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 20,000 400 SH   SOLE   400 0 0
AFLAC INCORPORATED COM 001055102 6,520,000 130,400 SH   SOLE   130,400 0 0
AFLAC INCORPORATED COM 001055102 2,290,000 45,800 SH   SOLE   45,800 0 0
AFLAC INCORPORATED COM 001055102 1,060,000 21,200 SH   SOLE   21,200 0 0
AMERICAN EQUITY INVESTMENT LIF COM 025676206 5,195,000 192,250 SH   SOLE   192,250 0 0
AMERICAN EQUITY INVESTMENT LIF COM 025676206 1,781,000 65,900 SH   SOLE   65,900 0 0
AMERICAN EQUITY INVESTMENT LIF COM 025676206 877,000 32,450 SH   SOLE   32,450 0 0
AMERICAN INTERNATIONAL GR COM 026874784 1,537,000 35,700 SH   SOLE   35,700 0 0
AMERICAN INTERNATIONAL GR COM 026874784 547,000 12,700 SH   SOLE   12,700 0 0
AMERICAN INTERNATIONAL GR COM 026874784 284,000 6,600 SH   SOLE   6,600 0 0
AMERIPRISE FINANCIAL, INC. COM 587200106 1,403,000 10,950 SH   SOLE   10,950 0 0
AMERIPRISE FINANCIAL, INC. COM 587200106 4,003,000 31,250 SH   SOLE   31,250 0 0
AMERIPRISE FINANCIAL, INC. COM 587200106 705,000 5,500 SH   SOLE   5,500 0 0
ARCH CAPITAL GROUP LTD. COM 03938JAA7 1,328,000 41,100 SH   SOLE   41,100 0 0
ARCH CAPITAL GROUP LTD. COM 03938JAA7 2,521,000 78,000 SH   SOLE   78,000 0 0
ARCH CAPITAL GROUP LTD. COM 03938JAA7 7,143,000 221,020 SH   SOLE   221,020 0 0
ASSURED GUARANTY LTD. COM G0585R106 4,000 100 SH   SOLE   100 0 0
BERKLEY WR CORP COM 084423102 2,135,000 25,200 SH   SOLE   25,200 0 0
BERKLEY WR CORP COM 084423102 11,000 130 SH   SOLE   130 0 0
BERKLEY WR CORP COM 084423102 953,000 11,250 SH   SOLE   11,250 0 0
BERKLEY WR CORP COM 084423102 5,747,000 67,830 SH   SOLE   67,830 0 0
BF&M COM 1081T1099 1,327,000 85,600 SH   SOLE   85,600 0 0
BF&M COM 1081T1099 519,000 33,500 SH   SOLE   33,500 0 0
BLACK KNIGHT INC. COM 09215C105 1,292,000 23,702 SH   SOLE   23,702 0 0
BLACK KNIGHT INC. COM 09215C105 234,000 4,292 SH   SOLE   4,292 0 0
BLACK KNIGHT INC. COM 09215C105 321,000 5,887 SH   SOLE   5,887 0 0
BROWN & BROWN, INC. COM 115236101 1,735,000 58,800 SH   SOLE   58,800 0 0
BROWN & BROWN, INC. COM 115236101 6,663,000 225,800 SH   SOLE   225,800 0 0
BROWN & BROWN, INC. COM 115236101 1,087,000 36,850 SH   SOLE   36,850 0 0
CHUBB CORPORATION COM H1457J104 6,556,000 46,800 SH   SOLE   46,800 0 0
CHUBB CORPORATION COM H1457J105 14,000 100 SH   SOLE   100 0 0
CHUBB CORPORATION COM H1457J106 2,360,000 16,850 SH   SOLE   16,850 0 0
CHUBB CORPORATION COM H1457J107 1,121,000 8,000 SH   SOLE   8,000 0 0
CRAWFORD & CO. CLASS B COM 224633107 3,000 300 SH   SOLE   300 0 0
DONEGAL GROUP, INC. COM 257701201 70,000 5,192 SH   SOLE   5,192 0 0
EVEREST RE GROUP LTD COM G3223R108 1,296,000 6,000 SH   SOLE   6,000 0 0
EVEREST RE GROUP LTD COM G3223R108 421,000 1,950 SH   SOLE   1,950 0 0
EVEREST RE GROUP LTD COM G3223R108 227,000 1,050 SH   SOLE   1,050 0 0
FBL FINANCIAL COM 30239F106 4,000 60 SH   SOLE   60 0 0
FBL FINANCIAL COM 30239F106 4,116,000 65,625 SH   SOLE   65,625 0 0
FBL FINANCIAL COM 30239F106 1,446,000 23,050 SH   SOLE   23,050 0 0
