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, 2002.
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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 AUGUST 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: 3
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Form 13F Information Table Entry Total: 80 ITEMS
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Form 13F Information Table Value Total: $303,533,355
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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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3. 028-06739 HIGH RISE CAPITAL MANAGEMENT, L.P.
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WHITE MOUNTAINS INSURANCE GROUP, LTD.
FORM 13F INFORMATION TABLE - JUNE 30, 2002
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Title CUSIP Market Amount and
Name of Issuer of Class Number Value Type of Security
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ANNUITY AND LIFE RE HLDGS ORD G03910109 546,499 30,210 SH
BANK OF BERMUDA LTD SHS G07644100 341,129 7,623 SH
AETNA INC NEW COM 00817Y108 3,597,750 75,000 SH
ALLEGHANY CORP DEL COM 017175100 549,247 2,876 SH
AMBAC FINL GROUP INC COM 023139108 883,344 13,145 SH
AMERADA HESS CORP COM 023551104 2,062,500 25,000 SH
AMERADA HESS CORP COM 023551104 16,500,000 200,000 SH
AON CORP COM 037389103 3,913,175 132,740 SH
AON CORP COM 037389103 11,792,000 400,000 SH
ARDEN RLTY INC COM 039793104 3,086,825 108,500 SH
AVALON BAY CMNTYS INC COM 053484101 3,240,980 69,400 SH
AVIALL INC NEW COM 05366B102 700,000 50,000 SH
BISYS GROUP INC COM 055472104 336,996 10,120 SH
BANK HAWAII CORP COM 062540109 445,200 15,900 SH
BANK ONE CORP COM 06423A103 5,772,000 150,000 SH
BERKLEY WR CORP COM 084423102 324,500 5,900 SH
BERKSHIRE HATHAWAY INC DEL CL A 084670108 6,479,600 97 SH
BERHSKIRE HATHAWAY INC DEL CL B 084670207 1,166,148 522 SH
BERKSHIRE HATHAWAY INC DEL CL B 084670207 4,468,000 2,000 SH
BOSTON PROPERTIES INC COM 101121101 1,598,000 40,000 SH
COUNTRYWIDE CR INDS INC DEL COM 222372104 579,000 12,000 SH
DOW CHEM CO COM 260543103 4,813,200 140,000 SH
EL PASO ELEC CO COM NEW 283677854 2,216,000 160,000 SH
EQUITY OFFICE PROPERTIES TRU COM 294741103 3,541,054 117,643 SH
FAIRMONT HOTELS RESORTS INC COM 305204109 6,960,600 270,000 SH
FIDELITY NATL FINL INC COM 316326107 636,108 20,130 SH
FIRST DATA CORP COM 319963104 331,080 8,900 SH
FIRSTENERGY CORP COM 337932107 18,359,000 550,000 SH
FORTUNE BRANDS INC COM 349631101 4,760,000 85,000 SH
GABLES RESIDENTIAL TR SH BEN INT 362418105 1,746,571 54,700 SH
GREAT LAKES CHEM CORP COM 390568103 662,250 25,000 SH
GREAT LAKES CHEM CORP COM 390568103 18,543,000 700,000 SH
GULF INDONESIA RES LTD COM 402284103 131,900 10,000 SH
GULF INDONESIA RES LTD COM 402284103 1,399,459 106,100 SH
HCC INS HLDGS INC COM 404132102 205,530 7,800 SH
IHOP CORP COM 449623107 237,367 8,060 SH
INTERNATIONAL SPEEDWAY CORP CL A 460335201 238,996 5,960 SH
