Equity Method Eligible Investments (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of significant equity method eligible investments

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, 2023			December 31, 2022
$ in Millions	Ownership Interest		Carrying Value	Ownership Interest		Carrying Value
Kudu’s Participation Contracts (1)	4.1% - 30.0%		890.5	4.1% - 30.0%		$	695.9
Investment in MediaAlpha	34.9	%	254.9	27.1	%	168.6
PassportCard/DavidShield	53.8	%	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 value	Under 50.0%		291.7	Under 50.0%		84.4
Other equity method eligible investments, at fair value	50.0% and over		24.8	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.

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,
Millions	2023		2022
Balance sheet data:
Total assets	$	153.9	$	170.1
Total liabilities	$	248.4	$	256.2


	Year Ended December 31,
Millions	2023		2022		2021
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,
Millions	2023		2022
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,
Millions	2023		2022		2021
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.