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 12,560 178,789 SH   SOLE   178,789 0 0
ASSURED GUARANTY LTD COM G0585R106 12,911 496,750 SH   SOLE   496,750 0 0
CNA FINL CORP COM 126117100 4,443 114,783 SH   SOLE   114,783 0 0
EMC INS GROUP INC COM 268664109 4,106 115,784 SH   SOLE   115,784 0 0
EMPLOYERS HOLDINGS INC COM 292218104 3,852 163,861 SH   SOLE   163,861 0 0
ERIE INDTY CO CL A 29530P102 2,904 31,996 SH   SOLE   31,996 0 0
GALLAGHER ARTHUR J & CO COM 363576109 12,414 263,680 SH   SOLE   263,680 0 0
GLOBAL INDEMNITY PLC SHS G39319101 8,981 316,583 SH   SOLE   316,583 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 12,252 293,876 SH   SOLE   293,876 0 0
METLIFE INC COM 59156R108 8,615 159,270 SH   SOLE   159,270 0 0
PRIMERICA INC COM 74164M108 9,767 180,000 SH   SOLE   180,000 0 0
PROASSURANCE CORP COM 74267C106 10,363 229,529 SH   SOLE   229,529 0 0
PRUDENTIAL FINL INC COM 744320102 10,122 111,900 SH   SOLE   111,900 0 0
RADIAN GROUP INC COM 750236101 11,498 687,702 SH   SOLE   687,702 0 0
REINSURANCE GROUP AMER INC COM NEW 759351604 6,340 72,356 SH   SOLE   72,356 0 0
STATE AUTO FINL CORP COM 855707105 3,848 173,161 SH   SOLE   173,161 0 0
SYMETRA FINL CORP COM 87151Q106 2,536 110,000 SH   SOLE   110,000 0 0