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 | 3,145 | 90,000 | SH | DFND | 1 | 90,000 | 0 | 0 | |
| ALLSTATE CORP | COM | 020002101 | 1,347 | 20,000 | SH | DFND | 1 | 20,000 | 0 | 0 | |
| AMERICAN AIRLS GROUP INC | COM | 02376R102 | 1,019 | 24,840 | SH | DFND | 1 | 24,840 | 0 | 0 | |
| AMERICAN AXLE & MFG HLDGS IN | COM | 024061103 | 2,187 | 142,077 | SH | DFND | 1 | 142,077 | 0 | 0 | |
| AMERICAN FINL GROUP INC OHIO | COM | 025932104 | 3,114 | 44,244 | SH | DFND | 1 | 44,244 | 0 | 0 | |
| ANNALY CAP MGMT INC | COM | 035710409 | 4,104 | 400,000 | SH | DFND | 1 | 400,000 | 0 | 0 | |
| ARGO GROUP INTL HLDGS LTD | COM | G0464B107 | 1,435 | 25,000 | SH | DFND | 1 | 25,000 | 0 | 0 | |
| ASPEN INSURANCE HOLDINGS LTD | SHS | G05384105 | 1,178 | 24,700 | SH | DFND | 1 | 24,700 | 0 | 0 | |
| AT&T INC | COM | 00206R102 | 1,351 | 34,500 | SH | DFND | 1 | 34,500 | 0 | 0 | |
| BLACKROCK CORE BD TR | SHS BEN INT | 09249E101 | 6,112 | 456,459 | SH | DFND | 1 | 456,459 | 0 | 0 | |
| BLACKROCK CORPOR HI YLD FD I | COM | 09255P107 | 3,499 | 350,985 | SH | DFND | 1 | 350,985 | 0 | 0 | |
| BLACKROCK CR ALLCTN INC TR | COM | 092508100 | 2,880 | 230,000 | SH | DFND | 1 | 230,000 | 0 | 0 | |
| BLACKSTONE GROUP L P | COM UNIT LTD | 09253U108 | 782 | 27,896 | SH | DFND | 1 | 27,896 | 0 | 0 | |
| CHINA MOBILE LIMITED | SPONSORED ADR | 16941M109 | 1,275 | 23,000 | SH | DFND | 1 | 23,000 | 0 | 0 | |
| COCA COLA CO | COM | 191216100 | 1,250 | 26,949 | SH | DFND | 1 | 26,949 | 0 | 0 | |
| CONIFER HLDGS INC | COM | 20731J102 | 860 | 131,722 | SH | DFND | 1 | 131,722 | 0 | 0 | |
| DELPHI AUTOMOTIVE PLC | SHS | G27823106 | 1,190 | 15,866 | SH | DFND | 1 | 15,866 | 0 | 0 | |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 | 2,786 | 57,240 | SH | DFND | 1 | 57,240 | 0 | 0 | |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 | 1,679 | 68,189 | SH | DFND | 1 | 68,189 | 0 | 0 | |
| GENERAL ELECTRIC CO | COM | 369604103 | 2,095 | 65,897 | SH | DFND | 1 | 65,897 | 0 | 0 | |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 | 866 | 5,514 | SH | DFND | 1 | 5,514 | 0 | 0 | |
| HANOVER INS GROUP INC | COM | 410867105 | 1,173 | 13,000 | SH | DFND | 1 | 13,000 | 0 | 0 | |
| HARTFORD FINL SVCS GROUP INC | COM | 416515104 | 5,196 | 112,762 | SH | DFND | 1 | 112,762 | 0 | 0 | |
| ILLINOIS TOOL WKS INC | COM | 452308109 | 1,186 | 11,579 | SH | DFND | 1 | 11,579 | 0 | 0 | |
