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, 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 November 14, 2002
------------------------------- -------------------------------- -------------------
[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: 76 ITEMS
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Form 13F Information Table Value Total: $302,247,168
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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.
3. 028-06739 HIGH RISE CAPITAL MANAGEMENT, L.P.
WHITE MOUNTAINS INSURANCE GROUP, LTD.
FORM 13F INFORMATION TABLE - SEPTEMBER 30, 2002
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Title CUSIP Market
Name of Issuer of Class Number Value
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1 BK OF BERMUDA LTD SHS G07644100 248,517
2 AMLI RESIDENTIAL PPTYS TR SH BEN INT 001735109 260,544
3 ALEXANDER & BALDWIN, INC COM 014482103 445,000
4 ALEXANDER & BALDWIN INC COM 014482103 2,002,500
5 ALLEGHANY CORP DEL COM 017175100 544,934
6 AMBAC INC COM 023139108 708,384
7 AMERADA HESS COM 023551104 1,697,000
8 AMERADA HESS COM 023551104 17,648,800
9 AON CORP COM 037389103 2,719,843
10 AON CORP COM 037389103 9,937,650
11 ARCHER DANIELS MIDLAND COM 039483102 250,200
12 ARCHER DANIELS MIDLAND COM 039483102 2,502,000
13 ARCHSTONE-SMITH TR COM 039583109 4,090,644
14 ARDEN RLTY INC COM 039793104 1,745,370
15 AVALONBAY CMNTYS INC COM 053484101 2,900,920
16 BISYS GROUP COM 055472104 169,105
17 BANK OF HAWAII CORP COM 062540109 443,610
18 BERKLEY, W.R. CORP COM 084423102 300,900
19 BERKSHIRE HATHAWAY INC CL A 084670108 7,685,600
20 BERKSHIRE HATHAWAY, INC CL B 084670207 1,286,730
21 BERKSHIRE HATHAWAY INC CL B 084670207 4,930,000
22 CALLON PETROLEUM CORP COM 13123X102 145,800
23 CITIGROUP INC COM 172967101 634,510
24 COUNTRYWIDE CREDIT INDUSTRIES COM 222372104 565,800
25 EL PASO ELECTRIC CO COM NEW 283677854 1,846,152
26 EL PASO ELECTRIC CO COM NEW 283677854 12,117,600
27 EQUITY OFFICE PPTYS TRUST COM 294741103 3,969,283
28 EQUITY OFFICE PPTYS TRUST COM 294741103 501,922
29 EQUITY RESIDENTIAL SH BEN INT 29476L107 263,340
30 FAIRMONT HOTELS & RESORTS COM 305204109 4,760,000
31 FIDELITY NATIONAL FINANCIAL, INC COM 316326107 578,536
32 FIRST DATA CORP COM 319963104 248,755
33 FIRSTENERGY CORP COM 337932107 19,428,500
34 FORTUNE BRANDS INC. COM 349631101 4,019,650
35 GABLES RESIDENTIAL TR SH BEN INT 362418105 1,928,462
36 GREAT LAKES CHEMICAL CORP COM 390568103 600,500
37 GREAT LAKES CHEMICAL CORP COM 390568103 19,816,500
38 HASBRO INC COM 418056107 2,226,000
39 INTL SPEEDWAY CORP CL A 460335201 236,791
