SEC Filing | White Mountains Insurance Group

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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 SEPTEMBER 30, 2002. 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: 28 Gates Street White River Junction, Vermont 05001-7066 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: (802) 295-4500 Signature, Place, and Date of Signing: /s/ J. Brian Palmer White River Junction, Vermont November 14, 2002 - ------------------------------- -------------------------------- ------------------- [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: 3 ------------ Form 13F Information Table Entry Total: 76 ITEMS ------------ Form 13F Information Table Value Total: $302,247,168 ------------- 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 ONEBEACON ASSET MANAGEMENT, INC. 3. 028-06739 HIGH RISE CAPITAL MANAGEMENT, L.P.

WHITE MOUNTAINS INSURANCE GROUP, LTD. FORM 13F INFORMATION TABLE - SEPTEMBER 30, 2002 ------------------------------------------------------------------------------------------------------------------------------ Title CUSIP Market Name of Issuer of Class Number Value ------------------------------------------------------------------------------------------------------------------------------ 1 BK OF BERMUDA LTD SHS G07644100 248,517 2 AMLI RESIDENTIAL PPTYS TR SH BEN INT 001735109 260,544 3 ALEXANDER & BALDWIN, INC COM 014482103 445,000 4 ALEXANDER & BALDWIN INC COM 014482103 2,002,500 5 ALLEGHANY CORP DEL COM 017175100 544,934 6 AMBAC INC COM 023139108 708,384 7 AMERADA HESS COM 023551104 1,697,000 8 AMERADA HESS COM 023551104 17,648,800 9 AON CORP COM 037389103 2,719,843 10 AON CORP COM 037389103 9,937,650 11 ARCHER DANIELS MIDLAND COM 039483102 250,200 12 ARCHER DANIELS MIDLAND COM 039483102 2,502,000 13 ARCHSTONE-SMITH TR COM 039583109 4,090,644 14 ARDEN RLTY INC COM 039793104 1,745,370 15 AVALONBAY CMNTYS INC COM 053484101 2,900,920 16 BISYS GROUP COM 055472104 169,105 17 BANK OF HAWAII CORP COM 062540109 443,610 18 BERKLEY, W.R. CORP COM 084423102 300,900 19 BERKSHIRE HATHAWAY INC CL A 084670108 7,685,600 20 BERKSHIRE HATHAWAY, INC CL B 084670207 1,286,730 21 BERKSHIRE HATHAWAY INC CL B 084670207 4,930,000 22 CALLON PETROLEUM CORP COM 13123X102 145,800 23 CITIGROUP INC COM 172967101 634,510 24 COUNTRYWIDE CREDIT INDUSTRIES COM 222372104 565,800 25 EL PASO ELECTRIC CO COM NEW 283677854 1,846,152 26 EL PASO ELECTRIC CO COM NEW 283677854 12,117,600 27 EQUITY OFFICE PPTYS TRUST COM 294741103 3,969,283 28 EQUITY OFFICE PPTYS TRUST COM 294741103 501,922 29 EQUITY RESIDENTIAL SH BEN INT 29476L107 263,340 30 FAIRMONT HOTELS & RESORTS COM 305204109 4,760,000 31 FIDELITY NATIONAL FINANCIAL, INC COM 316326107 578,536 32 FIRST DATA CORP COM 319963104 248,755 33 FIRSTENERGY CORP COM 