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
ALLSTATE CORP COM 020002101 9,500 161,789 SH   SOLE   161,789 0 0
ASSURED GUARANTY LTD COM G0585R106 10,816 441,450 SH   SOLE   441,450 0 0
CNA FINL CORP COM 126117100 4,579 113,283 SH   SOLE   113,283 0 0
EMC INS GROUP INC COM 268664109 2,733 88,777 SH   SOLE   88,777 0 0
EMPLOYERS HOLDINGS INC COM 292218104 4,546 214,619 SH   SOLE   214,619 0 0
ERIE INDTY CO CL A 29530P102 7,983 106,066 SH   SOLE   106,066 0 0
GALLAGHER ARTHUR J & CO COM 363576109 9,995 214,480 SH   SOLE   214,480 0 0
GLOBAL INDEMNITY PLC SHS G39319101 9,579 368,568 SH   SOLE   368,568 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 7,723 215,676 SH   SOLE   215,676 0 0
METLIFE INC COM 59156R108 8,816 158,670 SH   SOLE   158,670 0 0
PROASSURANCE CORP COM 74267C106 6,422 144,633 SH   SOLE   144,633 0 0
PROTECTIVE LIFE CORP COM 743674103 10,249 147,823 SH   SOLE   147,823 0 0
PRUDENTIAL FINL INC COM 744320102 9,072 102,200 SH   SOLE   102,200 0 0
REINSURANCE GROUP AMER INC COM NEW 759351604 3,902 49,456 SH   SOLE   49,456 0 0
STATE AUTO FINL CORP COM 855707105 3,296 140,661 SH   SOLE   140,661 0 0
THIRD PT REINS LTD COM G8827U100 1,152 75,464 SH   SOLE   75,464 0 0
VOYA FINL INC COM 929089100 3,489 96,000 SH   SOLE   96,000 0 0
XL GROUP PLC SHS G98290102 4,256 130,021 SH   SOLE   130,021 0 0