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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 MARCH 31, 2003. 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 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: (603) 640-2200 Signature, Place, and Date of Signing: /S/ J. BRIAN PALMER HANOVER, NEW HAMPSHIRE MARCH 15, 2003 - -------------------- ------------------------------- ------------------- [Signature] [City, State] [Date] Report Type (Check only one): [ ] 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).) [X] 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 028-06739 High Rise Capital Management, L.P. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 2 ------------ Form 13F Information Table Entry Total: 94 ITEMS ------------ Form 13F Information Table Value Total: $340,587,403 ------------ 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 WHITE MOUNTAINS INSURANCE GROUP, LTD. FORM 13F INFORMATION TABLE - MARCH 31, 2003 1 = FolksAmerica Holding Company Inc. (Form 13F filed separately) 2 = OneBeacon Asset Management (Form 13F filed separately) 3 = White Mountains Insurance Group, Ltd.
Amount and Voting Authority (Shares) Title CUSIP Market Type of Investment ------------------------- Name of Issuer of Class Number Value Security Discretion Managers * Sole Shared None - ------------------------------------------------------------------------------------------------------------------------------------ 1 BANK OF BERMUDA LTD SHS G07644100 522,272 15,200 DEFINED 1, 3 15,200 2 EVEREST RE GROUP LTD COM G3223R108 348,981 6,100 DEFINED 1, 3 6,100 3 WILLIS GROUP HOLDING LTD SHS G96655108 235,450 8,500 DEFINED 1, 3 8,500 4 AEGON NY ORD AMER REG 007924103 104,945 13,900 DEFINED 1, 3 13,900 5 ALEXANDER & BALDWIN INC COM 014482103 4,210,900 170,000 DEFINED 2, 3 170,000 6 ALEXANDER & BALDWIN INC COM 014482103 495,400 20,000 DEFINED 1, 3 20,000 7 ALLEGHENY ENERGY INC COM 017361106 1,995,500 325,000 DEFINED 2, 3 325,000 8 ALLEGHENY ENERGY INC COM 017361106 167,008 27,200 DEFINED 1, 3 27,200 9 AMERADA HESS CORP COM 023551104 23,241,750 525,000 DEFINED 2, 3 525,000 10 AMERADA HESS CORP COM 023551104 1,770,800 40,000 DEFINED 1, 3 40,000 11 AMERICAN INT'L. GROUP COM 026874107 445,050 9,000 DEFINED 2, 3 9,000 12 AON CORP COM 037389103 10,015,250 485,000 DEFINED 2, 3 485,000 13 AON CORP COM 037389103 2,741,081 132,740 DEFINED 1, 3 132,740 14 ARCHER DANIELS MIDLAND COM 039483102 4,432,100 410,000 DEFINED 2, 3 410,000 15 ARCHER DANIELS MIDLAND COM 039483102 324,300 30,000 DEFINED 1, 3 30,000 16 BISYS GROUP INC COM 055472104 165,158 10,120 DEFINED 1, 3 10,120 17 BANK OF HAWAII CORP COM 062540109 489,720 15,900 DEFINED 1, 3 15,900 18 BANKNORTH GROUP COM 06646R107 327,150 15,000 DEFINED 2, 3 15,000 19 WR BERKLEY CORP COM 