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 , 2000.
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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: 80 South Main Street
Hanover, New Hampshire 03755-2053
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: Michael S. Paquette
Title: Senior Vice President and Controller
Phone: (603) 640-2205
Signature, Place, and Date of Signing:
/s/ Michael S. Paquette Hanover, New Hampshire November 14, 2000
- ------------------------- ------------------------ ---------------------
[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: 1
Form 13F Information Table Entry Total: 99 ITEMS
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Form 13F Information Table Value Total: $215,715,087
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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. 028-04945 WYPER CAPITAL MANAGEMENT, L.P.
WHITE MOUNTAINS INSURANCE GROUP, LTD.
FORM 13F INFORMATION TABLE - SEPTEMBER 30, 2000
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Title CUSIP Market
Name of Issuer of class Number Value
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1 Aetna Inc. COM 008117103 345,472
2 Affiliated Computer CL A 008190100 339,150
3 Alleghany Corp Del COM 017175100 552,720
4 Allmerica Financial Corp. COM 19754100 93,477
5 Ambac Inc. COM 023139108 567,688
6 America Online, Inc. COM 02364J104 1,827,500
7 American Express Company COM 025816109 139,725
8 American International Group COM 026874107 4,126,523
9 American International Group COM 026874107 143,531
10 Amgen Inc. COM 031162100 5,237,109
11 Aon Corp. COM 037389103 584,825
12 Asia Satellite Telecommunications SPONSORED ADR 04516X106 282,225
13 Avaya Inc. COM 053499109 88,883
14 Avery Dennison Corp. COM 053611109 73,365
15 Avon Products Inc. COM 054303102 401,147
16 Banc One Corp. COM 06423A103 528,969
17 Berkley, W.R. Corp COM 084423102 203,919
18 Berkshire Hathaway, Inc. Class A CL A 084670108 31,234,000
19 Berkshire Hathaway, Inc. Class B CL B 084670207 1,080,540
20 Berkshire Hathaway, Inc. Class B CL B 084670207 20,327,400
21 BF Goodrich COM 382388106 333,682
22 Bisys Group COM 055472104 195,601
23 Bristol Myers Squibb Co. COM 110122108 2,742,000
24 Cabot Corp COM 127055101 241,807
25 Cabot Microelectronics COM 12709P103 102,720
26 Carnival Corp. COM 143658102 482,650
27 Chase Manhattan Corp. COM 16161A108 351,025
28 Cisco Systems COM 17275R102 6,160,375
29 Citigroup, Inc COM 172967101 5,766,667
30 Citigroup, Inc COM 172967101 678,052
31 Coca Cola Corp COM 191216100 1,598,625
32 Concord EFS Inc. COM 206197105 284,125
33 Corus Entertainment Class B COM CL B NON VTG 220874101 97,840
34 Costco COM 22160K105 2,096,250
35 Dell Computer Corp. COM 247025109 2,773,125
36 Dexia Ords (Belgium Listing) COM 9900004S7 26,800,884
37 Du Pont Nemours COM 263534109 956,295
38 EMC Corporation COM 268648102 9,912,500
39 Federal National Mortgage Assn. COM 313586109 979,550
40 Fidelity National Financial, Inc. COM 316326107 9,306,000
41 First Data Corp. COM 319963104 447,266
42 General Electric Co. COM 369604103 6,576,375
43 General Motors Class H CL H NEW 370442832 97,486
44 General Motors Corp. COM 370442105 454,025
45 Gillette Company COM 375766102 3,241,875
46 Harman International COM 413086109 244,531
47 Home Depot Inc. COM 437076102 69,247
48 Home Depot Inc. COM 437076102 4,080,506
49 IMS Health COM 449934108 527,756
50 IMS Health COM 449934108 419,150
51 Intel Corp. COM 458140100 3,325,000
52 Interlink Electronics COM 458751104 34,972
53 Intl Speedway Corp CL A 460335201 90,870
54 Intuit Inc. COM 461202103 1,254,000
55 Jefferson Pilot Corp. COM 475070108 441,188
56 John Hancock Financials COM 41014S106 846,563
57 Johnson & Johnson COM 478160104 4,509,000