40 LAFARGE NORTH AMERICA INC COM 505862102 372,554
41 LANDAMERICA FINANCIAL GROUP COM 514936103 296,339
42 LONGVIEW FIBRE CO COM 543213102 138,800
43 LONGVIEW FIBRE CO COM 543213102 3,539,400
44 MACK-CALI RLTY CORP COM 554489104 1,606,500
45 MARATHON OIL CORP COM 565849106 435,456
46 MARATHON OIL CORP COM 565849106 23,247,000
47 MEREDITH CORP COM 589433101 645,750
48 MEREDETH CORP. COM 589433101 18,296,250
49 MERRILL LYNCH & CO INC COM 590188108 309,730
50 MORGAN STANLEY COM NEW 617446448 413,336
51 OCTEL CORP COM 675727101 472,250
52 OCTEL CORP COM 675727101 22,573,550
53 OVERSEAS SHIPPING GROUP COM 690368105 2,903,200
54 PAULA FINANCIAL COM 703588103 381,341
55 PEOPLES BANK COM 710198102 560,750
56 PEOPLES BANK COM 710198102 11,663,600
57 POST PPTYS INC COM 737464107 3,188,707
58 POTLATCH CORP COM 737628107 573,600
59 POTLATCH CORP COM 737628107 9,607,800
60 PROLOGIS SH BEN INT 743410102 4,094,482
61 PRUDENTIAL FINANCIAL INC COM 744320102 545,496
62 PURE RESOURCES INC COM 74622E102 336,000
63 PURE RESOURCES INC COM 74622E102 2,912,000
64 R.H. DONNELLEY CORP COM NEW 74955W307 294,840
65 RECKSON ASSOCS RLTY CORP COM 75621K106 3,554,397
66 RYDER SYSTEM COM 783549108 1,246,500
67 RYDER SYSTEM COM 783549108 12,963,600
68 SHURGARD STORAGE CTRS INC COM 82567D104 6,468,282
69 SUMMIT PPTYS COM 866239106 3,354,260
70 TRIZEC PPTYS INC COM 89687P107 1,775,617
71 UICI COM 902737105 475,442
72 UNISOURCE ENERGY CORP COM 909205106 1,953,525
73 UNISOURCE ENERGY CORP COM 909205106 21,883,750
74 VORNADO RLTY TR SH BEN INT 929042109 2,015,501
75 WACHOVIA CORP COM 929903102 447,526
76 WADDELL & REED FINANCIAL INC CL A 930059100 293,686
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302,247,168
========================
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Amount and Investment
Name of Issuer Type of Security Discretion Managers * Sole
----------------------------------------------------------------------------------------------------------------------------
1 BK OF BERMUDA LTD 7,623 SH DEFINED 1,4
2 AMLI RESIDENTIAL PPTYS TR 11,800 SH DEFINED 1,3,4
3 ALEXANDER & BALDWIN, INC 20,000 SH DEFINED 1,4
4 ALEXANDER & BALDWIN INC 90,000 SH DEFINED 2,4
5 ALLEGHANY CORP DEL 2,876 SH DEFINED 1,4
6 AMBAC INC 13,145 SH DEFINED 1,4
7 AMERADA HESS 25,000 SH DEFINED 1,4
8 AMERADA HESS 260,000 SH DEFINED 2,4
9 AON CORP 132,740 SH DEFINED 1,4
10 AON CORP 485,000 SH DEFINED 2,4
11 ARCHER DANIELS MIDLAND 20,000 SH DEFINED 1,4
12 ARCHER DANIELS MIDLAND 200,000 SH DEFINED 2,4
13 ARCHSTONE-SMITH TR 171,300 SH DEFINED 1,3,4
14 ARDEN RLTY INC 73,800 SH DEFINED 1,3,4
15 AVALONBAY CMNTYS INC 69,400 SH DEFINED 1,3,4
