Thursday was a busy day at the board level of a Bermuda-domiciled financial services holding company.

Weston M. Hicks was elected chairman of the board of White Mountains Insurance Group, Ltd., replacing Morgan Davis, who retired from the board the same day. White Mountains is traded on both the Bermuda Stock Exchange and the New York Stock Exchange.

Mr Hicks commented: "I am honoured to assume the chairmanship of this unique and wonderful company.

“The entire board thanks Morgan for his leadership as our chairman for the past six years, for his 17 years of service as a director, and for the tremendous value he has created for owners across many roles and over many decades, from Fireman's Fund to the present."

Manning Rountree, chief executive officer added: "For the past 20 years, Morgan has been a valued and trusted partner and a mentor to me. I will miss his wise counsel, common sense and good humour, and I extend my deepest gratitude and appreciation. We wish Morgan and his wife Sandy all the best in the future."

Mr Rountree continued: "The board and the management team look forward to working with Weston in his expanded role. Weston is a perfect fit for White Mountains with his broad experience and deep understanding of all aspects of our business."

Meanwhile, separately, in a filing with the Bermuda Stock Exchange, the company advised of the appointment of Steve Yi as a new member of the board.

Mr Yi is the co-founder and CEO of MediaAlpha Inc., a Delaware company which describes itself as a platform that facilitates insurance carriers and distributors to target and acquire customers.

White Mountains was a large shareholder of MediaAlpha, at one point in 2021 owning nearly 17 million shares of MediaAlpha Class A common stock, representing an approximately 28 per cent ownership interest.

White Mountains will hold its 2023 annual investor information meeting on June 6 in New York.

Mr Rountree said the discussion will focus on White Mountains' operations and their outlook for the company.

Meanwhile, White Mountains has conditionally offered to buy 5,000,000 shares of Class A Common Stock of MediaAlpha at $10 per share, through subsidiary, WM Hinson.

The group said they believe it is an attractive investment, and their offer is not for the purpose of acquiring or influencing control of the company.

MediaAlpha is a "controlled company" under the rules of the NYSE.

The offer is not conditioned on the receipt of financing, but is conditioned on a minimum number of 2,500,000 common shares being properly tendered and not properly withdrawn and to certain other conditions, which are set forth in the offer to purchase.