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, 2003.
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 February 13, 2004
-------------------- -------------------------- ---------------------
[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
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 2
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Form 13F Information Table Entry Total: 108 ITEMS
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Form 13F Information Table Value Total: $606,685,443
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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.
WHITE MOUNTAINS ADVISORS
FORM 13F INFORMATION TABLE - DECEMBER 31, 2003
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Amount and Voting Authority (Shares)
Title CUSIP Market Type Investment ------------------------
Name of Issuer of Class Number Value of Security Discretion Managers* Sole Shared None
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1 BANK OF BERMUDA LTD SHS G07644100 683,240 15,200 DEFINED 1, 3 15,200
2 EVEREST RE GROUP LTD COM G3223R108 503,370 5,950 DEFINED 1, 3 5,950
3 ABITIBI-CONSOLIDATED INC COM 003924107 162,200 20,000 DEFINED 1, 3 20,000
4 ABITIBI-CONSOLIDATED INC COM 003924107 2,838,500 350,000 DEFINED 2, 3 350,000
5 AETNA INC COM 00817Y108 317,626 4,700 DEFINED 1, 3 4,700
6 ALEXANDER & BALDWIN INC COM 014482103 428,625 12,700 DEFINED 2, 3 12,700
7 ALLEGHENY ENERGY INC COM 017361106 312,620 24,500 DEFINED 1, 3 24,500
8 ALLEGHENY ENERGY INC COM 017361106 5,231,600 410,000 DEFINED 2, 3 410,000
9 AMERADA HESS CORP COM 023551104 3,036,007 57,100 DEFINED 1, 3 57,100
10 AMERADA HESS CORP COM 023551104 46,789,600 880,000 DEFINED 2, 3 880,000
11 AMERICAN INT'L. GROUP COM 026874107 596,520 9,000 DEFINED 2, 3 9,000
12 AON CORP COM 037389103 2,766,028 115,540 DEFINED 1, 3 115,540
13 AON CORP COM 037389103 10,773,000 450,000 DEFINED 2, 3 450,000
14 ARCHER DANIELS MIDLAND COM 039483102 684,900 45,000 DEFINED 1, 3 45,000
15 ARCHER DANIELS MIDLAND COM 039483102 11,186,700 735,000 DEFINED 2, 3 735,000
16 AUTOMATIC DATA PROCESSING INC. COM 053015103 705,058 17,800 DEFINED 1, 3 17,800
17 AUTOMATIC DATA PROCESSING INC. COM 053015103 20,201,100 510,000 DEFINED 2, 3 510,000
18 BANK OF HAWAII CORP COM 062540109 670,980 15,900 DEFINED 1, 3 15,900
19 BANKNORTH GROUP COM 06646R107 650,600 20,000 DEFINED 2, 3 20,000
20 BANTA CORP COM 066821109 200,475 4,950 DEFINED 1, 3 4,950
21 BERKSHIRE HATHAWAY INC CL A 084670108 589,750 7 DEFINED 2, 3 7
22 BERKSHIRE HATHAWAY INC CL B 084670207 2,173,180 772 DEFINED 1, 3 772
23 BERKSHIRE HATHAWAY INC CL B 084670207 17,855,250 3,450 DEFINED 2, 3 3,450
24 BISYS GROUP INC COM 055472104 150,586 10,120 DEFINED 1, 3 10,120
25 CALLAWAY GOLF COMPANY COM 131193104 168,500 10,000 DEFINED 1, 3 10,000
26 CALLAWAY GOLF COMPANY COM 131193104 2,190,500 130,000 DEFINED 2, 3 130,000
27 CAPITOL FEDERAL FINANCIAL COM 14057C106 901,500 25,000 DEFINED 1, 3 25,000
28 CAPITOL FEDERAL FINANCIAL COM 14057C106 9,555,900 265,000 DEFINED 2, 3 265,000
29 CHARTER FINANCIAL CORP COM 16122M100 6,460,000 170,000 DEFINED 2, 3 170,000
30 CLOROX COMPANY COM 189054109 410,332 8,450 DEFINED 1, 3 8,450
31 COUNTRYWIDE CREDIT IND INC COM 222372104 859,608 11,333 DEFINED 1, 3 11,333
