X0202 4 2008-03-28 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 2008-03-28 4 S 0 200 477.269 D 14700 D Common Shares 5475 I By 401(k) Phantom Shares (Deferred Compensation) Common Shares 0 4502 D Phantom Shares are convertible into Common Shares on a 1 for 1 basis. The Phantom Shares are held in Reporting Person's WTM deferred compensation account and are payable in cash or shares upon the earlier of the date when the Reporting Person ceases to be an employee or director of the Company or a date certain selected by the Reporting Person.. Jason R. Lichtenstein, by Power of Attorney 2008-03-31