Equity Method Eligible Investments

3 Months Ended

Mar. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

White Mountains’s equity method eligible investments include Kudu’s Participation Contracts, White Mountains’s investment in MediaAlpha, PassportCard/DavidShield, Elementum, 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. Under GAAP, equity method eligible investments are considered related parties.

The following table presents the ownership interests and carrying values of White Mountains’s equity method eligible investments as of March 31, 2025 and December 31, 2024:


	March 31, 2025			December 31, 2024
$ in Millions	Ownership Interest	Carrying Value		Ownership Interest	Carrying Value
Kudu’s Participation Contracts (1)	4.1% - 30.0%	$	1,120.4	4.1% - 30.0%	$	1,008.4
Investment in MediaAlpha	26.5%	165.0		26.6%	201.6
PassportCard/DavidShield	53.8%	150.0		53.8%	150.0
Elementum	26.6%	35.0		26.6%	35.0
Other equity method eligible investments, at fair value	Under 50.0%	233.4		Under 50.0%	243.7

(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, 2025 and 2024, White Mountains received dividend and income distributions from equity method eligible investments of $16.6 million and $15.9 million, which were recorded within net investment income in the consolidated statements of operations.