XML 42 R25.htm IDEA: XBRL DOCUMENT v3.24.0.1
Equity Method Eligible Investments
 12 Months Ended
Dec. 31, 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 Mountain’s equity method eligible investments as of December 31, 2023 and 2022:
December 31, 2023December 31, 2022
$ in MillionsOwnership InterestCarrying ValueOwnership InterestCarrying Value
Kudu’s Participation Contracts (1)
4.1% - 30.0%
890.5 
4.1% - 30.0%
$695.9 
Investment in MediaAlpha34.9 %254.9 27.1 %168.6 
PassportCard/DavidShield53.8 %150.0 53.8 %135.0 
Elementum Holdings, L.P.26.6 %35.0 29.7 %30.0 
Other equity method eligible investments, at fair valueUnder 50.0%291.7 Under 50.0%84.4 
Other equity method eligible investments, at fair value50.0% and over24.8 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 years ended December 31, 2023, 2022 and 2021, White Mountains received dividend and income distributions from equity method eligible investments of $67.0 million, $68.9 million and $56.2 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 3 — “Investment Securities”.
For the year ended December 31, 2021, MediaAlpha was considered a significant subsidiary. The following tables present summarized financial information for MediaAlpha as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022, and 2021:
December 31,
Millions20232022
Balance sheet data:
Total assets$153.9 $170.1 
Total liabilities$248.4 $256.2 

Year Ended December 31,
Millions202320222021
Income statement data:
Total revenues$388.1 $459.1 $645.3 
Total expenses$444.7 $531.5 $653.8 
Net income (loss)$(56.6)$(72.4)$(8.5)

The following tables present aggregated summarized financial information for White Mountains’s investments in equity method eligible unconsolidated entities, excluding MediaAlpha:

December 31,
Millions20232022
Balance sheet data(1):
Total assets$3,049.3 $2,252.5 
Total liabilities$657.2 $526.9 
(1) Financial data for White Mountains’s equity method eligible investees is generally reported on a one-quarter lag.
Year Ended December 31,
Millions202320222021
Income statement data(1):
Total revenues$1,187.3 $735.3 $987.4 
Total expenses$681.5 $515.9 $418.7 
Net income (loss)$505.8 $219.4 $568.7 
(1) Financial data for White Mountains’s equity method eligible investees is generally reported on a one-quarter lag.