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 March 31 , 2002.
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 May 15, 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: 84 items
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Form 13F Information Table Value Total: $336,763,432
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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 ONEBEACON ASSET MANAGEMENT, INC.
WHITE MOUNTAINS INSURANCE GROUP, LTD.
FORM 13F INFORMATION TABLE - MARCH 31, 2002
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Voting Authority (Shares)
Title CUSIP Market Amount and Investment -------------------------
Name of Issuer of Class Number Value Type of Security Discretion Managers * Sole Shared None
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1 ACE LTD ORD G0070K-10-3 704,730 16,900 SH DEFINED 1, 3 16,900
2 AENTA INC NEW COM 00817Y-10-8 3,493,800 90,000 SH DEFINED 2, 3 90,000
3 ALLEGHANY CORP DEL COM 017175-10-0 549,938 2,933 SH DEFINED 1, 3 2,933
4 AMBAC FINL GROUP INC COM 023139-10-8 776,475 13,145 SH DEFINED 1, 3 13,145
5 AMERADA HESS CORP COM 023551-10-4 1,984,000 25,000 SH DEFINED 1, 3 25,000
6 AMERADA HESS CORP COM 023551-10-4 17,856,000 225,000 SH DEFINED 2, 3 225,000
7 ANNUITY AND LIFE RE HLDGS ORD G03910-10-9 584,564 30,210 SH DEFINED 1, 3 30,210
8 AON CORP COM 037389-10-3 4,330,900 123,740 SH DEFINED 1, 3 123,740
9 AON CORP COM 037389-10-3 1,400,000 40,000 SH DEFINED 2, 3 40,000
10 ARDEN RLTY INC COM 039793-10-4 3,266,000 115,000 SH DEFINED 1, 3 115,000
11 AVALONBAY CMNTYS INC COM 053484-10-1 3,456,120 69,400 SH DEFINED 1, 3 69,400
12 AVIALL INC NEW COM 05366B-10-2 451,500 50,000 SH DEFINED 2, 3 50,000
13 BANK ONE CORP COM 06423A-10-3 9,968,708 238,600 SH DEFINED 2, 3 238,600
14 BERKLEY W R CORP COM 084423-10-2 339,132 5,900 SH DEFINED 1, 3 5,900
15 BERKSHIRE HATHAWAY INC DEL CL B 084670-20-7 1,236,618 522 SH DEFINED 1, 3 522
16 BERKSHIRE HATHAWAY INC DEL CL B 084670-20-7 4,738,000 2,000 SH DEFINED 2, 3 2,000
17 BERKSHIRE HATHAWAY INC DEL CL A 084670-10-8 7,110,000 100 SH DEFINED 2, 3 100
18 BISYS GROUP INC COM 055472-10-4 356,730 10,120 SH DEFINED 1, 3 10,120
19 BOSTON PROPERTIES INC COM 101121-10-1 2,761,500 70,000 SH DEFINED 1, 3 70,000
20 BRISTOL MYERS SQUIBB CO COM 110122-10-8 3,020,554 74,600 SH DEFINED 2, 3 74,600
21 CHATEAU CMNTYS INC COM 161726-10-4 287,300 10,000 SH DEFINED 1, 3 10,000
22 COUNTRYWIDE CR INDS INC DEL COM 222372-10-4 317,725 7,100 SH DEFINED 1, 3 7,100
23 DOW CHEM CO COM 260543-10-3 7,574,680 231,500 SH DEFINED 2, 3 231,500
24 EQUITY OFFICE PROPERTIES TRU COM 294741-10-3 3,632,689 121,130 SH DEFINED 1, 3 121,130
25 EVEREST RE GROUP LTD COM G3223R-10-8 225,355 3,250 SH DEFINED 1, 3 3,250
26 FAIRMONT HOTELS RESORTS INC COM 305204-10-9 8,490,000 300,000 SH DEFINED 2, 3 300,000
27 FIDELITY NATL FINL INC COM 316326-10-7 482,571 18,300 SH DEFINED 1, 3 18,300
28 FIRST DATA CORP COM 319963-10-4 388,263 4,450 SH DEFINED 1, 3 4,450
29 FORTUNE BRANDS INC COM 349631-10-1 4,196,450 85,000 SH DEFINED 2, 3 85,000
30 GABLES RESIDENTIAL TR SH BEN INT 362418-10-5 1,698,435 54,700 SH DEFINED 1, 3 54,700
31 GILLETTE CO COM 375766-10-2 5,604,848 164,800 SH DEFINED 2, 3 164,800
32 GREAT LAKES CHEMICAL CORP COM 390568-10-3 704,250 25,000 SH DEFINED 1, 3 25,000
33 GREAT LAKES CHEMICAL CORP COM 390568-10-3 12,958,200 460,000 SH DEFINED 2, 3 460,000
34 GULF INDONESIA RES LTD COM 402284-10-3 104,600 10,000 SH DEFINED 1, 3 10,000
35 GULF INDONESIA RES LTD COM 402284-10-3 1,109,806 106,100 SH DEFINED 2, 3 106,100
36 HCC INS HLDGS INC COM 404132-10-2 218,010 7,800 SH DEFINED 1, 3 7,800
37 IHOP CORP COM 449623-10-7 271,703 8,060 SH DEFINED 1, 3 8,060
38 INTERNATIONAL SPEEDWAY CORP CL A 460335-20-1 272,372 5,960 SH DEFINED 1, 3 5,960