084423102 379,223 8,850 DEFINED 1, 3 8,850 20 BERKSHIRE HATHAWAY INC CL A 084670108 6,635,200 104 DEFINED 2, 3 104 21 BERKSHIRE HATHAWAY INC CL B 084670207 4,274,000 2,000 DEFINED 2, 3 2,000 22 BERKSHIRE HATHAWAY INC CL B 084670207 1,115,514 522 DEFINED 1, 3 522 23 CABLE & WIRELESS PLC SPONSORED ADR 126830207 166,000 50,000 DEFINED 2, 3 50,000 24 CAPITOL FEDERAL FINANCIAL COM 14057C106 2,847,150 95,000 DEFINED 2, 3 95,000 25 CAPITOL FEDERAL FINANCIAL COM 14057C106 749,250 25,000 DEFINED 1, 3 25,000 26 CHARTER FINANCIAL CORP COM 16122M100 1,808,400 60,000 DEFINED 2, 3 60,000 27 CITIGROUP COM 172967101 737,230 21,400 DEFINED 1, 3 21,400 28 COUNTRYWIDE CREDIT IND INC COM 222372104 690,000 12,000 DEFINED 1, 3 12,000 29 DELUXE CORP COM 248019101 401,300 10,000 DEFINED 2, 3 10,000 30 EL PASO ELECTRIC CO COM NEW 283677854 17,280,000 1,600,000 DEFINED 2, 3 1,600,000 31 EL PASO ELECTRIC CO COM NEW 283677854 1,786,320 165,400 DEFINED 1, 3 165,400 32 EQUITY OFFICE PROPERTIES TR COM 294741103 493,730 19,400 DEFINED 1, 3 19,400 33 ERIE INDEMNITY COMPANY COM 29530P102 246,840 6,800 DEFINED 1, 3 6,800 34 ETHAN ALLEN COM 297602104 294,300 10,000 DEFINED 2, 3 10,000 35 FAIRMONT HOTELS & RESORTS COM 305204109 4,469,000 205,000 DEFINED 2, 3 205,000 36 FIRST DATA CORP COM 319963104 330,279 8,900 DEFINED 1, 3 8,900 37 FIRSTENERGY CORP COM 337932107 22,636,900 715,000 DEFINED 2, 3 715,000 38 FORTUNE BRANDS INC. COM 349631101 6,021,400 140,000 DEFINED 2, 3 140,000 39 GREAT LAKES CHEMICAL CORP COM 390568103 18,835,050 845,000 DEFINED 2, 3 845,000 40 GREAT LAKES CHEMICAL CORP COM 390568103 668,700 30,000 DEFINED 1, 3 30,000 41 HASBRO INC COM 418056107 3,601,000 260,000 DEFINED 2, 3 260,000 42 HONDA MOTOR CO COM 438128308 332,000 20,000 DEFINED 2, 3 20,000 43 HONEYWELL INC. COM 438516106 427,200 20,000 DEFINED 2, 3 20,000 44 ILLINOIS TOOL WORKS COM 452308109 581,500 10,000 DEFINED 2, 3 10,000 45 INTL SPEEDWAY CORP COM 460335201 238,758 5,960 DEFINED 1, 3 5,960 46 JEFFERSON PILOT CORPORATION COM 475070108 769,600 20,000 DEFINED 2, 3 20,000 47 L-3 COMMUNICATIONS HOLDINGS I COM 502424104 321,360 8,000 DEFINED 2, 3 8,000 48 LAFARGE NORTH AMERICA INC COM 505862102 488,040 16,800 DEFINED 1, 3 16,800 49 LONGVIEW FIBRE CO COM 543213102 4,250,000 625,000 DEFINED 2, 3 625,000 50 LONGVIEW FIBRE CO COM 543213102 204,000 30,000 DEFINED 1, 3 30,000 51 MARATHON OIL CORP COM 565849106 27,491,250 1,145,000 DEFINED 2, 3 1,145,000 52 MARATHON OIL CORP COM 565849106 1,642,284 68,400 DEFINED 1, 3 68,400 53 MATTEL COM 577081102 450,000 20,000 DEFINED 2, 3 20,000 54 MCDONALDS CORP COM 580135101 6,854,250 475,000 DEFINED 2, 3 475,000 55 MCDONALDS CORP COM 580135101 432,900 30,000 DEFINED 1, 3 30,000 56 MELLON BK CORP COM 58551A108 425,200 20,000 DEFINED 2, 3 20,000 57 MEREDETH CORP. COM 