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Equity-Method Eligible Investments | 6 Months Ended
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Jun. 30, 2023
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 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 June 30, 2023 and December 31, 2022:
|  | June 30, 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% |  | $ | 737.1 |  |  | 4.1% - 30.0% |  | $ | 695.9 |
Investment in MediaAlpha |  | 35.7% |  | 235.7 |  | 27.1% |  | 168.6 |
PassportCard/DavidShield |  | 53.8% |  | 150.0 |  | 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% |  | 263.4 |  |  | Under 50.0% |  | 84.4 |
Other equity method eligible investments, at fair value |  | 50.0% and over |  | 24.9 |  |  | 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 and six months ended June 30, 2023, White Mountains received dividend and income distributions from equity method eligible investments of $22.1 million and $28.5 million, which were recorded within net investment income in the consolidated statements of operations. For the three and six months ended June 30, 2022, White Mountains received dividend and income distributions from equity method eligible investments of $15.6 million and $28.7 million. For the six months ended June 30, 2022, MediaAlpha was considered a significant subsidiary. The following tables present summarized financial information for MediaAlpha as of June 30, 2023 and December 31, 2022 and for the three and six months ended June 30, 2023 and 2022:
Millions |  | June 30, 2023 |  | December 31, 2022 |  |
Balance sheet data: |  |  |  |  |  |
Total assets |  | $ | 140.2 |  |  | $ | 170.1 |  |  |
Total liabilities |  | $ | 234.6 |  |  | $ | 256.2 |  |  |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
Millions |  | 2023 |  | 2022 |  | 2023 |  | 2022
Income statement data: |  |  |  |  |  |  |  |
Total revenues |  | $ | 84.8 |  |  | $ | 103.4 |  |  | $ | 196.4 |  |  | $ | 246.0 |
Total expenses |  | $ | 104.8 |  |  | $ | 116.4 |  |  | $ | 231.0 |  |  | $ | 268.9 |
Net income (loss) |  | $ | (20.0) |  |  | $ | (13.0) |  |  | $ | (34.6) |  |  | $ | (22.9) |

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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 -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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