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 June 30, 2003.
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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
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) 640-2200
Signature, Place, and Date of Signing:
/s/ J. Brian Palmer Hanover, New Hampshire August 12, 2003
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[Signature] [City, State] [Date]
Report Type (Check only one):
[ ] 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).)
[X] 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
028-06739 High Rise Capital Management, L.P.
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 2
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Form 13F Information Table Entry Total: 100 items
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Form 13F Information Table Value Total: $446,238,749
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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 White Mountains Advisors LLC
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WHITE MOUNTAINS INSURANCE GROUP, Ltd.
FORM 13F INFORMATION TABLE - JUNE 30, 2003
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AMOUNT AND
TITLE CUSIP MARKET TYPE OF INVESTMENT VOTING AUTHORITY (SHARES)
NAME OF ISSUER OF CLASS NUMBER VALUE SECURITY DISCRETION MANAGERS* SOLE SHARED NONE
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1 BANK OF BERMUDA LTD SHS G07644100 530,480 15,200 DEFINED 1, 3 15,200
2 EVEREST RE GROUP LTD COM G3223R108 467,992 6,100 DEFINED 1, 3 6,100
3 WILLIS GROUP HOLDING LTD SHS G96655108 279,680 9,200 DEFINED 1, 3 9,200
4 ALEXANDER & BALDWIN INC COM 014482103 1,046,400 40,000 DEFINED 1, 3 40,000
5 ALEXANDER & BALDWIN INC COM 014482103 4,578,000 175,000 DEFINED 2, 3 175,000
6 ALLEGHENY ENERGY INC COM 017361106 313,320 37,300 DEFINED 1, 3 37,300
7 ALLEGHENY ENERGY INC COM 017361106 5,754,000 685,000 DEFINED 2, 3 685,000
8 AMERADA HESS CORP COM 023551104 3,446,100 70,000 DEFINED 1, 3 70,000
9 AMERADA HESS CORP COM 023551104 28,061,100 570,000 DEFINED 2, 3 570,000
10 AMERICAN INT'L. GROUP COM 026874107 496,620 9,000 DEFINED 2, 3 9,000
11 AON CORP COM 037389103 3,199,034 132,740 DEFINED 1, 3 132,740
12 AON CORP COM 037389103 11,929,500 495,000 DEFINED 2, 3 495,000
13 ARCHER DANIELS MIDLAND COM 039483102 387,000 30,000 DEFINED 1, 3 30,000
14 ARCHER DANIELS MIDLAND COM 039483102 8,385,000 650,000 DEFINED 2, 3 650,000
15 BISYS GROUP INC COM 055472104 184,690 10,120 DEFINED 1, 3 10,120
16 BANK OF HAWAII CORP COM 062540109 530,265 15,900 DEFINED 1, 3 15,900
17 BANKNORTH GROUP COM 06646R107 510,400 20,000 DEFINED 2, 3 20,000
18 WR BERKLEY CORP COM 084423102 372,537 7,100 DEFINED 1, 3 7,100
19 BERKSHIRE HATHAWAY INC CL A 084670108 7,757,500 107 DEFINED 2, 3 107
20 BERKSHIRE HATHAWAY INC CL B 084670207 1,262,196 522 DEFINED 1, 3 522
21 BERKSHIRE HATHAWAY INC CL B 084670207 4,836,000 2,000 DEFINED 2, 3 2,000
22 CAPITOL FEDERAL FINANCIAL COM 14057C106 4,373,294 155,000 DEFINED 2, 3 155,000