39 INTERPUBLIC GROUP OF COS INC COM 460690-10-0 8,724,260 254,500 SH DEFINED 2, 3 254,500
40 LAFARGE NORTH AMERICA INC COM 505862-10-2 443,642 10,260 SH DEFINED 1, 3 10,260
41 LANDAMERICA FINL GROUP INC COM 514936-10-3 312,016 9,010 SH DEFINED 1, 3 9,010
42 LONGVIEW FIBRE CO COM 543213-10-2 1,751,000 170,000 SH DEFINED 2, 3 170,000
43 MACK CALI RLTY CORP COM 554489-10-4 2,601,000 75,000 SH DEFINED 1, 3 75,000
44 MARATHON OIL CORP COM 565849-10-6 264,960 9,200 SH DEFINED 1, 3 9,200
45 MARATHON OIL CORP COM 565849-10-6 23,040,000 800,000 SH DEFINED 2, 3 800,000
46 MATTEL INC COM 577081-10-2 11,774,600 565,000 SH DEFINED 2, 3 565,000
47 MBNA CORP COM 55262L-10-0 8,628,109 223,700 SH DEFINED 2, 3 223,700
48 MEREDITH CORP COM 589433-10-1 637,650 15,000 SH DEFINED 1, 3 15,000
49 MEREDITH CORP COM 589433-10-1 10,202,400 240,000 SH DEFINED 2, 3 240,000
50 MILLER HERMAN INC COM 600544-10-0 3,424,320 144,000 SH DEFINED 2, 3 144,000
51 OVERSEAS SHIPHOLDING GROUP I COM 690368-10-5 1,944,000 80,000 SH DEFINED 2, 3 80,000
52 PACIFIC CENTY FINL CORP COM 694058-10-8 390,900 15,000 SH DEFINED 1, 3 15,000
53 PAULA FINL DEL COM 703588-10-3 194,908 423,712 SH DEFINED 2, 3 423,712
54 PEOPLES BK BRIDGEPORT CONN COM 710198-10-2 246,500 10,000 SH DEFINED 2, 3 10,000
55 PHOENIX COS INC NEW COM 71902E-10-9 512,640 26,700 SH DEFINED 1, 3 26,700
56 PMI GROUP INC COM 69344M-10-1 5,181,984 68,400 SH DEFINED 2, 3 68,400
57 POTLATCH CORP COM 737628-10-7 673,800 20,000 SH DEFINED 1, 3 20,000
58 POTLATCH CORP COM 737628-10-7 7,243,350 215,000 SH DEFINED 2, 3 215,000
59 PROLOGIS TR SH BEN INT 743410-10-2 2,483,763 106,371 SH DEFINED 1, 3 106,371
60 R H DONNELLEY CORP COM NEW 74955W-30-7 345,076 11,340 SH DEFINED 1, 3 11,340
61 RECKSON ASSOCS RLTY CORP COM 75621K-10-6 4,793,904 194,400 SH DEFINED 1, 3 194,400
62 RYDER SYS INC COM 783549-10-8 1,477,000 50,000 SH DEFINED 1, 3 50,000
63 RYDER SYS INC COM 783549-10-8 14,229,418 481,700 SH DEFINED 2, 3 481,700
64 SAFEWAY INC COM NEW 786514-20-8 6,960,092 154,600 SH DEFINED 2, 3 154,600
65 SCHERING PLOUGH CORP COM 806605-10-1 4,882,800 156,000 SH DEFINED 2, 3 156,000
66 SECURITY CAP GROUP INC CL B 81413P-20-4 272,529 10,700 SH DEFINED 1, 3 10,700
67 SHURGARD STORAGE CTRS INC COM 82567D-10-4 2,118,750 62,500 SH DEFINED 1, 3 62,500
68 STANLEY WKS COM 854616-10-9 7,839,375 169,500 SH DEFINED 2, 3 169,500
69 SUMMIT PPTYS INC COM 866239-10-6 4,236,050 172,900 SH DEFINED 1, 3 172,900
70 TJX COS INC NEW COM 872540-10-9 4,441,110 111,000 SH DEFINED 2, 3 111,000
71 TXU CORP COM 873168-10-8 3,395,973 62,300 SH DEFINED 2, 3 62,300
72 UICI COM 902737-10-5 569,258 30,040 SH DEFINED 1, 3 30,040
73 UNISOURCE ENERGY CORP COM 909205-10-6 2,620,926 128,100 SH DEFINED 1, 3 128,100
74 UNISOURCE ENERGY CORP COM 909205-10-6 21,483,000 1,050,000 SH DEFINED 2, 3 1,050,000
75 UNITED PARCEL SERVICE INC CL B 911312-10-6 6,931,200 114,000 SH DEFINED 2, 3 114,000
76 UNITED TECHNOLOGIES CORP COM 913017-10-9 6,863,500 92,500 SH DEFINED 2, 3 92,500
77 VERIZON COMMUNICATIONS COM 92343V-10-4 2,842,710 61,664 SH DEFINED 2, 3 61,664
78 VIACOM INC CL B 925524-30-8 5,567,387 115,100 SH DEFINED 2, 3 115,100
79 VIAD CORP COM 92552R-10-9 10,169,600 363,200 SH DEFINED 2, 3 363,200
80 VORNADO RLTY TR SH BEN INT 929042-10-9 2,539,200 57,500 SH DEFINED 1, 3 57,500
81 WACHOVIA CORP 2ND NEW COM 929903-10-2 507,625 13,690 SH DEFINED 1, 3 13,690
82 WADDEELL & REED FINL INC CL A 930059-10-0 506,882 16,630 SH DEFINED 1, 3 16,630
83 WASHINGTON MUT INC COM 939322-10-3 7,179,271 216,700 SH DEFINED 2, 3 216,700
84 WELLPOINT HEALTH NETWORK NEW COM 94973H-10-8 6,392,468 100,400 SH DEFINED 2, 3 100,400
336,763,432
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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.