XML 50 R25.htm IDEA: XBRL DOCUMENT v3.25.4
Equity Method Eligible Investments
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Eligible Investments Equity Method Eligible Investments
White Mountains’s equity method eligible investments includes those 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. White Mountains has generally taken the fair value option for its equity method eligible investments.
The following table presents the ownership interests and carrying values of White Mountains’s equity method eligible investments as of December 31, 2025 and 2024:
December 31, 2025December 31, 2024
$ in MillionsOwnership InterestCarrying ValueOwnership InterestCarrying Value
Kudu’s Participation Contracts (1)
4.1% - 30.0%
$1,285.0 
4.1% - 30.0%
$1,008.4 
Bamboo SPV
27.9%250.0 —%— 
Investment in MediaAlpha (2)
27.4%231.2 26.6%201.6 
PassportCard/DavidShield53.8%170.0 53.8%150.0 
BroadStreet SPV10.9%160.0 —%— 
Elementum26.6%35.0 26.6%35.0 
Other equity method eligible investments (3)
Under 50.0%266.0 Under 50.0%243.7 
(1) Ownership interest references basic ownership interest with the exception of Kudu’s Participation Contracts, which are generally noncontrolling equity interests in the form of revenue and earnings participation contracts.
(2) MediaAlpha’s ownership interest as of December 31, 2025 is based on the total class A and class B common shares outstanding in MediaAlpha’s Report on Form 10-Q dated October 29, 2025.
(3) Includes certain other unconsolidated entities, private equity funds and an ILS fund.

For the years ended December 31, 2025, 2024 and 2023, White Mountains received dividend and income distributions from equity method eligible investments of $81.8 million, $71.4 million and $67.0 million, which were generally 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,
Millions20252024
Balance sheet data (1):
Total assets$6,429.6 $3,719.1 
Total liabilities$1,303.2 $1,063.9 
(1) Financial data for White Mountains’s equity method eligible investees is generally reported on a one-quarter lag.

Year Ended December 31,
Millions202520242023
Income statement data (1):
Total revenues$2,455.4 $2,011.8 $1,575.4 
Total expenses$1,983.3 $1,634.9 $1,126.2 
Net income (loss)$472.1 $376.9 $449.2 
(1) Financial data for White Mountains’s equity method eligible investees is generally reported on a one-quarter lag.