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, 2003
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Check Here if Amendment / /; Amendment Number:
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This Amendment (Check only one.): / / is a restatement.
/ / adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: White Mountains Insurance Group, Ltd.
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Address: 80 South Main Street
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Hanover, New Hampshire 03755
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U.S.A.
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Form 13F File Number: 028-01681
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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 herein 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
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Title: Chief Accounting Officer
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Phone: (603) 640-2200
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Signature, Place, and Date of Signing:
/s/ J. Brian Palmer Hanover, New Hampshire November 12, 2003
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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: 98 items
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Form 13F Information Table Value Total: $515,441,654
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List of Other Included Managers:
Provide a numbered list of the name(s) 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 White Mountains Advisors LLC
WHITE MOUNTAINS INSURANCE GROUP, LTD.
FORM 13F INFORMATION TABLE--SEPTEMBER 30, 2003
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MARKET SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP VALUE PRN AMT PRN CALL DISCRETION MANAGERS* SOLE SHARED NONE
------------------------- --------------- --------- -------- --------- ----- ------ ------------ --------- ------ ------ -----
BANK OF BERMUDA LTD SHS G07644100 589,000 15,200 SH DEFINED 1, 3 15,200
EVEREST RE GROUP LTD COM G3223R108 458,476 6,100 SH DEFINED 1, 3 6,100
ALEXANDER & BALDWIN INC COM 014482103 241,060 8,500 SH DEFINED 1, 3 8,500
ALEXANDER & BALDWIN INC COM 014482103 3,261,400 115,000 SH DEFINED 2, 3 115,000
ALLEGHENY ENERGY INC COM 017361106 223,930 24,500 SH DEFINED 1, 3 24,500
ALLEGHENY ENERGY INC COM 017361106 7,266,300 795,000 SH DEFINED 2, 3 795,000
AMERADA HESS CORP COM 023551104 3,757,500 75,000 SH DEFINED 1, 3 75,000
AMERADA HESS CORP COM 023551104 42,334,500 845,000 SH DEFINED 2, 3 845,000
AMERICAN INT'L. GROUP COM 026874107 519,300 9,000 SH DEFINED 2, 3 9,000
AON CORP COM 037389103 2,409,009 115,540 SH DEFINED 1, 3 115,540
AON CORP COM 037389103 9,799,500 470,000 SH DEFINED 2, 3 470,000
ARCHER DANIELS MIDLAND COM 039483102 786,600 60,000 SH DEFINED 1, 3 60,000
ARCHER DANIELS MIDLAND COM 039483102 9,439,200 720,000 SH DEFINED 2, 3 720,000
AUTOMATIC DATA PROCESSING INC. COM 053015103 458,880 12,800 SH DEFINED 1, 3 12,800
AUTOMATIC DATA PROCESSING INC. COM 053015103 16,849,500 470,000 SH DEFINED 2, 3 470,000
BISYS GROUP INC COM 055472104 133,078 10,120 SH DEFINED 1, 3 10,120
BANK OF HAWAII CORP COM 062540109 533,922 15,900 SH DEFINED 1, 3 15,900
BERKSHIRE HATHAWAY INC CL A 084670108 8,025,000 107 SH DEFINED 2, 3 107
