WHITE MOUNTAINS INSURANCE GROUP LTD — Director's Dealing 2017

Jan 20, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: WHITE MOUNTAINS INSURANCE GROUP LTD (WTM)
CIK: 0000776867
Period of Report: 2017-01-17

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
2017-01-17	Common Shares	M	4000	$742.00	Acquired	48184	Direct
2017-01-17	Common Shares	F	3501	$847.60	Disposed	44683	Direct
2017-01-18	Common Shares	M	5000	$742.00	Acquired	49683	Direct
2017-01-18	Common Shares	F	4294	$863.94	Disposed	45389	Direct
2017-01-19	Common Shares	M	4000	$742.00	Acquired	49389	Direct
2017-01-19	Common Shares	F	3401	$872.45	Disposed	45988	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-01-17	Common Share Options (right to buy)	$742.00	M	4000	Disposed	2017-01-20	Common Shares (4000)	Direct
2017-01-18	Common Share Options (right to buy)	$742.00	M	5000	Disposed	2017-01-20	Common Shares (5000)	Direct
2017-01-19	Common Share Options (right to buy)	$742.00	M	4000	Disposed	2017-01-20	Common Shares (4000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	6035	Indirect
Common Shares (restricted)	5000	Direct
Common Shares	6106	Indirect
Common Shares	720	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, 464 WTM Common Shares were reclassified from indirect to direct holdings.

F3: Since the date of the Reporting Person's last filing, he acquired 1 WTM Common Share 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 January 19, 2017.

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