23 CAPITOL FEDERAL FINANCIAL COM 14057C106 1,269,666 45,000 DEFINED 1, 3 45,000
24 CHARTER FINANCIAL CORP COM 16122M100 3,248,750 115,000 DEFINED 2, 3 115,000
25 COUNTRYWIDE CREDIT IND INC COM 222372104 712,635 10,500 DEFINED 1, 3 10,500
26 DELUXE CORP COM 248019101 627,200 14,000 DEFINED 2, 3 14,000
27 EASTMAN CHEMICAL COM 277432100 633,400 20,000 DEFINED 1, 3 20,000
28 EASTMAN CHEMICAL COM 277432100 2,850,300 90,000 DEFINED 2, 3 90,000
29 EL PASO ELECTRIC CO COM NEW 283677854 3,149,082 255,400 DEFINED 1, 3 255,400
30 EL PASO ELECTRIC CO COM NEW 283677854 21,824,100 1,770,000 DEFINED 2, 3 1,770,000
31 EQUITY OFFICE PROPERTIES TR COM 294741103 519,726 19,400 DEFINED 1, 3 19,400
32 ERIE INDEMNITY COMPANY COM 29530P102 282,200 6,800 DEFINED 1, 3 6,800
33 ETHAN ALLEN COM 297602104 562,560 16,000 DEFINED 2, 3 16,000
34 FAIRMONT HOTELS & RESORTS COM 305204109 5,101,200 218,000 DEFINED 2, 3 218,000
35 FIRST DATA CORP COM 319963104 371,130 8,900 DEFINED 1, 3 8,900
36 FIRSTENERGY CORP COM 337932107 384,500 10,000 DEFINED 1, 3 10,000
37 FIRSTENERGY CORP COM 337932107 25,953,750 675,000 DEFINED 2, 3 675,000
38 FORTUNE BRANDS INC COM 349631101 7,308,000 140,000 DEFINED 2, 3 140,000
39 GOLDMAN SACHS GROUP COM 38141G104 418,750 5,000 DEFINED 2, 3 5,000
40 GREAT LAKES CHEMICAL CORP COM 390568103 918,000 45,000 DEFINED 1, 3 45,000
41 GREAT LAKES CHEMICAL CORP COM 390568103 17,544,000 860,000 DEFINED 2, 3 860,000
42 HASBRO INC COM 418056107 4,459,950 255,000 DEFINED 2, 3 255,000
43 HONDA MOTOR CO COM 438128308 571,500 30,000 DEFINED 2, 3 30,000
44 HONEYWELL INC COM 438516106 805,500 30,000 DEFINED 2, 3 30,000
45 HOUSTON EXPLORATION CO COM 442120101 867,500 25,000 DEFINED 2, 3 25,000
46 ILLINOIS TOOL WORKS COM 452308109 1,317,000 20,000 DEFINED 2, 3 20,000
47 IMPERIAL CHEMICAL
INDUSTRIES ADR NEW 452704505 830,000 100,000 DEFINED 2, 3 100,000
48 INTL SPEEDWAY CORP COM 460335201 232,678 5,960 DEFINED 1, 3 5,960
49 JEFFERSON PILOT CORPORATION COM 475070108 1,243,800 30,000 DEFINED 2, 3 30,000
50 KOHLS CORP COM 500255104 1,027,600 20,000 DEFINED 2, 3 20,000
51 L-3 COMMUNICATIONS HOLDINGS COM 502424104 869,800 20,000 DEFINED 2, 3 20,000
52 LAFARGE NORTH AMERICA INC COM 505862102 519,960 16,800 DEFINED 1, 3 16,800
53 LONGVIEW FIBRE CO COM 543213102 328,000 40,000 DEFINED 1, 3 40,000
54 LONGVIEW FIBRE CO COM 543213102 5,289,000 645,000 DEFINED 2, 3 645,000
55 MARATHON OIL CORP COM 565849106 2,592,840 98,400 DEFINED 1, 3 98,400
56 MARATHON OIL CORP COM 565849106 31,751,750 1,205,000 DEFINED 2, 3 1,205,000
57 MASCO CORPORATION COM 574599106 834,750 35,000 DEFINED 2, 3 35,000
58 MATTEL COM 577081102 1,040,600 55,000 DEFINED 2, 3 55,000
59 MCDONALDS CORP COM 580135101 882,400 40,000 DEFINED 1, 3 40,000
60 MCDONALDS CORP COM 580135101 10,478,500 475,000 DEFINED 2, 3 475,000
61 MELLON BK CORP COM 58551A108 555,000 20,000 DEFINED 2, 3 20,000
62 MEREDETH CORP COM 589433101 660,000 15,000 DEFINED 1, 3 15,000
63 MEREDETH CORP COM 589433101 20,460,000 465,000 DEFINED 2, 3 465,000
