The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AFLAC INCORPORATED COM 001055102   30,700 400 SH   SOLE   400 0 0
AFLAC INCORPORATED COM 001055102   4,167,525 54,300 SH   SOLE   54,300 0 0
AFLAC INCORPORATED COM 001055102   15,534,200 202,400 SH   SOLE   202,400 0 0
AFLAC INCORPORATED COM 001055102   2,970,225 38,700 SH   SOLE   38,700 0 0
AMERICAN INTERNATIONAL GR. COM 026874784   3,599,640 59,400 SH   SOLE   59,400 0 0
AMERICAN INTERNATIONAL GR. COM 026874784   13,556,220 223,700 SH   SOLE   223,700 0 0
AMERICAN INTERNATIONAL GR. COM 026874784   3,993,540 65,900 SH   SOLE   65,900 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106   3,609,996 10,950 SH   SOLE   10,950 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106   12,280,580 37,250 SH   SOLE   37,250 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106   2,472,600 7,500 SH   SOLE   7,500 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105   5,260,860 66,000 SH   SOLE   66,000 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105   3,834,051 48,100 SH   SOLE   48,100 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105   16,421,854 206,020 SH   SOLE   206,020 0 0
BERKLEY W.R. CORP. COM 084423102   3,155,453 49,700 SH   SOLE   49,700 0 0
BERKLEY W.R. CORP. COM 084423102   9,023,008 142,117 SH   SOLE   142,117 0 0
BERKLEY W.R. CORP. COM 084423102   1,765,784 27,812 SH   SOLE   27,812 0 0
BERKLEY W.R. CORP. COM 084423102   18,539 292 SH   SOLE   292 0 0
BROWN & BROWN, INC. COM 115236101   4,106,592 58,800 SH   SOLE   58,800 0 0
BROWN & BROWN, INC. COM 115236101   15,769,872 225,800 SH   SOLE   225,800 0 0
BROWN & BROWN, INC. COM 115236101   2,852,964 40,850 SH   SOLE   40,850 0 0
CHUBB LIMITED COM H1467J104   3,559,878 17,100 SH   SOLE   17,100 0 0
CHUBB LIMITED COM H1467J104   13,594,154 65,300 SH   SOLE   65,300 0 0
CHUBB LIMITED COM H1467J104   2,758,385 13,250 SH   SOLE   13,250 0 0
CHUBB LIMITED COM H1467J104   20,818 100 SH   SOLE   100 0 0
DONEGAL GROUP, INC. A COM 257701201   74,012 5,192 SH   SOLE   5,192 0 0
F&G ANNUITIES & LIFE, INC. COM 30190A104   39,480 1,407 SH   SOLE   1,407 0 0
F&G ANNUITIES & LIFE, INC. COM 30190A104   151,300 5,392 SH   SOLE   5,392 0 0
F&G ANNUITIES & LIFE, INC. COM 30190A104   27,667 986 SH   SOLE   986 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R105   1,020,110 24,700 SH   SOLE   24,700 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R105   3,440,290 83,300 SH   SOLE   83,300 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R105   681,450 16,500 SH   SOLE   16,500 0 0
FIRST AMERICAN FINANCIAL COM 31847R102   1,420,724 25,150 SH   SOLE   25,150 0 0
FIRST AMERICAN FINANCIAL COM 31847R102   4,581,339 81,100 SH   SOLE   81,100 0 0
FIRST AMERICAN FINANCIAL COM 31847R102   1,022,469 18,100 SH   SOLE   18,100 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109   3,903,301 17,125 SH   SOLE   17,125 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109   16,661,683 73,100 SH   SOLE   73,100 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109   3,760,845 16,500 SH   SOLE   16,500 0 0
GOLDMAN SACHS COM 38141G104   647,140 2,000 SH   SOLE   2,000 0 0
GOLDMAN SACHS COM 38141G104   2,588,560 8,000 SH   SOLE   8,000 0 0
HISCOX LTD. COM 4593F1389   1,889,793 154,143 SH   SOLE   154,143 0 0
J P MORGAN & CO COM 46625H100   1,384,941 9,550 SH   SOLE   9,550 0 0
LEMONADE, INC. COM 52567D107   395,080 34,000 SH   SOLE   34,000 0 0
LEMONADE, INC. COM 52567D107   255,640 22,000 SH   SOLE   22,000 0 0
LEMONADE, INC. COM 52567D107   1,266,580 109,000 SH   SOLE   109,000 0 0
PRIMERICA COM 74164M108   5,548,686 28,600 SH   SOLE   28,600 0 0
PRIMERICA COM 74164M108   15,840,917 81,650 SH   SOLE   81,650 0 0
PRIMERICA COM 74164M108   4,355,525 22,450 SH   SOLE   22,450 0 0
RAYMOND JAMES FINANCIAL COM 754730109   3,427,174 34,125 SH   SOLE   34,125 0 0
RAYMOND JAMES FINANCIAL COM 754730109   11,787,971 117,375 SH   SOLE   117,375 0 0
REINSURANCE GROUP AMERICA COM 759351604   4,842,087 33,350 SH   SOLE   33,350 0 0
REINSURANCE GROUP AMERICA COM 759351604   14,751,304 101,600 SH   SOLE   101,600 0 0
REINSURANCE GROUP AMERICA COM 759351604   4,297,624 29,600 SH   SOLE   29,600 0 0
RENAISSANCERE HOLDINGS COM G7496G103   4,301,791 21,735 SH   SOLE   21,735 0 0
RENAISSANCERE HOLDINGS COM G7496G103   15,880,111 80,235 SH   SOLE   80,235 0 0
RENAISSANCERE HOLDINGS COM G7496G103   3,621,936 18,300 SH   SOLE   18,300 0 0
RLI CORP. COM 749607107   2,330,514 17,150 SH   SOLE   17,150 0 0
RLI CORP. COM 749607107   8,343,102 61,396 SH   SOLE   61,396 0 0
RLI CORP. COM 749607107   1,576,324 11,600 SH   SOLE   11,600 0 0
SAFETY INSURANCE GROUP COM 78648T100   252,303 3,700 SH   SOLE   3,700 0 0
SELECTIVE INSURANCE GROUP COM 816300107   309,510 3,000 SH   SOLE   3,000 0 0
SKYWARD SPECIALTY INSURANCE GR COM 830940102   82,080 3,000 SH   SOLE   3,000 0 0
SKYWARD SPECIALTY INSURANCE GR COM 830940102   246,240 9,000 SH   SOLE   9,000 0 0
SKYWARD SPECIALTY INSURANCE GR COM 830940102   82,080 3,000 SH   SOLE   3,000 0 0