X0202 4 2007-05-24 0000776867 WHITE MOUNTAINS INSURANCE GROUP LTD WTM 0001270307 SMITH LOWNDES ANDREW C/O WHITE MOUNTAINS INSURANCE GROUP, LTD 80 SOUTH MAIN STREET HANOVER NH 03755 1 0 0 0 Common Shares 1000 D Phantom Shares (Deferred Compensation) 2007-05-24 4 A 0 100 0 A Common Shares 100 100 D Phantom Shares are convertible into Common Shares on a 1 for 1 basis. The Phantom Shares are held in the Reporting Person's WTM deferred compensation account and are payable in cash upon the earlier of the date when the Reporting Person ceases to be a director of the Company or a date certain selected by the Reporting Person. Jason R. Lichtenstein, by Power of Attorney 2007-05-29