MediaAlpha Announces Strategic Investment from Insignia Capital Group

MediaAlpha, a pioneer in programmatic advertising platforms for native
search and metasearch media, announced today it has reached a definitive
agreement to secure a new investment from Insignia Capital Group, a San
Francisco Bay Area private equity firm focused on high-growth,
middle-market companies, in connection with a recapitalization
transaction that values MediaAlpha at approximately $350 million. White
Mountains Insurance Group, Ltd. (NYSE: WTM) will remain a significant
equity holder in MediaAlpha going forward with a 42% ownership interest
on a fully-diluted basis. There will be no changes to MediaAlpha’s
founding management team.

This agreement is a significant milestone for MediaAlpha and will help
accelerate the company’s growth plans. “Insignia Capital brings a deep
understanding of the performance advertising sector, and we look forward
to their partnership as we pursue new international opportunities,
continue to invest in our industry-leading technology, and enter new
vertical markets,” said Steve Yi, Co-Founder and CEO of MediaAlpha. “We
are extremely excited to partner with the MediaAlpha team, as we look to
support their continued rapid growth. MediaAlpha has built a truly
unique and transformative business model that is rapidly gaining share
with publishers and advertisers in the online advertising industry,”
said Tony Broglio, Partner at Insignia Capital. “We are pleased to join
White Mountains as an institutional investor in the company. White
Mountains has been a highly-value added partner to MediaAlpha to date,
and we look forward to working with them as partners in the next phase
of the company’s growth.” The transaction is expected to close within 60
days.

Petsky Prunier Securities LLC acted as exclusive financial advisor to
MediaAlpha. Cravath Swaine & Moore LLP acted as legal advisor to selling
equity holders and MediaAlpha. Kirkland & Ellis LLP provided legal
counsel to Insignia.

About MediaAlpha

MediaAlpha is a marketing technology company. It operates transparent
and efficient exchange platforms that facilitate real-time transactions
between advertisers and publishers of performance media. MediaAlpha has
developed distinctive platform solutions for a range of insurance
verticals, including auto, motorcycle, home, renter, health and life,
and non-insurance verticals, including travel, education, personal
finance and home services. MediaAlpha powers over 200 million
transactions annually, representing more than $400 million in aggregate
media spend. For more information, visit www.mediaalpha.com.

About Insignia Capital Group

Insignia Capital Group is a San Francisco Bay Area private equity firm
focused on middle-market companies. Insignia partners with company
founders and management teams to help drive growth and achieve true
business potential. The firm's principals have significant experience
building businesses across a range of industries including consumer,
business services and healthcare. For more information please visit www.insigniacap.com.

About White Mountains

White Mountains is a Bermuda-domiciled financial services holding
company traded on the New York Stock Exchange and the Bermuda Stock
Exchange under the symbol WTM. Additional financial information and
other items of interest are available at the Company's web site located
at www.whitemountains.com.

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