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 December 31 , 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: 28 Gates Street
White River Junction, Vermont 05001-7066
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: (802) 295-4500
Signature, Place, and Date of Signing:
/s/ J. Brian Palmer White River Junction, Vermont February 14, 2002
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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: 62 items
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Form 13F Information Table Value Total: $137,007,677
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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.
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2. 028-00470 OneBeacon Asset Management, Inc.
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WHITE MOUNTAINS INSURANCE GROUP, Ltd.
FORM 13F Information Table - December 31, 2001
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Voting Authority
Amount and (Shares)
Title CUSIP Market Type of Investment ----------------
Name of Issuer of Class Number Value Security Discretion Managers* Sole Shared None
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1 Ace Ltd ORD G0070K-10-3 678,535 16,900 SH DEFINED 1, 3 16,900
2 Alleghany Corp Del COM 017175-10-0 553,486 2,876 SH DEFINED 1, 3 2,876
3 Ambac Inc. COM 023139-10-8 760,570 13,145 SH DEFINED 1, 3 13,145
4 Amerada Hess Corp COM 023551-10-4 1,562,500 25,000 SH DEFINED 1, 3 25,000
5 AMERADA HESS CORP COM 023551-10-4 14,062,500 225,000 SH DEFINED 2, 3 225,000
6 Annuity And Life Re Holdings ORD G03910-10-9 427,121 17,010 SH DEFINED 1, 3 17,010
7 Aon Corp. COM 037389-10-3 4,395,245 123,740 SH DEFINED 1, 3 123,740
8 ARCHSTONE COMMUNITIES TR PFD SER A CV 039581202 70,800 2,000 SH DEFINED 2, 3 2,000
9 Archstone Communities Tr SH BEN INT 039581-10-3 4,505,190 171,300 SH DEFINED 1, 3 171,300
10 Arden Realty Group Inc COM 039793-10-4 3,047,500 115,000 SH DEFINED 1, 3 115,000
11 Avalonbay Communities Inc COM 053484-10-1 2,436,465 51,500 SH DEFINED 1, 3 51,500
12 Berkley, W.R. Corp COM 084423-10-2 316,830 5,900 SH DEFINED 1, 3 5,900
13 BERKSHIRE HATHAWAY INC CL B 084670-20-7 5,050,000 2,000 SH DEFINED 2, 3 2,000
14 Berkshire Hathaway Inc. CL B 084670-20-7 1,318,050 522 SH DEFINED 1, 3 522
15 Bisys Group COM 055472-10-4 323,789 5,060 SH DEFINED 1, 3 5,060
16 Boston Properties Inc COM 101121-10-1 2,660,000 70,000 SH DEFINED 1, 3 70,000
17 Equity Office Properties Trust COM 294741-10-3 3,433,030 114,130 SH DEFINED 1, 3 114,130
18 Everest Re Group Ltd COM G3223R-10-8 229,775 3,250 SH DEFINED 1, 3 3,250
19 Fidelity National Financial, Inc. COM 316326-10-7 453,840 18,300 SH DEFINED 1, 3 18,300
20 First Data Corp. COM 319963-10-4 349,103 4,450 SH DEFINED 1, 3 4,450
21 FORTUNE BRANDS INC COM 349631-10-1 3,365,150 85,000 SH DEFINED 2, 3 85,000
22 Gables Residential Trust SH BEN INT 362418-10-5 589,040 19,900 SH DEFINED 1, 3 19,900
23 Great Lakes Chemical Corp COM 390568-10-3 607,000 25,000 SH DEFINED 1, 3 25,000
24 GREAT LAKES CHEMICAL CORP COM 390568-10-3 8,740,800 360,000 SH DEFINED 2, 3 360,000
25 Gulf Indonesia Resources Ltd COM 402284-10-3 87,814 10,000 SH DEFINED 1, 3 10,000
