UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 13F
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, 1999.
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(PLEASE READ INSTRUCTIONS BEFORE PREPARING FORM.)
If amended report, check here: / /
White Mountains Insurance Group, Inc.
(Formerly known as Fund American Enterprises Holdings, Inc.)
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Name of Institutional Investment Manager
80 South Main Street Hanover NH 03755-2053
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Business Address (Street) (City) (State) (Zip)
Michael S. Paquette (603) 640-2205 Senior Vice President and Controller
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Name, Phone No., and Title of Person Duly Authorized to Submit This Report.
ATTENTION
INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE FEDERAL CRIMINAL
VIOLATIONS.
SEE 18 U.S.C. 1001 AND 15 U.S.C. 78ff(a).
The institutional investment manager submitting this Form and its
attachments are the person by whom it is signed represent hereby that all
information contained therein is true, correct and complete. It is understood
that all required items, statements and schedules are considered integral parts
of this Form and that the submission of any amendment represents that all
unamended items, statements and schedules remain true, correct and complete as
previously submitted.
Pursuant to the requirements of Securities Exchange Act of 1934, the
undersigned institutional investment manager has caused
this report to be signed on its behalf in the City of Hanover and
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State of New Hampshire on the 12th
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day of August, 1999.
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White Mountains Insurance Group, Inc.
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(Name of Institutional Investment Manager)
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(Manual Signature of Person Duly Authorized
to Submit This Report)
Name and 13F file numbers of ALL Institutional Investment Managers with respect
to which this schedule is filled (other than the one filing this report): (LIST
IN ALPHABETICAL ORDER).
13F File Numbers will be assigned to Institutional Investment Managers after
they file their first report.
Name: 13F File No.: Name: 13F File No.:
1. Folksamerica Holding Company, Inc. 5. (see attached report for security listings)
2. White Mountains Holdings, Inc. 6.
3. White Mountains Properties, Inc. 7.
4. White Mountains Services Corp. 8.
FUND AMERICAN ENTERPRISES HOLDINGS, INC.
FORM 13F FOR JUNE 30, 1999
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Investment Discretion
Title CUSIP Fair Market Number of ---------------------
Name of Issuer of class Number Value Shares Sole Shared Other Managers *
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ACE Limited ORD G0070K103 5,394,874 190,969 x 4
AGL Resources, Inc. COM 001204106 829,688 45,000 x 3
ABB AB Sponsored ADR SPONSORED ADR 00256Q103 313,375 23,000 x ** 1
AlliedSignal, Inc. COM 019512102 655,200 10,400 x ** 1
Allmerica Financial Corp. COM 019754100 101,922 1,676 x 3
AMBAC Financial Group, Inc. COM 023139108 297,050 5,200 x 3
AMBAC Financial Group, Inc. COM 023139108 145,669 2,550 x ** 2
America Online, Inc. COM 02364J104 8,800,000 80,000 x ** 1
America Online, Inc. COM 02364J104 770,000 7,000 x 3
American Express Co. COM 025816109 728,700 5,600 x ** 1
American International Group, Inc. COM 026874107 1,758,750 15,000 x ** 1
Apple Computer, Inc. COM 037833100 287,138 6,200 x ** 1
Archstone Communities PFD SER A CV 039581202 30,750 1,000 x 3
Astrazeneca PLC SPONSORED ADR 046353108 246,881 6,300 x ** 1
Avery Dennison Corp. COM 053611109 83,559 1,384 x 3
BISYS Group, Inc. COM 055472104 813,150 13,900 x 3
BISYS Group, Inc. COM 055472104 351,000 6,000 x ** 2
BRE Properties, Inc. CL A 05564E106 624,000 24,000 x 3
