MediaAlpha Acquires Health & Life Business
White Mountains Insurance Group announced 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.
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.
