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 12,931 181,689 SH   SOLE   181,689 0 0
ASSURED GUARANTY LTD COM G0585R106 13,328 505,050 SH   SOLE   505,050 0 0
EMC INS GROUP INC COM 268664109 4,607 136,310 SH   SOLE   136,310 0 0
EMPLOYERS HOLDINGS INC COM 292218104 1,764 65,372 SH   SOLE   65,372 0 0
GALLAGHER ARTHUR J & CO COM 363576109 11,379 243,393 SH   SOLE   243,393 0 0
GLOBAL INDEMNITY PLC SHS G39319101 8,281 298,407 SH   SOLE   298,407 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 9,977 238,576 SH   SOLE   238,576 0 0
HERITAGE INS HLDGS INC COM 42727J102 8,136 369,631 SH   SOLE   369,631 0 0
METLIFE INC COM 59156R108 9,532 188,570 SH   SOLE   188,570 0 0
PARTNERRE LTD COM G6852T105 11,433 100,000 SH Call SOLE   100,000 0 0
PRIMERICA INC COM 74164M108 4,835 94,997 SH   SOLE   94,997 0 0
PROASSURANCE CORP COM 74267C106 11,144 242,729 SH   SOLE   242,729 0 0
PRUDENTIAL FINL INC COM 744320102 11,902 148,200 SH   SOLE   148,200 0 0
RADIAN GROUP INC COM 750236101 10,165 605,402 SH   SOLE   605,402 0 0
REINSURANCE GROUP AMER INC COM NEW 759351604 7,134 76,556 SH   SOLE   76,556 0 0
STATE AUTO FINL CORP COM 855707105 4,566 187,961 SH   SOLE   187,961 0 0
SYMETRA FINL CORP COM 87151Q106 1,323 56,400 SH   SOLE   56,400 0 0
VOYA FINL INC COM 929089100 12,028 279,000 SH   SOLE   279,000 0 0