MediaAlpha, Inc. (NYSE: MAX), today announced the closing of its initial public offering of shares of its Class A common stock. MediaAlpha sold 7,027,606 shares of its Class A common stock at a price of $19.00 per share, which included 769,104 shares of Class A common stock sold pursuant to the option granted to the underwriters by MediaAlpha, which was exercised in full prior to the closing. An affiliate of White Mountains (NYSE: WTM) sold 3,609,894 shares as the selling stockholder, which included 618,396 shares of Class A common stock sold pursuant to the option granted to the underwriters by the selling stockholder, which was exercised in full prior to the closing. Insignia Capital Group also sold a portion of its equity interests in the MediaAlpha business in connection with the transactions.

The shares began trading on the New York Stock Exchange on October 28, 2020 under the symbol “MAX.”

J.P. Morgan, Citigroup, Credit Suisse, and RBC Capital Markets acted as joint bookrunners. Canaccord Genuity and William Blair acted as bookrunners. MUFG acted as a co-manager.

A registration statement relating to the securities sold in the offering has been declared effective by the Securities and Exchange Commission (“SEC”) on October 27, 2020. The offering was made only by means of a prospectus. A copy of the final prospectus relating to the securities has been filed with the SEC and may be obtained by contacting: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by email at prospectus-eq_fi@jpmorgan.com or by telephone at (866) 803-9204; or Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (800) 831-9146.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Investors Denise Garcia Hayflower Partners Denise@HayflowerPartners.com

Press SHIFT MediaAlpha@SHIFTComm.com

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