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 16,000 200 SH   SOLE   200 0 0
AFLAC INCORPORATED COM 001055102 1,205,000 14,800 SH   SOLE   14,800 0 0
AFLAC INCORPORATED COM 001055102 610,000 7,500 SH   SOLE   7,500 0 0
AFLAC INCORPORATED COM 001055102 1,115,000 13,700 SH   SOLE   13,700 0 0
AMERICAN EQUITY INVESTMENT LIF COM 025676206 5,329,000 183,250 SH   SOLE   183,250 0 0
AMERICAN EQUITY INVESTMENT LIF COM 025676206 1,887,000 64,900 SH   SOLE   64,900 0 0
AMERICAN EQUITY INVESTMENT LIF COM 025676206 915,000 31,450 SH   SOLE   31,450 0 0
AMERIPRISE FINANCIAL, INC. COM 587200106 5,710,000 38,450 SH   SOLE   38,450 0 0
AMERIPRISE FINANCIAL, INC. COM 587200106 891,000 6,000 SH   SOLE   6,000 0 0
AMERIPRISE FINANCIAL, INC. COM 587200106 1,968,000 13,250 SH   SOLE   13,250 0 0
ARCH CAPITAL GROUP LTD. COM 03938JAA7 1,005,000 10,200 SH   SOLE   10,200 0 0
ARCH CAPITAL GROUP LTD. COM 03938JAA7 4,407,000 44,740 SH   SOLE   44,740 0 0
ARCH CAPITAL GROUP LTD. COM 03938JAA7 1,586,000 16,100 SH   SOLE   16,100 0 0
ASSURED GUARANTY LTD. COM G0585R106 4,000 100 SH   SOLE   100 0 0
BERKLEY WR CORP COM 084423102 751,000 11,250 SH   SOLE   11,250 0 0
BERKLEY WR CORP COM 084423102 9,000 130 SH   SOLE   130 0 0
BERKLEY WR CORP COM 084423102 1,682,000 25,200 SH   SOLE   25,200 0 0
BERKLEY WR CORP COM 084423102 5,061,000 75,830 SH   SOLE   75,830 0 0
BF&M COM 1081T1099 1,635,000 85,600 SH   SOLE   85,600 0 0
BF&M COM 1081T1099 640,000 33,500 SH   SOLE   33,500 0 0
BROWN & BROWN, INC. COM 115236101 888,000 18,425 SH   SOLE   18,425 0 0
BROWN & BROWN, INC. COM 115236101 7,007,000 145,400 SH   SOLE   145,400 0 0
BROWN & BROWN, INC. COM 115236101 1,417,000 29,400 SH   SOLE   29,400 0 0
CHUBB CORPORATION COM H1467J104 14,000 100 SH   SOLE   100 0 0
CHUBB CORPORATION COM H1467J104 1,974,000 13,850 SH   SOLE   13,850 0 0
CHUBB CORPORATION COM H1467J104 5,902,000 41,400 SH   SOLE   41,400 0 0
CHUBB CORPORATION COM H1467J104 912,000 6,400 SH   SOLE   6,400 0 0
CRAWFORD & CO. CLASS B COM 224633107 4,000 300 SH   SOLE   300 0 0
DONEGAL GROUP, INC. COM 257701201 84,000 5,192 SH   SOLE   5,192 0 0
EVEREST RE GROUP LTD COM G3223R108 445,000 1,950 SH   SOLE   1,950 0 0
EVEREST RE GROUP LTD COM G3223R108 240,000 1,050 SH   SOLE   1,050 0 0
EVEREST RE GROUP LTD COM G3223R108 1,370,000 6,000 SH   SOLE   6,000 0 0
FBL FINANCIAL COM 30239F106 4,000 60 SH   SOLE   60 0 0
FBL FINANCIAL COM 30239F106 732,000 9,825 SH   SOLE   9,825 0 0
FBL FINANCIAL COM 30239F106 4,710,000 63,225 SH   SOLE   63,225 0 0
FBL FINANCIAL COM 30239F106 1,605,000 21,550 SH   SOLE   21,550 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R105 664,000 14,000 SH   SOLE   14,000 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R105 3,669,000 77,300 SH   SOLE   77,300 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R105 911,000 19,200 SH   SOLE   19,200 0 0
FIRST AMERICAN FINANCIAL COM 318522307 1,207,000 24,150 SH   SOLE   24,150 0 0
