UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
INFORMATION REQUIRED OF INSTITUTIONAL INVESTMENT MANAGERS PURSUANT
TO SECTION 13(f) OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULES THEREUNDER
Report for the Calendar Year or Quarter Ended SEPTEMBER 30 , 2001.
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Check here if Amendment; |_| Amendment Number:
This Amendment (Check only one): |_| is a restatement.
|_| adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: White Mountains Insurance Group, Ltd.
Address of Principal Executive Office: 80 South Main Street
Hanover, New Hampshire 03755-2053
U.S.A.
Form 13F File Number: 028-01681
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained therein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: J. Brian Palmer
Title: Chief Accounting Officer
Phone: (603) 640-2228
Signature, Place, and Date of Signing:
/s/ J. BRIAN PALMER HANOVER, NEW HAMPSHIRE NOVEMBER 14, 2001
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[Signature] [City, State] [Date]
Report Type (Check only one):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all
holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT. Check here if a portion of the holdings for this
reporting manager are reported in this report and a portion are reported by
other reporting manager(s).)
List of Other Managers Reporting for this Manager:
Form 13F File Number Name
-- None
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 2
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Form 13F Information Table Entry Total: 71 ITEMS
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Form 13F Information Table Value Total: $165,794,137
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List of Other Included Managers:
Provide a numbered list of the names and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
No. Form 13F File Number Name
1. 028-07388 FOLKSAMERICA HOLDING COMPANY, INC.
2. 028-00470 CGU ASSET MANAGEMENT, INC.
WHITE MOUNTAINS INSURANCE GROUP, LTD.
FORM 13F INFORMATION TABLE - SEPTEMBER 30, 2001
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Title CUSIP Market
Name of Issuer of Class Number Value
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1 ALLEGHANY CORP DEL COM 017175-10-0 572,324
2 AMBAC FINL GROUP INC COM 023139-10-8 719,163
3 AMERADA HESS CORP COM 023551-10-4 4,445,000
4 AMERICAN EXPRESS CO COM 025816-10-9 157,796
5 AMGEN INC COM 031162-10-0 4,407,750
6 AON CORP COM 037389-10-3 5,554,080
7 ARCHSTONE CMNTYS TR SH BEN INT 039581-10-3 4,470,930
8 ARDEN RLTY INC COM 039793-10-4 2,429,150
9 AVALONBAY CMNTYS INC COM 053484-10-1 2,459,125
10 BERKLEY W R CORP COM 084423-10-2 283,200
11 BERKSHIRE HATHAWAY INC DEL CL B 084670-20-7 1,216,260
12 BISYS GROUP INC COM 055472-10-4 268,281
