Equity-Method Eligible Investments

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

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 Holdings, L.P. 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.

The following table presents the ownership interests and carrying values of White Mountains’s equity method eligible investments as of March 31, 2023 and December 31, 2022:


	March 31, 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%	$	683.2	4.1% - 30.0%	$	695.9
Investment in MediaAlpha	26.8%	253.8		27.1%	168.6
PassportCard/DavidShield	53.8%	140.0		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%	180.8		Under 50.0%	84.4
Other equity method eligible investments, at fair value	50.0% and over	10.5		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.

For the three months ended March 31, 2023 and 2022, White Mountains received dividend and income distributions from equity method eligible investments of $7.7 million and $13.1 million, which were recorded within net investment income in the consolidated statements of operations.