32 DELUXE CORP COM 248019101 578,620 14,000 DEFINED 2, 3 14,000
33 DIAMOND OFFSHORE DRILLING INC COM 25271C102 307,650 15,000 DEFINED 1, 3 15,000
34 DIAMOND OFFSHORE DRILLING INC COM 25271C102 3,486,700 170,000 DEFINED 2, 3 170,000
35 EASTMAN CHEMICAL COM 277432100 988,250 25,000 DEFINED 1, 3 25,000
36 EASTMAN CHEMICAL COM 277432100 6,917,750 175,000 DEFINED 2, 3 175,000
37 EL PASO ELECTRIC CO COM NEW 283677854 2,525,820 189,200 DEFINED 1, 3 189,200
38 EL PASO ELECTRIC CO COM NEW 283677854 26,166,000 1,960,000 DEFINED 2, 3 1,960,000
39 EQUITY OFFICE PROPERTIES TR COM 294741103 555,810 19,400 DEFINED 1, 3 19,400
40 ETHAN ALLEN COM 297602104 670,080 16,000 DEFINED 2, 3 16,000
41 FAIRMONT HOTELS & RESORTS COM 305204109 6,649,300 245,000 DEFINED 2, 3 245,000
42 FIRST DATA CORP COM 319963104 9,072,672 220,800 DEFINED 1, 3 220,800
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Amount and Voting Authority (Shares)
Title CUSIP Market Type Investment ------------------------
Name of Issuer of Class Number Value of Security Discretion Managers* Sole Shared None
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43 FIRST ENERGY CORP COM 337932107 1,812,800 51,500 DEFINED 1, 3 51,500
44 FIRST ENERGY CORP COM 337932107 28,512,000 810,000 DEFINED 2, 3 810,000
45 FORTUNE BRANDS INC. COM 349631101 8,578,800 120,000 DEFINED 2, 3 120,000
46 GOLDMAN SACHS GROUP COM 38141G104 493,650 5,000 DEFINED 2, 3 5,000
47 GREAT LAKES CHEMICAL CORP COM 390568103 1,631,400 60,000 DEFINED 1, 3 60,000
48 GREAT LAKES CHEMICAL CORP COM 390568103 30,044,950 1,105,000 DEFINED 2, 3 1,105,000
49 HASBRO INC COM 418056107 1,276,800 60,000 DEFINED 2, 3 60,000
50 HIBERNIA CORP CLASS A COM 428656102 418,478 17,800 DEFINED 1, 3 17,800
51 HONDA MOTOR CO COM 438128308 675,000 30,000 DEFINED 2, 3 30,000
52 HONEYWELL INC. COM 438516106 1,002,900 30,000 DEFINED 2, 3 30,000
53 IDACORP INC COM 451107106 2,094,400 70,000 DEFINED 2, 3 70,000
54 ILLINOIS TOOL WORKS COM 452308109 1,678,200 20,000 DEFINED 2, 3 20,000
55 INTL SPEEDWAY CORP COM 460335201 264,862 5,960 DEFINED 1, 3 5,960
56 JEFFERSON PILOT CORPORATION COM 475070108 1,519,500 30,000 DEFINED 2, 3 30,000
57 KOHLS CORP COM 500255104 898,800 20,000 DEFINED 2, 3 20,000
58 L-3 COMMUNICATIONS HOLDINGS I COM 502424104 1,027,200 20,000 DEFINED 2, 3 20,000
59 LAFARGE NORTH AMERICA INC COM 505862102 680,736 16,800 DEFINED 1, 3 16,800
60 LEUCADIA NATL CORP COM 527288104 1,525,311 33,087 DEFINED 1, 3 33,087
61 LEUCADIA NATL CORP COM 527288104 11,635,594 252,399 DEFINED 2, 3 252,399
62 LONGVIEW FIBRE CO COM 543213102 370,500 30,000 DEFINED 1, 3 30,000
63 LONGVIEW FIBRE CO COM 543213102 8,089,250 655,000 DEFINED 2, 3 655,000
64 MARATHON OIL CORP COM 565849106 2,925,156 88,400 DEFINED 1, 3 88,400
65 MARATHON OIL CORP COM 565849106 46,491,450 1,405,000 DEFINED 2, 3 1,405,000
66 MASCO CORPORATION COM 574599106 959,350 35,000 DEFINED 2, 3 35,000
67 MATTEL COM 577081102 1,445,250 75,000 DEFINED 2, 3 75,000
68 MCDONALDS CORP COM 580135101 546,260 22,000 DEFINED 1, 3 22,000
69 MCDONALDS CORP COM 580135101 10,751,390 433,000 DEFINED 2, 3 433,000
70 MELLON BK CORP COM 58551A108 642,200 20,000 DEFINED 2, 3 20,000
71 MERCK & CO. INC. COM 589331107 572,880 12,400 DEFINED 1, 3 12,400