13 BOSTON PROPERTIES INC COM 101121-10-1 2,669,100
14 BRISTOL MYERS SQUIBB CO COM 110122-10-8 2,666,880
15 CIGNA CORP COM 125509-10-9 124,425
16 CISCO SYS INC COM 17275R-10-2 1,479,870
17 CITIGROUP INC COM 172967-10-1 1,012,500
18 COCA COLA CO COM 191216-10-0 1,358,650
19 CRIIMI MAE INC COM 226603-10-8 10,369
20 CRIIMI MAE INC PFD B CONV $25 226603-20-7 58,787
21 CULLEN FROST BANKERS INC COM 229899-10-9 61,042
22 DIME BANCORP INC NEW COM 25429Q-10-2 289,002
23 ELAN PLC ADR 284131-20-8 3,730,650
24 E M C CORP MASS COM 268648-10-2 998,750
25 EQUITY OFFICE PROPERTIES TRUST COM 294741-10-3 3,652,160
26 FIRST DATA CORP COM 319963-10-4 667,077
27 FORTUNE BRANDS INC COM 349631-10-1 2,345,000
28 GABLES RESIDENTIAL TR SH BEN INT 362418-10-5 610,134
29 GILLETTE CO COM 375766-10-2 92,976
30 GREAT LAKES CHEM CORP COM 390568-10-3 3,094,000
31 HARLEYSVILLE GROUP INC COM 412824-10-4 12,955
32 HCC INS HLDGS INC COM 404132-10-2 422,904
33 IHOP CORP COM 449623-10-7 211,172
34 IMS HEALTH INC COM 449934-10-8 506,010
35 INTEL CORP COM 458140-10-0 1,839,600
36 INTERNATIONAL SPEEDWAY CORP CL A 460335-20-1 207,587
37 INTUIT COM 461202-10-3 261,340
38 J P MORGAN CHASE & CO COM 46625H-10-0 380,090
39 JOHNSON & JOHNSON COM 478160-10-4 5,318,400
40 LAFARGE NORTH AMERICA INC COM 505862-10-2 342,684
41 LIBERTY FINL COS INC COM 530512-10-2 219,075
42 MACK CALI RLTY CORP COM 554489-10-4 3,410,000
43 MERIDTH CORP COM 589433-10-1 3,052,350
44 MICROSOFT CORP COM 594918-10-4 1,893,290
45 OVERSEAS SHIPHOLDING GROUP INC COM 690368-10-5 1,540,000
46 PARTNERRE LTD COM G6852T-10-5 706,500
47 PAULA FINL DEL COM 703588-10-3 1,088,940
48 PEPSICO INC COM 713448-10-8 1,280,400
49 PHOENIX COS INC NEW COM 71902E-10-9 385,815
50 PUBLIC STORAGE INC COM 74460D-10-9 2,304,600
51 QUALCOMM INC COM 747525-10-3 1,188,500
52 R H DONNELLEY CORP COM NEW 74955W-30-7 296,201
53 RECKSON ASSOCS RLTY CORP COM 75621K-10-6 3,752,910
54 RENAISSANCE RE HLDGS LTD COM G7496G-10-3 1,093,593
55 RENT A CTR INC NEW COM 76009N-10-0 97,418
56 RYDER SYS INC COM 783549-10-8 4,697,650
57 SCHERING PLOUGH CORP COM 806605-10-1 2,771,370
58 SECURITY CAP GROUP IINC CL B 81413P-20-4 6,361,400
59 SHURGARD STORAGE CTRS INC COM 82567D-10-4 1,883,750
60 SUMMIT PPTYS INC COM 866239-10-6 3,612,000
61 TRIZED HAHN CORP SUB VTG 896938-10-7 1,224,680
62 TYCO INTL LTD NEW COM 902124-10-6 910,000
63 UICI COM 902737-10-5 409,445
64 UNISOURCE ENERGY CORP COM 909205-10-6 3,808,000
65 UNITED FIRE & CAS CO COM 910331-10-7 51,999,206
66 UNUMPROVIDENT CORP COM 91529Y-10-6 267,398
67 WACHOVIA CORP 2ND NEW COM 929903-10-2 424,390
68 WADDELL & REED FINL INC CL A 930059-10-0 432,380
69 WAL MART STORES INC COM 931142-10-3 2,613,600
70 XL CAP LTD CL A G98255-10-5 528,905
71 ZIMMER HLDGS INC COM 98956P-10-2 133,200
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$165,794,137