589433101 17,421,950 455,000 DEFINED 2, 3 455,000 58 MEREDETH CORP. COM 589433101 574,350 15,000 DEFINED 1, 3 15,000 59 OCTEL CORP COM 675727101 18,112,500 1,250,000 DEFINED 2, 3 1,250,000 60 OCTEL CORP COM 675727101 434,700 30,000 DEFINED 1, 3 30,000 61 OHIO CASUALTY CORP COM 677240103 245,480 19,000 DEFINED 1, 3 19,000 62 OVERSEAS SHIPPING GROUP COM 690368105 5,010,000 300,000 DEFINED 2, 3 300,000 63 OVERSEAS SHIPPING GROUP COM 690368105 334,000 20,000 DEFINED 1, 3 20,000 64 PAULA FINANCIAL COM 703588103 317,784 423,712 DEFINED 2, 3 423,712 65 PEOPLES BANK COM 710198102 14,215,400 565,000 DEFINED 2, 3 565,000 66 PEOPLES BANK COM 710198102 629,000 25,000 DEFINED 1, 3 25,000 67 PLUM CREEK TIMBER CO COM 729251108 431,800 20,000 DEFINED 2, 3 20,000 68 POST PROPERTIES INC COM 737464107 333,270 13,800 DEFINED 1, 3 13,800 69 POTLATCH CORPORATION COM 737628107 7,577,700 390,000 DEFINED 2, 3 390,000 70 POTLATCH CORPORATION COM 737628107 388,600 20,000 DEFINED 1, 3 20,000 71 PRUDENTIAL FINANCIAL INC COM 744320102 3,235,100 110,000 DEFINED 2, 3 110,000 72 RYDER SYSTEM COM 783549108 14,350,000 700,000 DEFINED 2, 3 700,000 73 RYDER SYSTEM COM 783549108 1,230,000 60,000 DEFINED 1, 3 60,000 74 SAFETY INSURANCE GROUP INC COM 78648T100 149,845 11,500 DEFINED 1, 3 11,500 75 SAFEWAY INC. COM 786514208 378,000 20,000 DEFINED 2, 3 20,000 76 SIERRA PACIFIC RESOURCES COM 826428104 7,656,000 2,400,000 DEFINED 2, 3 2,400,000 77 SIERRA PACIFIC RESOURCES COM 826428104 775,170 243,000 DEFINED 1, 3 243,000 78 STANLEY WORKS COM 854616109 719,700 30,000 DEFINED 2, 3 30,000 79 TJX COMPANIES INC COM 872540109 440,000 25,000 DEFINED 2, 3 25,000 80 TXU CORP COM 873168108 1,071,000 60,000 DEFINED 2, 3 60,000 81 TORONTO-DOMINION BANK COM 891160509 221,600 10,000 DEFINED 2, 3 10,000 82 TRAVELERS PROPERTY & CASUALTY COM 89420G109 494,550 35,000 DEFINED 2, 3 35,000 83 UICI COM 902737105 305,982 31,840 DEFINED 1, 3 31,840 84 UNISOURCE ENERGY CORP. HLD. CO COM 909205106 27,696,000 1,600,000 DEFINED 2, 3 1,600,000 85 UNISOURCE ENERGY CORP. HLD. CO COM 909205106 2,909,811 168,100 DEFINED 1, 3 168,100 86 UNITED PARCEL SERVICE COM 911312106 570,000 10,000 DEFINED 2, 3 10,000 87 UNOCAL CORP COM 915289102 8,682,300 330,000 DEFINED 2, 3 330,000 88 UNOCAL CORP COM 915289102 394,650 15,000 DEFINED 1, 3 15,000 89 WACHOVIA CORP COM 929903102 466,418 13,690 DEFINED 1, 3 13,690 90 WILTEL COMMUNICATIONS INC COM 972487102 945,000 75,000 DEFINED 2, 3 75,000 91 WILTEL COMMUNICATIONS INC COM 972487102 982,800 78,000 DEFINED 1, 3 78,000 92 WELLPOINT HEALTH NETWORKS COM 94973H108 769,500 10,000 DEFINED 2, 3 10,000 93 XCEL ENERGY INC COM 98389B100 6,390,000 500,000 DEFINED 2, 3 500,000 94 XCEL ENERGY INC COM 98389B100 319,500 25,000 DEFINED 1, 3 25,000 ------------ $340,587,403 ============