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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ABBOTT LABS COM 002824100 760 13,318 SH   DFND 1 13,318 0 0
ALLSTATE CORP COM 020002101 2,382 22,752 SH   DFND 1 22,752 0 0
ALPHABET INC CAP STK CL C 02079K107 691 660 SH   DFND 1 660 0 0
AMERICAN FINL GROUP INC OHIO COM 025932104 3,381 31,147 SH   DFND 1 31,147 0 0
ARCH CAP GROUP LTD ORD G0450A105 2,600 28,644 SH   DFND 1 28,644 0 0
ARGO GROUP INTL HLDGS LTD COM G0464B107 1,396 22,638 SH   DFND 1 22,638 0 0
AT&T INC COM 00206R102 469 12,067 SH   DFND 1 12,067 0 0
BANCO MACRO SA SPON ADR B 05961W105 2,086 18,000 SH   DFND 1 18,000 0 0
BLACKROCK CORPOR HI YLD FD I COM 09255P107 2,425 221,638 SH   DFND 1 221,638 0 0
BLACKROCK CR ALLCTN INC TR COM 092508100 1,869 140,284 SH   DFND 1 140,284 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 602 18,801 SH   DFND 1 18,801 0 0
CISCO SYS INC COM 17275R102 641 16,734 SH   DFND 1 16,734 0 0
CONIFER HLDGS INC COM 20731J102 98 16,889 SH   DFND 1 16,889 0 0
CVS HEALTH CORP COM 126650100 448 6,175 SH   DFND 1 6,175 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 584 10,428 SH   DFND 1 10,428 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 500 18,871 SH   DFND 1 18,871 0 0
ESSENT GROUP LTD COM G3198U102 2,963 68,250 SH   DFND 1 68,250 0 0
EVEREST RE GROUP LTD COM G3223R108 3,465 15,661 SH   DFND 1 15,661 0 0
GENERAL ELECTRIC CO COM 369604103 282 16,183 SH   DFND 1 16,183 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 2,107 32,000 SH   DFND 1 32,000 0 0
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 2,052 70,000 SH   DFND 1 70,000 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 7,374 131,018 SH   DFND 1 131,018 0 0
ILLINOIS TOOL WKS INC COM 452308109 696 4,174 SH   DFND 1 4,174 0 0
JOHNSON & JOHNSON COM 478160104 620 4,441 SH   DFND 1 4,441 0 0
JPMORGAN CHASE & CO COM 46625H100 637 5,953 SH   DFND 1 5,953 0 0
KIMBERLY CLARK CORP COM 494368103 541 4,480 SH   DFND 1 4,480 0 0
MICROSOFT CORP COM 594918104 705 8,242 SH   DFND 1 8,242 0 0
NAVIGATORS GROUP INC COM 638904102 2,142 43,979 SH   DFND 1 43,979 0 0
NORFOLK SOUTHERN CORP COM 655844108 681 4,702 SH   DFND 1 4,702 0 0
NUVEEN MTG OPPORTUNITY TERM COM 670735109 2,726 110,390 SH   DFND 1 110,390 0 0
OLD REP INTL CORP COM 680223104 3,772 176,420 SH   DFND 1 176,420 0 0
PROCTER AND GAMBLE CO COM 742718109 558 6,077 SH   DFND 1 6,077 0 0
PROGRESSIVE CORP OHIO COM 743315103 4,112 73,007 SH   DFND 1 73,007 0 0
RADIAN GROUP INC COM 750236101 2,889 140,160 SH   DFND 1 140,160 0 0
ROSS STORES INC COM 778296103 905 11,275 SH   DFND 1 11,275 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 731 10,700 SH   DFND 1 10,700 0 0
SOUTHWEST AIRLS CO COM 844741108 672 10,273 SH   DFND 1 10,273 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 8,406 31,500 SH Put DFND 1 31,500 0 0
SPECTRA ENERGY PARTNERS LP COM 84756N109 441 11,161 SH   DFND 1 11,161 0 0
STARBUCKS CORP COM 855244109 505 8,800 SH   DFND 1 8,800 0 0
THIRD PT REINS LTD COM G8827U100 3,063 209,070 SH   DFND 1 209,070 0 0
TRAVELERS COMPANIES INC COM 89417E109 573 4,227 SH   DFND 1 4,227 0 0
UBS GROUP AG SHS H42097107 2,023 110,000 SH   DFND 1 110,000 0 0
UNION PAC CORP COM 907818108 668 4,985 SH   DFND 1 4,985 0 0
WISDOMTREE TR EUROPE HEDGED EQ 97717X701 4,880 76,600 SH   DFND 1 76,600 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 6,230 105,000 SH   DFND 1 105,000 0 0
WISDOMTREE TR JP SMALLCP DIV 97717W836 4,448 55,300 SH   DFND 1 55,300 0 0
XL GROUP LTD COM G98294104 3,209 91,266 SH   DFND 1 91,266 0 0