Bank of Tokyo-Mitsubishi Ltd. SPONSORED ADR 065379109 218,438 15,000 x ** 1
Bank UTD Corp. CL A 065412108 25,599 637 x 3
Berkshire Hathaway Inc. CL A 084670108 6,890,000 100 x 3
Berkshire Hathaway Inc. CL B 084670207 786,240 351 x 3
Berkshire Hathaway Inc. CL B 084670207 94,080 42 x ** 2
(H & R) Block, Inc. COM 093671105 785,000 15,700 x 3
(H & R) Block, Inc. COM 093671105 295,000 5,900 x ** 2
Boeing Company COM 097023105 343,200 7,800 x ** 1
Bristol Meyers Squibb Co. COM 110122108 6,339,375 90,000 x ** 1
Cellular Communications of Puerto Rico, Inc. COM 15116N108 464,550 16,300 x 3
Chase Manhattan Corp. COM 16161A108 674,700 7,800 x ** 1
Citigroup, Inc. COM 172967101 4,898,438 103,125 x ** 1
Coca Cola Co. COM 191216100 558,000 9,000 x 3
Computer Associates International, Inc. COM 204912109 525,600 9,600 x ** 1
Dell Computer COM 247025109 10,360,000 280,000 x ** 1
Walt Disney Co. COM 254687106 6,193,313 201,000 x ** 1
Walt Disney Co. COM 254687106 218,769 7,100 x 3
Donaldson Lufkin & Jenrette COM 257661108 3,615,000 60,000 x ** 1
EMC Corporation COM 268648102 3,300,000 60,000 x ** 1
Equity Residential Properties SH BEN INT 29476L107 776,202 17,225 x 3
Federal Home Loan Mortgage Corp. COM 313400301 1,554,400 26,800 x 3
Federal National Mortgage Association COM 313586109 5,801,250 85,000 x ** 1
Federal National Mortgage Association COM 313586109 2,654,925 38,900 x 3
Financial Security Assurance Holdings Ltd. COM 31769P100 214,597,084 4,126,867 x 4
First Data Corporation COM 319963104 592,144 12,100 x 3
First Data Corporation COM 319963104 66,066 1,350 x ** 2
First Industrial Realty Trust COM 32054K103 617,344 22,500 x 3
Fleet Financial Group, Inc. COM 338915101 470,375 10,600 x ** 1
General Electric Co. COM 369604103 12,204,000 108,000 x ** 1
General Electric Co. COM 369604103 904,000 8,000 x 3
General Nutrition Companies, Inc. COM 37047F103 186,500 8,000 x ** 1
Gilette Company COM 375766102 4,305,000 105,000 x ** 1
Gulf Canada Resources Ltd. ORD 40218L305 102,326 24,436 x 3
HCC Insurance Holdings, Inc. COM 404132102 2,269 100 x ** 1
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Voting Authority (Shares)
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Sole Shared None
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ACE Limited 190,969
AGL Resources, Inc. 45,000
ABB AB Sponsored ADR 23,000
AlliedSignal, Inc. 10,400
Allmerica Financial Corp. 1,676
AMBAC Financial Group, Inc. 5,200
AMBAC Financial Group, Inc. 2,550
America Online, Inc. 80,000
America Online, Inc. 7,000
American Express Co. 5,600
American International Group, Inc. 15,000
Apple Computer, Inc. 6,200
Archstone Communities 1,000
Astrazeneca PLC 6,300
Avery Dennison Corp. 1,384
BISYS Group, Inc. 13,900
BISYS Group, Inc. 6,000
BRE Properties, Inc. 24,000
Bank of Tokyo-Mitsubishi Ltd. 15,000
Bank UTD Corp. 637
Berkshire Hathaway Inc. 100
Berkshire Hathaway Inc. 351
Berkshire Hathaway Inc. 42
(H & R) Block, Inc. 15,700
(H & R) Block, Inc. 5,900
Boeing Company 7,800
Bristol Meyers Squibb Co. 90,000
Cellular Communications of Puerto Rico, Inc. 16,300
Chase Manhattan Corp. 7,800
Citigroup, Inc. 103,125
Coca Cola Co. 9,000
Computer Associates International, Inc. 9,600
Dell Computer 280,000
Walt Disney Co. 201,000
Walt Disney Co. 7,100
Donaldson Lufkin & Jenrette 60,000
EMC Corporation 60,000
Equity Residential Properties 17,225
Federal Home Loan Mortgage Corp. 26,800
Federal National Mortgage Association 85,000
Federal National Mortgage Association 38,900
Financial Security Assurance Holdings Ltd. 4,126,867
First Data Corporation 12,100
First Data Corporation 1,350
First Industrial Realty Trust 22,500
Fleet Financial Group, Inc. 10,600
General Electric Co. 108,000
General Electric Co. 8,000
General Nutrition Companies, Inc. 8,000
Gilette Company 105,000
Gulf Canada Resources Ltd. 24,436
HCC Insurance Holdings, Inc. 100
Page 1
FUND AMERICAN ENTERPRISES HOLDINGS, INC.
