WHITE MOUNTAINS INSURANCE GROUP LTD — Director's Dealing 2016

Nov 17, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: WHITE MOUNTAINS INSURANCE GROUP LTD (WTM)
CIK: 0000776867
Period of Report: 2016-11-15

Reporting Person: BARRETTE RAYMOND JOSEPH RENE (Director, Chief Executive Officer, Chairman of the Board)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-11-15	Common Shares	M	3000	$742.00	Acquired	36952	Direct
2016-11-15	Common Shares	F	2655	$838.19	Disposed	34297	Direct
2016-11-16	Common Shares	M	3000	$742.00	Acquired	37297	Direct
2016-11-16	Common Shares	F	2668	$834.14	Disposed	34629	Direct
2016-11-17	Common Shares	M	3000	$742.00	Acquired	37629	Direct
2016-11-17	Common Shares	F	2654	$838.64	Disposed	34975	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-11-15	Common Share Options (right to buy)	$742.00	M	3000	Disposed	2017-01-20	Common Shares (3000)	Direct
2016-11-16	Common Share Options (right to buy)	$742.00	M	3000	Disposed	2017-01-20	Common Shares (3000)	Direct
2016-11-17	Common Share Options (right to buy)	$742.00	M	3000	Disposed	2017-01-20	Common Shares (3000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	12278	Indirect
Common Shares (restricted)	5000	Direct
Common Shares	6106	Indirect
Common Shares	716	Indirect

Footnotes

F1: Includes shares held in accounts jointly owned by the Reporting Person and his spouse.

F2: Since the date of the Reporting Person's last filing, 2,500 WTM Common Shares were reclassified from indirect to direct holdings.

F3: Since the date of the Reporting Person's last filing, he acquired 9 WTM Common Shares under the company 401(k) plan. The WTM Common Shares were purchased at fair market value on the date of purchase. The information in this report is based on a plan report dated as of November 15, 2016.

F4: All of the options are fully vested and exercisable.