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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. -------- 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 - ------------------------ -------------------------- ------------------- [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 ------------ Form 13F Information Table Entry Total: 100 items ------------ Form 13F Information Table Value Total: $446,238,749 ------------ 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 White Mountains Advisors LLC --------- ---------------------------- WHITE MOUNTAINS INSURANCE GROUP, Ltd. FORM 13F INFORMATION TABLE - JUNE 30, 2003 * 1 = Folksamerica Holding Company, Inc. (Form 13F filed separately) * 2 = White Mountains Advisors LLC (Form 13F filed separately) * 3 = White Mountains Insurance Group, Ltd.
- ------------------------------------------------------------------------------------------------------------------------------------ AMOUNT AND TITLE CUSIP MARKET TYPE OF INVESTMENT VOTING AUTHORITY (SHARES) NAME OF ISSUER OF CLASS NUMBER VALUE SECURITY DISCRETION MANAGERS* SOLE SHARED NONE - ------------------------------------------------------------------------------------------------------------------------------------ 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 ------------ $446,238,749 ============