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 585 8,400 SH   SOLE   8,400 0 0
AFLAC INCORPORATED COM 001055102 334 4,800 SH   SOLE   4,800 0 0
AFLAC INCORPORATED COM 001055102 14 200 SH   SOLE   200 0 0
AFLAC INCORPORATED COM 001055102 891 12,800 SH   SOLE   12,800 0 0
AMERICAN EQUITY INVESTMENT LIF COM 025676206 2,274 100,900 SH   SOLE   100,900 0 0
AMERICAN EQUITY INVESTMENT LIF COM 025676206 6,601 292,850 SH   SOLE   292,850 0 0
AMERICAN EQUITY INVESTMENT LIF COM 025676206 1,033 45,850 SH   SOLE   45,850 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 1,470 13,250 SH   SOLE   13,250 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 666 6,000 SH   SOLE   6,000 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 4,266 38,450 SH   SOLE   38,450 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105 923 10,700 SH   SOLE   10,700 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105 1,493 17,300 SH   SOLE   17,300 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105 4,145 48,040 SH   SOLE   48,040 0 0
ASSURED GUARANTY LTD. COM 04623A304 4 100 SH   SOLE   100 0 0
BERKLEY WR CORP COM 084423102 1,676 25,200 SH   SOLE   25,200 0 0
BERKLEY WR CORP COM 084423102 5,043 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 748 11,250 SH   SOLE   11,250 0 0
BF&M COM G1081T109 687 33,500 SH   SOLE   33,500 0 0
BF&M COM G1081T109 1,755 85,600 SH   SOLE   85,600 0 0
BROWN & BROWN, INC. COM 115236101 1,319 29,400 SH   SOLE   29,400 0 0
BROWN & BROWN, INC. COM 115236101 827 18,425 SH   SOLE   18,425 0 0
BROWN & BROWN, INC. COM 115236101 6,523 145,400 SH   SOLE   145,400 0 0
CHUBB CORPORATION COM H1467J104 1,711 12,950 SH   SOLE   12,950 0 0
CHUBB CORPORATION COM H1467J104 713 5,400 SH   SOLE   5,400 0 0
CHUBB CORPORATION COM H1467J104 13 100 SH   SOLE   100 0 0
CHUBB CORPORATION COM H1467J104 5,060 38,300 SH   SOLE   38,300 0 0
CRAWFORD & CO. CLASS B COM 224633107 4 300 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 260 1,200 SH   SOLE   1,200 0 0
EVEREST RE GROUP LTD COM G3223R108 260 1,200 SH   SOLE   1,200 0 0
EVEREST RE GROUP LTD COM G3223R108 130 600 SH   SOLE   600 0 0
FBL FINANCIAL COM 30239F106 4,941 63,225 SH   SOLE   63,225 0 0
FBL FINANCIAL COM 30239F106 1,684 21,550 SH   SOLE   21,550 0 0
FBL FINANCIAL COM 30239F106 5 60 SH   SOLE   60 0 0
FBL FINANCIAL COM 30239F106 768 9,825 SH   SOLE   9,825 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R105 2,625 77,300 SH   SOLE   77,300 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R105 652 19,200 SH   SOLE   19,200 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R105 475 14,000 SH   SOLE   14,000 0 0
FIRST ACCEPTANCE CORP. COM 318522307 108 103,916 SH   SOLE   103,916 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 885 24,150 SH   SOLE   24,150 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 2,531 69,100 SH   SOLE   69,100 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 443 12,100 SH   SOLE   12,100 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 890 17,125 SH   SOLE   17,125 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 5,721 110,100 SH   SOLE   110,100 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 857 16,500 SH   SOLE   16,500 0 0
GOLDMAN SACHS COM 38142B500 1,676 7,000 SH   SOLE   7,000 0 0
HISCOX plc COM 4593F1389 1,345 108,041 SH   SOLE   108,041 0 0
HORACE MANN EDUCATORS CORP. COM 440327104 15 350 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 06740C527 19 740 SH   SOLE   740 0 0
J P MORGAN & CO COM 46625H100 824 9,550 SH   SOLE   9,550 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 42 1,000 SH   SOLE   1,000 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 144 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 891 985 SH   SOLE   985 0 0
MARKEL CORPORATION COM 570535104 271 300 SH   SOLE   300 0 0
MARKEL CORPORATION COM 570535104 3,093 3,420 SH   SOLE   3,420 0 0
PRIMERICA COM 74164M108 2,123 30,700 SH   SOLE   30,700 0 0
PRIMERICA COM 74164M108 5,446 78,750 SH   SOLE   78,750 0 0
PRIMERICA COM 74164M108 916 13,250 SH   SOLE   13,250 0 0
PROASSURANCE CORP. COM 74267C106 6 100 SH   SOLE   100 0 0
RAYMOND JAMES FINANCIAL COM 754730109 1,230 17,750 SH   SOLE   17,750 0 0
RAYMOND JAMES FINANCIAL COM 754730109 5,074 73,250 SH   SOLE   73,250 0 0
REINSURANCE GROUP AMERICA COM 759351604 1,919 15,250 SH   SOLE   15,250 0 0
REINSURANCE GROUP AMERICA COM 759351604 881 7,000 SH   SOLE   7,000 0 0
REINSURANCE GROUP AMERICA COM 759351604 5,448 43,300 SH   SOLE   43,300 0 0
RENAISSANCERE HOLDINGS COM G7496G103 5,045 37,035 SH   SOLE   37,035 0 0
RENAISSANCERE HOLDINGS COM G7496G103 1,735 12,735 SH   SOLE   12,735 0 0
RENAISSANCERE HOLDINGS COM G7496G103 831 6,100 SH   SOLE   6,100 0 0
RLI CORP. COM 749607107 1,108 17,550 SH   SOLE   17,550 0 0
RLI CORP. COM 749607107 448 7,100 SH   SOLE   7,100 0 0
RLI CORP. COM 749607107 5,366 84,996 SH   SOLE   84,996 0 0
SAFETY INSURANCE GROUP COM 78648T100 273 3,700 SH   SOLE   3,700 0 0
SELECTIVE INSURANCE GROUP COM 816300107 129 3,000 SH   SOLE   3,000 0 0
STATE AUTO FINANCIAL COM 855707105 268 10,000 SH   SOLE   10,000 0 0
SUN LIFE FINANCIAL COM 866796105 12 300 SH   SOLE   300 0 0
UNITED FIRE & CASUALTY COM 910331107 270 5,500 SH   SOLE   5,500 0 0
VALIDUS HOLDINGS LTD COM G9319H102 4,131 75,090 SH   SOLE   75,090 0 0
VALIDUS HOLDINGS LTD COM G9319H102 1,450 26,360 SH   SOLE   26,360 0 0
VALIDUS HOLDINGS LTD COM G9319H102 4 70 SH   SOLE   70 0 0
VALIDUS HOLDINGS LTD COM G9319H102 718 13,050 SH   SOLE   13,050 0 0
VOYA FINANCIAL INC. COM 45685E106 226 5,775 SH   SOLE   5,775 0 0
VOYA FINANCIAL INC. COM 45685E106 100 2,550 SH   SOLE   2,550 0 0