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
AFLAC INC COM 001055102 11,123 143,187 SH   SOLE   143,187 0 0
ALLSTATE CORP COM 020002101 14,651 165,660 SH   SOLE   165,660 0 0
AMERICAN EXPRESS CO COM 025816109 19,468 231,099 SH   SOLE   231,099 0 0
AON PLC SHS CL A G0408V102 29,381 220,990 SH   SOLE   220,990 0 0
ATHENE HLDG LTD CL A G0684D107 12,666 255,315 SH   SOLE   255,315 0 0
BANK OF NT BUTTERFIELD&SON L SHS NEW G0772R208 11,970 351,022 SH   SOLE   351,022 0 0
BB&T CORP COM 054937107 21,823 480,586 SH   SOLE   480,586 0 0
BLACKROCK INC COM 09247X101 11,960 28,314 SH   SOLE   28,314 0 0
CF CORP SHS CL A G20307107 3,688 327,801 SH   SOLE   327,801 0 0
CNO FINL GROUP INC COM 12621E103 10,912 522,582 SH   SOLE   522,582 0 0
COMERICA INC COM 200340107 12,526 171,027 SH   SOLE   171,027 0 0
EAST WEST BANCORP INC COM 27579R104 12,877 219,816 SH   SOLE   219,816 0 0
FIFTH THIRD BANCORP COM 316773100 23,906 920,884 SH   SOLE   920,884 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 8,859 380,032 SH   SOLE   380,032 0 0
FNB CORP PA COM 302520101 10,238 723,026 SH   SOLE   723,026 0 0
IBERIABANK CORP COM 450828108 16,490 202,337 SH   SOLE   202,337 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 4,446 266,043 SH   SOLE   266,043 0 0
KEYCORP NEW COM 493267108 19,442 1,037,434 SH   SOLE   1,037,434 0 0
MGIC INVT CORP WIS COM 552848103 11,449 1,022,197 SH   SOLE   1,022,197 0 0
PHYSICIANS RLTY TR COM 71943U104 2,583 128,270 SH   SOLE   128,270 0 0
PNC FINL SVCS GROUP INC COM 693475105 18,033 144,412 SH   SOLE   144,412 0 0
PROGRESSIVE CORP OHIO COM 743315103 28,740 651,841 SH   SOLE   651,841 0 0
RENAISSANCERE HOLDINGS LTD COM G7496G103 22,596 162,501 SH   SOLE   162,501 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 8,183 57,009 SH   SOLE   57,009 0 0
SLM CORP COM 78442P106 1,910 166,087 SH   SOLE   166,087 0 0
STATE STR CORP COM 857477103 11,595 129,221 SH   SOLE   129,221 0 0
SUNTRUST BKS INC COM 867914103 20,426 360,116 SH   SOLE   360,116 0 0
TORCHMARK CORP COM 891027104 11,150 145,756 SH   SOLE   145,756 0 0
UNIVERSAL INS HLDGS INC COM 91359V107 9,398 372,948 SH   SOLE   372,948 0 0
VALIDUS HOLDINGS LTD COM SHS G9319H102 883 16,993 SH   SOLE   16,993 0 0
VANTIV INC CL A 92210H105 3,858 60,904 SH   SOLE   60,904 0 0
VOYA FINL INC COM 929089100 18,496 501,376 SH   SOLE   501,376 0 0
WESTERN ALLIANCE BANCORP COM 957638109 9,155 186,077 SH   SOLE   186,077 0 0