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 7,983,000 150,900 SH   SOLE   150,900 0 0
AFLAC INCORPORATED COM 001055102 2,529,000 47,800 SH   SOLE   47,800 0 0
AFLAC INCORPORATED COM 001055102 1,677,000 31,700 SH   SOLE   31,700 0 0
AFLAC INCORPORATED COM 001055102 21,000 400 SH   SOLE   400 0 0
AMERICAN EQUITY INVESTMENT LIF COM 025676206 1,972,000 65,900 SH   SOLE   65,900 0 0
AMERICAN EQUITY INVESTMENT LIF COM 025676206 6,293,000 210,250 SH   SOLE   210,250 0 0
AMERICAN EQUITY INVESTMENT LIF COM 025676206 1,241,000 41,450 SH   SOLE   41,450 0 0
AMERICAN INTERNATIONAL GR COM 026874784 790,000 15,400 SH   SOLE   15,400 0 0
AMERICAN INTERNATIONAL GR COM 026874784 4,445,000 86,600 SH   SOLE   86,600 0 0
AMERICAN INTERNATIONAL GR COM 026874784 1,129,000 22,000 SH   SOLE   22,000 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 916,000 5,500 SH   SOLE   5,500 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 5,206,000 31,250 SH   SOLE   31,250 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 1,824,000 10,950 SH   SOLE   10,950 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105 1,763,000 41,100 SH   SOLE   41,100 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105 3,345,000 78,000 SH   SOLE   78,000 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105 9,480,000 221,020 SH   SOLE   221,020 0 0
ASSURED GUARANTY LTD. COM G0585R106 5,000 100 SH   SOLE   100 0 0
BERKLEY WR CORP COM 084423102 13,000 195 SH   SOLE   195 0 0
BERKLEY WR CORP COM 084423102 2,336,000 33,800 SH   SOLE   33,800 0 0
BERKLEY WR CORP COM 084423102 6,270,000 90,745 SH   SOLE   90,745 0 0
BERKLEY WR CORP COM 084423102 1,304,000 18,875 SH   SOLE   18,875 0 0
BF&M COM G1081T109 1,755,000 85,600 SH   SOLE   85,600 0 0
BF&M COM G1081T109 687,000 33,500 SH   SOLE   33,500 0 0
BLACK KNIGHT INC. COM 09215C105 1,528,000 23,702 SH   SOLE   23,702 0 0
BLACK KNIGHT INC. COM 09215C105 277,000 4,292 SH   SOLE   4,292 0 0
BLACK KNIGHT INC. COM 09215C105 380,000 5,887 SH   SOLE   5,887 0 0
BROWN & BROWN, INC. COM 115236101 1,613,000 40,850 SH   SOLE   40,850 0 0
BROWN & BROWN, INC. COM 115236101 8,915,000 225,800 SH   SOLE   225,800 0 0
BROWN & BROWN, INC. COM 115236101 2,321,000 58,800 SH   SOLE   58,800 0 0
CHUBB CORPORATION COM H1467J104 7,830,000 50,300 SH   SOLE   50,300 0 0
CHUBB CORPORATION COM H1467J104 2,623,000 16,850 SH   SOLE   16,850 0 0
CHUBB CORPORATION COM H1467J104 16,000 100 SH   SOLE   100 0 0
CHUBB CORPORATION COM H1467J104 1,634,000 10,500 SH   SOLE   10,500 0 0
CRAWFORD & CO. CLASS B COM 224633107 3,000 300 SH   SOLE   300 0 0
DONEGAL GROUP, INC. A COM 257701201 77,000 5,192 SH   SOLE   5,192 0 0
EVEREST RE GROUP LTD COM G3223R108 540,000 1,950 SH   SOLE   1,950 0 0
EVEREST RE GROUP LTD COM G3223R108 1,661,000 6,000 SH   SOLE   6,000 0 0
EVEREST RE GROUP LTD COM G3223R108 291,000 1,050 SH   SOLE   1,050 0 0
EVERQUOTE INC COM 30041R108 110,000 3,200 SH   SOLE   3,200 0 0
EVERQUOTE INC COM 30041R108 344,000 10,000 SH   SOLE   10,000 0 0
EVERQUOTE INC COM 30041R108 62,000 1,800 SH   SOLE   1,800 0 0
FBL FINANCIAL COM 30239F106 644,000 10,925 SH   SOLE   10,925 0 0
