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Equity Method Eligible Investments | 12 Months Ended
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Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Equity Method Eligible Investments | Equity Method Eligible Investments White Mountains’s equity method eligible investments includes those in which White Mountains has the ability to exert significant influence over the investee’s operating and financial policies. Under GAAP, equity method eligible investments are considered related parties. White Mountains has generally taken the fair value option for its equity method eligible investments. The following table presents the ownership interests and carrying values of White Mountains’s equity method eligible investments as of December 31, 2025 and 2024:
|  | December 31, 2025 |  | December 31, 2024
$ in Millions |  | Ownership Interest |  | Carrying Value |  | Ownership Interest |  | Carrying Value
Kudu’s Participation Contracts (1) |  | 4.1% - 30.0% |  | $ | 1,285.0 |  |  | 4.1% - 30.0% |  | $ | 1,008.4 |
Bamboo SPV |  | 27.9% |  | 250.0 |  |  | —% |  | — |
Investment in MediaAlpha (2) |  | 27.4% |  | 231.2 |  |  | 26.6% |  | 201.6 |
PassportCard/DavidShield |  | 53.8% |  | 170.0 |  |  | 53.8% |  | 150.0 |
BroadStreet SPV |  | 10.9% |  | 160.0 |  |  | —% |  | — |
Elementum |  | 26.6% |  | 35.0 |  |  | 26.6% |  | 35.0 |
Other equity method eligible investments (3) |  | Under 50.0% |  | 266.0 |  |  | Under 50.0% |  | 243.7 |
(1) Ownership interest references basic ownership interest with the exception of Kudu’s Participation Contracts, which are generally noncontrolling equity interests in the form of revenue and earnings participation contracts. (2) MediaAlpha’s ownership interest as of December 31, 2025 is based on the total class A and class B common shares outstanding in MediaAlpha’s Report on Form 10-Q dated October 29, 2025. (3) Includes certain other unconsolidated entities, private equity funds and an ILS fund. For the years ended December 31, 2025, 2024 and 2023, White Mountains received dividend and income distributions from equity method eligible investments of $81.8 million, $71.4 million and $67.0 million, which were generally recorded within net investment income in the consolidated statements of operations. The following tables present aggregated summarized financial information for White Mountains’s investments in equity method eligible unconsolidated entities:
|  | December 31, |  |
Millions |  | 2025 |  | 2024 |  |
Balance sheet data (1): |  |  |  |  |  |
Total assets |  | $ | 6,429.6 |  |  | $ | 3,719.1 |  |  |
Total liabilities |  | $ | 1,303.2 |  |  | $ | 1,063.9 |  |  |
(1) Financial data for White Mountains’s equity method eligible investees is generally reported on a one-quarter lag.
|  | Year Ended December 31, |  |
Millions |  | 2025 |  | 2024 |  | 2023 |  |
Income statement data (1): |  |  |  |  |  |  |  |
Total revenues |  | $ | 2,455.4 |  |  | $ | 2,011.8 |  |  | $ | 1,575.4 |  |  |
Total expenses |  | $ | 1,983.3 |  |  | $ | 1,634.9 |  |  | $ | 1,126.2 |  |  |
Net income (loss) |  | $ | 472.1 |  |  | $ | 376.9 |  |  | $ | 449.2 |  |  |
(1) Financial data for White Mountains’s equity method eligible investees is generally reported on a one-quarter lag.

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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/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: 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 3: 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 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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