UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K (Mark One) /X/ Annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2000 OR Transition report pursuant to Section 15(d) of the Securities Exchange Act of 1934 For the transition period from _____________________________ to Commission file number 1-8993 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: ONEBEACON INSURANCE SAVINGS PLAN One Beacon Street Boston, Massachusetts 02108-3100 B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: WHITE MOUNTAINS INSURANCE GROUP, LTD. 80 South Main Street Hanover, New Hampshire 03755-2053 (603) 643-1567
EXPLANATORY NOTE This Annual Report on Form 11-K is being filed so that it may be incorporated by reference into a Registration Statement on Form S-8 which White Mountains Insurance Group, Ltd. is filing with respect Common Shares, $1.00 par value per share, of White Mountains Insurance Group, Ltd. issuable under the Plan. INFORMATION FILED The following financial statements and exhibit are filed with, and included in, this Report: A. Financial statements for the Plan consisting of: 1. Report of Independent Accountants; 2. Statements of Net Assets Available for Benefits as of December 31, 2000 and 1999; 3. Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 2000 and 1999; 4. Notes to Financial Statements; 5. Schedule of Assets Held for Investment Purposes at End of Year December 31, 2000; and B. Consent of Independent Accountants
SIGNATURES THE PLAN. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized. ONEBEACON INSURANCE SAVINGS PLAN (the "Plan") Date: August 27, 2001 By: /s/ Vincent A. Brazauskas ----------------------------------- Title: Managing Director of CGU Insurance Company (the Plan Administrator) and Chairman of the Benefits Committee
EXHIBIT INDEX EXHIBIT NUMBER DESCRIPTION (A) Financial statements for the Plan consisting of: 1. Report of Independent Accountants; 2. Statement of Net Assets Available for Benefits as of December 31, 2000 and 1999; 3. Statement of Changes in Net Assets Available for Benefits for the years ended December 31, 2000 and 1999; 4. Notes to Financial Statements; 5. Schedule of Assets Held for Investment Purposes at End of Year December 31, 2000; and (B) Consent of Independent Accountants
Exhibit 99(a) CGU SAVINGS PLAN Financial Statements and Supplemental Schedule to Accompany 2000 Form 5500 Annual Report of Employee Benefit Plan Under ERISA of 1974 For the Years Ended December 31, 2000 and 1999
CGU SAVINGS PLAN INDEX OF FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE PAGE(S) Report of Independent Accountants 2 Statements of Net Assets Available for Benefits December 31, 2000 and 1999 3 Statements of Changes in Net Assets Available for Benefits For the years ended December 31, 2000 and 1999 4 Notes to Financial Statements 5-12 Supplemental schedule *: Schedule of Assets Held for Investment Purposes at end of year December 31, 2000 13-16 * Other schedules required by Section 2520.103-10 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable. 1
CGU SAVINGS PLAN REPORT OF INDEPENDENT ACCOUNTANTS To the Participants and Administrator of CGU Savings Plan In our opinion, the accompanying statements of net assets available for benefits and the related statements of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of CGU Savings Plan (the "Plan") at December 31, 2000 and 1999, and the changes in net assets available for benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Plan's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets held for investment purposes at December 31, 2000 is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan's management. The supplemental schedule has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. /s/ PricewaterhouseCoopers LLP Boston, Massachusetts August 17, 2001 2
CGU SAVINGS PLAN Statements of Net Assets Available for Benefits December 31, 2000 and 1999 2000 1999 ---- ---- ASSETS Investments (Notes B,C,D,E) $ 429,326,812 $ 437,542,637 Loans to Participants (Note A) 12,034,215 13,484,182 -------------------- ------------------- Net assets available for benefits $ 441,361,027 $ 451,026,819 ==================== =================== The accompanying notes are an integral part of these financial statements. 3
