WHITE MOUNTAINS INSURANCE GROUP LTD — Director's Dealing 2021

Mar 25, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MediaAlpha, Inc. (MAX)
CIK: 0001818383
Period of Report: 2021-03-23

Reporting Person: WHITE MOUNTAINS INSURANCE GROUP LTD (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-03-23	Class A Common Stock	S	3592204	$46	Disposed	16939998	Indirect

Footnotes

F1: On March 23, 2021, White Mountains Investments (Luxembourg) S.a` r.l. sold 3,592,204 shares of Class A common stock of MediaAlpha, Inc. as a selling stockholder in an underwritten public secondary offering at a price to the public of $46.00 per share. 469,744 of such shares of Class A common stock were sold pursuant to the option granted to the underwriters by the selling stockholders, which was exercised in full prior to the closing.

F2: Includes 900,000 shares of Class A common stock owned directly by Bridge Holdings (Bermuda) Ltd. and 16,039,998 shares of Class A common stock owned directly by White Mountains Investments (Luxembourg) S.ar.l. Bridge Holdings (Bermuda) Ltd. and White Mountains Investments (Luxembourg) S.a r.l. are each wholly owned subsidiaries of White Mountains Insurance Group, Ltd. White Mountains Insurance Group, Ltd. has indirect pecuniary interest in the securities held by Bridge Holdings (Bermuda) Ltd. and by White Mountains Investments (Luxembourg) S.ar.l. Consequently, White Mountains Insurance Group, Ltd. is deemed to beneficially own the securities held directly by Bridge Holdings (Bermuda) Ltd. and White Mountains Investments (Luxembourg) S.a r.l. The board of directors and senior officers of White Mountains Insurance Group, Ltd. disclaim beneficial ownership with respect to such securities.