HAMILTON, Bermuda,
Oct. 16, 2017 /PRNewswire/ -- White Mountains Insurance Group,
Ltd. (NYSE: WTM) announced today that its portfolio company,
MediaAlpha, has acquired from Healthplans.com certain assets
associated with its health and life insurance business. Terms
of the transaction were not disclosed.
The acquisition will expand MediaAlpha's footprint in the health
insurance and life insurance verticals and increase the company's
scale and profitability. This is the second add-on
acquisition that MediaAlpha has closed since White Mountains
acquired a majority interest in the company in 2014.
"We are pleased to support MediaAlpha in its acquisition,"
commented Chris Delehanty, Managing
Director of White Mountains. "The deal supplements
MediaAlpha's strong organic growth and further establishes
MediaAlpha as the leader in its marketplace. Steve, Eugene
and team have been terrific partners, and we look forward to
continuing to support their growth initiatives."
The acquisition was financed with debt from MediaAlpha's
existing lender, Bridge Bank, and equity funded by MediaAlpha's
existing unitholders. As a result of the transaction, White
Mountains' ownership in MediaAlpha increased to approximately 59%
on a fully-diluted basis.
About MediaAlpha
MediaAlpha is an advertising technology company. It
operates transparent and efficient exchange platforms that
facilitate real-time transactions between advertisers and
publishers of performance media (i.e., clicks, calls and
leads). 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 25 million transactions
annually, representing more than $250
million in aggregate media spend. For more
information, visit www.mediaalpha.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.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995
This press release may contain "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All
statements, other than statements of historical facts, included or
referenced in this press release which address activities, events
or developments which White Mountains expects or anticipates will
or may occur in the future are forward-looking statements.
The words "will," "believe," "intend," "expect," "anticipate,"
"project," "estimate," "predict" and similar expressions are also
intended to identify forward-looking statements. These
forward-looking statements include, among others, statements with
respect to White Mountains:
- change in adjusted book value per share or return on
equity;
- business strategy;
- financial and operating targets or plans;
- incurred loss and loss adjustment expenses and the adequacy
of its loss and loss adjustment expense reserves and related
reinsurance;
- projections of revenues, income (or loss), earnings (or
loss) per share, dividends, market share or other financial
forecasts;
- expansion and growth of its business and operations;
and
- future capital expenditures.
These statements are based on certain assumptions and
analyses made by White Mountains in light of its experience and
perception of historical trends, current conditions and expected
future developments, as well as other factors believed to be
appropriate in the circumstances. However, whether actual
results and developments will conform to its expectations and
predictions is subject to risks and uncertainties that could cause
actual results to differ materially from expectations,
including:
- the risks that are described from time to time in White
Mountains's filings with the Securities and Exchange
Commission, including but not limited to White Mountains's Annual
Report on Form 10-K for the fiscal year ended December 31,
2016 filed February 27, 2017;
- claims arising from catastrophic events, such as hurricanes,
earthquakes, floods, fires, terrorist attacks or severe winter
weather;
- the continued availability of capital and
financing;
- general economic, market or business conditions;
- business opportunities (or lack thereof) that may be
presented to it and pursued;
- competitive forces, including the conduct of other property
and casualty insurers and reinsurers;
- changes in domestic or foreign laws or regulations, or their
interpretation, applicable to White Mountains, its competitors or
its customers;
- an economic downturn or other economic conditions adversely
affecting its financial position;
- recorded loss reserves subsequently proving to have been
inadequate;
- actions taken by ratings agencies from time to time, such as
financial strength or credit ratings downgrades or placing ratings
on negative watch; and
- other factors, most of which are beyond White Mountains's
control.
Consequently, all of the forward-looking statements made in
this press release are qualified by these cautionary statements,
and there can be no assurance that the actual results or
developments anticipated by White Mountains will be realized or,
even if substantially realized, that they will have the expected
consequences to, or effects on, White Mountains or its business or
operations. White Mountains assumes no obligation to publicly
update any such forward-looking statements, whether as a result of
new information, future events or otherwise.
CONTACT:
Todd Pozefsky
(203) 458-5807
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SOURCE White Mountains Insurance Group, Ltd.