INTERPUBLIC GROUP COS INC COM 460690100 4,704,400 190,000 SH
INTUIT COM 461202103 273,460 5,500 SH
LAFARGE NORTH AMERICA INC COM 505862102 360,639 10,260 SH
LANDAMERICA FINL GROUP INC COM 514936103 283,815 9,010 SH
LONGVIEW FIBRE CO COM 543213102 188,400 20,000 SH
LONGVIEW FIBRE CO COM 543213102 3,768,000 400,000 SH
MACK CALI RLTY CORP COM 554489104 2,636,250 75,000 SH
MARATHON OIL CORP COM 565849106 249,504 9,200 SH
MARATHON OIL CORP COM 565849106 25,086,000 925,000 SH
MATTEL INC COM 577081102 6,007,800 285,000 SH
MEREDITH CORP COM 589433101 575,250 15,000 SH
MEREDETH CORP COM 589433101 14,381,250 375,000 SH
OCTEL CORP COM 675727101 2,661,750 105,000 SH
OVERSEAS SHIPPING GROUP I COM 690368105 1,686,400 80,000 SH
PAULA FINL DEL COM 703588103 368,629 423,712 SH
PEOPLES BRIDGEPORT CONN COM 710198102 261,100 10,000 SH
PEOPLES BRIDGEPORT CONN COM 710198102 10,444,000 400,000 SH
POST PPTYS INC COM 737464107 524,422 17,388 SH
POTLATCH CORP COM 737628107 680,400 20,000 SH
POTLATCH CORP COM 737628107 8,334,900 245,000 SH
PROLOGIS TR SH BEN INT 743410102 4,273,646 164,371 SH
PRUDENTIAL FINL INC COM 744320102 637,176 19,100 SH
PUBLIC STORAGE INC COM 74460D109 857,900 23,124 SH
PURE RES INC COM 74622E102 1,560,000 75,000 SH
RH DONNELLEY CORP COM NEW 74955W307 317,180 11,340 SH
RECKSON ASSOCS RLTY CORP COM 75621K106 4,840,560 194,400 SH
RYDER SYS INC COM 783549108 1,354,500 50,000 SH
RYDER SYS INC COM 783549108 13,049,253 481,700 SH
SAFEWAY INC COM NEW 786514208 4,086,600 140,000 SH
SHURGARD STORAGE CTRS INC COM 82567D104 5,942,826 171,263 SH
STANLEY WKS COM 854616109 5,331,300 130,000 SH
SUMMIT PPTYS INC COM 866239106 4,037,215 172,900 SH
TJX COS INC NEW COM 872540109 784,400 40,000 SH
TAUBMAN CTRS INC COM 876664103 960,750 63,000 SH
UICI COM 902737105 606,808 30,040 SH
UNISOURCE ENERGY CORP COM 909205106 2,382,660 128,100 SH
UNISOURCE ENERGY CORP COM 909205106 23,250,000 1,250,000 SH
UNITED PARCEL SERVICE INC CL B 911312106 4,013,750 65,000 SH
UNITED TECHNOLOGIES CORP COM 913017109 4,413,500 65,000 SH
VORNADO RLTY TR SH BEN INT 929042109 2,360,358 51,090 SH
WACHOVIA CORP 2ND NEW COM 929903102 522,684 13,690 SH
WADDELL & REED FINL INC CL A 930059100 381,160 16,630 SH
WASHINGTON MUT INC COM 939322103 927,750 25,000 SH
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$303,533,355
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Investment Voting Authority (Shares)
Name of Issuer Discretion Managers* Sole Shared None
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ANNUITY AND LIFE RE HLDGS DEFINED 1,4 30,210
BANK OF BERMUDA LTD DEFINED 1,4 7,623
AETNA INC NEW DEFINED 2,4 75,000
ALLEGHANY CORP DEL DEFINED 1,4 2,876
AMBAC FINL GROUP INC DEFINED 1,4 13,145
AMERADA HESS CORP DEFINED 1,4 25,000
AMERADA HESS CORP DEFINED 2,4 200,000
AON CORP DEFINED 1,4 132,740
AON CORP DEFINED 2,4 400,000
ARDEN RLTY INC DEFINED 1,3,4 108,500
AVALON BAY CMNTYS INC DEFINED 1,3,4 69,400
