Bermudian-based White Mountains Insurance Group Ltd has received a cash boost from yesterday’s initial public offering from US insurtech firm MediaAlpha.

The Bermudian company offered 2.99 million of its MediaAlpha shares as part of the IPO, which was priced at $19 per share.

At completion of the offering, which is due to close on October 30, White Mountains said it will own 21.15 million MediaAlpha shares, representing a 33 per cent stake in the California-based insurtech firm.

White Mountains will receive net cash proceeds, based on the offering price, of about $55 million, and total proceeds of $110 million, including a special dividend. At the IPO price, White Mountains said its book value per share stood to gain about $95 from the transaction.

MediaAlpha uses technology and data science to help insurance carriers and distributors acquire customers. The company is one of the largest online customer acquisition channels in the property and casualty, health, and life insurance industries.

Over the past two years, MediaAlpha has supported over $1 billion in transaction value with the use of its customer acquisition platform, the company said.

MediaAlpha was founded in 2012 and booked $480 million in revenue for the year ended June 30, 2020. It was planning to raise about $176 million by selling around 9.3 million shares in the IPO.

Shares of MediaAlpha started trading on the New York Stock Exchange under the ticker symbol “MAX” at 12.01pm Easter Standard Time.

In just over an hour, the shares were trading above $26, more than a third above the initial offering price.