337932107 19,428,500 34 FORTUNE BRANDS INC. COM 349631101 4,019,650 35 GABLES RESIDENTIAL TR SH BEN INT 362418105 1,928,462 36 GREAT LAKES CHEMICAL CORP COM 390568103 600,500 37 GREAT LAKES CHEMICAL CORP COM 390568103 19,816,500 38 HASBRO INC COM 418056107 2,226,000 39 INTL SPEEDWAY CORP CL A 460335201 236,791 40 LAFARGE NORTH AMERICA INC COM 505862102 372,554 41 LANDAMERICA FINANCIAL GROUP COM 514936103 296,339 42 LONGVIEW FIBRE CO COM 543213102 138,800 43 LONGVIEW FIBRE CO COM 543213102 3,539,400 44 MACK-CALI RLTY CORP COM 554489104 1,606,500 45 MARATHON OIL CORP COM 565849106 435,456 46 MARATHON OIL CORP COM 565849106 23,247,000 47 MEREDITH CORP COM 589433101 645,750 48 MEREDETH CORP. COM 589433101 18,296,250 49 MERRILL LYNCH & CO INC COM 590188108 309,730 50 MORGAN STANLEY COM NEW 617446448 413,336 51 OCTEL CORP COM 675727101 472,250 52 OCTEL CORP COM 675727101 22,573,550 53 OVERSEAS SHIPPING GROUP COM 690368105 2,903,200 54 PAULA FINANCIAL COM 703588103 381,341 55 PEOPLES BANK COM 710198102 560,750 56 PEOPLES BANK COM 710198102 11,663,600 57 POST PPTYS INC COM 737464107 3,188,707 58 POTLATCH CORP COM 737628107 573,600 59 POTLATCH CORP COM 737628107 9,607,800 60 PROLOGIS SH BEN INT 743410102 4,094,482 61 PRUDENTIAL FINANCIAL INC COM 744320102 545,496 62 PURE RESOURCES INC COM 74622E102 336,000 63 PURE RESOURCES INC COM 74622E102 2,912,000 64 R.H. DONNELLEY CORP COM NEW 74955W307 294,840 65 RECKSON ASSOCS RLTY CORP COM 75621K106 3,554,397 66 RYDER SYSTEM COM 783549108 1,246,500 67 RYDER SYSTEM COM 783549108 12,963,600 68 SHURGARD STORAGE CTRS INC COM 82567D104 6,468,282 69 SUMMIT PPTYS COM 866239106 3,354,260 70 TRIZEC PPTYS INC COM 89687P107 1,775,617 71 UICI COM 902737105 475,442 72 UNISOURCE ENERGY CORP COM 909205106 1,953,525 73 UNISOURCE ENERGY CORP COM 909205106 21,883,750 74 VORNADO RLTY TR SH BEN INT 929042109 2,015,501 75 WACHOVIA CORP COM 929903102 447,526 76 WADDELL & REED FINANCIAL INC CL A 930059100 293,686 ------------------------ 302,247,168 ======================== ---------------------------------------------------------------------------------------------------------------------------- Amount and Investment Name of Issuer Type of Security Discretion Managers * Sole ---------------------------------------------------------------------------------------------------------------------------- 1 BK OF BERMUDA LTD 7,623 SH DEFINED 1,4 2 AMLI RESIDENTIAL PPTYS TR 11,800 SH DEFINED 1,3,4 3 ALEXANDER & BALDWIN, INC 20,000 SH DEFINED 1,4 4 ALEXANDER & BALDWIN INC 90,000 SH DEFINED 2,4 5 ALLEGHANY CORP DEL 2,876 SH DEFINED 1,4 6 AMBAC INC 13,145 SH DEFINED 1,4 7 AMERADA HESS 25,000 SH DEFINED 1,4 8 AMERADA HESS 260,000 SH DEFINED 2,4 9 AON CORP 132,740 SH DEFINED 1,4 10 AON CORP 485,000 SH DEFINED 2,4 11 ARCHER DANIELS MIDLAND 20,000 SH