FORM 13F FOR JUNE 30, 1999
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Investment Discretion
Title CUSIP Fair Market Number of ---------------------
Name of Issuer of class Number Value Shares Sole Shared Other Managers *
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Healthsouth Corp. COM 421924101 75,238 5,058 x 3
Hershey Foods Corp. COM 427866108 486,875 8,200 x ** 1
Highwoods Properties, Inc. COM 431284108 521,313 19,000 x 3
Home Depot, Inc. COM 437076102 1,963,411 30,470 x 3
Honda Motor Ltd. AMERN SHS 438128308 511,825 5,900 x ** 1
INMC Mortgage Holdings, Inc. COM 44977L100 305,600 19,100 x 3
Intel Corp. COM 458140100 8,806,000 148,000 x ** 1
Intel Corp. COM 458140100 130,900 2,200 x 3
Intergraph Corp. COM 458683109 14,438 1,863 x 3
Interstate Bakeries Corp. COM 46072H108 2,243,750 100,000 x ** 1
Intuit, Inc. COM 461202103 1,108,538 12,300 x 3
Johnson & Johnson, Inc. COM 478160104 833,000 8,500 x 3
KeyCorp COM 493267108 289,125 9,000 x ** 1
Laclede Gas Co. COM 505588103 197,625 8,500 x 3
LaSalle Re Holdings Ltd. ORD G5383Q101 309,400 18,200 x 3
Eli Lilly & Co. COM 532457108 4,727,250 66,000 x ** 1
Loral Space & Communication COM G56462107 2,070,000 115,000 x ** 1
MCN Energy Group, Inc. COM 55267J100 249,000 12,000 x 3
Marsh & McLennan Cos., Inc. COM 571748102 544,950 7,200 x 3
Marsh & McLennan Cos., Inc. COM 571748102 75,688 1,000 x ** 2
Meditrust Corp. PAIRED CTF NEW 58501T306 320,240 24,516 x 3
Merry Land & Investment Company, Inc. COM 590438107 8,023 1,625 x 3
Microsoft Corp. COM 594918104 8,116,875 90,000 x ** 1
Midway Airlines Corp. COM 598126100 97,375 9,500 x ** 1
Monsanto Co. COM 611662107 280,894 7,100 x ** 1
News Corp. Ltd. ADR NEW 652487703 522,625 14,800 x ** 1
Nordstrom, Inc. COM 655664100 3,350,000 100,000 x ** 1
PartnerRe Limited COM G6852T105 1,162,363 31,100 x 3
PartnerRe Limited COM G6852T105 48,588 1,300 x ** 2
Pfizer, Inc. COM 717081103 2,180,000 20,000 x ** 1
Philip Morris Companies COM 718154107 3,243,132 80,100 x ** 1
Philip Morris Companies COM 718154107 401,875 10,600 x 3
Provident Cos., Inc. COM 743862104 260,000 6,500 x 3
Provident Cos., Inc. COM 743862104 48,000 1,200 x ** 2
Reuters Group PLC SPONSORED ADR 76132M102 632,206 7,799 x ** 1
Ross Stores COM 778296103 2,518,750 50,000 x ** 1
Safeskin Corp. COM 786454108 756,000 63,000 x ** 1
Safeskin Corp. COM 786454108 309,600 25,800 x 3
San Juan Basin Royalty Trust UNIT BEN INT 798241105 30,150,868 3,710,876 x 3
Sara Lee Corp. COM 803111103 326,700 14,400 x 3
Schering Plough Corp. COM 806605101 7,103,250 135,300 x ** 1
Schering Plough Corp. COM 806605101 771,750 14,700 x 3
Sears Roebuck & Co. COM 812387108 133,688 3,000 x ** 1
Security Capital Group B, Inc. CL B 81413P204 33,960 2,332 x 3
Shaw Communications, Inc. Cl B Conv. CL B CONV 82028K200 180,266 4,535 x 3
Shurgard Storage Centers, Inc. COM 82567D104 669,988 24,700 x 3
J.M. Smucker Co. Class A CL A 832696108 59,764 2,686 x 3
J.M. Smucker Co. Class B CL B 832696207 68,153 3,587 x 3
Superior National Insurance Group, Inc. COM 868224106 953,750 35,000 x 3
Superior National Insurance Group, Inc. COM 868224106 103,550 3,800 x ** 2
Telefonos de Mexico SPNS ADR ORD L 879403780 210,113 2,600 x ** 1
Terra Nova (Bermuda) Holdings Ltd. ORD CL A G87615103 381,166 14,150 x 3
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Voting Authority (Shares)
