MediaAlpha owner proposes $83.3M share sale

The notice lists an aggregate market value of $83,330,923.65 and 50,903,805 Class A shares outstanding.

Available on EDGAR 11/04/2026 - 05:31 PM EST Accepted by SEC EDGAR 11/04/2026 - 05:30 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

MediaAlpha, Inc. (MAX) 10% owner WM Hinson (Bermuda) Ltd. gave notice of a proposed sale of 5,500,391 Class A common shares, with an approximate sale date of November 4, 2026. J.P. Morgan Securities LLC is listed as broker. The listed aggregate market value is $83,330,923.65, and the stated outstanding share count is 50,903,805 Class A shares.

WM Hinson directly holds the shares. Its parent, White Mountains Insurance Group, Ltd., may be deemed to share voting or disposition power; the notice states that it is not an admission that White Mountains or its directors, officers, or affiliates is a beneficial owner. WM Hinson acquired 5,916,816 shares from tendering stockholders in a fixed-price tender offer on June 30, 2023, for cash. John G. Sinkus, Vice President, signed for WM Hinson.

Key Figures

Proposed sale: 5,500,391 shares Aggregate market value: $83,330,923.65 Shares outstanding: 50,903,805 shares +1 more

4 metrics

Proposed sale 5,500,391 shares MediaAlpha Class A common stock; approximate sale date November 4, 2026

Aggregate market value $83,330,923.65 Listed for the proposed sale

Shares outstanding 50,903,805 shares MediaAlpha Class A common stock

Shares acquired 5,916,816 shares Fixed-price tender offer on June 30, 2023

Key Terms

Rule 144, fixed-price tender offer, beneficially owned, Rule 13d-3

4 terms

Rule 144 regulatory

"definition of "person" in paragraph (a) of Rule 144"

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

fixed-price tender offer financial

"Fixed-price tender offer"

beneficially owned regulatory

"indirectly beneficially owned by White Mountains"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Rule 13d-3 regulatory

"for purposes of Rule 13d-3"

Rule 13d-3 defines who is treated as the beneficial owner of a company’s shares for U.S. securities disclosure rules — essentially anyone who has the power to vote or direct how shares are voted, or the power to buy or sell them, even if they don’t hold the certificates. For investors this matters because crossing certain ownership thresholds triggers public filing and disclosure obligations and signals potential control or influence, much like having the keys to a car implies you can drive it even if it’s registered to someone else.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many MAX shares does WM Hinson propose to sell?

WM Hinson (Bermuda) Ltd. listed 5,500,391 shares of MediaAlpha Class A common stock for sale, with an aggregate market value of $83,330,923.65. The approximate sale date is November 4, 2026, and J.P. Morgan Securities LLC is listed as broker.

How did WM Hinson acquire the MAX shares?

WM Hinson acquired 5,916,816 shares from tendering stockholders in a fixed-price tender offer on June 30, 2023, with cash payment.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK	0001979065
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	MediaAlpha, Inc.
SEC File Number	001-39671
Address of Issuer	700 SOUTH FLOWER STREET SUITE 640 LOS ANGELES CALIFORNIA 90017
Phone	213-316-6256
Name of Person for Whose Account the Securities are To Be Sold	WM Hinson (Bermuda) Ltd.
See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.
Relationship to Issuer	10% Owner

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Class A Common Stock	J.P. Morgan Securities LLC 270 Park Avenue New York NY 10017	5500391	83330923.65	50903805	11/04/2026	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Class A Common Stock	06/30/2023	Fixed-price tender offer	Tendering stockholders of the Issuer			5916816	06/30/2023	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks	The shares of the Issuer identified herein (the "Shares") are directly held by WM Hinson (Bermuda) Ltd. ("WM Hinson") and indirectly beneficially owned by White Mountains Insurance Group, Ltd. ("White Mountains"). WM Hinson is a wholly owned direct subsidiary of White Mountains. By virtue of this relationship, White Mountains may be deemed, for purposes of Rule 13d-3 under the Securities Exchange Act of 1934, to share the power to vote or to dispose of, or to direct the voting or disposition of, the Shares directly held by WM Hinson. The filing of this notice shall not be construed as an admission that White Mountains or any of its directors, officers or affiliates is the beneficial owner of the Shares for purposes of Section 13(d) of the Securities Exchange Act of 1934 or for any other purpose.
Date of Notice	11/04/2026
ATTENTION:
The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
Signature	WM Hinson (Bermuda) Ltd., By: /s/ John G. Sinkus, Vice President
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)