DEFINED 1,4 12 ARCHER DANIELS MIDLAND 200,000 SH DEFINED 2,4 13 ARCHSTONE-SMITH TR 171,300 SH DEFINED 1,3,4 14 ARDEN RLTY INC 73,800 SH DEFINED 1,3,4 15 AVALONBAY CMNTYS INC 69,400 SH DEFINED 1,3,4 16 BISYS GROUP 10,120 SH DEFINED 1,4 17 BANK OF HAWAII CORP 15,900 SH DEFINED 1,4 18 BERKLEY, W.R. CORP 8,850 SH DEFINED 1,4 19 BERKSHIRE HATHAWAY INC 104 SH DEFINED 2,4 20 BERKSHIRE HATHAWAY, INC 522 SH DEFINED 1,4 21 BERKSHIRE HATHAWAY INC 2,000 SH DEFINED 2,4 22 CALLON PETROLEUM CORP 30,000 SH DEFINED 2,4 23 CITIGROUP INC 21,400 SH DEFINED 1,4 24 COUNTRYWIDE CREDIT INDUSTRIES 12,000 SH DEFINED 1,4 25 EL PASO ELECTRIC CO 155,400 SH DEFINED 1,4 26 EL PASO ELECTRIC CO 1,020,000 SH DEFINED 2,4 27 EQUITY OFFICE PPTYS TRUST 153,729 SH DEFINED 1,3,4 28 EQUITY OFFICE PPTYS TRUST 19,400 SH DEFINED 1,4 29 EQUITY RESIDENTIAL 11,000 SH DEFINED 1,3,4 30 FAIRMONT HOTELS & RESORTS 200,000 SH DEFINED 2,4 31 FIDELITY NATIONAL FINANCIAL, INC 20,130 SH DEFINED 1,4 32 FIRST DATA CORP 8,900 SH DEFINED 1,4 33 FIRSTENERGY CORP 650,000 SH DEFINED 2,4 34 FORTUNE BRANDS INC. 85,000 SH DEFINED 2,4 35 GABLES RESIDENTIAL TR 72,200 SH DEFINED 1,3,4 36 GREAT LAKES CHEMICAL CORP 25,000 SH DEFINED 1,4 37 GREAT LAKES CHEMICAL CORP 825,000 SH DEFINED 2,4 38 HASBRO INC 200,000 SH DEFINED 2,4 39 INTL SPEEDWAY CORP 5,960 SH DEFINED 1,4 40 LAFARGE NORTH AMERICA INC 12,860 SH DEFINED 1,4 41 LANDAMERICA FINANCIAL GROUP 9,010 SH DEFINED 1,4 42 LONGVIEW FIBRE CO 20,000 SH DEFINED 1,4 43 LONGVIEW FIBRE CO 510,000 SH DEFINED 2,4 44 MACK-CALI RLTY CORP 50,000 SH DEFINED 1,3,4 45 MARATHON OIL CORP 19,200 SH DEFINED 1,4 46 MARATHON OIL CORP 1,025,000 SH DEFINED 2,4 47 MEREDITH CORP 15,000 SH DEFINED 1,4 48 MEREDETH CORP. 425,000 SH DEFINED 2,4 49 MERRILL LYNCH & CO INC 9,400 SH DEFINED 1,4 50 MORGAN STANLEY 12,200 SH DEFINED 1,4 51 OCTEL CORP 25,000 SH DEFINED 1,4 52 OCTEL CORP 1,195,000 SH DEFINED 2,4 53 OVERSEAS SHIPPING GROUP 190,000 SH DEFINED 2,4 54 PAULA FINANCIAL 423,712 SH DEFINED 2,4 55 PEOPLES BANK 25,000 SH DEFINED 1,4 56 PEOPLES BANK 520,000 SH DEFINED 2,4 57 POST PPTYS INC 122,737 SH DEFINED 1,3,4 58 POTLATCH CORP 20,000 SH DEFINED 1,4 59 POTLATCH CORP 335,000 SH DEFINED 2,4 60 PROLOGIS 164,371 SH DEFINED 1,3,4 61 PRUDENTIAL FINANCIAL INC 19,100 SH DEFINED 1,4 62 PURE RESOURCES INC 15,000 SH DEFINED 1,4 63 PURE RESOURCES INC 130,000 SH DEFINED 2,4 64 R.H. DONNELLEY CORP 11,340 SH DEFINED 1,4 65 RECKSON ASSOCS RLTY CORP 156,100 SH DEFINED 1,3,4 66 RYDER SYSTEM 50,000 SH DEFINED 1,4 67 RYDER SYSTEM 520,000 SH DEFINED 2,4 68 SHURGARD STORAGE CTRS INC 204,563 SH DEFINED 1,3,4 69 SUMMIT PPTYS 172,900 SH DEFINED 1,3,4 70 TRIZEC PPTYS INC 156,442 SH DEFINED 1,3,4 71 UICI 29,240 SH DEFINED 1,4 72 UNISOURCE ENERGY CORP 128,100 SH DEFINED 1,4 73 UNISOURCE ENERGY CORP 1,435,000 SH DEFINED 2,4 74 