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 INCORPORATED COM 001055102 348 4,800 SH   SOLE   4,800 0 0
AFLAC INCORPORATED COM 001055102 608 8,400 SH   SOLE   8,400 0 0
AFLAC INCORPORATED COM 001055102 14 200 SH   SOLE   200 0 0
AFLAC INCORPORATED COM 001055102 927 12,800 SH   SOLE   12,800 0 0
AMERICAN EQUITY INVESTMENT LIF COM 025676206 2,384 100,900 SH   SOLE   100,900 0 0
AMERICAN EQUITY INVESTMENT LIF COM 025676206 6,920 292,850 SH   SOLE   292,850 0 0
AMERICAN EQUITY INVESTMENT LIF COM 025676206 1,083 45,850 SH   SOLE   45,850 0 0
AMERIPRISE FINANCIAL, INC. COM 587200106 1,718 13,250 SH   SOLE   13,250 0 0
AMERIPRISE FINANCIAL, INC. COM 587200106 4,986 38,450 SH   SOLE   38,450 0 0
AMERIPRISE FINANCIAL, INC. COM 587200106 778 6,000 SH   SOLE   6,000 0 0
ARCH CAPITAL GROUP LTD. COM 03938JAA7 1,014 10,700 SH   SOLE   10,700 0 0
ARCH CAPITAL GROUP LTD. COM 03938JAA7 1,640 17,300 SH   SOLE   17,300 0 0
ARCH CAPITAL GROUP LTD. COM 03938JAA7 4,553 48,040 SH   SOLE   48,040 0 0
ASSURED GUARANTY LTD. COM G0585R106 4 100 SH   SOLE   100 0 0
BERKLEY WR CORP COM 084423102 5,356 75,830 SH   SOLE   75,830 0 0
BERKLEY WR CORP COM 084423102 9 130 SH   SOLE   130 0 0
BERKLEY WR CORP COM 084423102 1,780 25,200 SH   SOLE   25,200 0 0
BERKLEY WR CORP COM 084423102 795 11,250 SH   SOLE   11,250 0 0
BF&M COM 1081T1099 687 33,500 SH   SOLE   33,500 0 0
BF&M COM 1081T1099 1,755 85,600 SH   SOLE   85,600 0 0
BROWN & BROWN, INC. COM 115236101 1,227 29,400 SH   SOLE   29,400 0 0
BROWN & BROWN, INC. COM 115236101 6,066 145,400 SH   SOLE   145,400 0 0
BROWN & BROWN, INC. COM 115236101 769 18,425 SH   SOLE   18,425 0 0
CHUBB CORPORATION COM H1467J104 14 100 SH   SOLE   100 0 0
CHUBB CORPORATION COM H1467J104 5,641 41,400 SH   SOLE   41,400 0 0
CHUBB CORPORATION COM H1467J104 1,887 13,850 SH   SOLE   13,850 0 0
CHUBB CORPORATION COM H1467J104 872 6,400 SH   SOLE   6,400 0 0
CRAWFORD & CO. CLASS B COM 224633107 3 300 SH   SOLE   300 0 0
DONEGAL GROUP, INC. COM 257701201 91 5,192 SH   SOLE   5,192 0 0
EVEREST RE GROUP LTD COM G3223R108 304 1,300 SH   SOLE   1,300 0 0
EVEREST RE GROUP LTD COM G3223R108 935 4,000 SH   SOLE   4,000 0 0
EVEREST RE GROUP LTD COM G3223R108 164 700 SH   SOLE   700 0 0
FBL FINANCIAL COM 30239F106 643 9,825 SH   SOLE   9,825 0 0
FBL FINANCIAL COM 30239F106 4 60 SH   SOLE   60 0 0
FBL FINANCIAL COM 30239F106 1,410 21,550 SH   SOLE   21,550 0 0
FBL FINANCIAL COM 30239F106 4,138 63,225 SH   SOLE   63,225 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R105 748 19,200 SH   SOLE   19,200 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R105 3,010 77,300 SH   SOLE   77,300 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R105 545 14,000 SH   SOLE   14,000 0 0
FIRST ACCEPTANCE CORP. COM 318522307 140 103,916 SH   SOLE   103,916 0 0
FIRST AMERICAN FINANCIAL COM 318522307 2,714 69,100 SH   SOLE   69,100 0 0
FIRST AMERICAN FINANCIAL COM 518522307 949 24,150 SH   SOLE   24,150 0 0
