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 December 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           February 13, 2004
- --------------------     --------------------------      ---------------------
   [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





                              FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:                               2
                                                          ------------------

Form 13F Information Table Entry Total:                       108 ITEMS
                                                          ------------------

Form 13F Information Table Value Total:                    $606,685,443
                                                          ------------------

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                   WHITE MOUNTAINS ADVISORS LLC
            ---------                   -----------------------------------




                                        WHITE MOUNTAINS INSURANCE GROUP, LTD.

                                             WHITE MOUNTAINS ADVISORS
                                 FORM 13F INFORMATION TABLE - DECEMBER 31, 2003

-------------------------------------------------------------------------------------------------------------------------------- Amount and Voting Authority (Shares) Title CUSIP Market Type Investment ------------------------ Name of Issuer of Class Number Value of Security Discretion Managers* Sole Shared None -------------------------------------------------------------------------------------------------------------------------------- 1 BANK OF BERMUDA LTD SHS G07644100 683,240 15,200 DEFINED 1, 3 15,200 2 EVEREST RE GROUP LTD COM G3223R108 503,370 5,950 DEFINED 1, 3 5,950 3 ABITIBI-CONSOLIDATED INC COM 003924107 162,200 20,000 DEFINED 1, 3 20,000 4 ABITIBI-CONSOLIDATED INC COM 003924107 2,838,500 350,000 DEFINED 2, 3 350,000 5 AETNA INC COM 00817Y108 317,626 4,700 DEFINED 1, 3 4,700 6 ALEXANDER & BALDWIN INC COM 014482103 428,625 12,700 DEFINED 2, 3 12,700 7 ALLEGHENY ENERGY INC COM 017361106 312,620 24,500 DEFINED 1, 3 24,500 8 ALLEGHENY ENERGY INC COM 017361106 5,231,600 410,000 DEFINED 2, 3 410,000 9 AMERADA HESS CORP COM 023551104 3,036,007 57,100 DEFINED 1, 3 57,100 10 AMERADA HESS CORP COM 023551104 46,789,600 880,000 DEFINED 2, 3 880,000 11 AMERICAN INT'L. GROUP COM 026874107 596,520 9,000 DEFINED 2, 3 9,000 12 AON CORP COM 037389103 2,766,028 115,540 DEFINED 1, 3 115,540 13 AON CORP COM 037389103 10,773,000 450,000 DEFINED 2, 3 450,000 14 ARCHER DANIELS MIDLAND COM 039483102 684,900 45,000 DEFINED 1, 3 45,000 15 ARCHER DANIELS MIDLAND COM 039483102 11,186,700 735,000 DEFINED 2, 3 735,000 16 AUTOMATIC DATA PROCESSING INC. COM 053015103 705,058 17,800 DEFINED 1, 3 17,800 17 AUTOMATIC DATA PROCESSING INC. COM 053015103 20,201,100 510,000 DEFINED 2, 3 510,000 18 BANK OF HAWAII CORP COM 062540109 670,980 15,900 DEFINED 1, 3 15,900 19 BANKNORTH GROUP COM 06646R107 650,600 20,000 DEFINED 2, 3 20,000 20 BANTA CORP COM 066821109 200,475 4,950 DEFINED 1, 3 4,950 21 BERKSHIRE HATHAWAY INC CL A 084670108 589,750 7 DEFINED 2, 3 7 22 BERKSHIRE HATHAWAY INC CL B 084670207 2,173,180 772 DEFINED 1, 3 772 23 BERKSHIRE HATHAWAY INC CL B 084670207 17,855,250 3,450 DEFINED 2, 3 3,450 24 BISYS GROUP INC COM 055472104 150,586 10,120 DEFINED 1, 3 10,120 25 CALLAWAY GOLF COMPANY COM 131193104 168,500 10,000 DEFINED 1, 3 10,000 26 CALLAWAY GOLF COMPANY COM 131193104 2,190,500 130,000 DEFINED 2, 3 130,000 27 CAPITOL FEDERAL