Exhibit 10.17


                      WHITE MOUNTAINS ANNUAL BONUS PROGRAM

Set forth below is a summary of the White Mountains Annual Bonus Program:

OVERVIEW

The White Mountains Annual Bonus Program (the "Program") is an integral part of
the total compensation program for employees of White Mountains Insurance Group,
Ltd. ("White Mountains") and certain of its subsidiaries. The Program is
overseen by the Compensation Committee of the Board of Directors of White
Mountains. At the end of each year, separate bonus pools are established for the
non-investment personnel and the investment personnel based on performance. In
general, the bonus pool may range from 0% to 200% of the target. Individual
awards from the bonus pool may vary widely based on individual performance.

ANNUAL BONUS POOL DETERMINATION

For non-investment personnel, the targeted annual bonus pool is the sum of the
individual target bonuses for participants in the program. For senior officers,
the individual target is 50% of salary; more junior personnel receive
progressively lower targets. At the beginning of each year, one or more
performance metrics are selected as the goal(s) for the bonus program. Typically
for White Mountains' non-investment personnel, the performance metric is growth
in intrinsic value per share. For corporate performance above or below target,
the annual bonus pool can range from 0% to 200% of the targeted annual bonus
pool.

For investment personnel, the size of the targeted annual bonus pool is
established in the same manner as for non-investment personnel with senior staff
having an individual target of 50% of salary and more junior staff having
progressively lower targets. Typically, performance is measured based upon
achievement of one or more of the following factors: (i) the absolute level of
investment results; (ii) investment performance as compared to a range of
relevant benchmarks; and (iii) peer company investment results. White Mountains
may also factor in corporate circumstances and its effect on pure investment
performance such as acquisition related portfolio purchases, repositioning of
the portfolio or other relevant matters. Based upon performance. the annual
bonus pool can range from 0% to 200% of the targeted annual bonus pool.

The Compensation Committee reserves the flexibility to adjust the size of an
annual bonus pool up or down as it deems appropriate given special
circumstances.

INDIVIDUAL AWARDS

Individual bonuses can vary widely around an annual bonus pool average based on
individual performance. No cap applies to the bonus any one participant can
receive as a percentage of salary.

A limited number of special bonuses may be awarded in any year to recognize
successful individual results without regard to the aggregate size of an annual
bonus pool.

PROGRAM PARTICIPATION FOR NEW HIRES

Annual bonuses of those eligible employees hired during the year are typically
pro-rated based on date of hire.