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SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G UNDER THE SECURITIES EXCHANGE ACT OF 1934 Vesta Insurance Group, Inc. - ------------------------------------------------------------------------------- (Name of Issuer) COMMON STOCK, PAR VALUE $0.01 PER SHARE (Title of Class of Securities) 925391510 - ------------------------------------------------------------------------------- (CUSIP Number) JUNE 29, 2000 - ------------------------------------------------------------------------------- (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [X] Rule 13d-1(b) [ ] Rule 13d-1(c) [ ] Rule 13d-1(d) (Continued on following page(s)) CUSIP NO. 925391510 - ------------------------------------------------------------------------------- 1 Names of Reporting Persons Identification Nos. of Above Persons (entities only) WHITE MOUNTAINS INSURANCE GROUP, LTD. (NO. 94-2708455) - ------------------------------------------------------------------------------- 2 Check the Appropriate Box if a Member of a Group (See Instructions) (a) / / (b) / / - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- 4 Citizenship or Place of Organization BERMUDA - ------------------------------------------------------------------------------- Sole Voting Power 0 5 ------------------------------------------------- Shared Voting Power 6 ------------------------------------------------- 2,057,788* ------------------------------------------------- Sole Dispositive Power Number of 0 Shares 7 Beneficially ------------------------------------------------- Owned by Each Shared Dispositive Power Reporting 2,057,788* Person with 8 - ------------------------------------------------------------------------------- Aggregate Amount Beneficially Owned by Each Reporting Person 9 2,057,788* - ------------------------------------------------------------------------------- Check Box if the Aggregate Amount in Row (11) Excludes 10 Certain Shares (See Instructions) / / - ------------------------------------------------------------------------------- Percent of Class Represented by Amount in Row (11) 10.93%** 11 - ------------------------------------------------------------------------------- Type of Reporting Person (See Instructions) CO 12 - ------------------------------------------------------------------------------- * The reporting person owns no shares of record and beneficially owns (through wholly owned affiliates) 2,057,788 shares of common stock of Vesta Insurance Group, Inc. ** Represents 8.32% of the voting capital stock of Vesta Insurance Group, Inc. 2 CUSIP NO. 925391510 - ------------------------------------------------------------------------------- 1 Names of Reporting Persons Identification Nos. of Above Persons (entities only) WHITE MOUNTAINS HOLDINGS (BARBADOS) SRL (NO. 94-2708455) - ------------------------------------------------------------------------------- 2 Check the Appropriate Box if a Member of a Group (See Instructions) (a) / / (b) / / - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- Citizenship or Place of Organization 4 BARBADOS - ------------------------------------------------------------------------------- Sole Voting Power 0 5 -------------------------------------------- Shared Voting Power 6 -------------------------------------------- 2,057,788* -------------------------------------------- Sole Dispositive Power Number of 0 Shares 7 Beneficially -------------------------------------------- Owned by Each Shared Dispositive Power Reporting 2,057,788* Person with 8 - ------------------------------------------------------------------------------- Aggregate Amount Beneficially Owned by Each Reporting Person 9 2,057,788* - ------------------------------------------------------------------------------- Check Box if the Aggregate Amount in Row (11) Excludes 10 Certain Shares (See Instructions) / / - ------------------------------------------------------------------------------- Percent of Class Represented by Amount in Row (11) 11 10.93%** - ------------------------------------------------------------------------------- Type of Reporting Person (See Instructions) 12 CO - ------------------------------------------------------------------------------- * The reporting person owns no shares of record and beneficially owns (through wholly owned affiliates) 2,057,788 shares of common stock of Vesta Insurance Group, Inc. ** Represents 8.32% of the voting capital stock of Vesta Insurance Group, Inc. 3 CUSIP NO. 925391510 - ------------------------------------------------------------------------------- 1 Names of Reporting Persons Identification Nos. of Above Persons (entities only) WHITE MOUNTAINS PROPERTIES (BARBADOS) SRL (NO. 94-2708455) - ------------------------------------------------------------------------------- 2 Check the Appropriate Box if a Member of a Group (See Instructions) (a) / / (b) / / - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- 4 Citizenship or Place of Organization BARBADOS - ------------------------------------------------------------------------------- Sole Voting Power 0 5 -------------------------------------------- Shared Voting Power 2,057,788* 6 -------------------------------------------- Number of Sole Dispositive Power Shares 0 Beneficially 7 Owned by Each -------------------------------------------- Reporting Shared Dispositive Power Person with 8 2,057,788* - ------------------------------------------------------------------------------- Aggregate Amount Beneficially Owned by Each Reporting Person 9 2,057,788* - ------------------------------------------------------------------------------- Check Box if the Aggregate Amount in Row (11) Excludes 10 Certain Shares (See Instructions) / / - - ------------------------------------------------------------------------------- Percent of Class Represented by Amount in Row (11) 11 10.93%** - ------------------------------------------------------------------------------- 12 Type of Reporting Person (See Instructions) CO - ------------------------------------------------------------------------------- * The reporting person owns no shares of record and beneficially owns (through wholly owned affiliates) 2,057,788 shares of common stock of Vesta Insurance Group, Inc. ** Represents 8.32% of the voting capital stock of Vesta Insurance Group, Inc. 4 CUSIP No. 925391510 - ------------------------------------------------------------------------------- 1 Names of Reporting Persons Identification Nos. of Above Persons (entities only) FOLKSAMERICA HOLDING COMPANY, INC. (NO. 13-3301641) - ------------------------------------------------------------------------------- 2 Check the Appropriate Box if a Member of a Group (See Instructions) (a) / / (b) / / - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- 4 Citizenship or Place of Organization NEW YORK - ------------------------------------------------------------------------------- Sole Voting Power 0 5 -------------------------------------------- Shared Voting Power 2,057,788* 6 -------------------------------------------- Number of Sole Dispositive Power Shares 0 Beneficially 7 Owned by Each -------------------------------------------- Reporting Shared Dispositive Power Person with 8 2,057,788* - ------------------------------------------------------------------------------- Aggregate Amount Beneficially Owned by Each Reporting Person 9 2,057,788* - ------------------------------------------------------------------------------- Check Box if the Aggregate Amount in Row (11) Excludes 10 Certain Shares (See Instructions) / / - ------------------------------------------------------------------------------- Percent of Class Represented by Amount in Row (11) 11 10.93%** - ------------------------------------------------------------------------------- Type of Reporting Person (See Instructions) CO 12 - ------------------------------------------------------------------------------- * The reporting person owns no shares of record and beneficially owns (through wholly owned affiliates) 2,057,788 shares of common stock of Vesta Insurance Group, Inc. ** Represents 8.32% of the voting capital stock of Vesta Insurance Group, Inc. 5 CUSIP NO. 925391510 - ------------------------------------------------------------------------------- 1 Names of Reporting Persons Identification Nos. of Above Persons (entities only) FOLKSAMERICA REINSURANCE COMPANY (NO. 13-2997499) - ------------------------------------------------------------------------------- 2 Check the Appropriate Box if a Member of a Group (See Instructions) (a) / / (b) / / - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- 4 Citizenship or Place of Organization NEW YORK - ------------------------------------------------------------------------------- Sole Voting Power 2,057,788* 5 -------------------------------------------- Shared Voting Power 0 6 -------------------------------------------- Number of Sole Dispositive Power Shares 2,057,788* Beneficially 7 Owned by Each -------------------------------------------- Reporting Shared Dispositive Power Person with 8 0 - ------------------------------------------------------------------------------- Aggregate Amount Beneficially Owned by Each Reporting Person 9 2,057,788* - ------------------------------------------------------------------------------- Check Box if the Aggregate Amount in Row (11) Excludes 10 Certain Shares (See Instructions) / / - ------------------------------------------------------------------------------- Percent of Class Represented by Amount in Row (11) 11 10.93%** - ------------------------------------------------------------------------------- 12 Type of Reporting Person (See Instructions) IC; CO - ------------------------------------------------------------------------------- * The reporting person directly owns 2,057,788 shares of common stock of Vesta Insurance Group, Inc. of record. ** Represents 8.32% of the voting capital stock of Vesta Insurance Group, Inc. 6 ITEM 1. (a) NAME OF ISSUER Vesta Insurance