FIRST AMERICAN FINANCIAL COM 318522307 605,000 12,100 SH   SOLE   12,100 0 0
FIRST AMERICAN FINANCIAL COM 318522307 3,453,000 69,100 SH   SOLE   69,100 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 1,016,000 16,500 SH   SOLE   16,500 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 6,777,000 110,100 SH   SOLE   110,100 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 1,054,000 17,125 SH   SOLE   17,125 0 0
GOLDMAN SACHS COM 38141G104 1,660,000 7,000 SH   SOLE   7,000 0 0
HISCOX plc COM 4593F1389 1,898,000 110,547 SH   SOLE   110,547 0 0
HORACE MANN EDUCATORS CORP. COM 440327104 14,000 350 SH   SOLE   350 0 0
HOSPITALITY PROPERTIES TRUST COM 44106M102 6,000 200 SH   SOLE   200 0 0
iPath S&P 500 VIX Short-Term F COM 06742E711 7,000 185 SH   SOLE   185 0 0
J P MORGAN & CO COM 46625H100 912,000 9,550 SH   SOLE   9,550 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 342,000 8,250 SH   SOLE   8,250 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 2,036,000 49,075 SH   SOLE   49,075 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 730,000 17,600 SH   SOLE   17,600 0 0
MARKEL CORPORATION COM 570535104 320,000 300 SH   SOLE   300 0 0
MARKEL CORPORATION COM 570535104 3,241,000 3,035 SH   SOLE   3,035 0 0
MARKEL CORPORATION COM 570535104 929,000 870 SH   SOLE   870 0 0
PRIMERICA COM 74164M108 2,504,000 30,700 SH   SOLE   30,700 0 0
PRIMERICA COM 74164M108 1,081,000 13,250 SH   SOLE   13,250 0 0
PRIMERICA COM 74164M108 6,422,000 78,750 SH   SOLE   78,750 0 0
PROASSURANCE CORP. COM 74346Y103 5,000 100 SH   SOLE   100 0 0
RAYMOND JAMES FINANCIAL COM 754730109 6,177,000 73,250 SH   SOLE   73,250 0 0
RAYMOND JAMES FINANCIAL COM 754730109 1,497,000 17,750 SH   SOLE   17,750 0 0
REINSURANCE GROUP AMERICA COM 759351604 2,128,000 15,250 SH   SOLE   15,250 0 0
REINSURANCE GROUP AMERICA COM 759351604 977,000 7,000 SH   SOLE   7,000 0 0
REINSURANCE GROUP AMERICA COM 759351604 6,042,000 43,300 SH   SOLE   43,300 0 0
RENAISSANCERE HOLDINGS COM G7496G103 905,000 6,700 SH   SOLE   6,700 0 0
RENAISSANCERE HOLDINGS COM G7496G103 5,383,000 39,835 SH   SOLE   39,835 0 0
RENAISSANCERE HOLDINGS COM G7496G103 1,937,000 14,335 SH   SOLE   14,335 0 0
RLI CORP. COM 749607107 1,007,000 17,550 SH   SOLE   17,550 0 0
RLI CORP. COM 749607107 407,000 7,100 SH   SOLE   7,100 0 0
RLI CORP. COM 749607107 4,875,000 84,996 SH   SOLE   84,996 0 0
SAFETY INSURANCE GROUP COM 78648T100 282,000 3,700 SH   SOLE   3,700 0 0
SELECTIVE INSURANCE GROUP COM 816300107 162,000 3,000 SH   SOLE   3,000 0 0
SUN LIFE FINANCIAL COM 855707105 12,000 300 SH   SOLE   300 0 0
VALIDUS HOLDINGS LTD COM 866796105 3,000 70 SH   SOLE   70 0 0
VALIDUS HOLDINGS LTD COM 910331107 829,000 16,850 SH   SOLE   16,850 0 0
VALIDUS HOLDINGS LTD COM G9319H102 4,921,000 99,990 SH   SOLE   99,990 0 0
VALIDUS HOLDINGS LTD COM G9319H102 1,755,000 35,660 SH   SOLE   35,660 0 0