Statement of Changes in Beneficial Ownership (Form 4)

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * WHITE MOUNTAINS INSURANCE GROUP LTD 2. Issuer Name and Ticker or Trading Symbol MediaAlpha, Inc. [MAX] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 23 SOUTH MAIN STREET, SUITE 3B 3. Date of Earliest Transaction (Month/Day/Year) 11/04/2026 (Street) HANOVER, NH 03755 4. If Amendment, Date Original Filed (Month/Day/Year) 6. Individual or Joint/Group Filing (Check Applicable Line) ___ Form filed by One Reporting Person _X_ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Class A Common Stock(1) 11/04/2026 S 5,500,391 D $13.9 12,356,223 I See Footnote(2)

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
WHITE MOUNTAINS INSURANCE GROUP LTD 23 SOUTH MAIN STREET SUITE 3B HANOVER, NH 03755		X
WM Hinson (Bermuda) Ltd. 26 REID STREET SUITE 601 HAMILTON HM 11		X

Signatures

White Mountains Insurance Group, Ltd., by Robert L. Seelig, its EVP and General Counsel, /s/ Robert L. Seelig		11/05/2026
**Signature of Reporting Person		Date
WM Hinson (Bermuda) Ltd., by John G. Sinkus, its Vice President, /s/ John G. Sinkus		11/05/2026
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	On November 4, 2026, WM Hinson (Bermuda) Ltd., a wholly owned direct subsidiary of White Mountains Insurance Group, Ltd., sold 5,500,391 shares of Class A common stock of MediaAlpha, Inc. to J.P. Morgan Securities LLC pursuant to Rule 144 under the Securities Act of 1933, as amended, at a price of $13.90 per share.
(2)	Includes 900,000 shares of Class A common stock owned directly by White Mountains Insurance Group, Ltd. and 11,456,223 shares of Class A common stock owned directly by WM Hinson (Bermuda) Ltd., following the reported transaction. White Mountains Insurance Group, Ltd. has indirect pecuniary interest in the securities held by WM Hinson (Bermuda) Ltd. Consequently, White Mountains Insurance Group, Ltd. is deemed to beneficially own the securities held directly by WM Hinson (Bermuda) Ltd. The board of directors and senior officers of White Mountains Insurance Group, Ltd. disclaim beneficial ownership with respect to such securities.
Remarks: Joint/Group Beneficial Owners: WM Hinson (Bermuda) Ltd. - (a wholly owned direct subsidiary of White Mountains Insurance Group, Ltd.)

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