CGU SAVINGS PLAN Statements of Changes in Net Assets Available for Benefits For the years ended December 31, 2000 and 1999 2000 1999 ---- ---- ADDITIONS Investment income: Interest and dividend income (Notes C and D) $ 20,166,957 $ 21,325,995 Interest income, participant loans (Note A) 1,045,267 1,135,698 Net appreciation/(depreciation) in fair value of investments (Note D) (12,494,532) 16,241,091 -------------------- -------------------- 8,717,692 38,702,784 -------------------- -------------------- Contributions: Employer 9,804,609 10,452,378 Participant 22,837,158 28,427,223 -------------------- -------------------- 32,641,767 38,879,601 -------------------- -------------------- Transfers In - Rollovers 4,286,428 668,665 Transfers In - Plan Merger (Note H) - 167,788,000 Other increases 33,063 - -------------------- -------------------- Total additions 45,678,950 246,039,050 -------------------- -------------------- DEDUCTIONS Benefits paid to participants 55,314,056 49,063,097 Miscellaneous 30,686 16,430 -------------------- -------------------- Total deductions 55,344,742 49,079,527 -------------------- -------------------- Net increase/(decrease) (9,665,792) 196,959,523 Net assets available for benefits: Beginning of period 451,026,819 254,067,296 -------------------- -------------------- End of period $441,361,027 $451,026,819 ==================== ==================== The accompanying notes are an integral part of these financial statements. 4
CGU SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS A. DESCRIPTION OF THE PLAN The following description of the CGU Savings Plan ("Plan") provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions. GENERAL The Plan is a defined contribution plan covering substantially all employees of CGU Insurance Company (the "Company"). It is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). ELIGIBILITY Employees who complete ninety days of continuous service are eligible to participate in the Plan. CONTRIBUTIONS During 2000 and 1999, the maximum participants may contribute each year was 18 percent of annual compensation on a pre-tax and/or an after-tax basis, as defined in the Plan. Participants direct their contributions into various investment options offered by the Plan. The Company contributes on behalf of the participant 100 percent of the first 2 percent and 50 percent of the next 4 percent of base compensation that a participant contributes to the Plan. Contributions are subject to certain limitations. PARTICIPANT ACCOUNTS Each participant's account is credited with the participant's contribution and allocations of (A) the Company's contribution and (B) Plan earnings, net of an allocation of administrative expenses. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account. VESTING Participants are vested immediately in their contributions plus actual earnings thereon. Vesting in the Company's contribution portion of their accounts is based on years of continuous service. A participant is 100 percent vested after three years of credited service. FORFEITURES Forfeitures are used to reduce future Company contributions. The balances as of December 31, 2000 and 1999, in the forfeiture account were $3,489 and $70,665, respectively. During 2000 and 1999, $370,000 and $369,594, respectively, of forfeited funds were used to offset employer contributions. 5