FBL FINANCIAL COM 30239F106 1,358,000 23,050 SH   SOLE   23,050 0 0
FBL FINANCIAL COM 30239F106 3,867,000 65,625 SH   SOLE   65,625 0 0
FBL FINANCIAL COM 30239F106 4,000 60 SH   SOLE   60 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R303 635,000 14,000 SH   SOLE   14,000 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R303 871,000 19,200 SH   SOLE   19,200 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R303 3,233,000 71,300 SH   SOLE   71,300 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 1,408,000 24,150 SH   SOLE   24,150 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 3,972,000 68,100 SH   SOLE   68,100 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 706,000 12,100 SH   SOLE   12,100 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 1,631,000 17,125 SH   SOLE   17,125 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 8,485,000 89,100 SH   SOLE   89,100 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 1,571,000 16,500 SH   SOLE   16,500 0 0
GOLDMAN SACHS COM 38141G104 1,610,000 7,000 SH   SOLE   7,000 0 0
HISCOX plc COM 4593F1389 1,964,000 104,610 SH   SOLE   104,610 0 0
HORACE MANN EDUCATORS CORP. COM 440327104 15,000 350 SH   SOLE   350 0 0
SERVICE PROPERTIES TRUST COM 44106M102 1,331,000 9,550 SH   SOLE   9,550 0 0
J P MORGAN & CO COM 46625H100 4,973,000 120,675 SH   SOLE   120,675 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 1,302,000 31,600 SH   SOLE   31,600 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 933,000 22,650 SH   SOLE   22,650 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 343,000 300 SH   SOLE   300 0 0
MARKEL CORPORATION COM 905399101 2,441,000 2,135 SH   SOLE   2,135 0 0
MARKEL CORPORATION COM 905399101 423,000 370 SH   SOLE   370 0 0
MARKEL CORPORATION COM 905399101 2,520,000 19,300 SH   SOLE   19,300 0 0
PRIMERICA COM 74164M108 7,605,000 58,250 SH   SOLE   58,250 0 0
PRIMERICA COM 74164M108 1,586,000 12,150 SH   SOLE   12,150 0 0
PRIMERICA COM 74164M108 4,000 100 SH   SOLE   100 0 0
PROASSURANCE CORP. COM 74267C106 6,285,000 70,250 SH   SOLE   70,250 0 0
RAYMOND JAMES FINANCIAL COM 754730109 2,035,000 22,750 SH   SOLE   22,750 0 0
RAYMOND JAMES FINANCIAL COM 754730109 1,663,000 10,200 SH   SOLE   10,200 0 0
REINSURANCE GROUP AMERICA COM 759351604 8,006,000 49,100 SH   SOLE   49,100 0 0
REINSURANCE GROUP AMERICA COM 759351604 2,650,000 16,250 SH   SOLE   16,250 0 0
REINSURANCE GROUP AMERICA COM 759351604 1,509,000 7,700 SH   SOLE   7,700 0 0
RENAISSANCERE HOLDINGS COM G7496G103 2,810,000 14,335 SH   SOLE   14,335 0 0
RENAISSANCERE HOLDINGS COM G7496G103 7,808,000 39,835 SH   SOLE   39,835 0 0
RENAISSANCERE HOLDINGS COM G7496G103 1,274,000 14,150 SH   SOLE   14,150 0 0
RLI CORP. COM 749607107 5,077,000 56,396 SH   SOLE   56,396 0 0
RLI CORP. COM 749607107 1,044,000 11,600 SH   SOLE   11,600 0 0
RLI CORP. COM 749607107 0 4 SH   SOLE   4 0 0
RMR GROUP INC. Class A COM 74967R106 342,000 3,700 SH   SOLE   3,700 0 0
SAFETY INSURANCE GROUP COM 78648T100 196,000 3,000 SH   SOLE   3,000 0 0
SELECTIVE INSURANCE GROUP COM 816300107 5,000 200 SH   SOLE   200 0 0
SUN LIFE FINANCIAL COM 866796105 14,000 300 SH   SOLE   300 0 0