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
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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
Arch Capital Group Ltd COM G0450A905 12,750 100,000 SH Call SOLE   100,000 0 0
Assured Guaranty Ltd COM G0585R106 26,429 712,180 SH   SOLE   712,180 0 0
Athene Holding Ltd CLASS A G0684D107 25,928 518,673 SH   SOLE   518,673 0 0
Atlas Financial Holdings Inc SHS NEW G06207115 7,852 575,233 SH   SOLE   575,233 0 0
Brown & Brown Inc COM 115236101 22,508 539,500 SH   SOLE   539,500 0 0
EMC Insurance Group Inc COM 268664109 7,891 281,207 SH   SOLE   281,207 0 0
Federated National Holding Co COM 31422T101 10,626 609,623 SH   SOLE   609,623 0 0
Global Indemnity PLC SHS G39319101 17,483 454,212 SH   SOLE   454,212 0 0
Hartford Financial Services Group Inc COM 416515104 25,094 522,039 SH   SOLE   522,039 0 0
Lincoln National Corp COM 534187109 14,497 221,500 SH   SOLE   221,500 0 0
MBIA Inc COM 55262C100 7,652 903,466 SH   SOLE   903,466 0 0
MGIC Investment Corp COM 552848103 17,647 1,742,047 SH   SOLE   1,742,047 0 0
MetLife, Inc COM 59156R108 13,066 247,371 SH   SOLE   247,371 0 0
MetLife, Inc COM 59156R908 13,480 255,200 SH Call SOLE   255,200 0 0
Old Republic Intl. Corp COM 680223104 23,980 1,170,918 SH   SOLE   1,170,918 0 0
Progressive Corp COM 743315103 19,531 498,500 SH   SOLE   498,500 0 0
Prudential Financial Inc COM 744320902 15,095 141,500 SH Call SOLE   141,500 0 0
Prudential Financial Inc COM 744320102 1,654 15,500 SH   SOLE   15,500 0 0
Radian Group Inc COM 750236101 17,407 969,185 SH   SOLE   969,185 0 0
State Auto Financial Corp COM 855707105 3,482 126,858 SH   SOLE   126,858 0 0
United Insurance Holdings Corp COM 910710102 4,003 250,953 SH   SOLE   250,953 0 0
Voya Financial Inc COM 929089100 24,132 635,716 SH   SOLE   635,716 0 0