White Mountains Insurance Group Ltd. filed a Form 4 on November 13, 2026, disclosing that its wholly owned subsidiary WM Hinson (Bermuda) Ltd. sold 1,130,000 shares of MediaAlpha, Inc. Class A common stock back to the issuer on November 11, 2026.

Key Highlights

  • Seller: WM Hinson (Bermuda) Ltd., a wholly owned direct subsidiary of White Mountains Insurance Group, Ltd., disposed of 1,130,000 shares of Class A common stock.
  • Transaction date: November 11, 2026, pursuant to a Share Repurchase Agreement between WM Hinson (Bermuda) Ltd. and MediaAlpha, Inc., dated November 11, 2026.
  • Price per share: $14.15, with the shares sold directly to the issuer.
  • Remaining beneficial ownership: Following the transaction, White Mountains Insurance Group, Ltd. is reported as beneficially owning 11,226,223 shares of Class A common stock in aggregate.
  • Ownership breakdown: The 11,226,223 shares consist of 900,000 shares held directly by White Mountains Insurance Group, Ltd. and 10,326,223 shares held directly by WM Hinson (Bermuda) Ltd.
  • Relationship to issuer: White Mountains Insurance Group, Ltd. and WM Hinson (Bermuda) Ltd. are each identified as 10% owners of MediaAlpha, Inc.

White Mountains Subsidiary Sells MediaAlpha Shares Back to Issuer in November 2026 Repurchase

According to the filing, WM Hinson (Bermuda) Ltd. sold 1,130,000 shares of MediaAlpha, Inc. (NYSE:MAX) Class A common stock to the issuer on November 11, 2026, at a price of $14.15 per share. The transaction was carried out under a Share Repurchase Agreement, dated November 11, 2026, between WM Hinson (Bermuda) Ltd. and MediaAlpha, Inc. The filing identifies the transaction code as "S" (a sale or disposition) under Table I of the Form 4.

The filing reports that following this transaction, White Mountains Insurance Group, Ltd. beneficially owns a combined 11,226,223 shares of MediaAlpha Class A common stock. Of that total, 900,000 shares are held directly by White Mountains Insurance Group, Ltd., and 10,326,223 shares are held directly by WM Hinson (Bermuda) Ltd. The filing states that White Mountains Insurance Group, Ltd. has indirect pecuniary interest in the securities held by WM Hinson (Bermuda) Ltd. and is therefore deemed to beneficially own those shares. However, the filing also notes that "The board of directors and senior officers of White Mountains Insurance Group, Ltd. disclaim beneficial ownership with respect to such securities."

The Form 4 was filed jointly on behalf of two reporting persons: White Mountains Insurance Group, Ltd., located at 23 South Main Street, Suite 3B, Hanover, New Hampshire, and WM Hinson (Bermuda) Ltd., located at 26 Reid Street, Suite 601, Hamilton, Bermuda. The filing was signed on November 13, 2026, by Robert L. Seelig, EVP and General Counsel of White Mountains Insurance Group, Ltd., and by John G. Sinkus, Vice President of WM Hinson (Bermuda) Ltd. No derivative securities transactions were reported in this filing.

What Was Disclosed

White Mountains Insurance Group, Ltd. and its subsidiary WM Hinson (Bermuda) Ltd. disclosed the sale of 1,130,000 MediaAlpha Class A shares to the issuer at $14.15 per share on November 11, 2026, leaving a combined beneficial ownership of 11,226,223 shares following the transaction.