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Sole Shared None
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Healthsouth Corp. 5,058
Hershey Foods Corp. 8,200
Highwoods Properties, Inc. 19,000
Home Depot, Inc. 30,470
Honda Motor Ltd. 5,900
INMC Mortgage Holdings, Inc. 19,100
Intel Corp. 148,000
Intel Corp. 2,200
Intergraph Corp. 1,863
Interstate Bakeries Corp. 100,000
Intuit, Inc. 12,300
Johnson & Johnson, Inc. 8,500
KeyCorp 9,000
Laclede Gas Co. 8,500
LaSalle Re Holdings Ltd. 18,200
Eli Lilly & Co. 66,000
Loral Space & Communication 115,000
MCN Energy Group, Inc. 12,000
Marsh & McLennan Cos., Inc. 7,200
Marsh & McLennan Cos., Inc. 1,000
Meditrust Corp. 24,516
Merry Land & Investment Company, Inc. 1,625
Microsoft Corp. 90,000
Midway Airlines Corp. 9,500
Monsanto Co. 7,100
News Corp. Ltd. 14,800
Nordstrom, Inc. 100,000
PartnerRe Limited 31,100
PartnerRe Limited 1,300
Pfizer, Inc. 20,000
Philip Morris Companies 80,100
Philip Morris Companies 10,600
Provident Cos., Inc. 6,500
Provident Cos., Inc. 1,200
Reuters Group PLC 7,799
Ross Stores 50,000
Safeskin Corp. 63,000
Safeskin Corp. 25,800
San Juan Basin Royalty Trust 3,710,876
Sara Lee Corp. 14,400
Schering Plough Corp. 135,300
Schering Plough Corp. 14,700
Sears Roebuck & Co. 3,000
Security Capital Group B, Inc. 2,332
Shaw Communications, Inc. Cl B Conv. 4,535
Shurgard Storage Centers, Inc. 24,700
J.M. Smucker Co. Class A 2,686
J.M. Smucker Co. Class B 3,587
Superior National Insurance Group, Inc. 35,000
Superior National Insurance Group, Inc. 3,800
Telefonos de Mexico 2,600
Terra Nova (Bermuda) Holdings Ltd. 14,150
Page 2
FUND AMERICAN ENTERPRISES HOLDINGS, INC.
FORM 13F FOR JUNE 30, 1999
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Investment Discretion
Title CUSIP Fair Market Number of ---------------------
Name of Issuer of class Number Value Shares Sole Shared Other Managers *
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Terra Nova (Bermuda) Holdings Ltd. ORD CL A G87615103 105,595 3,920 x ** 2
UCAR International, Inc. COM 90262K109 246,642 9,768 x 3
Waddell & Reed Financial, Inc. CL A 930059100 794,379 28,821 x 3
Waddell & Reed Financial, Inc. CL A 930059100 82,688 3,000 x ** 2
Wal Mart Stores, Inc. COM 931142103 5,645,250 117,000 x ** 1
Wal Mart Stores, Inc. COM 931142103 135,100 2,800 x 3
Wells Fargo & Co. COM 949746101 2,992,500 70,000 x ** 1
XL Capital Ltd. CL A G98255105 848,348 15,015 x 3
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GRAND TOTAL $ 415,368,833
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Voting Authority (Shares)
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Sole Shared None
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Terra Nova (Bermuda) Holdings Ltd. 3,920
UCAR International, Inc. 9,768
Waddell & Reed Financial, Inc. 28,821
Waddell & Reed Financial, Inc. 3,000
Wal Mart Stores, Inc. 117,000
Wal Mart Stores, Inc. 2,800
Wells Fargo & Co. 70,000
XL Capital Ltd. 15,015
* Managers
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1 = Folksamerica Holding Company, Inc. (FORM 13F filed separately)
2 = White Mountains Holdings, Inc. (FORM 13F filed separately)
3 = White Mountains Properties, Inc. (FORM 13F filed separately)
4 = White Mountains Services Corporation (FORM 13F filed separately)
** Investment discretion shared with indirect wholly owned insurance
subsidiaries
Page 3