72 MEREDETH CORP. COM 589433101 732,150 15,000 DEFINED 1, 3 15,000
73 MEREDETH CORP. COM 589433101 22,452,600 460,000 DEFINED 2, 3 460,000
74 NUI CORP COM 629431107 343,356 21,300 DEFINED 1, 3 21,300
75 NUI CORP COM 629431107 3,465,800 215,000 DEFINED 2, 3 215,000
76 OCTEL CORP COM 675727101 590,700 30,000 DEFINED 1, 3 30,000
77 OCTEL CORP COM 675727101 24,671,570 1,253,000 DEFINED 2, 3 1,253,000
78 OHIO CASUALTY CORP COM 677240103 470,456 27,100 DEFINED 1, 3 27,100
79 OVERSEAS SHIPPING GROUP COM 690368105 408,600 12,000 DEFINED 1, 3 12,000
80 OVERSEAS SHIPPING GROUP COM 690368105 6,980,250 205,000 DEFINED 2, 3 205,000
81 PAULA FINANCIAL COM 703588103 490,500 225,000 DEFINED 2, 3 225,000
82 PEOPLES BANK COM 710198102 651,000 20,000 DEFINED 1, 3 20,000
83 PEOPLES BANK COM 710198102 13,508,250 415,000 DEFINED 2, 3 415,000
84 PEPSICO INCORPORATED COM 713448108 550,116 11,800 DEFINED 1, 3 11,800
85 PLUM CREEK TIMBER CO COM 729251108 761,250 25,000 DEFINED 2, 3 25,000
86 POST PROPERTIES INC COM 737464107 385,296 13,800 DEFINED 1, 3 13,800
87 POTLATCH CORPORATION COM 737628107 695,400 20,000 DEFINED 1, 3 20,000
88 POTLATCH CORPORATION COM 737628107 14,603,400 420,000 DEFINED 2, 3 420,000
89 RYDER SYSTEM COM 783549108 1,195,250 35,000 DEFINED 1, 3 35,000
90 RYDER SYSTEM COM 783549108 22,880,500 670,000 DEFINED 2, 3 670,000
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Amount and Voting Authority (Shares)
Title CUSIP Market Type Investment ------------------------
Name of Issuer of Class Number Value of Security Discretion Managers* Sole Shared None
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91 SAFEWAY INC. COM 786514208 438,200 20,000 DEFINED 2, 3 20,000
92 SCHERING-PLOUGH COM 806605101 316,498 18,200 DEFINED 1, 3 18,200
93 SIERRA PACIFIC RESOURCES COM 826428104 682,620 93,000 DEFINED 1, 3 93,000
94 SIERRA PACIFIC RESOURCES COM 826428104 13,358,800 1,820,000 DEFINED 2, 3 1,820,000
95 STANLEY WORKS COM 854616109 1,893,500 50,000 DEFINED 2, 3 50,000
96 TJX COMPANIES INC COM 872540109 1,323,000 60,000 DEFINED 2, 3 60,000
97 TORONTO-DOMINION BANK COM 891160509 334,200 10,000 DEFINED 2, 3 10,000
98 TXU CORP COM 873168108 1,897,600 80,000 DEFINED 2, 3 80,000
99 UNIONBANCAL CORPORATION COM 908906100 443,058 7,700 DEFINED 1, 3 7,700
100 UNISOURCE ENERGY CORP. HLD. CO COM 909205106 3,528,846 143,100 DEFINED 1, 3 143,100
101 UNISOURCE ENERGY CORP. HLD. CO COM 909205106 40,812,300 1,655,000 DEFINED 2, 3 1,655,000
102 UNITED PARCEL SERVICE COM 911312106 1,491,000 20,000 DEFINED 2, 3 20,000
103 UNOCAL CORP COM 915289102 2,279,777 61,900 DEFINED 1, 3 61,900
104 UNOCAL CORP COM 915289102 29,095,700 790,000 DEFINED 2, 3 790,000
105 WACHOVIA CORP COM 929903102 637,817 13,690 DEFINED 1, 3 13,690
106 WELLPOINT HEALTH NETWORKS COM 94973H108 1,939,800 20,000 DEFINED 2, 3 20,000
107 XCEL ENERGY INC COM 98389B100 594,300 35,000 DEFINED 1, 3 35,000
108 XCEL ENERGY INC COM 98389B100 13,244,400 780,000 DEFINED 2, 3 780,000
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606,685,433 22,691,808
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1 = FolksAmerica Holding Company Inc. (Form 13F filed separately)
2 = White Mountains Advisors (Form 13F filed separately)
3 = White Mountains Insurance Group, Ltd.