BERKSHIRE HATHAWAY INC CL B 084670207 1,302,912 522 SH DEFINED 1, 3 522
BERKSHIRE HATHAWAY INC CL B 084670207 4,992,000 2,000 SH DEFINED 2, 3 2,000
COUNTRYWIDE CREDIT IND INC COM 222372104 821,940 10,500 SH DEFINED 1, 3 10,500
DELUXE CORP COM 248019101 561,960 14,000 SH DEFINED 2, 3 14,000
EASTMAN CHEMICAL COM 277432100 837,500 25,000 SH DEFINED 1, 3 25,000
EASTMAN CHEMICAL COM 277432100 4,355,000 130,000 SH DEFINED 2, 3 130,000
EL PASO ELECTRIC CO COM NEW 283677854 2,949,870 255,400 SH DEFINED 1, 3 255,400
EL PASO ELECTRIC CO COM NEW 283677854 21,598,500 1,870,000 SH DEFINED 2, 3 1,870,000
EQUITY OFFICE PROPERTIES TR COM 294741103 534,082 19,400 SH DEFINED 1, 3 19,400
ETHAN ALLEN COM 297602104 576,000 16,000 SH DEFINED 2, 3 16,000
FAIRMONT HOTELS & RESORTS COM 305204109 5,407,500 210,000 SH DEFINED 2, 3 210,000
FIRST DATA CORP COM 319963104 355,644 8,900 SH DEFINED 1, 3 8,900
FIRST ENERGY CORP COM 337932107 1,961,850 61,500 SH DEFINED 1, 3 61,500
FIRST ENERGY CORP COM 337932107 25,041,500 785,000 SH DEFINED 2, 3 785,000
FORTUNE BRANDS INC. COM 349631101 7,945,000 140,000 SH DEFINED 2, 3 140,000
GREAT LAKES CHEMICAL CORP COM 390568103 1,608,800 80,000 SH DEFINED 1, 3 80,000
GREAT LAKES CHEMICAL CORP COM 390568103 21,014,950 1,045,000 SH DEFINED 2, 3 1,045,000
HASBRO INC COM 418056107 3,269,000 175,000 SH DEFINED 2, 3 175,000
HIBERNIA CORP CLASS A COM 428656102 271,484 13,400 SH DEFINED 1, 3 13,400
HONDA MOTOR CO COM 438128308 604,800 30,000 SH DEFINED 2, 3 30,000
HONEYWELL INC. COM 438516106 790,500 30,000 SH DEFINED 2, 3 30,000
ILLINOIS TOOL WORKS COM 452308109 1,325,200 20,000 SH DEFINED 2, 3 20,000
IMPERIAL CHEMICAL INDUSTRIES ADR NEW 452704505 278,750 25,000 SH DEFINED 2, 3 25,000
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MARKET SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP VALUE PRN AMT PRN CALL DISCRETION MANAGERS* SOLE SHARED NONE
------------------------- --------------- --------- -------- --------- ----- ------ ------------ --------- ------ ------ -----
INTL SPEEDWAY CORP COM 460335201 261,584 5,960 SH DEFINED 1, 3 5,960
JEFFERSON PILOT CORPORATION COM 475070108 1,331,400 30,000 SH DEFINED 2, 3 30,000
KOHLS CORP COM 500255104 1,070,000 20,000 SH DEFINED 2, 3 20,000
L-3 COMMUNICATIONS HOLDINGS I COM 502424104 865,000 20,000 SH DEFINED 2, 3 20,000
LAFARGE NORTH AMERICA INC COM 505862102 584,640 16,800 SH DEFINED 1, 3 16,800
LONGVIEW FIBRE CO COM 543213102 390,800 40,000 SH DEFINED 1, 3 40,000
LONGVIEW FIBRE CO COM 543213102 6,545,900 670,000 SH DEFINED 2, 3 670,000
MARATHON OIL CORP COM 565849106 2,946,900 103,400 SH DEFINED 1, 3 103,400
MARATHON OIL CORP COM 565849106 40,327,500 1,415,000 SH DEFINED 2, 3 1,415,000
MASCO CORPORATION COM 574599106 856,800 35,000 SH DEFINED 2, 3 35,000
MATTEL COM 577081102 1,042,800 55,000 SH DEFINED 2, 3 55,000
MCDONALDS CORP COM 580135101 823,900 35,000 SH DEFINED 1, 3 35,000
MCDONALDS CORP COM 580135101 11,063,800 470,000 SH DEFINED 2, 3 470,000
MEREDETH CORP. COM 589433101 692,550 15,000 SH DEFINED 1, 3 15,000
MEREDETH CORP. COM 589433101 21,238,200 460,000 SH DEFINED 2, 3 460,000
OCTEL CORP COM 675727101 783,000 45,000 SH DEFINED 1, 3 45,000
OCTEL CORP COM 675727101 21,924,000 1,260,000 SH DEFINED 2, 3 1,260,000
OHIO CASUALTY CORP COM 677240103 392,137 27,100 SH DEFINED 1, 3 27,100
