X0202 4 2007-01-23 0000776867 WHITE MOUNTAINS INSURANCE GROUP LTD WTM 0001265345 DAVIS MORGAN W C/O WHITE MOUNTAINS INSURANCE GROUP, LTD 80 SOUTH MAIN STREET HANOVER NH 03755 1 1 0 0 President, American Centennial Common Shares 15099 D Common Shares 2007-01-23 4 D 0 85 577.90 D 5609 I By 401(k) Phantom Shares (Deferred Compensation) Common Shares 0 6260 D As a result of the Reporting Person's previous separation of employment from WTM, a portion of the Reporting Person's account is payable in cash in five equal installments that commenced in 2005. Final payment is due in 2009. Phantom Shares are convertible into Common Shares on a 1 for 1 basis. The Phantom Shares are held in the Reporting Person's deferred compensation account. As a result of the Reporting Person's previous separation of employment from WTM, the deferred compensation account is payable in cash in five equal installments that commenced in 2005. Final payment is due in 2009. Jason R. Lichtenstein, by Power of Attorney 2007-01-25