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Amount and Investment
Name of Issuer Type of Security Discretion Managers *
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1 ALLEGHANY CORP DEL 2,876 SH DEFINED 1,3
2 AMBAC FINL GROUP INC 13,145 SH DEFINED 1,3
3 AMERADA HESS CORP 70,000 SH DEFINED 2,3
4 AMERICAN EXPRESS CO 5,430 SH DEFINED 1,3
5 AMGEN INC 75,000 SH DEFINED 1,3
6 AON CORP 132,240 SH DEFINED 1,3
7 ARCHSTONE CMNTYS TR 171,300 SH DEFINED 1,3
8 ARDEN RLTY INC 95,000 SH DEFINED 1,3
9 AVALONBAY CMNTYS INC 51,500 SH DEFINED 1,3
10 BERKLEY W R CORP 5,900 SH DEFINED 1,3
11 BERKSHIRE HATHAWAY INC DEL 522 SH DEFINED 1,3
12 BISYS GROUP INC 5,060 SH DEFINED 1,3
13 BOSTON PROPERTIES INC 70,000 SH DEFINED 1,3
14 BRISTOL MYERS SQUIBB CO 48,000 SH DEFINED 1,3
15 CIGNA CORP 1,500 SH DEFINED 1,3
16 CISCO SYS INC 121,500 SH DEFINED 1,3
17 CITIGROUP INC 25,000 SH DEFINED 1,3
18 COCA COLA CO 29,000 SH DEFINED 1,3
19 CRIIMI MAE INC 26,588 SH DEFINED 1,3
20 CRIIMI MAE INC 3,805 SH DEFINED 1,3
21 CULLEN FROST BANKERS INC 2,265 SH DEFINED 1,3
22 DIME BANCORP INC NEW 7,350 SH DEFINED 1,3
23 ELAN PLC 77,000 SH DEFINED 1,3
24 E M C CORP MASS 85,000 SH DEFINED 1,3
25 EQUITY OFFICE PROPERTIES TRUST 114,130 SH DEFINED 1,3
26 FIRST DATA CORP 11,450 SH DEFINED 1,3
27 FORTUNE BRANDS INC 70,000 SH DEFINED 2,3
28 GABLES RESIDENTIAL TR 19,900 SH DEFINED 1,3
29 GILLETTE CO 3,120 SH DEFINED 1,3
30 GREAT LAKES CHEM CORP 140,000 SH DEFINED 2,3
31 HARLEYSVILLE GROUP INC 540 SH DEFINED 1,3
32 HCC INS HLDGS INC 16,080 SH DEFINED 1,3
33 IHOP CORP 8,060 SH DEFINED 1,3
34 IMS HEALTH INC 20,200 SH DEFINED 1,3
35 INTEL CORP 90,000 SH DEFINED 1,3
36 INTERNATIONAL SPEEDWAY CORP 5,960 SH DEFINED 1,3
37 INTUIT 7,300 SH DEFINED 1,3
38 J P MORGAN CHASE & CO 11,130 SH DEFINED 1,3
39 JOHNSON & JOHNSON 96,000 SH DEFINED 1,3
40 LAFARGE NORTH AMERICA INC 10,260 SH DEFINED 1,3
41 LIBERTY FINL COS INC 6,900 SH DEFINED 1,3
42 MACK CALI RLTY CORP 110,000 SH DEFINED 1,3
43 MERIDTH CORP 95,000 SH DEFINED 2,3
44 MICROSOFT CORP 37,000 SH DEFINED 1,3
45 OVERSEAS SHIPHOLDING GROUP INC 70,000 SH DEFINED 2,3
46 PARTNERRE LTD 15,000 SH DEFINED 1,3
47 PAULA FINL DEL 423,712 SH DEFINED 2,3
48 PEPSICO INC 26,400 SH DEFINED 1,3
49 PHOENIX COS INC NEW 26,700 SH DEFINED 1,3
50 PUBLIC STORAGE INC 69,000 SH DEFINED 1,3
51 QUALCOMM INC 25,000 SH DEFINED 1,3
52 R H DONNELLEY CORP 11,340 SH DEFINED 1,3
53 RECKSON ASSOCS RLTY CORP 155,400 SH DEFINED 1,3
54 RENAISSANCE RE HLDGS LTD 12,300 SH DEFINED 1,3
55 RENT A CTR INC NEW 4,190 SH DEFINED 1,3
56 RYDER SYS INC 235,000 SH DEFINED 2,3
57 SCHERING PLOUGH CORP 74,700 SH DEFINED 1,3
58 SECURITY CAP GROUP IINC 340,000 SH DEFINED 1,3
59 SHURGARD STORAGE CTRS INC 62,500 SH DEFINED 1,3
60 SUMMIT PPTYS INC 137,600 SH DEFINED 1,3
61 TRIZED HAHN CORP 68,000 SH DEFINED 1,3