16 BISYS GROUP 10,120 SH DEFINED 1,4
17 BANK OF HAWAII CORP 15,900 SH DEFINED 1,4
18 BERKLEY, W.R. CORP 8,850 SH DEFINED 1,4
19 BERKSHIRE HATHAWAY INC 104 SH DEFINED 2,4
20 BERKSHIRE HATHAWAY, INC 522 SH DEFINED 1,4
21 BERKSHIRE HATHAWAY INC 2,000 SH DEFINED 2,4
22 CALLON PETROLEUM CORP 30,000 SH DEFINED 2,4
23 CITIGROUP INC 21,400 SH DEFINED 1,4
24 COUNTRYWIDE CREDIT INDUSTRIES 12,000 SH DEFINED 1,4
25 EL PASO ELECTRIC CO 155,400 SH DEFINED 1,4
26 EL PASO ELECTRIC CO 1,020,000 SH DEFINED 2,4
27 EQUITY OFFICE PPTYS TRUST 153,729 SH DEFINED 1,3,4
28 EQUITY OFFICE PPTYS TRUST 19,400 SH DEFINED 1,4
29 EQUITY RESIDENTIAL 11,000 SH DEFINED 1,3,4
30 FAIRMONT HOTELS & RESORTS 200,000 SH DEFINED 2,4
31 FIDELITY NATIONAL FINANCIAL, INC 20,130 SH DEFINED 1,4
32 FIRST DATA CORP 8,900 SH DEFINED 1,4
33 FIRSTENERGY CORP 650,000 SH DEFINED 2,4
34 FORTUNE BRANDS INC. 85,000 SH DEFINED 2,4
35 GABLES RESIDENTIAL TR 72,200 SH DEFINED 1,3,4
36 GREAT LAKES CHEMICAL CORP 25,000 SH DEFINED 1,4
37 GREAT LAKES CHEMICAL CORP 825,000 SH DEFINED 2,4
38 HASBRO INC 200,000 SH DEFINED 2,4
39 INTL SPEEDWAY CORP 5,960 SH DEFINED 1,4
40 LAFARGE NORTH AMERICA INC 12,860 SH DEFINED 1,4
41 LANDAMERICA FINANCIAL GROUP 9,010 SH DEFINED 1,4
42 LONGVIEW FIBRE CO 20,000 SH DEFINED 1,4
43 LONGVIEW FIBRE CO 510,000 SH DEFINED 2,4
44 MACK-CALI RLTY CORP 50,000 SH DEFINED 1,3,4
45 MARATHON OIL CORP 19,200 SH DEFINED 1,4
46 MARATHON OIL CORP 1,025,000 SH DEFINED 2,4
47 MEREDITH CORP 15,000 SH DEFINED 1,4
48 MEREDETH CORP. 425,000 SH DEFINED 2,4
49 MERRILL LYNCH & CO INC 9,400 SH DEFINED 1,4
50 MORGAN STANLEY 12,200 SH DEFINED 1,4
51 OCTEL CORP 25,000 SH DEFINED 1,4
52 OCTEL CORP 1,195,000 SH DEFINED 2,4
53 OVERSEAS SHIPPING GROUP 190,000 SH DEFINED 2,4
54 PAULA FINANCIAL 423,712 SH DEFINED 2,4
55 PEOPLES BANK 25,000 SH DEFINED 1,4
56 PEOPLES BANK 520,000 SH DEFINED 2,4
57 POST PPTYS INC 122,737 SH DEFINED 1,3,4
58 POTLATCH CORP 20,000 SH DEFINED 1,4
59 POTLATCH CORP 335,000 SH DEFINED 2,4
60 PROLOGIS 164,371 SH DEFINED 1,3,4
61 PRUDENTIAL FINANCIAL INC 19,100 SH DEFINED 1,4
62 PURE RESOURCES INC 15,000 SH DEFINED 1,4
63 PURE RESOURCES INC 130,000 SH DEFINED 2,4
64 R.H. DONNELLEY CORP 11,340 SH DEFINED 1,4
65 RECKSON ASSOCS RLTY CORP 156,100 SH DEFINED 1,3,4
66 RYDER SYSTEM 50,000 SH DEFINED 1,4
67 RYDER SYSTEM 520,000 SH DEFINED 2,4
68 SHURGARD STORAGE CTRS INC 204,563 SH DEFINED 1,3,4
69 SUMMIT PPTYS 172,900 SH DEFINED 1,3,4
70 TRIZEC PPTYS INC 156,442 SH DEFINED 1,3,4
71 UICI 29,240 SH DEFINED 1,4
72 UNISOURCE ENERGY CORP 128,100 SH DEFINED 1,4
73 UNISOURCE ENERGY CORP 1,435,000 SH DEFINED 2,4