58 Lasalle Re Holdings Ltd. ORD G5383Q101 205,620
59 Lexmark International CL A 529771107 174,113
60 Lexmark International CL A 529771107 1,331,250
61 Liberty Financial Co. COM 530512102 244,400
62 Lincoln National Corp COM 534187109 385,289
63 Lockheed Martin COM 539830109 371,525
64 London Pacific Group Ltd. SPONSORED ADR 542073101 411,413
65 Loral Space & Communications Ltd COM G56462107 306,250
66 Lucent Technologies Inc. COM 549463107 1,421,156
67 Marsh & McLennan Inc. COM 571748102 677,025
68 MCI Worldcom, Inc. COM 55268B106 2,202,188
69 Microsoft Corp COM 594918104 1,628,438
70 Motorola COM 620076109 2,542,500
71 Nordstrom Inc. COM 655664100 778,125
72 Northrop Grumman COM 666807102 512,444
73 Partner Re., Ltd. COM G6852T105 588,225
74 Partner Re., Ltd. COM G6852T105 1,190,065
75 Pfizer Inc. COM 717081103 2,696,250
76 PXRe Group, Ltd. COM 693674103 220,500
77 PXRe Group, Ltd. COM G73018106 5,521,950
78 Qualcomm, Inc. COM 747525103 1,781,250
79 Renaissance Re Holding Ltd. COM G7496G103 786,431
80 Royal Bank of Scotland AVS COM G76893190 18,922
81 Royal Bank of Scotland Group COM G76891111 332,564
82 Ryder Sys Inc. COM 783549108 308,164
83 Safeco Corp. COM 786429100 269,775
84 Schering-Plough Corp. COM 806605101 3,473,550
85 Sealed Air Corp COM 81211K100 16,064
86 Shaw Communications COM 82028K200 15,153
87 Synavant Inc. COM 87157A105 6,754
88 Synavant Inc. COM 87157A105 8,500
89 Time Warner, Inc. COM 887315109 294,377
90 UCAR Intl Inc COM 90262K109 26,720
91 US Bancorp Del COM 902973106 256,802
92 Vesta Insurance Group, Inc. COM 925391104 12,964,064
93 Visteon Corp COM 92839U107 97,904
94 Waddell & Reed Financial Inc. CL A 930059100 148,459
95 Waddell & Reed Financial Inc. CL A 930059100 515,530
96 Wal-Mart Stores, Inc. COM 931142103 2,541,000
97 Waste Management Inc. COM 94106L109 372,029
98 XL Capital, Ltd. CL A G98255105 521,483
99 XL Capital, Ltd. CL A G98255105 853,115
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$215,715,087
* 1 = Folksamerica Holding Company, Inc. (FORM 13F filed separately)
2 = Wyper Capital Management, L.P.
3 = White Mountains Insurance Group, Ltd.
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Amount and Investment Voting Authority (Shares)
Name of Issuer Type of Security Discretion Managers * Sole Shared None
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1 Aetna Inc. 5,950 SH DEFINED 1,3 5,950
2 Affiliated Computer 6,800 SH DEFINED 1,3 6,800
3 Alleghany Corp Del 2,820 SH DEFINED 1,3 2,820
4 Allmerica Financial Corp. 1,462 SH DEFINED 2,3 1,462
5 Ambac Inc. 7,750 SH DEFINED 1,3 7,750
6 America Online, Inc. 34,000 SH DEFINED 1,3 34,000
7 American Express Company 2,300 SH DEFINED 1,3 2,300
8 American International Group 43,125 SH DEFINED 1,3 43,125
9 American International Group 1,500 SH DEFINED 2,3 1,500
10 Amgen Inc. 75,000 SH DEFINED 1,3 75,000
11 Aon Corp. 14,900 SH DEFINED 1,3 14,900
12 Asia Satellite Telecommunications 11,289 SH DEFINED 2,3 11,289
13 Avaya Inc. 3,875 SH DEFINED 1,3 3,875
14 Avery Dennison Corp. 1,582 SH DEFINED 2,3 1,582
15 Avon Products Inc. 9,814 SH DEFINED 2,3 9,814
16 Banc One Corp. 13,695 SH DEFINED 2,3 13,695
17 Berkley, W.R. Corp 5,900 SH DEFINED 1,3 5,900
18 Berkshire Hathaway, Inc. Class A 485 SH SOLE 2 485
19 Berkshire Hathaway, Inc. Class B 522 SH DEFINED 1,3 522
20 Berkshire Hathaway, Inc. Class B 9,820 SH SOLE 2 9,820
21 BF Goodrich 8,515 SH DEFINED 2,3 8,515
22 Bisys Group 2,530 SH DEFINED 1,3 2,530
23 Bristol Myers Squibb Co. 48,000 SH DEFINED 1,3 48,000
24 Cabot Corp 7,631 SH DEFINED 2,3 7,631
25 Cabot Microelectronics 2,140 SH DEFINED 2,3 2,140
26 Carnival Corp. 19,600 SH DEFINED 1,3 19,600
27 Chase Manhattan Corp. 7,600 SH DEFINED 1,3 7,600
28 Cisco Systems 111,500 SH DEFINED 1,3 111,500
29 Citigroup, Inc 106,667 SH DEFINED 1,3 106,667
