EXHIBIT 21

SUBSIDIARIES OF THE REGISTRANT
AS OF DECEMBER 31, 2003

FULL NAME OF SUBSIDIARY	PLACE OF INCORPORATION
FUND AMERICAN REINSURANCE COMPANY, LTD	BERMUDA
WHITE MOUNTAINS UNDERWRITING LIMITED	IRELAND
WHITE MOUNTAINS HOLDINGS (BARBADOS) SRL	BARBADOS, WEST INDIES
WM ASSET MANAGEMENT (BARBADOS) SRL	BARBADOS, WEST INDIES
WM BRIDGETOWN (BARBADOS) SRL	BARBADOS, WEST INDIES
WHITE MOUNTAINS (LUXEMBOURG) SARL	LUXEMBOURG
FUND AMERICAN ENTERPRISES HOLDINGS, INC.	DELAWARE, USA
FUND AMERICAN COMPANIES, INC.	DELAWARE, USA
WHITE MOUNTAINS ADVISORS LLC	DELAWARE, USA
ONEBEACON INSURANCE GROUP LLC	DELAWARE, USA
ONEBEACON INSURANCE COMPANY	PENNSYLVANIA, USA
ONEBEACON AMERICA INSURANCE COMPANY	MASSACHUSETTS, USA
THE CAMDEN FIRE INSURANCE ASSOCIATION	NEW JERSEY, USA
PENNSYLVANIA GENERAL INSURANCE COMPANY	PENNSYLVANIA, USA
HOMELAND INSURANCE COMPANY OF NEW YORK	NEW YORK, USA
THE NORTHERN ASSURANCE COMPANY OF AMERICA	MASSACHUSETTS, USA
ESURANCE INCORPORATED	DELAWARE, USA
ESURANCE INSURANCE COMPANY	OKLAHOMA, USA
FOLKSAMERICA HOLDING COMPANY, INC.	NEW YORK, USA
FOLKSAMERICA REINSURANCE COMPANY	NEW YORK, USA
HOMELAND CENTRAL INSURANCE COMPANY	IOWA, USA

Certain other subsidiaries of the Company and its subsidiaries have been omitted since, in the aggregate, they would not constitute a significant subsidiary.