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Equity-Method Eligible Investments | 9 Months Ended
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Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Equity-Method Eligible Investments | Equity-Method Eligible Investments White Mountains’s equity method eligible investments include White Mountains’s investment in MediaAlpha, certain other unconsolidated entities, including Kudu’s Participation Contracts, 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 September 30, 2022 and December 31, 2021:
|  | September 30, 2022 |  | December 31, 2021
Millions |  | Ownership Interest |  | Carrying Value |  | Ownership Interest |  | Carrying Value
Kudu Participation Contracts (1) |  | 4.1 - 33.0% |  | $ | 813.2 |  |  | 3.2 - 32.0% |  | $ | 669.5 |
Investment in MediaAlpha |  | 27.4 | % |  | 148.2 |  |  | 28.0 | % |  | 261.6 |
PassportCard/DavidShield |  | 53.8 | % |  | 132.0 |  |  | 53.8 | % |  | 120.0 |
Elementum Holdings, L.P. |  | 29.7 | % |  | 45.0 |  |  | 29.7 | % |  | 45.0 |
Other equity method eligible investments, at fair value |  | Under 50.0% |  | 102.7 |  |  | Under 50.0% |  | 109.3 |
Other equity method eligible investments, at fair value |  | 50.0% and over |  | 27.7 |  |  | 50.0% and over |  | 17.8 |
(1) Ownership interest generally references basic ownership interest with the exception of Kudu’s Participation Contracts, which are non-controlling equity interests in the form of revenue and earnings participation contracts. For the three and nine months ended September 30, 2022, White Mountains received dividend and income distributions from equity method eligible investments of $16.1 million and $42.9 million, which were recorded within net investment income in the consolidated statements of operations. For the three and nine months ended September 30, 2021, White Mountains received dividend and income distributions from equity method eligible investments of $13.0 million, and $37.7 million, which were recorded within net investment income in the consolidated statements of operations. Subsequent to the MediaAlpha IPO, White Mountains’s investment in MediaAlpha is accounted for at fair value based on the publicly traded share price of MediaAlpha’s common stock, and White Mountains presents its investment in MediaAlpha as a separate line item on the balance sheet. See Note 2 — “Significant Transactions.” For the nine months ended September 30, 2021, MediaAlpha was considered a significant subsidiary. The following tables present summarized financial information for MediaAlpha as of September 30, 2022 and December 31, 2021 and for the three and nine months ended September 30, 2022 and 2021:
Millions |  | September 30, 2022 |  | December 31, 2021 |  |
Balance sheet data: |  |  |  |  |  |
Total assets |  | $ | 265.2 |  |  | $ | 289.8 |  |  |
Total liabilities |  | $ | 333.6 |  |  | $ | 351.4 |  |  |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Millions |  | 2022 |  | 2021 |  | 2022 |  | 2021
Income statement data: |  |  |  |  |  |  |  |
Total revenues |  | $ | 89.0 |  |  | $ | 152.7 |  |  | $ | 335.1 |  |  | $ | 483.7 |
Total expenses |  | $ | 110.2 |  |  | $ | 157.0 |  |  | $ | 379.2 |  |  | $ | 488.2 |
Net income (loss) |  | $ | (21.2) |  |  | $ | (4.3) |  |  | $ | (44.1) |  |  | $ | (4.5) |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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