OVERSEAS SHIPPING GROUP COM 690368105 542,850 21,000 SH DEFINED 1, 3 21,000
OVERSEAS SHIPPING GROUP COM 690368105 6,850,250 265,000 SH DEFINED 2, 3 265,000
PAULA FINANCIAL COM 703588103 559,300 423,712 SH DEFINED 2, 3 423,712
PEOPLES BANK COM 710198102 990,000 33,000 SH DEFINED 1, 3 33,000
PEOPLES BANK COM 710198102 13,200,000 440,000 SH DEFINED 2, 3 440,000
PEPSICO INCORPORATED COM 713448108 242,899 5,300 SH DEFINED 1, 3 5,300
PLUM CREEK TIMBER CO COM 729251108 636,000 25,000 SH DEFINED 2, 3 25,000
POST PROPERTIES INC COM 737464107 375,774 13,800 SH DEFINED 1, 3 13,800
POTLATCH CORPORATION COM 737628107 1,040,200 35,000 SH DEFINED 1, 3 35,000
POTLATCH CORPORATION COM 737628107 12,036,600 405,000 SH DEFINED 2, 3 405,000
PRUDENTIAL FINANCIAL INC COM 744320102 1,494,400 40,000 SH DEFINED 2, 3 40,000
RYDER SYSTEM COM 783549108 1,612,600 55,000 SH DEFINED 1, 3 55,000
RYDER SYSTEM COM 783549108 20,524,000 700,000 SH DEFINED 2, 3 700,000
SAFEWAY INC. COM 786514208 458,800 20,000 SH DEFINED 2, 3 20,000
SIERRA PACIFIC RESOURCES COM 826428104 1,421,050 293,000 SH DEFINED 1, 3 293,000
SIERRA PACIFIC RESOURCES COM 826428104 13,337,500 2,750,000 SH DEFINED 2, 3 2,750,000
STANLEY WORKS COM 854616109 1,476,000 50,000 SH DEFINED 2, 3 50,000
TJX COMPANIES INC COM 872540109 1,165,200 60,000 SH DEFINED 2, 3 60,000
TXU CORP COM 873168108 1,884,800 80,000 SH DEFINED 2, 3 80,000
TORONTO-DOMINION BANK COM 891160509 283,000 10,000 SH DEFINED 2, 3 10,000
UNIONBANCAL CORPORATION COM 908906100 381,920 7,700 SH DEFINED 1, 3 7,700
UNISOURCE ENERGY CORP. HLD. CO COM 909205106 5,099,262 268,100 SH DEFINED 1, 3 268,100
UNISOURCE ENERGY CORP. HLD. CO COM 909205106 30,717,300 1,615,000 SH DEFINED 2, 3 1,615,000
UNITED PARCEL SERVICE COM 911312106 1,276,000 20,000 SH DEFINED 2, 3 20,000
UNOCAL CORP COM 915289102 2,048,800 65,000 SH DEFINED 1, 3 65,000
UNOCAL CORP COM 915289102 24,428,000 775,000 SH DEFINED 2, 3 775,000
WACHOVIA CORP COM 929903102 563,891 13,690 SH DEFINED 1, 3 13,690
WILTEL COMMUNICATIONS INC COM 972487102 1,251,900 78,000 SH DEFINED 1, 3 78,000
WILTEL COMMUNICATIONS INC COM 972487102 9,549,750 595,000 SH DEFINED 2, 3 595,000
BANKNORTH GROUP COM 06646R107 564,400 20,000 SH DEFINED 2, 3 20,000
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MARKET SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP VALUE PRN AMT PRN CALL DISCRETION MANAGERS* SOLE SHARED NONE
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CAPITOL FEDERAL FINANCIAL COM 14057C106 1,318,950 45,000 SH DEFINED 1, 3 45,000
CAPITOL FEDERAL FINANCIAL COM 14057C106 7,327,500 250,000 SH DEFINED 2, 3 250,000
CHARTER FINANCIAL CORP COM 16122M100 5,244,500 170,000 SH DEFINED 2, 3 170,000
GOLDMAN SACHS GROUP COM 38141G104 419,500 5,000 SH DEFINED 2, 3 5,000
MELLON BK CORP COM 58551A108 602,800 20,000 SH DEFINED 2, 3 20,000
TRAVELERS PROPERTY & CASUALTY COM 89420G109 1,270,400 80,000 SH DEFINED 2, 3 80,000
WELLPOINT HEALTH NETWORKS COM 94973H108 1,541,600 20,000 SH DEFINED 2, 3 20,000
XCEL ENERGY INC COM 98389B100 541,450 35,000 SH DEFINED 1, 3 35,000
XCEL ENERGY INC COM 98389B100 12,530,700 810,000 SH DEFINED 2, 3 810,000
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$515,441,654
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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.