White Mountains Insurance Group, Ltd. has 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. Additional financial information and other items of interest are available at the Company's web site located at www.whitemountains.com.
Latest from iPMI Magazine
- Mandatory Health Insurance System To Be Applied In All Azerbaijani Hospitals
- Don’t Forget Your Green Card - British Insurers Issue Advice To Customers On No-Deal Brexit
- Unitedhealth Group Reports 2018 Results Highlighted By Continued Strong And Diversified Growth
- New Chief Commercial Officer At Global Excel Management
- Treasury, USTR Sign Bilateral Agreement With The United Kingdom On Prudential Measures Regarding Insurance And Reinsurance