CGU SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS PARTICIPANT LOANS Participants may borrow from their fund accounts a minimum of $500 up to a maximum of $50,000 or 50 percent of their vested account balance, whichever is less. The loans are secured by the balance in the participant's account and bear interest at the prime rate plus 1 percent as of the beginning of the month in which the loan was made. PAYMENT OF BENEFITS On termination of service due to death, disability, or retirement, a participant may elect to receive either a lump-sum amount equal to the value of the participant's vested interest in his or her account, or annual installments over a period of time. For termination of service for other reasons, a participant may only receive the value of the vested interest in his or her account as a lump-sum distribution. PLAN TERMINATION While the Company has not expressed any intent to discontinue their contributions or terminate the Plan, they are free to do so at any time. In the event the Plan is terminated, the Plan provides that each participant's balance, inclusive of Company contributions, becomes immediately 100 percent vested and shall be distributed to the participants. B. INVESTMENT OPTIONS During the plan years ended December 31, 2000 and 1999, participants were able to allocate their contributions among the following investment options: CGU Equity Fund: Seeks long-term growth of capital and some dividend growth. CGU Fixed Income Fund: Seeks growth of income. CGU Fully Managed Fund: Seeks long-term growth of capital and income. Stein Roe Disciplined Stock Fund: Seeks capital appreciation. The fund invests primarily in common stocks, and favors securities of companies expected to benefit from special factors or trends. Vanguard 500 Index Fund: Seeks to provide long-term growth of capital and income from dividends by holding all of the 500 stocks that make up the unmanaged Standard & Poor's 500 Composite Stock Price Index, a widely recognized benchmark of U.S. stock market performance. Vanguard Asset Allocation Fund: Seeks to provide long-term growth of capital and income by investing in common stocks, long-term U.S. Treasury bonds, and money market instruments. The mix of assets changes from time to time, depending on which mix appears to offer the best combination of expected returns and risk. 6
CGU SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS Vanguard Extended Market Index Fund: Seeks to provide long-term growth of capital by attempting to match the performance of the Wilshire 4500 Equity Index, an unmanaged index made up mostly of mid- and small-capitalization companies. Vanguard High-Yield Corporate Fund: Seeks to provide a high level of interest income by investing in high-yield corporate bonds, or `junk` bonds. These bonds pay higher interest rates because they are considered to carry greater risk of default than bonds with higher credit ratings. Vanguard International Growth Fund: Seeks to provide long-term growth of capital by investing in stocks of high-quality, seasoned companies based outside the United States. Stocks are selected from more than 15 countries. Vanguard Long-Term Corporate Fund: Seeks to provide a high and sustainable level of interest income by investing primarily in a diversified group of long-term bonds issued by corporations with strong credit ratings. Vanguard Prime Money Market Fund: Seeks to provide income and a stable share price of $1 by investing in short-term, high-quality money market instruments issued by financial institutions, nonfinancial corporations, the U.S. government, and federal agencies. Vanguard Short-Term Corporate Fund: Seeks to provide income while maintaining a high degree of stability of principal by investing in short-term bonds, including high-quality corporate and U.S. Treasury securities. Vanguard Small-Cap Index Fund: Seeks to provide long-term growth of capital by investing in a sample of stocks in the Russell 2000 Index, an unmanaged index of smaller companies. Vanguard Total International Stock Index Funds: Seeks to provide long-term growth of capital by investing in three other Vanguard mutual funds: the European Stock Index Fund, Pacific Stock Index Fund, and Emerging Markets Stock Index Fund. This gives the Total International Stock Index Funds exposure to stocks from more than 30 countries. Vanguard Wellington Fund: Seeks to provide income and long-term growth of capital without undue risk to capital by investing about 65% of its assets in stocks and the remaining 35% in bonds. Vanguard Windsor Fund: Seeks to provide long-term growth of capital and income by investing in stocks believed to be undervalued by the market. It focuses on stocks selling at prices that seem low in relation to such factors as past earnings, potential growth, and dividend payments. 7