62 TYCO INTL LTD NEW 20,000 SH DEFINED 1,3
63 UICI 30,040 SH DEFINED 1,3
64 UNISOURCE ENERGY CORP 272,000 SH DEFINED 2,3
65 UNITED FIRE & CAS CO 2,025,680 SH DEFINED 2,3
66 UNUMPROVIDENT CORP 10,590 SH DEFINED 1,3
67 WACHOVIA CORP 2ND NEW 13,690 SH DEFINED 1,3
68 WADDELL & REED FINL INC 16,630 SH DEFINED 1,3
69 WAL MART STORES INC 52,800 SH DEFINED 1,3
70 XL CAP LTD 6,695 SH DEFINED 1,3
71 ZIMMER HLDGS INC 4,800 SH DEFINED 1,3
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Voting Authority (Shares)
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Name of Issuer Sole Shared None
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1 ALLEGHANY CORP DEL 2,876
2 AMBAC FINL GROUP INC 13,145
3 AMERADA HESS CORP 70,000
4 AMERICAN EXPRESS CO 5,430
5 AMGEN INC 75,000
6 AON CORP 132,240
7 ARCHSTONE CMNTYS TR 171,300
8 ARDEN RLTY INC 95,000
9 AVALONBAY CMNTYS INC 51,500
10 BERKLEY W R CORP 5,900
11 BERKSHIRE HATHAWAY INC DEL 522
12 BISYS GROUP INC 5,060
13 BOSTON PROPERTIES INC 70,000
14 BRISTOL MYERS SQUIBB CO 48,000
15 CIGNA CORP 1,500
16 CISCO SYS INC 121,500
17 CITIGROUP INC 25,000
18 COCA COLA CO 29,000
19 CRIIMI MAE INC 26,588
20 CRIIMI MAE INC 3,805
21 CULLEN FROST BANKERS INC 2,265
22 DIME BANCORP INC NEW 7,350
23 ELAN PLC 77,000
24 E M C CORP MASS 85,000
25 EQUITY OFFICE PROPERTIES TRUST 114,130
26 FIRST DATA CORP 11,450
27 FORTUNE BRANDS INC 70,000
28 GABLES RESIDENTIAL TR 19,900
29 GILLETTE CO 3,120
30 GREAT LAKES CHEM CORP 140,000
31 HARLEYSVILLE GROUP INC 540
32 HCC INS HLDGS INC 16,080
33 IHOP CORP 8,060
34 IMS HEALTH INC 20,200
35 INTEL CORP 90,000
36 INTERNATIONAL SPEEDWAY CORP 5,960
37 INTUIT 7,300
38 J P MORGAN CHASE & CO 11,130
39 JOHNSON & JOHNSON 96,000
40 LAFARGE NORTH AMERICA INC 10,260
41 LIBERTY FINL COS INC 6,900
42 MACK CALI RLTY CORP 110,000
43 MERIDTH CORP 95,000
44 MICROSOFT CORP 37,000
45 OVERSEAS SHIPHOLDING GROUP INC 70,000
46 PARTNERRE LTD 15,000
47 PAULA FINL DEL 423,712
48 PEPSICO INC 26,400
49 PHOENIX COS INC NEW 26,700
50 PUBLIC STORAGE INC 69,000
51 QUALCOMM INC 25,000
52 R H DONNELLEY CORP 11,340
53 RECKSON ASSOCS RLTY CORP 155,400
54 RENAISSANCE RE HLDGS LTD 12,300
55 RENT A CTR INC NEW 4,190
56 RYDER SYS INC 235,000
57 SCHERING PLOUGH CORP 74,700
58 SECURITY CAP GROUP IINC 340,000
59 SHURGARD STORAGE CTRS INC 62,500
60 SUMMIT PPTYS INC 137,600
61 TRIZED HAHN CORP 68,000
62 TYCO INTL LTD NEW 20,000
63 UICI 30,040
64 UNISOURCE ENERGY CORP 272,000
65 UNITED FIRE & CAS CO 2,025,680
66 UNUMPROVIDENT CORP 10,590
67 WACHOVIA CORP 2ND NEW 13,690
68 WADDELL & REED FINL INC 16,630
69 WAL MART STORES INC 52,800
70 XL CAP LTD 6,695
71 ZIMMER HLDGS INC 4,800
* 1 = Folksamerica Holding Company, Inc. (Form 13F filed separately)
2 = CGU Asset Management Inc. (Form 13F filed separately)
3 = White Mountains Insurance Group, Ltd.