenses	$	104.8	$	116.4	$	231.0	$	268.9
Net income (loss)	$	(20.0)	$	(13.0)	$	(34.6)	$	(22.9)