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Equity Method Eligible Investments
 12 Months Ended
Dec. 31, 2024
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, 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. Under GAAP, equity method eligible investments are considered related parties.
The following table presents the ownership interests and carrying values of White Mountains’s equity method eligible investments as of December 31, 2024 and 2023:
December 31, 2024December 31, 2023
$ in MillionsOwnership InterestCarrying ValueOwnership InterestCarrying Value
Kudu’s Participation Contracts (1)
4.1% - 30.0%
$1,008.4 
4.1% - 30.0%
$890.5 
Investment in MediaAlpha26.6%201.6 34.9%254.9 
PassportCard/DavidShield53.8%150.0 53.8%150.0 
Elementum26.6%35.0 26.6%35.0 
Other equity method eligible investments, at fair valueUnder 50.0%243.7 Under 50.0%291.7 
Other equity method eligible investments, at fair value50.0% and over— 50.0% and over24.8 
(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 years ended December 31, 2024, 2023 and 2022, White Mountains received dividend and income distributions from equity method eligible investments of $71.4 million, $67.0 million and $68.9 million, which were recorded within net investment income in the consolidated statements of operations.
The following tables present aggregated summarized financial information for White Mountains’s investments in equity method eligible unconsolidated entities:
December 31,
Millions20242023
Balance sheet data (1):
Total assets$3,719.1 $3,203.2 
Total liabilities$1,063.9 $905.6 
(1) Financial data for White Mountains’s equity method eligible investees is generally reported on a one-quarter lag.

Year Ended December 31,
Millions202420232022
Income statement data (1):
Total revenues$2,011.8 $1,575.4 $1,194.4 
Total expenses$1,634.9 $1,126.2 $1,047.4 
Net income (loss)$376.9 $449.2 $147.0 
(1) Financial data for White Mountains’s equity method eligible investees is generally reported on a one-quarter lag.