The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 | (x$1000) | PRN AMT | PRN | CALL | DISCRETION | MANAGER | SOLE | SHARED | NONE |
| ALLIED WRLD ASSUR COM HLDG A | SHS | H01531104 | 2,882 | 77,500 | SH | DFND | 1 | 77,500 | 0 | 0 | |
| AMERICAN AIRLS GROUP INC | COM | 02376R102 | 1,461 | 34,500 | SH | DFND | 1 | 34,500 | 0 | 0 | |
| AMERICAN AXLE & MFG HLDGS IN | COM | 024061103 | 2,254 | 118,996 | SH | DFND | 1 | 118,996 | 0 | 0 | |
| AMERICAN FINL GROUP INC OHIO | COM | 025932104 | 4,363 | 60,528 | SH | DFND | 1 | 60,528 | 0 | 0 | |
| AMERICAN INTL GROUP INC | COM NEW | 026874784 | 1,239 | 20,000 | SH | DFND | 1 | 20,000 | 0 | 0 | |
| ASPEN INSURANCE HOLDINGS LTD | SHS | G05384105 | 1,193 | 24,700 | SH | DFND | 1 | 24,700 | 0 | 0 | |
| BLACKROCK CORE BD TR | SHS BEN INT | 09249E101 | 5,770 | 456,459 | SH | DFND | 1 | 456,459 | 0 | 0 | |
| BLACKROCK CORPOR HI YLD FD I | COM | 09255P107 | 3,433 | 350,985 | SH | DFND | 1 | 350,985 | 0 | 0 | |
| BLACKROCK CR ALLCTN INC TR | COM | 092508100 | 2,838 | 230,000 | SH | DFND | 1 | 230,000 | 0 | 0 | |
| BLACKSTONE GROUP L P | COM UNIT LTD | 09253U108 | 1,133 | 38,745 | SH | DFND | 1 | 38,745 | 0 | 0 | |
| CHINA MOBILE LIMITED | SPONSORED ADR | 16941M109 | 1,296 | 23,000 | SH | DFND | 1 | 23,000 | 0 | 0 | |
| COCA COLA CO | COM | 191216100 | 1,608 | 37,429 | SH | DFND | 1 | 37,429 | 0 | 0 | |
| CONIFER HLDGS INC | COM | 20731J102 | 927 | 100,000 | SH | DFND | 1 | 100,000 | 0 | 0 | |
| DELPHI AUTOMOTIVE PLC | SHS | G27823106 | 1,889 | 22,036 | SH | DFND | 1 | 22,036 | 0 | 0 | |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 | 4,030 | 79,500 | SH | DFND | 1 | 79,500 | 0 | 0 | |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 | 2,423 | 94,707 | SH | DFND | 1 | 94,707 | 0 | 0 | |
| GENERAL ELECTRIC CO | COM | 369604103 | 2,851 | 91,523 | SH | DFND | 1 | 91,523 | 0 | 0 | |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 | 1,380 | 7,659 | SH | DFND | 1 | 7,659 | 0 | 0 | |
| HANOVER INS GROUP INC | COM | 410867105 | 1,057 | 13,000 | SH | DFND | 1 | 13,000 | 0 | 0 | |
| HARTFORD FINL SVCS GROUP INC | COM | 416515104 | 4,712 | 108,419 | SH | DFND | 1 | 108,419 | 0 | 0 | |
| ILLINOIS TOOL WKS INC | COM | 452308109 | 1,490 | 16,082 | SH | DFND | 1 | 16,082 | 0 | 0 | |
| INFINERA CORPORATION | COM | 45667G103 | 978 | 54,000 | SH | DFND | 1 | 54,000 | 0 | 0 | |
| INVESCO MUN OPPORTUNITY TR | COM | 46132C107 | 6,532 | 496,000 | SH | DFND | 1 | 496,000 | 0 | 0 | |