| INFINERA CORPORATION | COM | 45667G103 | 1,363 | 84,880 | SH | DFND | 1 | 84,880 | 0 | 0 | |
| INVESCO MUN OPPORTUNITY TR | COM | 46132C107 | 4,830 | 346,000 | SH | DFND | 1 | 346,000 | 0 | 0 | |
| INVESCO MUN TR | COM | 46131J103 | 6,713 | 504,000 | SH | DFND | 1 | 504,000 | 0 | 0 | |
| INVESCO TR INVT GRADE MUNS | COM | 46131M106 | 4,194 | 300,000 | SH | DFND | 1 | 300,000 | 0 | 0 | |
| JOHNSON & JOHNSON | COM | 478160104 | 1,233 | 11,396 | SH | DFND | 1 | 11,396 | 0 | 0 | |
| JPMORGAN CHASE & CO | COM | 46625H100 | 990 | 16,720 | SH | DFND | 1 | 16,720 | 0 | 0 | |
| KIMBERLY CLARK CORP | COM | 494368103 | 1,401 | 10,414 | SH | DFND | 1 | 10,414 | 0 | 0 | |
| MERCURY GENL CORP NEW | COM | 589400100 | 555 | 10,000 | SH | DFND | 1 | 10,000 | 0 | 0 | |
| MICROSOFT CORP | COM | 594918104 | 1,386 | 25,104 | SH | DFND | 1 | 25,104 | 0 | 0 | |
| NAVIGATORS GROUP INC | COM | 638904102 | 1,677 | 20,000 | SH | DFND | 1 | 20,000 | 0 | 0 | |
| NORFOLK SOUTHERN CORP | COM | 655844108 | 2,697 | 32,400 | SH | DFND | 1 | 32,400 | 0 | 0 | |
| NUVEEN MTG OPPORTUNITY TERM | COM | 670735109 | 3,934 | 175,000 | SH | DFND | 1 | 175,000 | 0 | 0 | |
| NUVEEN PREM INCOME MUN FD | COM | 67062T100 | 3,948 | 271,000 | SH | DFND | 1 | 271,000 | 0 | 0 | |
| NUVEEN SELECT QUALITY MUN FD | COM | 670973106 | 2,199 | 150,000 | SH | DFND | 1 | 150,000 | 0 | 0 | |
| NXP SEMICONDUCTORS N V | COM | N6596X109 | 753 | 9,287 | SH | DFND | 1 | 9,287 | 0 | 0 | |
| OLD REP INTL CORP | COM | 680223104 | 1,828 | 100,000 | SH | DFND | 1 | 100,000 | 0 | 0 | |
| PROCTER & GAMBLE CO | COM | 742718109 | 870 | 10,564 | SH | DFND | 1 | 10,564 | 0 | 0 | |
| PUTNAM MUN OPPORTUNITIES TR | SH BEN INT | 746922103 | 3,937 | 310,000 | SH | DFND | 1 | 310,000 | 0 | 0 | |
| SAFETY INS GROUP INC | COM | 78648T100 | 1,104 | 19,350 | SH | DFND | 1 | 19,350 | 0 | 0 | |
| SOUTHWEST AIRLS CO | COM | 844741108 | 1,875 | 41,850 | SH | DFND | 1 | 41,850 | 0 | 0 | |
| SPECTRA ENERGY PARTNERS LP | COM | 84756N109 | 1,906 | 39,600 | SH | DFND | 1 | 39,600 | 0 | 0 | |
| UNITED CONTL HLDGS INC | COM | 910047109 | 2,605 | 43,524 | SH | DFND | 1 | 43,524 | 0 | 0 | |
| WESTERN ASSET MTG DEF OPPTY | COM | 95790B109 | 3,871 | 170,000 | SH | DFND | 1 | 170,000 | 0 | 0 | |
| WISDOMTREE TR | JAPN HEDGE EQT | 97717W851 | 7,514 | 171,900 | SH | DFND | 1 | 171,900 | 0 | 0 | |
| XL GROUP PLC | SHS | G98290102 | 1,914 | 52,000 | SH | DFND | 1 | 52,000 | 0 | 0 | |