CGU SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS Vanguard Windsor II Fund: Seeks to provide long-term growth of capital and income from dividends by investing in a diversified group of out-of-favor stocks of large-capitalization companies. The stocks generally sell at prices below the overall market average compared to their dividend income and future return potential. CGU Stable Value Fund: Seeks to provide a high level of income and a stable unit value of $1 in most cases. C. SUMMARY OF ACCOUNTING POLICIES The following accounting policies, which conform to accounting principles generally accepted in the United States of America, have been used consistently in the preparation of the Plan's financial statements: BASIS OF ACCOUNTING The financial statements of the Plan are prepared under the accrual method of accounting. USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of additions and deductions during the reporting period. Actual results could differ from those estimates. INVESTMENT VALUATION AND INCOME RECOGNITION The Plan's investments are stated at fair value, except for its investment contract(s), which are valued at contract value (Note E). Shares of registered investment companies are valued at quoted market prices, which represent the net asset value of shares held by the Plan at year-end. Participant loans are valued at cost, which approximates fair value. Shares in common/collective trust funds are valued at the net asset value of the Plan's shares held, as determined by the Custodian. Purchases and sales of investments are recorded on a trade-date basis. Interest income is accrued when earned. Dividend income is recorded on the ex-dividend date. Capital gain distributions are included in dividend income. In accordance with the policy of stating investments at fair value, the Plan presents in the Statement of Changes in Net Assets Available for Benefits the net appreciation (depreciation) in the fair value of its investments which consists of the realized gains or losses and the unrealized appreciation (depreciation) on those investments. 8
CGU SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS BENEFIT PAYMENTS Benefits are recorded when paid. RISKS AND UNCERTAINTIES The Plan provides various investment options in any combination of stocks, bonds, fixed income securities, mutual funds, money market funds, and other investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, and a level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risks in the near term would materially affect participants' account balances and the amounts reported in the Statement of Net Assets Available for Benefits and the Statement of Changes in Net Assets Available for Benefits. RECLASSIFICATION Certain 1999 balances have been reclassified to be comparative with 2000 disclosure. 9
CGU SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS D. INVESTMENTS The following presents the fair value of investments that represent 5 percent or more of the Plan's net assets. As of December 31, -------------------------------------------- 2000 1999 -------------------------------------------- Investments, at fair value Vanguard 500 Index Fund $ 44,078,509 $ 41,118,271 Vanguard Wellington Fund 24,507,402 24,993,047 Vanguard Windsor Fund 42,062,437 43,351,449 Years Ended December 31, -------------------------------------------- 2000 1999 -------------------------------------------- Interest and dividend income on investments Interest income $ 5,344,155 $ 5,729,487 Dividend income 14,822,802 15,596,508 ----------------------- -------------------- Total interest and dividend income $ 20,166,957 $ 21,325,995 ======================= ==================== During 2000 and 1999, the