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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Name of Issuer)

(Title of Class of Securities)

(CUSIP Number)

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13D/A 0000950157-24-000731 0000776867 XXXXXXXX LIVE 5 Class A Common Stock, par value $0.01 per share 08/08/2025 false 0001818383 58450V104 MediaAlpha, Inc. 700 South Flower Street Suite 640 Los Angeles CA 90017 Robert L. Seelig, Esq. (603) 640-2200 23 South Main Street Suite 3B Hanover NH 03755 0000776867 White Mountains Insurance Group, Ltd. b AF D0 900000 16956614 900000 16956614 17856614 N 31.7 HC 0001979065 WM Hinson (Bermuda) Ltd. b WC D0 0 16956614 0 16956614 16956614 N 30.1 CO Class A Common Stock, par value $0.01 per share MediaAlpha, Inc. 700 South Flower Street Suite 640 Los Angeles CA 90017 This Amendment No. 5 (this "Amendment No. 5") to the Schedule 13D filed with the Securities and Exchange Commission (the "Commission") on June 30, 2023 (as amended and supplemented from time to time, this "Schedule 13D") is being filed jointly by White Mountains Insurance Group, Ltd. ("White Mountains") and WM Hinson (Bermuda) Ltd. ("WM Hinson" and, together with White Mountains, the "Reporting Persons") with respect to the Class A Common Stock, par value $0.01 per share (the "Class A Shares"), of MediaAlpha, Inc., a Delaware corporation (the "Issuer") beneficially owned by the Reporting Persons. The purpose of this Amendment No. 5 is to report a change in the percentage of the Class A Shares beneficially owned by the Reporting Persons solely due to the change in the number of outstanding Class A Shares as disclosed in the Issuer's Form 10-Q filed with the Commission on August 6, 2025. Except as set forth below, all Items of this Schedule 13D remain unchanged. Capitalized terms used in this Amendment No. 5 and not otherwise defined shall have the respective meanings assigned to such terms in this Schedule 13D. Item 5(a)-(b) is amended and restated as follows: The information set forth on the cover pages of this Amendment No. 5, and the information set forth or incorporated by reference in Items 2, 3, 4 and 6 of this Schedule 13D are hereby incorporated by reference in this Item 5(a)-(b). As of the date hereof, White Mountains directly holds 900,000 Class A Shares of the Issuer and is the indirect beneficial owner of 16,956,614 Class A Shares directly held by its wholly owned direct subsidiary, WM Hinson, as presented herein. None of the Reporting Persons beneficially owns any shares of Class B Common Stock, par value $0.01 per share ("Class B Shares"). The Class A Shares held by the Reporting Persons represent approximately 31.68% of the outstanding Class A Shares. As of the date hereof, and based on the knowledge of the Reporting Persons, the beneficial ownership of Class A Shares of the persons listed in Annex A is as follows: Steven Yi holds 2,030,232 Class A Shares and 46,166 Class B Shares, which results in Mr. Yi beneficially owning 2,174,158 Class A Shares, representing approximately 3.86% of the outstanding Class A Shares; Robert L. Seelig holds 9,000 Class A Shares, which results in Mr. Seelig beneficially owning 9,000 Class A Shares, representing approximately 0.02% of the outstanding Class A Shares; and John G. Sinkus holds 750 Class A Shares, which results in Mr. Sinkus beneficially owning 750 Class A Shares, representing less than 0.01% of the outstanding Class A Shares. The beneficial ownership calculations set forth herein assume the exchange of any Class B Shares beneficially owned, together with a corresponding number of Class B-1 Units, for an equal number of Class A Shares pursuant to the Exchange Agreement. The percentage calculations set forth herein are based on 56,370,303 Class A Shares issued and outstanding as of July 31, 2025, as reported in the Issuer's Form 10-Q filed with the Commission on August 6, 2025, and are calculated in accordance with Rule 13d-3(d)(1)(i) under the Exchange Act. In addition to the above, based solely on the information reported in the Schedule 13D filed by OBF Investments, LLC a Nevada limited liability company ("OBF"), and its Manager, Jason Heiling, on June 25, 2021, OBF holds 3,923,885 Class B Shares. OBF Investments is owned by trusts for the benefit of Mr. Yi and members of his family. Mr. Yi does not have any voting or dispositive control over the shares held by OBF. See the Schedule 13D filed by OBF and its Manager, Jason Heiling, on June 25, 2021, for additional information with respect to OBF. By virtue of the relationships described under Item 2 of this Schedule 13D, White Mountains may be deemed, for purposes of Rule 13d-3 under the Exchange Act, to share the power to vote or dispose, or to direct the voting or disposition of the Class A Shares directly held by WM Hinson. The filing of this Amendment No. 5 shall not be construed as an admission that any Reporting Person is the beneficial owner of any of the Class A Shares that such Reporting Person may be deemed to beneficially own. Without limiting the foregoing sentence, all of the Reporting Persons, other than with respect to Class A Shares directly held by such Reporting Person as described on each cover page to this Amendment No. 5, disclaim beneficial ownership of all Class A Shares reported in this Amendment No. 5. In addition, the filing of this Amendment No. 5 shall not be construed as an admission that any partner, member, director, officer or affiliate of any Reporting Person is the beneficial owner of any of the Class A Shares that such partner, member, director, officer or affiliate may be deemed to beneficially own. In addition, because of the relationships among White Mountains and WM Hinson, on the one hand, and the other Stockholders' Agreement Parties, on the other hand, as a result of the Stockholders Agreement, the Reporting Persons may be deemed, pursuant to Rules 13d-3 and 13d-5 under the Act, to beneficially own the Class A Shares, Class B Shares or Class B-1 Units held in aggregate by the other Stockholders' Agreement Parties. Notwithstanding the foregoing, the filing of this Amendment No. 5 shall not be construed as an admission that any Reporting Person is the beneficial owner of any of the Class A Shares, Class B Shares or Class B-1 Units that such Reporting Person may be deemed to beneficially own. Further, each of the Reporting Persons disclaims membership in a group with each other Stockholders' Agreement Party. Same as (a) above. White Mountains Insurance Group, Ltd. /s/ Robert L. Seelig Robert L. Seelig - Executive Vice President and General Counsel 08/08/2025 WM Hinson (Bermuda) Ltd. /s/ John G. Sinkus John G. Sinkus - Vice President 08/08/2025