FINANCIAL COM 14057C106 901,500 25,000 DEFINED 1, 3 25,000 28 CAPITOL FEDERAL FINANCIAL COM 14057C106 9,555,900 265,000 DEFINED 2, 3 265,000 29 CHARTER FINANCIAL CORP COM 16122M100 6,460,000 170,000 DEFINED 2, 3 170,000 30 CLOROX COMPANY COM 189054109 410,332 8,450 DEFINED 1, 3 8,450 31 COUNTRYWIDE CREDIT IND INC COM 222372104 859,608 11,333 DEFINED 1, 3 11,333 32 DELUXE CORP COM 248019101 578,620 14,000 DEFINED 2, 3 14,000 33 DIAMOND OFFSHORE DRILLING INC COM 25271C102 307,650 15,000 DEFINED 1, 3 15,000 34 DIAMOND OFFSHORE DRILLING INC COM 25271C102 3,486,700 170,000 DEFINED 2, 3 170,000 35 EASTMAN CHEMICAL COM 277432100 988,250 25,000 DEFINED 1, 3 25,000 36 EASTMAN CHEMICAL COM 277432100 6,917,750 175,000 DEFINED 2, 3 175,000 37 EL PASO ELECTRIC CO COM NEW 283677854 2,525,820 189,200 DEFINED 1, 3 189,200 38 EL PASO ELECTRIC CO COM NEW 283677854 26,166,000 1,960,000 DEFINED 2, 3 1,960,000 39 EQUITY OFFICE PROPERTIES TR COM 294741103 555,810 19,400 DEFINED 1, 3 19,400 40 ETHAN ALLEN COM 297602104 670,080 16,000 DEFINED 2, 3 16,000 41 FAIRMONT HOTELS & RESORTS COM 305204109 6,649,300 245,000 DEFINED 2, 3 245,000 42 FIRST DATA CORP COM 319963104 9,072,672 220,800 DEFINED 1, 3 220,800
-------------------------------------------------------------------------------------------------------------------------------- Amount and Voting Authority (Shares) Title CUSIP Market Type Investment ------------------------ Name of Issuer of Class Number Value of Security Discretion Managers* Sole Shared None -------------------------------------------------------------------------------------------------------------------------------- 43 FIRST ENERGY CORP COM 337932107 1,812,800 51,500 DEFINED 1, 3 51,500 44 FIRST ENERGY CORP COM 337932107 28,512,000 810,000 DEFINED 2, 3 810,000 45 FORTUNE BRANDS INC. COM 349631101 8,578,800 120,000 DEFINED 2, 3 120,000 46 GOLDMAN SACHS GROUP COM 38141G104 493,650 5,000 DEFINED 2, 3 5,000 47 GREAT LAKES CHEMICAL CORP COM 390568103 1,631,400 60,000 DEFINED 1, 3 60,000 48 GREAT LAKES CHEMICAL CORP COM 390568103 30,044,950 1,105,000 DEFINED 2, 3 1,105,000 49 HASBRO INC COM 418056107 1,276,800 60,000 DEFINED 2, 3 60,000 50 HIBERNIA CORP CLASS A COM 428656102 418,478 17,800 DEFINED 1, 3 17,800 51 HONDA MOTOR CO COM 438128308 675,000 30,000 DEFINED 2, 3 30,000 52 HONEYWELL INC. COM 438516106 1,002,900 30,000 DEFINED 2, 3 30,000 53 IDACORP INC COM 451107106 2,094,400 70,000 DEFINED 2, 3 70,000 54 ILLINOIS TOOL WORKS COM 452308109 1,678,200 20,000 DEFINED 2, 3 20,000 55 INTL SPEEDWAY CORP COM 460335201 264,862 5,960 DEFINED 1, 3 5,960 56 JEFFERSON PILOT CORPORATION COM 475070108 1,519,500 30,000 DEFINED 2, 3 30,000 57 KOHLS CORP COM 500255104 898,800 20,000 DEFINED 2, 3 20,000 58 L-3 COMMUNICATIONS HOLDINGS I COM 502424104 1,027,200 20,000 DEFINED 2, 3 20,000 59 LAFARGE NORTH AMERICA INC COM 505862102 680,736 16,800 DEFINED 1, 3 16,800 60 LEUCADIA NATL CORP COM 527288104 1,525,311 33,087 DEFINED 1, 3 33,087 61 LEUCADIA NATL CORP COM 527288104 11,635,594 252,399 DEFINED 2, 3 252,399 62 LONGVIEW FIBRE CO COM 543213102 370,500 30,000 DEFINED 1, 3 30,000 63 LONGVIEW FIBRE CO COM 543213102 8,089,250 655,000 DEFINED 2, 3 655,000 64 MARATHON OIL CORP COM 565849106 2,925,156 88,400 DEFINED 1, 3 88,400 65 MARATHON OIL CORP COM 565849106 46,491,450 1,405,000 DEFINED 2, 3 1,405,000 66 MASCO CORPORATION COM 574599106 959,350 35,000 DEFINED 2, 3 35,000 67 MATTEL COM 577081102 1,445,250 75,000 DEFINED 2, 3 75,000 68 MCDONALDS CORP COM 580135101 546,260 22,000 DEFINED 1, 3 22,000 69 MCDONALDS