0000912057-01-537232.txt : 20011106
0000912057-01-537232.hdr.sgml : 20011106
ACCESSION NUMBER: 0000912057-01-537232
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20011031
ITEM INFORMATION: Financial statements and exhibits
ITEM INFORMATION:
FILED AS OF DATE: 20011101
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: WHITE MOUNTAINS INSURANCE GROUP LTD
CENTRAL INDEX KEY: 0000776867
STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331]
IRS NUMBER: 942708455
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-08993
FILM NUMBER: 1772325
BUSINESS ADDRESS:
STREET 1: 80 SOUTH MAIN STREET
CITY: HANOVER
STATE: NH
ZIP: 03755-2053
BUSINESS PHONE: 6036431567
MAIL ADDRESS:
STREET 1: 80 SOUTH MAIN STREET
CITY: HANOVER
STATE: NH
ZIP: 03755
FORMER COMPANY:
FORMER CONFORMED NAME: FUND AMERICAN COMPANIES INC
DATE OF NAME CHANGE: 19920701
FORMER COMPANY:
FORMER CONFORMED NAME: FUND AMERICAN ENTERPRISES HOLDINGS INC
DATE OF NAME CHANGE: 19920703
FORMER COMPANY:
FORMER CONFORMED NAME: WHITE MOUNTAINS INSURANCE GROUP INC
DATE OF NAME CHANGE: 19990603
8-K
1
a2062297z8-k.txt
8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
OCTOBER 31, 2001
Date of Report (Date of earliest event reported)
WHITE MOUNTAINS INSURANCE GROUP, LTD.
(Exact name of registrant as specified in its charter)
BERMUDA 1-8993 94-2708455
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) file number) Identification No.)
80 SOUTH MAIN STREET, HANOVER, NEW HAMPSHIRE 03755
(Address of principal executive offices)
(603) 643-1567
(Registrant's telephone number, including area code)
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits. The following exhibits are filed herewith:
EXHIBIT NO. DESCRIPTION
99 (a) Letter to shareholders from White Mountains' Chairman, John J. Byrne.
ITEM 9. REGULATION FD DISCLOSURE.
White Mountains Insurance Group, Ltd.'s (the "Registrant") Chairman, John J.
Byrne, issued a letter dated October 31, 2001 providing recent developments
concerning White Mountains' subsidiaries, OneBeacon Corporation and Folksamerica
Reinsurance Company. The Chairman's letter to shareholders dated October 31,
2001 is furnished herewith as Exhibit 99(a) and is incorporated by reference in
its entirety.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
WHITE MOUNTAINS INSURANCE GROUP, LTD.
Dated: November 1, 2001 BY: /s/ J. Brian Palmer
----------------------------
J. Brian Palmer
Chief Accounting Officer
EX-99.(A)
3
a2062297zex-99_a.txt
EXHIBIT 99(A)
Exhibit 99(a)
[WHITE MOUNTAINS INSURANCE GROUP LOGO]
JOHN J. BYRNE
CHAIRMAN
October 31, 2001
Dear Fellow Shareholder,
I recently saw many of you at our annual meeting where we tried to be detailed
and informative. Developments of the last months make our communication with you
seem stale. Let's catch up:
The steps to implement our partnership with Liberty Mutual are proceeding
smoothly. We have signed the detailed agreements necessary. I refer you to our
announcement earlier this morning. The two field organizations are getting to
know each other and the operating structure is falling into place. The actual
implementation will take place mostly over the next six months and will be
complex. I have every reason to believe it will go forward in a businesslike
fashion. BOTH companies should benefit from the transaction.
OneBeacon insurance operations remain a challenge. Our focus on becoming a
Northeast super-regional company and nurturing selected specialty businesses has
significantly improved our chances of quickly achieving an acceptable trade
ratio. The energetic actions put in place by Ray Barrette and his team will not
begin to show in our reported results for a while, but the underlying trends are
swell. I expect the tragedies in New York and Washington to settle out between
2% and 3% of our tangible net worth, including Folksamerica, and net of
reinsurance and taxes. We have solid reinsurers backing our recoveries. These
terrible events have reminded customers everywhere of the critical value
insurance provides just when capacity is getting scarce. We are prepared to meet
this demand with the solid talent we inherited, the focused platform we have
created, and plenty of capital.
As most of you know, Folksamerica was headquartered at One Liberty Plaza, just
across the street from the World Trade Center. In spite of their shattered home,
Steve Fass and his team were up and running in two days, with data restored and
backup facilities occupied in Staten Island. The opportunities emerging in the
reinsurance market might be attractive. Steve is working around the clock to be
an active participant. We will bring his capital up to $1BB so that he can be a
heavier player. We trust Steve to use it with care.
In addition, we are working on a couple of other ideas to participate in new
insurance opportunities. These opportunities may be temporary but attractive.
You might hear about these in the next few days.
Our claims costs from the terrorist attacks have been more than offset by the
outstanding performance of our investment portfolio since September 11th. John
Gillespie has been remarkably prescient to move us completely out of equities a
few months ago, converting us to short and medium term bonds with lots of
treasuries. John also sold our $1 billion mortgage portfolio in August. Our
balance sheet is big, solid and hugely liquid.
So, an eventful period, filled with challenges and sorrow. Yet I emerge with
renewed optimism for the spirit of America and for the future of our enterprise.
"The rhythm of the Dao is like the drawing of a bow" . . . Lao Tse.
Respectfully submitted,
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CORPORATE HEADQUARTERS EXECUTIVE OFFICES
WHITE MOUNTAINS INSURANCE GROUP, LTD. WHITE MOUNTAINS INSURANCE GROUP, LTD.
12 CHURCH STREET, SUITE 322, HAMILTON HM 11, BERMUDA 80 SOUTH MAIN STREET, HANOVER, NH 03755
PH: 441-296-6011 FAX: 441-296-9904 PH: 603-643-1567 * FAX: 603-643-4592
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
The information contained in this press release may contain forward-looking
statements within the meaning of the "safe harbor" provisions of the United
States Private Securities Litigation Reform Act of 1995. White Mountains
cautions that a number of important factors could cause actual results to differ
materially from the plans, objectives, expectations, estimates and intentions
expressed in forward-looking statements made by White Mountains. These factors
include: (i) competitive forces, including the conduct of other property and
casualty insurers and reinsurers, (ii) changes in domestic or foreign laws or
regulations applicable to White Mountains, its competitors or its clients, (iii)
an economic downturn or other economic conditions (such as rising interest rate
environment) adversely affecting White Mountains' financial position, (iv) loss
reserves and other balance sheet items established by White Mountains
subsequently proving to have been inadequate, and (v) the failure of pending
transactions to be consummated under expected terms or at all. White Mountains
cautions that the foregoing list of important factors is not exhaustive. In any
event, such forward-looking statements made by White Mountains speak only as of
the date on which they are made, and White Mountains does not undertake any
obligation to update or revise such statements as a result of new information,
future events or otherwise.
----------------------------------------------------------------------------------------------------
CORPORATE HEADQUARTERS EXECUTIVE OFFICES
WHITE MOUNTAINS INSURANCE GROUP, LTD. WHITE MOUNTAINS INSURANCE GROUP, LTD.
12 CHURCH STREET, SUITE 322, HAMILTON HM 11, BERMUDA 80 SOUTH MAIN STREET, HANOVER, NH 03755
PH: 441-296-6011 FAX: 441-296-9904 PH: 603-643-1567 * FAX: 603-643-4592