Equity Method Eligible Investments

9 Months Ended

Sep. 30, 2025

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, BroadStreet SPV, 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 September 30, 2025 and December 31, 2024:

	September 30, 2025			December 31, 2024
$ in Millions	Ownership Interest	Carrying Value		Ownership Interest	Carrying Value
Kudu’s Participation Contracts (1)	4.1% - 30.0%	$	1,208.2	4.1% - 30.0%	$	1,008.4
Investment in MediaAlpha	27.4%	$	203.2	26.6%	$	201.6
PassportCard/DavidShield	53.8%	$	160.0	53.8%	$	150.0
BroadStreet SPV	10.9%	$	150.0	—%	$	—
Elementum	26.6%	$	35.0	26.6%	$	35.0
Other equity method eligible investments, at fair value	Under 50.0%	$	256.3	Under 50.0%	$	243.7

(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 nine months ended September 30, 2025, White Mountains received dividend and income distributions from equity method eligible investments of $22.8 million and $59.7 million, which were generally recorded within net investment income in the consolidated statements of operations. For the three and nine months ended September 30, 2024, White Mountains received dividend and income distributions from equity method eligible investments of $19.7 million and $57.9 million.