| INVESCO MUN TR | COM | 46131J103 | 6,436 | 504,000 | SH | DFND | 1 | 504,000 | 0 | 0 | |
| INVESCO TR INVT GRADE MUNS | COM | 46131M106 | 3,999 | 300,000 | SH | DFND | 1 | 300,000 | 0 | 0 | |
| ISHARES TR | CHINA LG-CAP ETF | 464287184 | 3,130 | 88,700 | SH | DFND | 1 | 88,700 | 0 | 0 | |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 | 2,189 | 68,000 | SH | DFND | 1 | 68,000 | 0 | 0 | |
| ISHARES TR | MSCI PHILIPS ETF | 46429B408 | 2,727 | 80,800 | SH | DFND | 1 | 80,800 | 0 | 0 | |
| JOHNSON & JOHNSON | COM | 478160104 | 1,626 | 15,828 | SH | DFND | 1 | 15,828 | 0 | 0 | |
| JPMORGAN CHASE & CO | COM | 46625H100 | 1,533 | 23,222 | SH | DFND | 1 | 23,222 | 0 | 0 | |
| KIMBERLY CLARK CORP | COM | 494368103 | 1,841 | 14,464 | SH | DFND | 1 | 14,464 | 0 | 0 | |
| MERCURY GENL CORP NEW | COM | 589400100 | 466 | 10,000 | SH | DFND | 1 | 10,000 | 0 | 0 | |
| MICROSOFT CORP | COM | 594918104 | 1,934 | 34,866 | SH | DFND | 1 | 34,866 | 0 | 0 | |
| MONDELEZ INTL INC | CL A | 609207105 | 2,056 | 45,854 | SH | DFND | 1 | 45,854 | 0 | 0 | |
| NAVIGATORS GROUP INC | COM | 638904102 | 1,716 | 20,000 | SH | DFND | 1 | 20,000 | 0 | 0 | |
| NORFOLK SOUTHERN CORP | COM | 655844108 | 3,807 | 45,000 | SH | DFND | 1 | 45,000 | 0 | 0 | |
| NUVEEN PREM INCOME MUN FD | COM | 67062T100 | 3,821 | 271,000 | SH | DFND | 1 | 271,000 | 0 | 0 | |
| NUVEEN SELECT QUALITY MUN FD | COM | 670973106 | 2,108 | 150,000 | SH | DFND | 1 | 150,000 | 0 | 0 | |
| NXP SEMICONDUCTORS N V | COM | N6596X109 | 1,087 | 12,899 | SH | DFND | 1 | 12,899 | 0 | 0 | |
| OLD REP INTL CORP | COM | 680223104 | 3,238 | 173,800 | SH | DFND | 1 | 173,800 | 0 | 0 | |
| PROCTER & GAMBLE CO | COM | 742718109 | 1,165 | 14,672 | SH | DFND | 1 | 14,672 | 0 | 0 | |
| PUTNAM MUN OPPORTUNITIES TR | SH BEN INT | 746922103 | 3,807 | 310,000 | SH | DFND | 1 | 310,000 | 0 | 0 | |
| SAFETY INS GROUP INC | COM | 78648T100 | 806 | 14,300 | SH | DFND | 1 | 14,300 | 0 | 0 | |
| SOUTHWEST AIRLS CO | COM | 844741108 | 2,503 | 58,125 | SH | DFND | 1 | 58,125 | 0 | 0 | |
| SPECTRA ENERGY PARTNERS LP | COM | 84756N109 | 2,624 | 55,000 | SH | DFND | 1 | 55,000 | 0 | 0 | |
| UNITED CONTL HLDGS INC | COM | 910047109 | 3,464 | 60,450 | SH | DFND | 1 | 60,450 | 0 | 0 | |
| WISDOMTREE TR | GERMANY HEDEQ FD | 97717W448 | 3,727 | 140,000 | SH | DFND | 1 | 140,000 | 0 | 0 | |
| WISDOMTREE TR | JAPN HEDGE EQT | 97717W851 | 8,609 | 171,900 | SH | DFND | 1 | 171,900 | 0 | 0 | |
| XL GROUP PLC | SHS | G98290102 | 3,550 | 90,600 | SH | DFND | 1 | 90,600 | 0 | 0 | |