Plan's investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated/(depreciated) in value as follows: Years Ended December 31, -------------------------------------------- 2000 1999 -------------------------------------------- Net appreciation/(depreciation) in fair value of investments, by type Common Stock $ (3,325,445) $ 17,889,033 Corporate Bonds 175,300 (3,193,867) US Government Bonds 3,200 (495,184) Registered Investment Companies (9,347,587) 2,041,109 ----------------------- -------------------- Net appreciation/(depreciation) in fair value of investments $ (12,494,532) $ 16,241,091 ======================= ==================== 10
CGU SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS E. INVESTMENT CONTRACTS (CGU STABLE VALUE FUND) The Plan has entered into benefit-responsive investment contracts with AIG Financial Products, Allstate Life Insurance, Bayerische Landesbank, CDC Financial Products, Deutsche Bank, GE Life and Annuity Insurance, John Hancock Life Insurance, Life of Virginia, Metropolitan Life Insurance, JP Morgan, New York Life Insurance, Rabobank Nederland, and Vanguard Prime Money Market Fund. These institutions maintain the contributions in a general account. The account is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. The contracts are included in the financial statements at contract value as reported to the Plan by these institutions. Contract value represents contributions made under the contracts, plus earnings, less participant withdrawals and administrative expenses. The average yields during the years ended December 31, 2000 and 1999 were 6.24 percent and 6.15 percent, respectively. The crediting interest rates ranged from 5.37 to 7.64 percent and 5.37 to 7.08 percent at December 31, 2000 and 1999, respectively. The crediting interest rate is based on a formula agreed upon with the issuer, but may not be less than 0 percent. Such interest rates on synthetic contracts are reviewed on a quarterly basis for resetting. F. RELATED PARTY TRANSACTIONS The Plan invests in shares of mutual funds managed by an affiliate of Vanguard Fiduciary Trust Company ("VFTC"). VFTC acts as trustee for only those investments as defined by the Plan. The Plan also has investments, which are managed by CGU Asset Management, an affiliate of the Company. Transactions in such investments qualify as party-in-interest transactions, which are exempt from the prohibited transaction rules. Participants' loans also constitute party-in-interest transactions. G. TAX STATUS The Internal Revenue Service has determined and informed the Company by a letter dated September 20, 1995, that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code ("IRC"). Although the Plan has been amended since receiving the determination letter, the Plan administrator and the Plan's tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. H. PLAN MERGER On June 2, 1998, Commercial Union Corporation and General Accident Corporation of America merged. As a result of this merger the Employee Savings Plan of the Commercial Union Insurance Companies was merged into the Employees' Savings Plan of General Accident Insurance Company effective January 1, 1999. The resulting plan was then amended and renamed the CGU Savings Plan. On that date the merged assets of the Commercial Union Insurance Company Pension Plan totaled approximately $167,788,000. 11
CGU SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS I. SUBSEQUENT EVENT On June 1, 2001 the Company was sold to White Mountains Insurance Group, Ltd. and the Plan was amended to change the name of the Plan to OneBeacon Insurance Savings Plan. In connection with the sale of the Company, an affiliated group with participants in the Plan, CGU Life Insurance Company, was divested and the assets and obligations in the amount of $6,660,142 associated with these participants were transferred out to a newly created qualified plan. Employees who were employed on or before the sale completion date of June 1, 2001 and who remain as active employees as of December 31, 2001 will be provided with two shares of White Mountains Insurance Group, Ltd. which shall be directed into employee's Savings Plan accounts on December 31, 2001. 12