AVIALL INC NEW DEFINED 2,4 50,000
BISYS GROUP INC DEFINED 1,4 10,120
BANK HAWAII CORP DEFINED 1,4 15,900
BANK ONE CORP DEFINED 2,4 150,000
BERKLEY WR CORP DEFINED 1,4 5,900
BERKSHIRE HATHAWAY INC DEL DEFINED 2,4 97
BERHSKIRE HATHAWAY INC DEL DEFINED 1,4 522
BERKSHIRE HATHAWAY INC DEL DEFINED 2,4 2,000
BOSTON PROPERTIES INC DEFINED 1,3,4 40,000
COUNTRYWIDE CR INDS INC DEL DEFINED 1,4 12,000
DOW CHEM CO DEFINED 2,4 140,000
EL PASO ELEC CO DEFINED 2,4 160,000
EQUITY OFFICE PROPERTIES TRU DEFINED 1,3,4 117,643
FAIRMONT HOTELS RESORTS INC DEFINED 2,4 270,000
FIDELITY NATL FINL INC DEFINED 1,4 20,130
FIRST DATA CORP DEFINED 1,4 8,900
FIRSTENERGY CORP DEFINED 2,4 550,000
FORTUNE BRANDS INC DEFINED 2,4 85,000
GABLES RESIDENTIAL TR DEFINED 1,3,4 54,700
GREAT LAKES CHEM CORP DEFINED 1,4 25,000
GREAT LAKES CHEM CORP DEFINED 2,4 700,000
GULF INDONESIA RES LTD DEFINED 1,4 10,000
GULF INDONESIA RES LTD DEFINED 2,4 106,100
HCC INS HLDGS INC DEFINED 1,4 7,800
IHOP CORP DEFINED 1,4 8,060
INTERNATIONAL SPEEDWAY CORP DEFINED 1,4 5,960
INTERPUBLIC GROUP COS INC DEFINED 2,4 190,000
INTUIT DEFINED 1,4 5,500
LAFARGE NORTH AMERICA INC DEFINED 1,4 10,260
LANDAMERICA FINL GROUP INC DEFINED 1,4 9,010
LONGVIEW FIBRE CO DEFINED 1,4 20,000
LONGVIEW FIBRE CO DEFINED 2,4 400,000
MACK CALI RLTY CORP DEFINED 1,3,4 75,000
MARATHON OIL CORP DEFINED 1,4 9,200
MARATHON OIL CORP DEFINED 2,4 925,000
MATTEL INC DEFINED 2,4 285,000
MEREDITH CORP DEFINED 1,4 15,000
MEREDETH CORP DEFINED 2,4 375,000
OCTEL CORP DEFINED 2,4 105,000
OVERSEAS SHIPPING GROUP I DEFINED 2,4 80,000
PAULA FINL DEL DEFINED 2,4 423,712
PEOPLES BRIDGEPORT CONN DEFINED 1,4 10,000
PEOPLES BRIDGEPORT CONN DEFINED 2,4 400,000
POST PPTYS INC DEFINED 1,3,4 17,388
POTLATCH CORP DEFINED 1,4 20,000
POTLATCH CORP DEFINED 2,4 245,000
PROLOGIS TR DEFINED 1,3,4 164,371
PRUDENTIAL FINL INC DEFINED 1,4 19,100
PUBLIC STORAGE INC DEFINED 1,3,4 23,124
PURE RES INC DEFINED 2,4 75,000
RH DONNELLEY CORP DEFINED 1,4 11,340
RECKSON ASSOCS RLTY CORP DEFINED 1,3,4 194,400
RYDER SYS INC DEFINED 1,4 50,000
RYDER SYS INC DEFINED 2,4 481,700
SAFEWAY INC DEFINED 2,4 140,000
SHURGARD STORAGE CTRS INC DEFINED 1,3,4 171,263
STANLEY WKS DEFINED 2,4 130,000
SUMMIT PPTYS INC DEFINED 1,3,4 172,900
TJX COS INC NEW DEFINED 2,4 40,000
TAUBMAN CTRS INC DEFINED 1,3,4 63,000
UICI DEFINED 1,4 30,040
UNISOURCE ENERGY CORP DEFINED 1,4 128,100
UNISOURCE ENERGY CORP DEFINED 2,4 1,250,000
UNITED PARCEL SERVICE INC DEFINED 2,4 65,000
UNITED TECHNOLOGIES CORP DEFINED 2,4 65,000
VORNADO RLTY TR DEFINED 1,3,4 51,090
WACHOVIA CORP 2ND NEW DEFINED 1,4 13,690
WADDELL & REED FINL INC DEFINED 1,4 16,630
WASHINGTON MUT INC DEFINED 2,4 25,000
* 1 = Folksamerica Holding Company, Inc. (Form 13F filed separately)
2 = OneBeacon Asset Management Inc. (Form 13F filed separately)
3 = High Rise Capital Management, L.P. (Form 13F filed separately)
4 = White Mountains Insurance Group, Ltd.