74 VORNADO RLTY TR 51,090 SH DEFINED 1,3,4
75 WACHOVIA CORP 13,690 SH DEFINED 1,4
76 WADDELL & REED FINANCIAL INC 16,630 SH DEFINED 1,4
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Voting Authority (Shares)
Name of Issuer Shared None
--------------------------------------------------------------------------------------------
1 BK OF BERMUDA LTD 7,623
2 AMLI RESIDENTIAL PPTYS TR 11,800
3 ALEXANDER & BALDWIN, INC 20,000
4 ALEXANDER & BALDWIN INC 90,000
5 ALLEGHANY CORP DEL 2,876
6 AMBAC INC 13,145
7 AMERADA HESS 25,000
8 AMERADA HESS 260,000
9 AON CORP 132,740
10 AON CORP 485,000
11 ARCHER DANIELS MIDLAND 20,000
12 ARCHER DANIELS MIDLAND 200,000
13 ARCHSTONE-SMITH TR 171,300
14 ARDEN RLTY INC 73,800
15 AVALONBAY CMNTYS INC 69,400
16 BISYS GROUP 10,120
17 BANK OF HAWAII CORP 15,900
18 BERKLEY, W.R. CORP 8,850
19 BERKSHIRE HATHAWAY INC 104
20 BERKSHIRE HATHAWAY, INC 522
21 BERKSHIRE HATHAWAY INC 2,000
22 CALLON PETROLEUM CORP 30,000
23 CITIGROUP INC 21,400
24 COUNTRYWIDE CREDIT INDUSTRIES 12,000
25 EL PASO ELECTRIC CO 155,400
26 EL PASO ELECTRIC CO 1,020,000
27 EQUITY OFFICE PPTYS TRUST 153,729
28 EQUITY OFFICE PPTYS TRUST 19,400
29 EQUITY RESIDENTIAL 11,000
30 FAIRMONT HOTELS & RESORTS 200,000
31 FIDELITY NATIONAL FINANCIAL, INC 20,130
32 FIRST DATA CORP 8,900
33 FIRSTENERGY CORP 650,000
34 FORTUNE BRANDS INC. 85,000
35 GABLES RESIDENTIAL TR 72,200
36 GREAT LAKES CHEMICAL CORP 25,000
37 GREAT LAKES CHEMICAL CORP 825,000
38 HASBRO INC 200,000
39 INTL SPEEDWAY CORP 5,960
40 LAFARGE NORTH AMERICA INC 12,860
41 LANDAMERICA FINANCIAL GROUP 9,010
42 LONGVIEW FIBRE CO 20,000
43 LONGVIEW FIBRE CO 510,000
44 MACK-CALI RLTY CORP 50,000
45 MARATHON OIL CORP 19,200
46 MARATHON OIL CORP 1,025,000
47 MEREDITH CORP 15,000
48 MEREDETH CORP. 425,000
49 MERRILL LYNCH & CO INC 9,400
50 MORGAN STANLEY 12,200
51 OCTEL CORP 25,000
52 OCTEL CORP 1,195,000
53 OVERSEAS SHIPPING GROUP 190,000
54 PAULA FINANCIAL 423,712
55 PEOPLES BANK 25,000
56 PEOPLES BANK 520,000
57 POST PPTYS INC 122,737
58 POTLATCH CORP 20,000
59 POTLATCH CORP 335,000
60 PROLOGIS 164,371
61 PRUDENTIAL FINANCIAL INC 19,100
62 PURE RESOURCES INC 15,000
63 PURE RESOURCES INC 130,000
64 R.H. DONNELLEY CORP 11,340
65 RECKSON ASSOCS RLTY CORP 156,100
66 RYDER SYSTEM 50,000
67 RYDER SYSTEM 520,000
68 SHURGARD STORAGE CTRS INC 204,563
69 SUMMIT PPTYS 172,900
70 TRIZEC PPTYS INC 156,442
71 UICI 29,240
72 UNISOURCE ENERGY CORP 128,100
73 UNISOURCE ENERGY CORP 1,435,000
74 VORNADO RLTY TR 51,090
75 WACHOVIA CORP 13,690
76 WADDELL & REED FINANCIAL INC 16,630
* 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.
* 4 = White Mountains Insurance Group, Ltd.