FBL FINANCIAL COM 30239F106 685,000 10,925 SH   SOLE   10,925 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R105 2,606,000 71,300 SH   SOLE   71,300 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R105 702,000 19,200 SH   SOLE   19,200 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R105 512,000 14,000 SH   SOLE   14,000 0 0
FIRST AMERICAN FINANCIAL COM 318522307 3,507,000 68,100 SH   SOLE   68,100 0 0
FIRST AMERICAN FINANCIAL COM 318522307 1,244,000 24,150 SH   SOLE   24,150 0 0
FIRST AMERICAN FINANCIAL COM 318522307 623,000 12,100 SH   SOLE   12,100 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 6,959,000 89,100 SH   SOLE   89,100 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 1,337,000 17,125 SH   SOLE   17,125 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 1,289,000 16,500 SH   SOLE   16,500 0 0
GOLDMAN SACHS COM 38141G104 1,344,000 7,000 SH   SOLE   7,000 0 0
GOLDMAN SACHS COM 38141G104 384,000 2,000 SH   SOLE   2,000 0 0
HISCOX plc COM 4593F1389 2,097,000 102,466 SH   SOLE   102,466 0 0
HORACE MANN EDUCATORS CORP. COM 440327104 12,000 350 SH   SOLE   350 0 0
HOSPITALITY PROPERTIES TRUST COM 44106M102 5,000 200 SH   SOLE   200 0 0
J P MORGAN & CO COM 46625H100 967,000 9,550 SH   SOLE   9,550 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 3,434,000 85,675 SH   SOLE   85,675 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 1,206,000 30,100 SH   SOLE   30,100 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 567,000 14,150 SH   SOLE   14,150 0 0
MARKEL CORPORATION COM 570535104 299,000 300 SH   SOLE   300 0 0
MARKEL CORPORATION COM 570535104 867,000 870 SH   SOLE   870 0 0
MARKEL CORPORATION COM 570535104 2,824,000 2,835 SH   SOLE   2,835 0 0
PRIMERICA COM 74164M108 7,909,000 64,750 SH   SOLE   64,750 0 0
PRIMERICA COM 74164M108 3,029,000 24,800 SH   SOLE   24,800 0 0
PRIMERICA COM 74164M108 1,484,000 12,150 SH   SOLE   12,150 0 0
PROASSURANCE CORP. COM 74346Y103 3,000 100 SH   SOLE   100 0 0
RAYMOND JAMES FINANCIAL COM 754730109 4,523,000 56,250 SH   SOLE   56,250 0 0
RAYMOND JAMES FINANCIAL COM 754730109 1,347,000 16,750 SH   SOLE   16,750 0 0
REINSURANCE GROUP AMERICA COM 759351604 2,137,000 15,050 SH   SOLE   15,050 0 0
REINSURANCE GROUP AMERICA COM 759351604 1,036,000 7,300 SH   SOLE   7,300 0 0
REINSURANCE GROUP AMERICA COM 759351604 5,850,000 41,200 SH   SOLE   41,200 0 0
RENAISSANCERE HOLDINGS COM G7496G103 5,716,000 39,835 SH   SOLE   39,835 0 0
RENAISSANCERE HOLDINGS COM G7496G103 2,057,000 14,335 SH   SOLE   14,335 0 0
RENAISSANCERE HOLDINGS COM G7496G103 961,000 6,700 SH   SOLE   6,700 0 0
RLI CORP. COM 749607107 4,498,000 62,696 SH   SOLE   62,696 0 0
RLI CORP. COM 749607107 1,137,000 15,850 SH   SOLE   15,850 0 0
RLI CORP. COM 749607107 509,000 7,100 SH   SOLE   7,100 0 0
RMR GROUP INC. Class A COM 74967R106 0 4 SH   SOLE   4 0 0
SAFETY INSURANCE GROUP COM 78648T100 322,000 3,700 SH   SOLE   3,700 0 0
SELECTIVE INSURANCE GROUP COM 816300107 190,000 3,000 SH   SOLE   3,000 0 0
SUN LIFE FINANCIAL COM 855707105 12,000 300 SH   SOLE   300 0 0