Steven Yi
WHITE MOUNTAINS INSURANCE GROUPAbout Steven Yi
Steven M. Yi (age 54) joined White Mountains’ Board in 2023 and serves in Class II with a term ending in 2026 . He is CEO and co-founder of MediaAlpha, Inc., with prior operating and strategy roles across technology, marketing services, and insurance services . He serves on White Mountains’ Finance Committee and is not classified as an independent director per the Board’s 2025 independence determination .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| MediaAlpha, Inc. | Chief Executive Officer and co-founder | Ongoing (CEO since co-founding; specific start date not listed) | Public company leadership; industry domain expertise |
| FareLoop LLC | Chief Executive Officer and co-founder | 2009–2011 | Built travel comparison platform; founder-operator experience |
| Oversee.net | SVP & GM, Marketing Services | 2007–2009 | Led tech-driven media assets; marketing services P&L |
| Candeo Technologies | Chief Executive Officer and co-founder | 2004–2007 | Technology venture leadership |
| New.net (Idealab) | VP, Strategy & Business Development | 2002–2004 | Corporate development; partnerships |
| The .tv Corporation (Idealab) | Senior Director, Business Development | 2000–2002 | Business development in digital assets |
| Goldman Sachs; Mercer/Oliver Wyman | Banking and consulting | Prior to 2002 | Early-career analytical and advisory foundation |
External Roles
| Organization | Role | Tenure | Committee Positions |
|---|---|---|---|
| MediaAlpha, Inc. (Public) | Director; CEO and co-founder | Ongoing | Not disclosed in WTM proxy |
Board Governance
- Committee assignments: Finance Committee member (Finance Committee chaired by Mary C. Choksi) .
- Independence: Not listed among independent directors (independents: Carlson, Gelston, Hicks, Tanner, Choksi, Dillon, Shank) .
- Attendance: Each director attended >75% of Board and committee meetings; all directors attended the 2024 Annual General Meeting .
- Executive sessions: Independent Chair presides over separate sessions of non-management directors at Board meetings .
- Years of service: Director since 2023; Class II term ends 2026 .
Fixed Compensation
- Program elements for non-employee directors (2024): annual cash retainer $135,000; annual equity retainer 165 common shares; Board Chair additional $100,000 and 65 shares; Audit Committee member $15,000; committee chair retainers $35,000 (Audit) and $25,000 (other committees) .
| Component | 2024 Amount |
|---|---|
| Fees Paid in Cash ($) | $135,000 |
| Stock Awards ($) | $283,604 (165 shares valued at $1,718.81/share on grant date; plus standard annual grant mechanics) |
| Total ($) | $418,604 |
Performance Compensation
- No performance-based equity or cash elements disclosed for directors; equity is delivered as fixed-share grants, not tied to TSR/EBITDA/ESG metrics .
| Performance Metric | Inclusion in Director Compensation | Notes |
|---|---|---|
| CVPS/TSR/EBITDA/ESG targets | None | Director equity is time-based common share grants; no performance conditions disclosed |
Other Directorships & Interlocks
| Company | Relationship | Potential Interlock/Conflict Consideration |
|---|---|---|
| MediaAlpha, Inc. | Yi is CEO/director; WTM holds an interest in MediaAlpha as part of “Other Operations” | Cross-directorship with a portfolio company may pose potential conflicts; however, no related person transactions required Audit Committee approval in 2024 |
Expertise & Qualifications
- Executive, technology, and management expertise spanning insurance services and technology; founder/operator track record; corporate development and marketing services experience .
- Finance and investment oversight exposure via Finance Committee service .
Equity Ownership
| Holder | Beneficial Ownership (Shares) | Economic Ownership (Shares) |
|---|---|---|
| Steven M. Yi | 375 | 375 (no additional economic ownership disclosed beyond beneficial) |
- Ownership guidelines: robust director share ownership guidelines equivalent to 5x annual cash retainer for directors (policy-level disclosure) .
- Compliance status for individual directors not disclosed; no pledging/hedging policy details specific to directors provided in proxy section cited.
Governance Assessment
- Strengths: Active Finance Committee role; strong attendance; participation under an independent Chair with executive sessions enhances oversight .
- Alignment: Receives annual equity grants in common shares, promoting some ownership alignment; share ownership guidelines in place for directors (5x retainer policy) .
- Red Flags:
- Not classified as independent in 2025, which may affect committee eligibility and perceived objectivity .
- Interlock risk: CEO/director of MediaAlpha where WTM holds an interest; while no 2024 related-party transactions required approval, cross-roles warrant monitoring for conflicts (recusals, transaction reviews) .
- Low personal WTM shareholding (375 shares) relative to ownership guidelines could signal limited “skin-in-the-game” until guideline compliance is achieved; individual compliance status not disclosed .
Monitoring recommendations for investors: Track any WTM–MediaAlpha transactions for related-party exposure and committee review, confirm recusal practices, and watch future proxy disclosures for independence status changes, director equity ownership progression versus guideline, and any shifts in committee assignments .