26 GULF INDONESIA RESOURCES LTD COM 402284-10-3 765,000 85,000 SH DEFINED 2, 3 85,000
27 HCC Ins. Holdings Inc. COM 404132-10-2 214,890 7,800 SH DEFINED 1, 3 7,800
28 IHOP USD.01 COM 449623-10-7 236,158 8,060 SH DEFINED 1, 3 8,060
29 IMS Health COM 449934-10-8 394,102 20,200 SH DEFINED 1, 3 20,200
30 Intl Speedway Corp CL A 460335-20-1 233,036 5,960 SH DEFINED 1, 3 5,960
31 Intuit Inc. COM 461202-10-3 312,294 7,300 SH DEFINED 1, 3 7,300
32 Kilroy Realty Corp COM 49427F-10-8 131,350 5,000 SH DEFINED 1, 3 5,000
33 Lafarge Corp. COM 505862-10-2 385,468 10,260 SH DEFINED 1, 3 10,260
34 Landamerica Financial Group COM 514936-10-3 258,587 9,010 SH DEFINED 1, 3 9,010
35 Mack-Cali Realty Corp COM 554489-10-4 2,326,500 75,000 SH DEFINED 1, 3 75,000
36 MEREDETH CORP COM 589433-10-1 7,130,000 200,000 SH DEFINED 2, 3 200,000
37 Meredeth Corp COM 589433-10-1 534,750 15,000 SH DEFINED 1, 3 15,000
38 OVERSEAS SHIPPING GROUP COM 690368-10-5 1,575,000 70,000 SH DEFINED 2, 3 70,000
39 Partner Re Ltd. COM G6852T-10-5 632,880 11,720 SH DEFINED 1, 3 11,720
40 PAULA FINANCIAL COM 703588-10-3 572,011 423,712 SH DEFINED 2, 3 423,712
41 Phoenix Companies Inc. COM 71902E-10-9 493,950 26,700 SH DEFINED 1, 3 26,700
42 Potlatch Corporation COM 737628-10-7 586,400 20,000 SH DEFINED 1, 3 20,000
43 POTLATCH CORPORATION COM 737628-10-7 6,303,800 215,000 SH DEFINED 2, 3 215,000
44 Prologis Trust SH BEN INT 743410-10-2 607,378 28,237 SH DEFINED 1, 3 28,237
45 Public Storage Inc. COM 74460D-10-9 668,000 20,000 SH DEFINED 1, 3 20,000
46 R.H. Donnelley Corp. COM NEW 74955W-30-7 329,427 11,340 SH DEFINED 1, 3 11,340
47 Reckson Associates Realty CP COM 75621K-10-6 3,630,144 155,400 SH DEFINED 1, 3 155,400
48 Renaissance Re Holding Ltd COM G7496G-10-3 855,738 8,970 SH DEFINED 1, 3 8,970
49 RYDER SYSTEM COM 783549-10-8 10,669,655 481,700 SH DEFINED 2, 3 481,700
50 Ryder System COM 783549-10-8 1,107,500 50,000 SH DEFINED 1, 3 50,000
51 Security Capital Group CL B 81413P-20-4 7,357,300 290,000 SH DEFINED 1, 3 290,000
52 Shurgard Storage Centers Inc. COM 82567D-10-4 2,000,000 62,500 SH DEFINED 1, 3 62,500
53 Summit Properties COM 866239-10-6 3,192,552 127,600 SH DEFINED 1, 3 127,600
54 Trizec Hahn Corp SUB VTG 896938-10-7 1,067,600 68,000 SH DEFINED 1, 3 68,000
55 UICI COM 902737-10-5 405,540 30,040 SH DEFINED 1, 3 30,040
56 Unisource Energy Corp. Hld. Co COM 909205-10-6 1,819,000 100,000 SH DEFINED 1, 3 100,000
57 UNISOURCE ENERGY CORP. HLD. CO COM 909205-10-6 16,150,901 887,900 SH DEFINED 2, 3 887,900
58 UnumProvident Corp. COM 91529Y-10-6 280,741 10,590 SH DEFINED 1, 3 10,590
59 Vornado Realty Trust SH BEN INT 929042-10-9 2,184,000 52,500 SH DEFINED 1, 3 52,500
60 Wachovia Corp COM 929903-10-2 429,318 13,690 SH DEFINED 1, 3 13,690
61 Waddell & Reed Financial Inc. CL A 930059-10-0 535,486 16,630 SH DEFINED 1, 3 16,630
62 XL Capital Ltd. CL A G98255-10-5 607,087 6,645 SH DEFINED 1, 3 6,645
$137,007,677
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* 1 = Folksamerica Holding Company, Inc. (Form 13F filed separately)
2 = OneBeacon Asset Management Inc. (Form 13F filed separately)
3 = White Mountains Insurance Group, Ltd.