CGU SAVINGS PLAN SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR DECEMBER 31, 2000 (Form 5500, Schedule H, Part IV Line 4i) IDENTITY OF ISSUE SECURITY DESCRIPTION MARKET VALUE COMMON STOCK ADC TELECOMMUNICATIONS INC 31,600 $ 572,743 AFLAC INC 26,000 1,876,875 ALCOA INC 15,000 502,500 ALLSTATE CORP 25,000 1,089,063 ALLTEL CORP 9,200 574,425 ALZA CORP 27,200 1,156,000 AMERICA ONLINE INC DEL 22,000 765,600 AMERICAN EXPRESS CO 21,900 1,203,131 AMERICAN GEN CORP 8,600 700,900 AMERICAN INTL GROUP INC 19,300 1,902,256 AMGEN INC 18,000 1,150,875 ANHEUSER BUSCH COS INC 25,000 1,137,500 AUTOMATIC DATA PROCESSING INC 12,800 810,400 BAXTER INTL INC 6,000 529,875 BELLSOUTH CORP 17,300 708,219 BRISTOL MYERS SQUIBB CO 16,500 1,219,969 BROADWING INC 20,000 458,531 CELESTICA INC SUB VTG SHS 6,800 368,900 CHEVRON CORP 6,000 506,625 CISCO SYS INC 59,500 2,275,875 CITIGROUP INC 38,266 1,953,958 CLEAR CHANNEL COMMUNICATIONS 15,510 751,266 COASTAL CORP 21,000 1,854,563 COMPUTER ASSOC INTL INC 2,700 52,650 COSTCO WHSL CORP NEW 26,000 1,038,375 DEERE & CO 12,500 572,656 DELL COMPUTER CORP 27,800 484,763 ECOLAB INC 14,500 626,219 ELECTRONIC DATA SYS CORP NEW 10,000 577,500 EMC CORP MASS 20,500 1,363,250 EMERSON ELEC CO 13,300 1,048,206 EOG RES INC 20,300 1,110,156 EXXON MOBIL CORP 28,299 2,460,244 FANNIE MAE 19,500 1,691,625 FIRSTAR CORP 22,600 525,450 FOUNDRY NETWORKS INC 3,800 57,000 GENERAL ELEC CO 90,300 4,328,756 GLOBAL CROSSING LTD 31,500 450,844 GUIDANT CORP 16,000 863,000 HALLIBURTON CO 17,500 634,375 HEWLETT PACKARD CO 7,700 243,031 HOME DEPOT INC 19,000 868,063 HOUGHTON MIFFLIN CO 26,500 1,228,938 IBM CORP 15,500 1,317,500 ILLINOIS TOOL WKS INC 13,000 774,313 13
CGU SAVINGS PLAN SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR DECEMBER 31, 2000 (Form 5500, Schedule H. Part IV Line 4i) IDENTITY OF ISSUE SECURITY DESCRIPTION MARKET VALUE INTEL CORP CALIF 57,500 $ 1,728,594 INTERPUBLIC GROUP COS INC 23,500 1,000,219 INTUIT 15,800 623,113 JOHNSON & JOHNSON 10,000 1,050,625 KEYSPAN CORP 36,000 1,525,500 KIMBERLY CLARK CORP 9,400 664,486 KOHLS CORP 10,500 640,500 L-3 COMMUNICATIONS HLDGS INC 13,700 1,054,900 MARSH & MCLENNAN COS INC 14,000 1,638,000 MAXIM INTEGRATED PRODS INC 9,200 439,875 MELLON FINL CORP 28,000 1,377,250 MERCK & CO INC 19,200 1,797,600 MERRILL LYNCH & CO INC 14,400 981,900 METLIFE INC 20,000 700,000 MICROSOFT CORP 45,500 1,973,563 NABORS INDS INC 11,300 668,395 NORTEL NETWORKS CORP NEW 24,800 795,150 NOVELLUS SYS INC 12,900 463,594 ORACLE CORPORATION 34,200 993,938 PEPSICO INC 26,000 1,288,625 PFIZER INC 61,375 2,823,250 PHARMACIA CORP 14,600 890,600 PNC FINANCIAL SERVICES GROUP 15,000 1,095,938 POTOMAC ELEC PWR CO 33,500 827,785 PROCTER & GAMBLE CO 12,000 941,250 QUALCOMM INC 6,600 542,438 SBC COMMUNICATIONS INC 29,500 1,408,625 SCHERING PLOUGH CORP 14,400 817,200 SCIENTIFIC ATLANTA INC 13,000 423,313 SOLECTRON CORP 12,000 406,800 SOUTHWEST AIRLS CO 31,700 1,062,901 SUN MICROSYSTEMS INC 24,800 691,300 SYSCO CORP 46,000 1,380,000 TEXACO INC 15,000 931,875 TEXAS INSTRS INC 17,600 833,800 TIME WARNER INC 13,000 679,120 TYCO INTL LTD NEW 24,000 1,332,000 VERITAS SOFTWARE CO 4,800 420,000 VERIZON COMMUNICATIONS 36,830 1,846,104 VIACOM INC CL B 20,615 963,751 VIVENDI UNIVERSAL SPONSORED 7,520 491,150 WAL MART STORES INC 29,500 1,567,188 WALGREEN CO 22,500 940,781 WELLPOINT HEALTH NETWORK INC 8,700 1,002,675 WELLS FARGO & CO NEW 24,500 1,364,344 14