30 Citigroup, Inc 12,542 SH DEFINED 2,3 12,542
31 Coca Cola Corp 29,000 SH DEFINED 1,3 29,000
32 Concord EFS Inc. 8,000 SH DEFINED 1,3 8,000
33 Corus Entertainment Class B 3,418 SH DEFINED 2,3 3,418
34 Costco 60,000 SH DEFINED 1,3 60,000
35 Dell Computer Corp. 90,000 SH DEFINED 1,3 90,000
36 Dexia Ords (Belgium Listing) 180,000 SH DEFINED 1,3 180,000
37 Du Pont Nemours 23,078 SH DEFINED 2,3 23,078
38 EMC Corporation 100,000 SH DEFINED 1,3 100,000
39 Federal National Mortgage Assn. 13,700 SH DEFINED 1,3 13,700
40 Fidelity National Financial, Inc. 376,000 SH DEFINED 1,3 376,000
41 First Data Corp. 11,450 SH DEFINED 1,3 11,450
42 General Electric Co. 114,000 SH DEFINED 1,3 114,000
43 General Motors Class H 2,622 SH DEFINED 2,3 2,622
44 General Motors Corp. 6,985 SH DEFINED 2,3 6,985
45 Gillette Company 105,000 SH DEFINED 1,3 105,000
46 Harman International 6,254 SH DEFINED 2,3 6,254
47 Home Depot Inc. 1,305 SH DEFINED 2,3 1,305
48 Home Depot Inc. 76,900 SH DEFINED 1,3 76,900
49 IMS Health 25,434 SH DEFINED 2,3 25,434
50 IMS Health 20,200 SH DEFINED 1,3 20,200
51 Intel Corp. 80,000 SH DEFINED 1,3 80,000
52 Interlink Electronics 1,805 SH DEFINED 2,3 1,805
53 Intl Speedway Corp 2,330 SH DEFINED 1,3 2,330
54 Intuit Inc. 22,000 SH DEFINED 1,3 22,000
55 Jefferson Pilot Corp. 6,500 SH DEFINED 1,3 6,500
56 John Hancock Financials 31,500 SH DEFINED 1,3 31,500
57 Johnson & Johnson 48,000 SH DEFINED 1,3 48,000
58 Lasalle Re Holdings Ltd. 11,040 SH DEFINED 1,3 11,040
59 Lexmark International 4,643 SH DEFINED 2,3 4,643
60 Lexmark International 35,500 SH DEFINED 1,3 35,500
61 Liberty Financial Co. 10,400 SH DEFINED 1,3 10,400
62 Lincoln National Corp 8,006 SH DEFINED 2,3 8,006
63 Lockheed Martin 11,272 SH DEFINED 2,3 11,272
64 London Pacific Group Ltd. 20,700 SH DEFINED 1,3 20,700
65 Loral Space & Communications Ltd 50,000 SH DEFINED 1,3 50,000
66 Lucent Technologies Inc. 46,500 SH DEFINED 1,3 46,500
67 Marsh & McLennan Inc. 5,100 SH DEFINED 1,3 5,100
68 MCI Worldcom, Inc. 72,500 SH DEFINED 1,3 72,500
69 Microsoft Corp 27,000 SH DEFINED 1,3 27,000
70 Motorola 90,000 SH DEFINED 1,3 90,000
71 Nordstrom Inc. 50,000 SH DEFINED 1,3 50,000
72 Northrop Grumman 5,639 SH DEFINED 2,3 5,639
73 Partner Re., Ltd. 12,400 SH DEFINED 1,3 12,400
74 Partner Re., Ltd. 25,087 SH DEFINED 2,3 25,087
75 Pfizer Inc. 60,000 SH DEFINED 1,3 60,000
76 PXRe Group, Ltd. 14,000 SH DEFINED 1,3 14,000
77 PXRe Group, Ltd. 350,600 SH SOLE 2 350,600
78 Qualcomm, Inc. 25,000 SH DEFINED 1,3 25,000
79 Renaissance Re Holding Ltd. 12,300 SH DEFINED 1,3 12,300
80 Royal Bank of Scotland AVS 15,789 SH DEFINED 2,3 15,789
81 Royal Bank of Scotland Group 15,789 SH DEFINED 2,3 15,789
82 Ryder Sys Inc. 16,714 SH DEFINED 2,3 16,714
83 Safeco Corp. 9,900 SH DEFINED 1,3 9,900
84 Schering-Plough Corp. 74,700 SH DEFINED 1,3 74,700
85 Sealed Air Corp 355 SH DEFINED 2,3 355
86 Shaw Communications 661 SH DEFINED 2,3 661
87 Synavant Inc. 1,010 SH DEFINED 1,3 1,010
88 Synavant Inc. 1,271 SH DEFINED 2,3 1,271
89 Time Warner, Inc. 3,762 SH DEFINED 2,3 3,762
90 UCAR Intl Inc 2,106 SH DEFINED 2,3 2,106
91 US Bancorp Del 11,288 SH DEFINED 2,3 11,288
92 Vesta Insurance Group, Inc. 2,057,788 SH DEFINED 1,3 2,057,788
93 Visteon Corp 6,473 SH DEFINED 2,3 6,473
94 Waddell & Reed Financial Inc. 4,789 SH DEFINED 2,3 4,789
95 Waddell & Reed Financial Inc. 16,630 SH DEFINED 1,3 16,630
96 Wal-Mart Stores, Inc. 52,800 SH DEFINED 1,3 52,800
97 Waste Management Inc. 21,335 SH DEFINED 2,3 21,335
98 XL Capital, Ltd. 7,095 SH DEFINED 1,3 7,095
99 XL Capital, Ltd. 11,607 SH DEFINED 2,3 11,607
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5,304,344
* 1 = Folksamerica Holding Company, Inc. (FORM 13F filed separately)
2 = Wyper Capital Management, L.P.
3 = White Mountains Insurance Group, Ltd.