64 OCTEL CORP COM 675727101 625,500 45,000 DEFINED 1, 3 45,000
65 OCTEL CORP COM 675727101 17,514,000 1,260,000 DEFINED 2, 3 1,260,000
66 OHIO CASUALTY CORP COM 677240103 367,476 27,100 DEFINED 1, 3 27,100
67 OVERSEAS SHIPPING GROUP COM 690368105 660,300 30,000 DEFINED 1, 3 30,000
68 OVERSEAS SHIPPING GROUP COM 690368105 6,933,150 315,000 DEFINED 2, 3 315,000
69 PAULA FINANCIAL COM 703588103 563,537 423,712 DEFINED 2, 3 423,712
70 PEOPLES BANK COM 710198102 1,304,550 45,000 DEFINED 1, 3 45,000
71 PEOPLES BANK COM 710198102 15,364,700 530,000 DEFINED 2, 3 530,000
72 PLUM CREEK TIMBER CO COM 729251108 648,750 25,000 DEFINED 2, 3 25,000
73 POST PROPERTIES INC COM 737464107 419,359 13,800 DEFINED 1, 3 13,800
74 POTLATCH CORPORATION COM 737628107 1,030,000 40,000 DEFINED 1, 3 40,000
75 POTLATCH CORPORATION COM 737628107 10,428,750 405,000 DEFINED 2, 3 405,000
76 PRUDENTIAL FINANCIAL INC COM 744320102 3,028,500 90,000 DEFINED 2, 3 90,000
77 RYDER SYSTEM COM 783549108 3,074,400 120,000 DEFINED 1, 3 120,000
78 RYDER SYSTEM COM 783549108 17,934,000 700,000 DEFINED 2, 3 700,000
79 SAFETY INSURANCE GROUP INC COM 78648T100 169,280 11,500 DEFINED 1, 3 11,500
80 SAFEWAY INC COM 786514208 409,200 20,000 DEFINED 2, 3 20,000
81 SIERRA PACIFIC RESOURCES COM 826428104 1,740,420 293,000 DEFINED 1, 3 293,000
82 SIERRA PACIFIC RESOURCES COM 826428104 16,483,500 2,775,000 DEFINED 2, 3 2,775,000
83 STANLEY WORKS COM 854616109 1,380,000 50,000 DEFINED 2, 3 50,000
84 TJX COMPANIES INC COM 872540109 1,130,400 60,000 DEFINED 2, 3 60,000
85 TXU CORP COM 873168108 1,796,000 80,000 DEFINED 2, 3 80,000
86 TORONTO-DOMINION BANK COM 891160509 277,800 10,000 DEFINED 2, 3 10,000
87 TRAVELERS PROPERTY &
CASUALTY COM 89420G109 1,272,000 80,000 DEFINED 2, 3 80,000
88 UICI COM 902737105 277,542 18,140 DEFINED 1, 3 18,140
89 UNISOURCE ENERGY CORP. HLD. COM 909205106 5,040,280 268,100 DEFINED 1, 3 268,100
90 UNISOURCE ENERGY CORP. HLD. COM 909205106 30,362,000 1,615,000 DEFINED 2, 3 1,615,000
91 UNITED PARCEL SERVICE COM 911312106 1,274,000 20,000 DEFINED 2, 3 20,000
92 UNOCAL CORP COM 915289102 430,350 15,000 DEFINED 1, 3 15,000
93 UNOCAL CORP COM 915289102 13,914,650 485,000 DEFINED 2, 3 485,000
94 WACHOVIA CORP COM 929903102 549,380 13,690 DEFINED 1, 3 13,690
95 WELLPOINT HEALTH NETWORKS COM 94973H108 1,686,000 20,000 DEFINED 2, 3 20,000
96 WESTFIELD FINANCIAL INC COM 96008D101 282,150 15,000 DEFINED 2, 3 15,000
97 WILTEL COMMUNICATIONS INC COM 972487102 1,160,640 78,000 DEFINED 1, 3 78,000
98 WILTEL COMMUNICATIONS INC COM 972487102 5,728,800 385,000 DEFINED 2, 3 385,000
99 XCEL ENERGY INC COM 98389B100 526,400 35,000 DEFINED 1, 3 35,000
100 XCEL ENERGY INC COM 98389B100 10,452,800 695,000 DEFINED 2, 3 695,000
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$446,238,749
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* 1 = Folksamerica Holding Company, Inc. (Form 13F filed separately)
* 2 = White Mountains Advisors LLC (Form 13F filed separately)
* 3 = White Mountains Insurance Group, Ltd.