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 January 10, 2000 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 (Commission (I.R.S. Employer incorporation or organization) file number) Identification No.) 80 South Main Street, Hanover, New Hampshire 03755 (Address of principal executive offices) (603) 643-1567 (Registrant's telephone number, including area code) Item 5. Other Events. On January 10, 2000 Folksamerica Holding Company, Inc. ("Folksamerica"), a wholly-owned subsidiary of the Registrant, announced that it had signed a definitive agreement to acquire substantially all the reinsurance operations of Risk Capital Reinsurance Company ("RCRe"), a wholly-owned subsidiary of Risk Capital Holdings, Inc. The purchase by Folksamerica of the RCRe assets and liabilities will be made at the book value (calculated in accordance with Generally Accepted Accounting Principles) of such assets and liabilities plus $20.3 million, payable at closing. The transaction is subject to regulatory approvals. Item 7. Financial Statements and Exhibits. (c) Exhibits. The following exhibits are filed herewith: Exhibit No. Description 10 (a) Asset Purchase Agreement, as of January 10, 2000, by and between Risk Capital Holdings, Inc., Risk Capital Reinsurance Company, Folksamerica Holding Company, Inc. and Folksamerica Reinsurance Company. 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: January 26, 2000 By: /s/ Michael S. Paquette ------------------------------ Michael S. Paquette Senior Vice President and Controller