Equity-Method Eligible Investments (Tables)

6 Months Ended

Jun. 30, 2023

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 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.

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)