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   2,784,078 38,700 SH   SOLE   38,700 0 0
AFLAC INCORPORATED COM 001055102   14,560,656 202,400 SH   SOLE   202,400 0 0
AFLAC INCORPORATED COM 001055102   3,906,342 54,300 SH   SOLE   54,300 0 0
AFLAC INCORPORATED COM 001055102   28,776 400 SH   SOLE   400 0 0
AMERICAN INTERNATIONAL GR COM 026874784   3,756,456 59,400 SH   SOLE   59,400 0 0
AMERICAN INTERNATIONAL GR COM 026874784   14,146,788 223,700 SH   SOLE   223,700 0 0
AMERICAN INTERNATIONAL GR COM 026874784   4,167,516 65,900 SH   SOLE   65,900 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106   3,409,502 10,950 SH   SOLE   10,950 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106   11,598,533 37,250 SH   SOLE   37,250 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106   1,712,535 5,500 SH   SOLE   5,500 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105   4,896,840 78,000 SH   SOLE   78,000 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105   3,270,838 52,100 SH   SOLE   52,100 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105   16,826,296 268,020 SH   SOLE   268,020 0 0
BERKLEY WR CORP COM 084423102   3,679,299 50,700 SH   SOLE   50,700 0 0
BERKLEY WR CORP COM 084423102   10,458,571 144,117 SH   SOLE   144,117 0 0
BERKLEY WR CORP COM 084423102   2,163,457 29,812 SH   SOLE   29,812 0 0
BERKLEY WR CORP COM 084423102   21,190 292 SH   SOLE   292 0 0
BROWN & BROWN, INC. COM 115236101   3,349,836 58,800 SH   SOLE   58,800 0 0
BROWN & BROWN, INC. COM 115236101   12,863,826 225,800 SH   SOLE   225,800 0 0
BROWN & BROWN, INC. COM 115236101   2,327,225 40,850 SH   SOLE   40,850 0 0
CHUBB CORPORATION COM H1467J104   3,772,260 17,100 SH   SOLE   17,100 0 0
CHUBB CORPORATION COM H1467J104   14,405,180 65,300 SH   SOLE   65,300 0 0
CHUBB CORPORATION COM H1467J104   2,922,950 13,250 SH   SOLE   13,250 0 0
CHUBB CORPORATION COM H1467J104   22,060 100 SH   SOLE   100 0 0
DONEGAL GROUP, INC. A COM 257701201   73,726 5,192 SH   SOLE   5,192 0 0
F&G ANNUITIES & LIFE INC COM 30190A104   19,730 986 SH   SOLE   986 0 0
F&G ANNUITIES & LIFE INC COM 30190A104   28,154 1,407 SH   SOLE   1,407 0 0
F&G ANNUITIES & LIFE INC COM 30190A104   107,894 5,392 SH   SOLE   5,392 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R303   778,734 20,700 SH   SOLE   20,700 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R303   2,983,266 79,300 SH   SOLE   79,300 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R303   545,490 14,500 SH   SOLE   14,500 0 0
FIRST AMERICAN FINANCIAL COM 31847R102   1,264,011 24,150 SH   SOLE   24,150 0 0
FIRST AMERICAN FINANCIAL COM 31847R102   816,504 15,600 SH   SOLE   15,600 0 0
FIRST AMERICAN FINANCIAL COM 31847R102   3,904,564 74,600 SH   SOLE   74,600 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109   3,228,748 17,125 SH   SOLE   17,125 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109   13,782,274 73,100 SH   SOLE   73,100 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109   3,110,910 16,500 SH   SOLE   16,500 0 0
GOLDMAN SACHS COM 38141G104   686,760 2,000 SH   SOLE   2,000 0 0
GOLDMAN SACHS COM 38141G104   2,747,040 8,000 SH   SOLE   8,000 0 0
HISCOX plc COM 4593F1389   1,968,997 150,076 SH   SOLE   150,076 0 0
J P MORGAN & CO COM 46625H100   1,280,655 9,550 SH   SOLE   9,550 0 0
LEMONADE INC COM 52567D107   369,360 27,000 SH   SOLE   27,000 0 0
LEMONADE INC COM 52567D107   1,244,880 91,000 SH   SOLE   91,000 0 0
LEMONADE INC COM 52567D107   369,360 27,000 SH   SOLE   27,000 0 0
PRIMERICA COM 74164M108   4,339,692 30,600 SH   SOLE   30,600 0 0
PRIMERICA COM 74164M108   14,416,003 101,650 SH   SOLE   101,650 0 0
PRIMERICA COM 74164M108   3,183,859 22,450 SH   SOLE   22,450 0 0
RAYMOND JAMES FINANCIAL COM 754730109   3,646,256 34,125 SH   SOLE   34,125 0 0
RAYMOND JAMES FINANCIAL COM 754730109   12,541,519 117,375 SH   SOLE   117,375 0 0
REINSURANCE GROUP AMERICA COM 759351604   14,294,254 100,600 SH   SOLE   100,600 0 0
REINSURANCE GROUP AMERICA COM 759351604   4,596,612 32,350 SH   SOLE   32,350 0 0
REINSURANCE GROUP AMERICA COM 759351604   3,069,144 21,600 SH   SOLE   21,600 0 0
RENAISSANCERE HOLDINGS COM G7496G103   4,741,159 25,735 SH   SOLE   25,735 0 0
RENAISSANCERE HOLDINGS COM G7496G103   14,781,694 80,235 SH   SOLE   80,235 0 0
RENAISSANCERE HOLDINGS COM G7496G103   3,371,409 18,300 SH   SOLE   18,300 0 0
RLI CORP. COM 749607107   2,251,281 17,150 SH   SOLE   17,150 0 0
RLI CORP. COM 749607107   8,059,453 61,396 SH   SOLE   61,396 0 0
RLI CORP. COM 749607107   1,522,732 11,600 SH   SOLE   11,600 0 0
SAFETY INSURANCE GROUP COM 78648T100   311,762 3,700 SH   SOLE   3,700 0 0
SELECTIVE INSURANCE GROUP COM 816300107   265,830 3,000 SH   SOLE   3,000 0 0