Group, Inc. (b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES 3760 River Run Drive, Birmingham, Alabama 35243 ITEM 2. (a), (b), (c) NAME OF PERSON FILING, ADDRESS OF PRINCIPAL BUSINESS OFFICE AND CITIZENSHIP This statement is filed by White Mountains Insurance Group, Ltd., a Bermuda corporation ("WMIG"), White Mountains Holdings (Barbados) SRL, a Barbados corporation ("WMH"), White Mountains Properties (Barbados) SRL, a Barbados corporation ("WMP"), Folksamerica Holding Company, Inc., a New York Corporation ("FHC") and Folksamerica Reinsurance Group, Inc., a New York corporation (the "COMPANY" and, together with WMIG, WMH, WMP and FHC, the "Filing Persons"). WMIG, WMH, WMP and FHC are financial services holding companies. The Company is a property/casualty reinsurance company. The address of the principal executive offices of WMIG is 80 South Main Street, Hanover, New Hampshire 03755. The address of the principal executive offices of WMH and WMP is The Financial Services Centre, Bishop's Hill Court, St. Michael, Barbados, West Indies. The address of the principal business offices of FHC and the Company is One Liberty Plaza, 19th Floor, New York, New York 10006. (d) TITLE OF CLASS OF SECURITIES Common Stock ($.01 par value) (e) CUSIP NUMBER 925391510 ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO Sections 240.13d-l(b) OR 240.13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A: (a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o). (b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c). (c) [X]1 Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c). (d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8). (e) [ ] An investment adviser in accordance with Section 240.13d-l(b)(1)(ii)(E); - ------------------------------- 1 The Company is filing as an insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c). 7 (f) [ ] An employee benefit plan or endowment fund in accordance with Section 240.13d-1(b)(1)(ii)(F); (g) [X]2 A parent holding company or control person in accordance with Section 240.13d-1(b)(1)(ii)(G); (h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 18 13); (i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) [ ] Group, in accordance with Section 240.13d-1(b)(1)(ii)(J). ITEM 4. OWNERSHIP. Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount beneficially owned: 2,057,788* shares (b) Percent of class: 10.93% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote 2,057,788* . (ii) Shared power to vote or to direct the vote _____. (iii) Sole power to dispose or to direct the disposition of 2,057,788*. (iv) Shared power to dispose or to direct the disposition of _____. * The Company directly owns 2,057,788 shares of common stock of Vesta Insurance Group, Inc. of record. WMIG, WMH, WMP and FHC own no shares of record and - ------------------------ 2 WMIG, WMH, WMP and FHC are filing as parent holding companies or control persons in accordance with Section 240.13d-1(b)(1)(ii)(G) 8 beneficially own (through the Company) 2,057,788 shares of common stock of Vesta Insurance Group, Inc. WMIG, WMH, WMP and FHC have shared power to vote and shared power to dispose of 2,057,788 shares of common stock of Vesta Insurance Group, Inc. ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following / /. ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON. Not applicable. ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY The subsidiary which acquired the security being issued is Folksamerica Reinsurance Company, an insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c). ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP Not applicable. ITEM 9. NOTICE OF DISSOLUTION OF GROUP Not applicable. ITEM 10. CERTIFICATION By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. 9 SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Statement is true, complete and correct. Date: July 13, 2000 WHITE MOUNTAINS INSURANCE GROUP, LTD. by: /S/ ----------------------------------------- Name: Michael S. Paquette Title: Senior Vice President 10 SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Statement is true, complete and correct. Date: July 13, 2000 WHITE MOUNTAINS HOLDINGS (BARBADOS) SRL by: /S/ ----------------------------------------- Name: Kenneth F.G. Thomson Title: President 11 SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Statement is true, complete and correct. Date: July 13, 2000 WHITE MOUNTAINS PROPERTIES (BARBADOS) SRL. by: /S/ ----------------------------------------- Name: Kenneth F.G. Thomson Title: President 12 SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Statement is true, complete and correct. Date: July 13, 2000 FOLKSAMERICA HOLDING COMPANY, INC. by: /S/ ----------------------------------------- Name: Steven E. Fass Title: President and CEO 13 SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Statement is true, complete and correct. Date: July 13, 2000 FOLKSAMERICA REINSURANCE COMPANY by: ----------------------------------------- Name: Steven E. Fass Title: President and CEO 14