CORP COM 580135101 10,751,390 433,000 DEFINED 2, 3 433,000 70 MELLON BK CORP COM 58551A108 642,200 20,000 DEFINED 2, 3 20,000 71 MERCK & CO. INC. COM 589331107 572,880 12,400 DEFINED 1, 3 12,400 72 MEREDETH CORP. COM 589433101 732,150 15,000 DEFINED 1, 3 15,000 73 MEREDETH CORP. COM 589433101 22,452,600 460,000 DEFINED 2, 3 460,000 74 NUI CORP COM 629431107 343,356 21,300 DEFINED 1, 3 21,300 75 NUI CORP COM 629431107 3,465,800 215,000 DEFINED 2, 3 215,000 76 OCTEL CORP COM 675727101 590,700 30,000 DEFINED 1, 3 30,000 77 OCTEL CORP COM 675727101 24,671,570 1,253,000 DEFINED 2, 3 1,253,000 78 OHIO CASUALTY CORP COM 677240103 470,456 27,100 DEFINED 1, 3 27,100 79 OVERSEAS SHIPPING GROUP COM 690368105 408,600 12,000 DEFINED 1, 3 12,000 80 OVERSEAS SHIPPING GROUP COM 690368105 6,980,250 205,000 DEFINED 2, 3 205,000 81 PAULA FINANCIAL COM 703588103 490,500 225,000 DEFINED 2, 3 225,000 82 PEOPLES BANK COM 710198102 651,000 20,000 DEFINED 1, 3 20,000 83 PEOPLES BANK COM 710198102 13,508,250 415,000 DEFINED 2, 3 415,000 84 PEPSICO INCORPORATED COM 713448108 550,116 11,800 DEFINED 1, 3 11,800 85 PLUM CREEK TIMBER CO COM 729251108 761,250 25,000 DEFINED 2, 3 25,000 86 POST PROPERTIES INC COM 737464107 385,296 13,800 DEFINED 1, 3 13,800 87 POTLATCH CORPORATION COM 737628107 695,400 20,000 DEFINED 1, 3 20,000 88 POTLATCH CORPORATION COM 737628107 14,603,400 420,000 DEFINED 2, 3 420,000 89 RYDER SYSTEM COM 783549108 1,195,250 35,000 DEFINED 1, 3 35,000 90 RYDER SYSTEM COM 783549108 22,880,500 670,000 DEFINED 2, 3 670,000
-------------------------------------------------------------------------------------------------------------------------------- Amount and Voting Authority (Shares) Title CUSIP Market Type Investment ------------------------ Name of Issuer of Class Number Value of Security Discretion Managers* Sole Shared None -------------------------------------------------------------------------------------------------------------------------------- 91 SAFEWAY INC. COM 786514208 438,200 20,000 DEFINED 2, 3 20,000 92 SCHERING-PLOUGH COM 806605101 316,498 18,200 DEFINED 1, 3 18,200 93 SIERRA PACIFIC RESOURCES COM 826428104 682,620 93,000 DEFINED 1, 3 93,000 94 SIERRA PACIFIC RESOURCES COM 826428104 13,358,800 1,820,000 DEFINED 2, 3 1,820,000 95 STANLEY WORKS COM 854616109 1,893,500 50,000 DEFINED 2, 3 50,000 96 TJX COMPANIES INC COM 872540109 1,323,000 60,000 DEFINED 2, 3 60,000 97 TORONTO-DOMINION BANK COM 891160509 334,200 10,000 DEFINED 2, 3 10,000 98 TXU CORP COM 873168108 1,897,600 80,000 DEFINED 2, 3 80,000 99 UNIONBANCAL CORPORATION COM 908906100 443,058 7,700 DEFINED 1, 3 7,700 100 UNISOURCE ENERGY CORP. HLD. CO COM 909205106 3,528,846 143,100 DEFINED 1, 3 143,100 101 UNISOURCE ENERGY CORP. HLD. CO COM 909205106 40,812,300 1,655,000 DEFINED 2, 3 1,655,000 102 UNITED PARCEL SERVICE COM 911312106 1,491,000 20,000 DEFINED 2, 3 20,000 103 UNOCAL CORP COM 915289102 2,279,777 61,900 DEFINED 1, 3 61,900 104 UNOCAL CORP COM 915289102 29,095,700 790,000 DEFINED 2, 3 790,000 105 WACHOVIA CORP COM 929903102 637,817 13,690 DEFINED 1, 3 13,690 106 WELLPOINT HEALTH NETWORKS COM 94973H108 1,939,800 20,000 DEFINED 2, 3 20,000 107 XCEL ENERGY INC COM 98389B100 594,300 35,000 DEFINED 1, 3 35,000 108 XCEL ENERGY INC COM 98389B100 13,244,400 780,000 DEFINED 2, 3 780,000 ------------------------- 606,685,433 22,691,808 -------------------------
1 = FolksAmerica Holding Company Inc. (Form 13F filed separately) 2 = White Mountains Advisors (Form 13F filed separately) 3 = White Mountains Insurance Group, Ltd.