VORNADO RLTY TR 51,090 SH DEFINED 1,3,4 75 WACHOVIA CORP 13,690 SH DEFINED 1,4 76 WADDELL & REED FINANCIAL INC 16,630 SH DEFINED 1,4 -------------------------------------------------------------------------------------------- Voting Authority (Shares) Name of Issuer Shared None -------------------------------------------------------------------------------------------- 1 BK OF BERMUDA LTD 7,623 2 AMLI RESIDENTIAL PPTYS TR 11,800 3 ALEXANDER & BALDWIN, INC 20,000 4 ALEXANDER & BALDWIN INC 90,000 5 ALLEGHANY CORP DEL 2,876 6 AMBAC INC 13,145 7 AMERADA HESS 25,000 8 AMERADA HESS 260,000 9 AON CORP 132,740 10 AON CORP 485,000 11 ARCHER DANIELS MIDLAND 20,000 12 ARCHER DANIELS MIDLAND 200,000 13 ARCHSTONE-SMITH TR 171,300 14 ARDEN RLTY INC 73,800 15 AVALONBAY CMNTYS INC 69,400 16 BISYS GROUP 10,120 17 BANK OF HAWAII CORP 15,900 18 BERKLEY, W.R. CORP 8,850 19 BERKSHIRE HATHAWAY INC 104 20 BERKSHIRE HATHAWAY, INC 522 21 BERKSHIRE HATHAWAY INC 2,000 22 CALLON PETROLEUM CORP 30,000 23 CITIGROUP INC 21,400 24 COUNTRYWIDE CREDIT INDUSTRIES 12,000 25 EL PASO ELECTRIC CO 155,400 26 EL PASO ELECTRIC CO 1,020,000 27 EQUITY OFFICE PPTYS TRUST 153,729 28 EQUITY OFFICE PPTYS TRUST 19,400 29 EQUITY RESIDENTIAL 11,000 30 FAIRMONT HOTELS & RESORTS 200,000 31 FIDELITY NATIONAL FINANCIAL, INC 20,130 32 FIRST DATA CORP 8,900 33 FIRSTENERGY CORP 650,000 34 FORTUNE BRANDS INC. 85,000 35 GABLES RESIDENTIAL TR 72,200 36 GREAT LAKES CHEMICAL CORP 25,000 37 GREAT LAKES CHEMICAL CORP 825,000 38 HASBRO INC 200,000 39 INTL SPEEDWAY CORP 5,960 40 LAFARGE NORTH AMERICA INC 12,860 41 LANDAMERICA FINANCIAL GROUP 9,010 42 LONGVIEW FIBRE CO 20,000 43 LONGVIEW FIBRE CO 510,000 44 MACK-CALI RLTY CORP 50,000 45 MARATHON OIL CORP 19,200 46 MARATHON OIL CORP 1,025,000 47 MEREDITH CORP 15,000 48 MEREDETH CORP. 425,000 49 MERRILL LYNCH & CO INC 9,400 50 MORGAN STANLEY 12,200 51 OCTEL CORP 25,000 52 OCTEL CORP 1,195,000 53 OVERSEAS SHIPPING GROUP 190,000 54 PAULA FINANCIAL 423,712 55 PEOPLES BANK 25,000 56 PEOPLES BANK 520,000 57 POST PPTYS INC 122,737 58 POTLATCH CORP 20,000 59 POTLATCH CORP 335,000 60 PROLOGIS 164,371 61 PRUDENTIAL FINANCIAL INC 19,100 62 PURE RESOURCES INC 15,000 63 PURE RESOURCES INC 130,000 64 R.H. DONNELLEY CORP 11,340 65 RECKSON ASSOCS RLTY CORP 156,100 66 RYDER SYSTEM 50,000 67 RYDER SYSTEM 520,000 68 SHURGARD STORAGE CTRS INC 204,563 69 SUMMIT PPTYS 172,900 70 TRIZEC PPTYS INC 156,442 71 UICI 29,240 72 UNISOURCE ENERGY CORP 128,100 73 UNISOURCE ENERGY CORP 1,435,000 74 VORNADO RLTY TR 51,090 75 WACHOVIA CORP 13,690 76 WADDELL & REED FINANCIAL INC 16,630 * 1 = Folksamerica Holding Company, Inc. (Form 13F filed separately) * 2 = OneBeacon Asset Management Inc. (Form 13F filed separately) * 3 = High Rise Capital Management, L.P. * 4 = White Mountains Insurance Group, Ltd.