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  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES</font></b></p>
  
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION<br>
  </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Washington, D.C. 20549</font></b></p>
  
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>
  
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT REPORT</font></b></p>
  
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Pursuant to Section&nbsp;13 or 15(d)&nbsp;of the
  Securities Exchange Act of 1934</font></b></p>
  
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">May&nbsp;2, 2008</font></b><font size="2" style="font-size:10.0pt;"><br>
  Date of Report (Date of earliest event reported)</font></p>
  
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">WHITE MOUNTAINS INSURANCE GROUP, LTD.</font></b><font size="2" style="font-size:10.0pt;"><br>
  (Exact name of registrant as specified in its charter)</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
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    <p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bermuda</font></b></p>
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    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1-8993</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">94-2708455</font></b></p>
    </td>
   </tr>
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    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other
    jurisdiction of<br>
    incorporation or organization)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission file<br>
    number)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer<br>
    Identification No.)</font></p>
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  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">80 South Main Street, Hanover,
  New Hampshire 03755</font></b></p>
  
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of
  principal executive offices)</font></p>
  
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(603) 640-2200</font></b><font size="2" style="font-size:10.0pt;"><br>
  (Registrant&#146;s telephone number, including area code)</font></p>
  
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
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    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box below if the Form&nbsp;8-K filing is
    intended to simultaneously satisfy the filing obligation of the registrant
    under any of the following provisions: </font></p>
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    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Written communications pursuant to Rule&nbsp;425 under the
    Securities Act (17 CFR 230.425)</font></p>
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    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Soliciting material pursuant to Rule&nbsp;14a-12 under the
    Exchange Act (17 CFR 240.14a-12)</font></p>
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    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
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    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre-commencement communications pursuant to
    Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
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    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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    <td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.0%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
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    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.0%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre-commencement communications pursuant to
    Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
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  <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0in 0in 0in 0in;">
  
