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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
AMBAC FINL GROUP INCCOM NEW02313988498248,105SH SOLE 48,10500
AMERICAN EQTY INVT LIFE HLDCOM0256762063,701104,673SH SOLE 104,67300
AMERIPRISE FINL INCCOM03076C1064793,245SH SOLE 3,24500
AON PLCSHS CL AG0408V1027094,611SH SOLE 4,61100
ASSURANT INCCOM04621X10810,795100,000SH SOLE 100,00000
ASSURED GUARANTY LTDCOMG0585R10630,900731,702SH SOLE 731,70200
ATHENE HLDG LTDCL AG0684D10720,083388,750SH SOLE 388,75000
ATLAS FINANCIAL HOLDINGS INCSHS NEWG062071156,667663,334SH SOLE 663,33400
AXIS CAPITAL HOLDINGS LTDCALLG0692U9095,771100,000SHCallSOLE 100,00000
AXIS CAPITAL HOLDINGS LTDSHSG0692U10915,403266,903SH SOLE 266,90300
ENSTAR GROUP LIMITEDSHSG3075P1017183,446SH SOLE 3,44600
FEDNAT HLDG COCOM31431B10915,103592,757SH SOLE 592,75700
GALLAGHER ARTHUR J & COCOM3635761097,638102,600SH SOLE 102,60000
GLOBAL INDTY LTD CAYMANUSD CL A SHSG3933F10510,994291,627SH SOLE 291,62700
HARTFORD FINL SVCS GROUP INCCOM41651510411,990239,990SH SOLE 239,99000
HCI GROUP INCCOM40416E10370015,999SH SOLE 15,99900
LINCOLN NATL CORP INDCOM53418710913,126194,000SH SOLE 194,00000
MAIDEN HOLDINGS LTDSHSG5753U1121,465514,100SH SOLE 514,10000
OLD REP INTL CORPCOM68022310413,323595,323SH SOLE 595,32300
PRUDENTIAL FINL INCCOM74432010214,777145,847SH SOLE 145,84700
RENAISSANCERE HOLDINGS LTDCOMG7496G1037165,360SH SOLE 5,36000
TRAVELERS COMPANIES INCCOM89417E1092211,700SH SOLE 1,70000
VOYA FINL INCCOM92908910014,024282,353SH SOLE 282,35300
VOYA FINL INCCALL9290899004,967100,000SHCallSOLE 100,00000
WILLIS TOWERS WATSON PUB LTDSHSG966291038,59660,989SH SOLE 60,98900