FIRST AMERICAN FINANCIAL COM 318522307 475 12,100 SH   SOLE   12,100 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 968 17,125 SH   SOLE   17,125 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 6,225 110,100 SH   SOLE   110,100 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 933 16,500 SH   SOLE   16,500 0 0
GOLDMAN SACHS COM 38141G104 1,608 7,000 SH   SOLE   7,000 0 0
HISCOX plc COM 4593F1389 1,472 108,041 SH   SOLE   108,041 0 0
HORACE MANN EDUCATORS CORP. COM 440327104 14 350 SH   SOLE   350 0 0
HOSPITALITY PROPERTIES TRUST COM 44106M102 6 200 SH   SOLE   200 0 0
iPath S&P 500 VIX Short-Term F COM 06742E711 12 740 SH   SOLE   740 0 0
J P MORGAN & CO COM 46625H100 839 9,550 SH   SOLE   9,550 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 43 1,000 SH   SOLE   1,000 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 149 3,475 SH   SOLE   3,475 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 19 450 SH   SOLE   450 0 0
MARKEL CORPORATION COM 570535104 961 985 SH   SOLE   985 0 0
MARKEL CORPORATION COM 570535104 293 300 SH   SOLE   300 0 0
MARKEL CORPORATION COM 570535104 3,337 3,420 SH   SOLE   3,420 0 0
PRIMERICA COM 74164M108 2,524 30,700 SH   SOLE   30,700 0 0
PRIMERICA COM 74164M108 1,089 13,250 SH   SOLE   13,250 0 0
PRIMERICA COM 74164M108 6,473 78,750 SH   SOLE   78,750 0 0
PROASSURANCE CORP. COM 74346Y103 6 100 SH   SOLE   100 0 0
RAYMOND JAMES FINANCIAL COM 754730109 5,586 73,250 SH   SOLE   73,250 0 0
RAYMOND JAMES FINANCIAL COM 754730109 1,354 17,750 SH   SOLE   17,750 0 0
REINSURANCE GROUP AMERICA COM 759351604 889 7,000 SH   SOLE   7,000 0 0
REINSURANCE GROUP AMERICA COM 759351604 1,936 15,250 SH   SOLE   15,250 0 0
REINSURANCE GROUP AMERICA COM 759351604 5,498 43,300 SH   SOLE   43,300 0 0
RENAISSANCERE HOLDINGS COM G7496G103 1,842 12,735 SH   SOLE   12,735 0 0
RENAISSANCERE HOLDINGS COM G7496G103 5,357 37,035 SH   SOLE   37,035 0 0
RENAISSANCERE HOLDINGS COM G7496G103 882 6,100 SH   SOLE   6,100 0 0
RLI CORP. COM 749607107 1,053 17,550 SH   SOLE   17,550 0 0
RLI CORP. COM 749607107 5,101 84,996 SH   SOLE   84,996 0 0
RLI CORP. COM 749607107 426 7,100 SH   SOLE   7,100 0 0
SAFETY INSURANCE GROUP COM 78648T100 259 3,700 SH   SOLE   3,700 0 0
SELECTIVE INSURANCE GROUP COM 816300107 141 3,000 SH   SOLE   3,000 0 0
STATE AUTO FINANCIAL COM 855707105 275 10,000 SH   SOLE   10,000 0 0
SUN LIFE FINANCIAL COM 866796105 11 300 SH   SOLE   300 0 0
UNITED FIRE & CASUALTY COM 910331107 235 5,500 SH   SOLE   5,500 0 0
VALIDUS HOLDINGS LTD COM G9319H102 4 70 SH   SOLE   70 0 0
VALIDUS HOLDINGS LTD COM G9319H102 1,673 29,660 SH   SOLE   29,660 0 0
VALIDUS HOLDINGS LTD COM G9319H102 5,007 88,790 SH   SOLE   88,790 0 0
VALIDUS HOLDINGS LTD COM G9319H102 792 14,050 SH   SOLE   14,050 0 0
VOYA FINANCIAL INC. COM 45685E106 219 5,775 SH   SOLE   5,775 0 0
VOYA FINANCIAL INC. COM 45685E106 97 2,550 SH   SOLE   2,550 0 0