  <p style="border:none;margin:0in 0in .0001pt;padding:0in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  </div>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105537\08-13238-1\task2910951\13238-1-ba.htm',USER='105537',CD='May  2 06:26 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 2.02. RESULTS OF OPERATIONS AND
  FINANCIAL CONDITION.</font></b></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;2, 2008, White Mountains Insurance Group,
  Ltd. issued a press release announcing its results for the three months ended March&nbsp;31,
  2008.&#160; The press release furnished
  herewith is attached as Exhibit&nbsp;99.1 to this Form&nbsp;8-K.&#160; Certain information included in the press
  release constitutes non-GAAP financial measures (as defined in
  Regulation&nbsp;G of the Securities and Exchange Commission).&#160; Specifically, non-GAAP financial measures
  disclosed in the press release are adjusted comprehensive net income, fully
  diluted tangible book value per share and OneBeacon&#146;s adjusted book value per
  common share.&#160; White Mountains believes
  these measures to be more relevant than comparable GAAP measures in evaluating
  White Mountains&#146; financial performance.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adjusted comprehensive
  net income is a non-GAAP financial measure that excludes the change in net
  unrealized gains and losses from Symetra&#146;s fixed maturity portfolio from
  comprehensive net income.&#160; In the
  calculation of comprehensive net income under GAAP, fixed maturity investments
  are marked-to-market while the liabilities to which those assets are matched
  are not.&#160; Symetra attempts to earn a &#147;spread&#148;
  between what it earns on its investments and what it pays out on its
  products.&#160; In order to try to fix this
  spread, Symetra invests in a manner that tries to match the duration and cash
  flows of its investments with the required cash outflows associated with its
  life insurance and structured settlements products.&#160; As a result, Symetra typically earns the same
  spread on in-force business whether interest rates fall or rise.&#160; Further, at any given time, some of Symetra&#146;s
  structured settlement obligations may extend 40 or 50 years into the future,
  which is further out than the longest maturing fixed maturity investments
  regularly available for purchase in the market (typically 30 years).&#160; For these long-dated products, Symetra is
  unable to fully match the obligation with assets until the remaining expected
  payout schedule comes within the duration of securities available in the
  market.&#160; If at that time, these fixed
  maturity investments have yields that are lower than the yields expected when
  the structured settlement product was originally priced, the spread for the
  product will shrink and Symetra will ultimately harvest lower returns for its
  shareholders.&#160; GAAP comprehensive net
  income increases when rates decline, which would suggest an increase in the
  value of Symetra &#150; the opposite of what is happening to the intrinsic value of
  the business.&#160; Therefore, White Mountains&#146;
  management and Board of Directors use adjusted comprehensive net income when
  assessing Symetra&#146;s quarterly financial performance.&#160; In addition, this measure is typically the
  predominant component of growth in fully diluted tangible book value per share,
  which is used in the calculation of White Mountains&#146; performance for both the
  short-term (annual bonus) and long-term incentive plans.&#160; A schedule is included in Exhibit&nbsp;99.1
  to this Form&nbsp;8-K that reconciles the Company&#146;s comprehensive net income
  and adjusted comprehensive net income.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Book value per share is derived by dividing the
  Company&#146;s total GAAP shareholders&#146; equity as of a given date by the number of
  common shares outstanding as of that date, including the dilutive effects of
  outstanding options and warrants to acquire common shares, as well as the
  unamortized accretion of preferred stock.&#160;
  Fully diluted tangible book value per share is a non-GAAP measure which
  is derived by expanding the GAAP book value per share calculation to include
  the effects of assumed conversion of all in-the-money convertible securities
  and to exclude any unamortized goodwill and net unrealized gains from Symetra&#146;s
  fixed maturity portfolio.&#160; In addition,
  the number of common shares outstanding used in the calculation of fully
  diluted tangible book value per share are adjusted to exclude unearned shares
  of restricted stock representative of the proportion of unamortized
  compensation cost at the date of the calculation to the value of the restricted
  stock on the date of issuance.&#160; A
  schedule is included in Exhibit&nbsp;99.1 to this Form&nbsp;8-K that reconciles
  the Company&#146;s book value per share and fully diluted tangible book value per
  share.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adjusted book value per common share at OneBeacon is a
  non-GAAP financial measure which is derived by excluding the impact of
  economically defeasing OneBeacon&#146;s mandatorily redeemable preferred stock from
  book value per common share, the most closely comparable GAAP measure.
  Management believes that adjusted book value per common share is a useful supplement
  to understanding OneBeacon&#146;s earnings and profitability. A schedule is included
  in Exhibit&nbsp;99.1 to this Form&nbsp;8-K that reconciles OneBeacon&#146;s book
  value per share and adjusted book value per common share.</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  
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  </div>
  <!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\105537\08-13238-1\task2910951\13238-1-ba.htm',USER='105537',CD='May  2 06:26 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 9.01.&nbsp; FINANCIAL STATEMENTS
  AND EXHIBITS.</font></b></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;Exhibits</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1&nbsp;Press Release of White Mountains Insurance
  Group, Ltd. dated May&nbsp;2, 2008 furnished herewith.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities
  Exchange Act of 1934, the registrant has duly caused this report to be signed
  on its behalf by the undersigned thereunto duly authorized.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.76%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.22%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="60%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:60.02%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHITE MOUNTAINS INSURANCE GROUP, LTD.</font></p>
    </td>
   </tr>
   <tr>
    <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.76%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DATED: May&nbsp;2, 2008</font></p>
    </td>
    <td width="20%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:20.42%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.04%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
    </td>
    <td width="37%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:37.78%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/&nbsp;&nbsp; J. BRIAN PALMER</font></p>
    </td>
   </tr>
   <tr>
    <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.76%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.22%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="22%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:22.24%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
    </td>
    <td width="3%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:3.34%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="34%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.44%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J. Brian Palmer</font></p>
    </td>
   </tr>
   <tr>