CGU SAVINGS PLAN SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR DECEMBER 31, 2000 (Form 5500, Schedule H, Part IV Line 4i) IDENTITY OF ISSUE SECURITY DESCRIPTION MARKET VALUE CORPORATE BONDS 3M EMPLOYEE STK OWNERSHIP 144A 5.620% 07/15/2009 $ 840,414 BELO A H CORP SR NTS 7.125% 06/01/2007 1,236,716 CHASE MANHATTAN CORP SUB NTS 7.125% 06/15/2009 2,027,240 CONOCO INC SR NTS 6.350% 04/15/2009 1,988,080 CROWN CORK & SEAL INC NT 8.375% 01/15/2005 525,000 DAIMLER-BENZ NA MTN #TR00001 7.375% 09/15/2006 1,250,950 DEERE & CO DEB 7.850% 05/15/2010 2,127,280 DOVER CORP NT 6.450% 11/15/2005 1,001,750 DOVER CORP NTS 6.250% 06/01/2008 287,775 DU PONT EI DE NEMOURS & CO NT 6.875% 10/15/2009 2,058,480 ELECTRONIC DATA SYS CORP NT 7.125% 10/15/2009 2,060,520 FHLMC MULTICLASS CTF 1506 PH 6.750% 04/15/2008 1,016,250 FORD MTR CR CO NTS 7.200% 06/15/2007 995,090 GENERAL ELEC CAP MTN #TR 00549 8.280% 11/03/2004 646,194 HANSON PLC FORMERLY HANSON TR 7.875% 09/27/2010 997,500 HARVARD UNIV MASS 8.125% 04/15/2007 1,148,194 INTERNATIONAL PAPER CO 7.500% 05/15/2004 1,013,900 JOHNSON CONTROL INC NOTES 6.300% 02/01/2008 475,040 KINDER MORGAN ENERGY 144A 7.500% 11/01/2010 1,037,956 MARSH & MCLENNAN COS INC 7.125% 06/15/2009 1,534,530 MATTEL INC MTN # TR 00019 7.480% 04/22/2009 926,090 NEWELL CO MTN #TR 00032 5.420% 10/21/2003 2,461,475 NORFOLK & WESTN RY CO SER 21 8.750% 02/01/2001 500,590 PEARSON INC GTD NT 144A 7.375% 09/15/2006 1,031,890 RAILCAR TR NO 1992-1 7.750% 06/01/2004 347,615 SARA LEE CORP MTN # TR 00020 6.275% 02/23/2004 1,510,155 ST PAUL COS INC MTN # TR 00054 6.730% 07/14/2005 1,025,700 STANDARD CR CARD 94-2 CTF CL A 7.250% 04/07/2008 2,102,500 STIEBE PLC NT 144 A 7.125% 01/15/2007 513,280 TBC INC POOLED EMPLOYEE FUNDS DAILY LIQUIDITY FUND 5,267,494 TRIBUNE CO MTN #TR 00043 5.900% 01/24/2006 983,070 VIRGINIA ELEC&PWR MTN TR 00027 7.950% 12/18/2001 1,526,895 US GOVERNMENT BONDS U S TREASURY NOTES 06.250% 02/15/2003 1,021,090 U S TREASURY NOTES 06.500% 05/15/2005 1,055,000 CGU STABLE FUND - INSURANCE CONTRACTS ** AIG Financial Products 1050 6.21% 4/30/2003 4,207,227 ** Allstate Life Insurance GA-6117 5.37% 4/30/2002 5,178,672 15
CGU SAVINGS PLAN SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR DECEMBER 31, 2000 (Form 5500, Schedule H, Part IV Line 4i) IDENTITY OF ISSUE SECURITY DESCRIPTION MARKET VALUE ** Bayerische Landesbank 97002 6.47% 2/15/2002 $ 6,339,410 ** CDC Financial Products 362-01 6.11% 4/15/2001 2,644,109 ** CDC Financial Products 362-02 5.99% 12/2/2003 5,024,185 ** CDC Financial Products 362-03 5.75% 2/8/2004 6,056,169 ** Deutsche Bank VGGEN 6.69% 6,729,125 ** GE Life and Annuity Assurance GA-3328 6.77% 5/15/2004 2,194,455 ** John Hancock Life Insurance 9580 6.30% 10/15/2002 3,654,495 ** John Hancock Life Insurance GAC -14647 6.77% 7/15/2004 2,194,455 ** Life of Virginia GA - 3216 5.45% 1/31/2003 4,018,653 ** Metropolitan Life Insurance 25656 7.13% 5/15/2005 4,071,581 ** JP Morgan 97-04 6.93% 3/31/2002 7,719,856 ** New York Life Insurance GA31132 7.64% 10/15/2004 4,157,948 ** New York Life Insurance 31132-002 6.29% 8/15/2005 4,002,001 ** Rabobank Nederland 69702 6.73% 6/30/2002 3,766,026 ** Rabobank Nederland 69702 6.80% 3,745,839 ** Rabobank Nederland 99601 6.84% 6,532,321 ** Vanguard Prime Money Market Fund 6.32% 2,970,160 PARTICIPANT LOANS * Participant Loans 7% - 11.7% 12,034,215 REGISTERED INVESTMENT COMPANIES * Stein Roe Disciplined Stock Fund 11,482,743 * Vanguard 500 Index Fund 44,078,509 * Vanguard Asset Allocation Fund 11,078,093 * Vanguard Extended Mkt Index Fund 12,748,750 * Vanguard High-Yield Corp Fund 1,164,221 * Vanguard Int'l Growth Fund 10,907,411 * Vanguard LT Corporate Fund 5,989,901 * Vanguard Prime Money Mkt Fund 18,239,024 * Vanguard Small-Cap Index Fund 3,905,177 * Vanguard ST Corporate Fund 2,156,145 * Vanguard Total Int'l Stock Idx Fund 2,773,410 * Vanguard Wellington Fund 24,507,402 * Vanguard Windsor Fund 42,062,437 * Vanguard Windsor II Fund 15,008,221 ------------------------ $ 441,361,027 ======================== * Denotes party-in-interest. ** Stated at contract value. Cost omitted for participant directed investments. 16
Exhibit 99(b) CONSENT OF INDEPENDENT ACCOUNTANTS We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 of White Mountains Insurance Group, Ltd. of our report dated August 17, 2001 relating to the financial statements of OneBeacon Insurance Savings Plan (formerly CGU Savings Plan), which appears in this Form 11-K. /s/ PricewaterhouseCoopers LLP Boston, Massachusetts August 27, 2001