Press Release

MediaAlpha Announces Investment from Insignia Capital Group



LOS ANGELES (Feb. 4, 2019) — 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

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

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