    <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.76%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.22%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="22%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:22.24%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
    </td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.44%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Chief Accounting Officer</font></i></p>
    </td>
   </tr>
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    <td width="258" style="border:none;"></td>
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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  
  <div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "a08-13238_18k.htm", "description": "8-K", "secsgml_size_bytes": 27995}]
metadata_filer: {"company-data": {"conformed-name": "WHITE MOUNTAINS INSURANCE GROUP LTD", "cik": "0000776867", "assigned-sic": "6331", "irs-number": "942708455", "state-of-incorporation": "D0", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-08993", "film-number": "08796724"}, "business-address": {"street1": "80 SOUTH MAIN ST", "city": "HANOVER", "state": "NH", "zip": "03755", "phone": "603 640 2200"}, "mail-address": {"street1": "80 SOUTH MAIN STREET", "city": "HANOVER", "state": "NH", "zip": "03755"}, "former-company": [{"former-conformed-name": "WHITE MOUNTAINS INSURANCE GROUP INC", "date-changed": "19990603"}, {"former-conformed-name": "FUND AMERICAN ENTERPRISES HOLDINGS INC", "date-changed": "19920703"}, {"former-conformed-name": "FUND AMERICAN COMPANIES INC", "date-changed": "19920701"}]}
text: UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the
  Securities Exchange Act of 1934
  May 2, 2008
  Date of Report (Date of earliest event reported)
  WHITE MOUNTAINS INSURANCE GROUP, LTD.
  (Exact name of registrant as specified in its charter)
  Bermuda
  1-8993
  94-2708455
  (State or other
    jurisdiction of
  incorporation or organization)
  (Commission file
  number)
  (I.R.S. Employer
  Identification No.)
  80 South Main Street, Hanover,
  New Hampshire 03755
  (Address of
  principal executive offices)
  (603) 640-2200
  (Registrant's telephone number, including area code)
  Check the appropriate box below if the Form 8-K filing is
    intended to simultaneously satisfy the filing obligation of the registrant
    under any of the following provisions:
  o
  Written communications pursuant to Rule 425 under the
    Securities Act (17 CFR 230.425)
  o
  Soliciting material pursuant to Rule 14a-12 under the
    Exchange Act (17 CFR 240.14a-12)
  o
  Pre-commencement communications pursuant to
    Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  o
  Pre-commencement communications pursuant to
    Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  ITEM 2.02. RESULTS OF OPERATIONS AND
  FINANCIAL CONDITION.
  On May 2, 2008, White Mountains Insurance Group,
  Ltd. issued a press release announcing its results for the three months ended March 31,
  2008.  The press release furnished
  herewith is attached as Exhibit 99.1 to this Form 8-K.  Certain information included in the press
  release constitutes non-GAAP financial measures (as defined in
  Regulation G of the Securities and Exchange Commission).  Specifically, non-GAAP financial measures
  disclosed in the press release are adjusted comprehensive net income, fully
  diluted tangible book value per share and OneBeacon's adjusted book value per
  common share.  White Mountains believes
  these measures to be more relevant than comparable GAAP measures in evaluating
  White Mountains' financial performance.
  Adjusted comprehensive
  net income is a non-GAAP financial measure that excludes the change in net
  unrealized gains and losses from Symetra's fixed maturity portfolio from
  comprehensive net income.  In the
  calculation of comprehensive net income under GAAP, fixed maturity investments
  are marked-to-market while the liabilities to which those assets are matched
  are not.  Symetra attempts to earn a "spread"
  between what it earns on its investments and what it pays out on its
  products.  In order to try to fix this
  spread, Symetra invests in a manner that tries to match the duration and cash
  flows of its investments with the required cash outflows associated with its
  life insurance and structured settlements products.  As a result, Symetra typically earns the same
  spread on in-force business whether interest rates fall or rise.  Further, at any given time, some of Symetra's
  structured settlement obligations may extend 40 or 50 years into the future,
  which is further out than the longest maturing fixed maturity investments
  regularly available for purchase in the market (typically 30 years).  For these long-dated products, Symetra is
  unable to fully match the obligation with assets until the remaining expected
  payout schedule comes within the duration of securities available in the
  market.  If at that time, these fixed
  maturity investments have yields that are lower than the yields expected when
  the structured settlement product was originally priced, the spread for the
  product will shrink and Symetra will ultimately harvest lower returns for its
  shareholders.  GAAP comprehensive net
  income increases when rates decline, which would suggest an increase in the
  value of Symetra – the opposite of what is happening to the intrinsic value of
  the business.  Therefore, White Mountains'
  management and Board of Directors use adjusted comprehensive net income when
  assessing Symetra's quarterly financial performance.  In addition, this measure is typically the
  predominant component of growth in fully diluted tangible book value per share,
  which is used in the calculation of White Mountains' performance for both the
  short-term (annual bonus) and long-term incentive plans.  A schedule is included in Exhibit 99.1
  to this Form 8-K that reconciles the Company's comprehensive net income
  and adjusted comprehensive net income.
  Book value per share is derived by dividing the
  Company's total GAAP shareholders' equity as of a given date by the number of
  common shares outstanding as of that date, including the dilutive effects of
  outstanding options and warrants to acquire common shares, as well as the
  unamortized accretion of preferred stock. 
  Fully diluted tangible book value per share is a non-GAAP measure which
  is derived by expanding the GAAP book value per share calculation to include
  the effects of assumed conversion of all in-the-money convertible securities
  and to exclude any unamortized goodwill and net unrealized gains from Symetra's
  fixed maturity portfolio.  In addition,
  the number of common shares outstanding used in the calculation of fully
  diluted tangible book value per share are adjusted to exclude unearned shares
  of restricted stock representative of the proportion of unamortized
  compensation cost at the date of the calculation to the value of the restricted
  stock on the date of issuance.  A
  schedule is included in Exhibit 99.1 to this Form 8-K that reconciles
  the Company's book value per share and fully diluted tangible book value per
  share.
  Adjusted book value per common share at OneBeacon is a
  non-GAAP financial measure which is derived by excluding the impact of
  economically defeasing OneBeacon's mandatorily redeemable preferred stock from
  book value per common share, the most closely comparable GAAP measure.
  Management believes that adjusted book value per common share is a useful supplement
  to understanding OneBeacon's earnings and profitability. A schedule is included
  in Exhibit 99.1 to this Form 8-K that reconciles OneBeacon's book
  value per share and adjusted book value per common share.
  2
  ITEM 9.01.  FINANCIAL STATEMENTS
  AND EXHIBITS.
  (d) Exhibits
  99.1 Press Release of White Mountains Insurance
  Group, Ltd. dated May 2, 2008 furnished herewith.
  SIGNATURES
  Pursuant to the requirements of the Securities
  Exchange Act of 1934, the registrant has duly caused this report to be signed
  on its behalf by the undersigned thereunto duly authorized.
  WHITE MOUNTAINS INSURANCE GROUP, LTD.
  DATED: May 2, 2008
  By:
  /s/   J. BRIAN PALMER
  J. Brian Palmer
  Chief Accounting Officer
  3