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 1,859,000 54,300 SH   SOLE   54,300 0 0
AFLAC INCORPORATED COM 001055102 5,732,000 167,400 SH   SOLE   167,400 0 0
AFLAC INCORPORATED COM 001055102 14,000 400 SH   SOLE   400 0 0
AFLAC INCORPORATED COM 001055102 1,222,000 35,700 SH   SOLE   35,700 0 0
AMERICAN EQUITY INVESTMENT LIFE COM 025676206 892,000 47,450 SH   SOLE   47,450 0 0
AMERICAN EQUITY INVESTMENT LIFE COM 025676206 1,363,000 72,500 SH   SOLE   72,500 0 0
AMERICAN EQUITY INVESTMENT LIFE COM 025676206 4,280,000 227,650 SH   SOLE   227,650 0 0
AMERICAN INTERNATIONAL GROUP COM 026874784 1,137,000 46,900 SH   SOLE   46,900 0 0
AMERICAN INTERNATIONAL GROUP COM 026874784 4,843,000 199,700 SH   SOLE   199,700 0 0
AMERICAN INTERNATIONAL GROUP COM 026874784 1,562,000 64,400 SH   SOLE   64,400 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 564,000 5,500 SH   SOLE   5,500 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 3,203,000 31,250 SH   SOLE   31,250 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 1,122,000 10,950 SH   SOLE   10,950 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105 2,220,000 78,000 SH   SOLE   78,000 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105 6,290,000 221,020 SH   SOLE   221,020 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105 1,255,000 44,100 SH   SOLE   44,100 0 0
ASSURED GUARANTY LTD. COM G0585R106 3,000 100 SH   SOLE   100 0 0
BERKLEY WR CORP COM 084423102 1,763,000 33,800 SH   SOLE   33,800 0 0
BERKLEY WR CORP COM 084423102 4,734,000 90,745 SH   SOLE   90,745 0 0
BERKLEY WR CORP COM 084423102 985,000 18,875 SH   SOLE   18,875 0 0
BERKLEY WR CORP COM 084423102 10,000 195 SH   SOLE   195 0 0
BF&M COM G1081T109 530,000 32,100 SH   SOLE   32,100 0 0
BF&M COM G1081T109 1,353,000 82,000 SH   SOLE   82,000 0 0
BLACK KNIGHT INC. COM 09215C105 1,376,000 23,702 SH   SOLE   23,702 0 0
BLACK KNIGHT INC. COM 09215C105 249,000 4,292 SH   SOLE   4,292 0 0
BLACK KNIGHT INC. COM 09215C105 342,000 5,887 SH   SOLE   5,887 0 0
BROWN & BROWN, INC. COM 115236101 1,480,000 40,850 SH   SOLE   40,850 0 0
BROWN & BROWN, INC. COM 115236101 8,178,000 225,800 SH   SOLE   225,800 0 0
BROWN & BROWN, INC. COM 115236101 2,130,000 58,800 SH   SOLE   58,800 0 0
CHUBB CORPORATION COM H1467J104 1,882,000 16,850 SH   SOLE   16,850 0 0
CHUBB CORPORATION COM H1467J104 5,618,000 50,300 SH   SOLE   50,300 0 0
CHUBB CORPORATION COM H1467J104 11,000 100 SH   SOLE   100 0 0
CHUBB CORPORATION COM H1467J104 1,284,000 11,500 SH   SOLE   11,500 0 0
CRAWFORD & CO. CLASS B COM 224633107 2,000 300 SH   SOLE   300 0 0
DONEGAL GROUP, INC. A COM 257701201 79,000 5,192 SH   SOLE   5,192 0 0
EVERQUOTE INC COM 30041R108 263,000 10,000 SH   SOLE   10,000 0 0
EVERQUOTE INC COM 30041R108 47,000 1,800 SH   SOLE   1,800 0 0
FBL FINANCIAL COM 30239F106 926,000 19,850 SH   SOLE   19,850 0 0
FBL FINANCIAL COM 30239F106 2,769,000 59,325 SH   SOLE   59,325 0 0
FBL FINANCIAL COM 30239F106 487,000 10,425 SH   SOLE   10,425 0 0
FBL FINANCIAL COM 30239F106 3,000 60 SH   SOLE   60 0 0
FIDELITY NATIONAL FINANCIAL INC. COM 31620R303 415,000 16,700 SH   SOLE   16,700 0 0
FIDELITY NATIONAL FINANCIAL INC. COM 31620R303 1,587,000 63,800 SH   SOLE   63,800 0 0
FIDELITY NATIONAL FINANCIAL INC. COM 31620R303 348,000 14,000 SH   SOLE   14,000 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 1,024,000 24,150 SH   SOLE   24,150 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 662,000 15,600 SH   SOLE   15,600 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 3,164,000 74,600 SH   SOLE   74,600 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 1,396,000 17,125 SH   SOLE   17,125 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 7,263,000 89,100 SH   SOLE   89,100 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 1,345,000 16,500 SH   SOLE   16,500 0 0
GOLDMAN SACHS COM 38141G104 1,082,000 7,000 SH   SOLE   7,000 0 0
HISCOX plc COM 4593F1389 1,197,000 104,610 SH   SOLE   104,610 0 0
HORACE MANN EDUCATORS CORP. COM 440327104 13,000 350 SH   SOLE   350 0 0
J P MORGAN & CO COM 46625H100 860,000 9,550 SH   SOLE   9,550 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 1,145,000 31,600 SH   SOLE   31,600 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 4,373,000 120,675 SH   SOLE   120,675 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 821,000 22,650 SH   SOLE   22,650 0 0
PRIMERICA COM 74164M108 2,221,000 25,100 SH   SOLE   25,100 0 0
PRIMERICA COM 74164M108 6,915,000 78,150 SH   SOLE   78,150 0 0
PRIMERICA COM 74164M108 1,455,000 16,450 SH   SOLE   16,450 0 0
PROASSURANCE CORP. COM 74267C106 3,000 100 SH   SOLE   100 0 0
RAYMOND JAMES FINANCIAL COM 754730109 1,438,000 22,750 SH   SOLE   22,750 0 0
RAYMOND JAMES FINANCIAL COM 754730109 4,440,000 70,250 SH   SOLE   70,250 0 0
REINSURANCE GROUP AMERICA COM 759351604 1,796,000 21,350 SH   SOLE   21,350 0 0
REINSURANCE GROUP AMERICA COM 759351604 1,279,000 15,200 SH   SOLE   15,200 0 0
REINSURANCE GROUP AMERICA COM 759351604 5,722,000 68,000 SH   SOLE   68,000 0 0
RENAISSANCERE HOLDINGS COM G7496G103 2,141,000 14,335 SH   SOLE   14,335 0 0
RENAISSANCERE HOLDINGS COM G7496G103 6,187,000 41,435 SH   SOLE   41,435 0 0
RENAISSANCERE HOLDINGS COM G7496G103 1,359,000 9,100 SH   SOLE   9,100 0 0
RLI CORP. COM 749607107 1,244,000 14,150 SH   SOLE   14,150 0 0
RLI CORP. COM 749607107 4,959,000 56,396 SH   SOLE   56,396 0 0
RLI CORP. COM 749607107 1,020,000 11,600 SH   SOLE   11,600 0 0
RMR GROUP INC. Class A COM 74967R106 0 4 SH   SOLE   4 0 0
SAFETY INSURANCE GROUP COM 78648T100 312,000 3,700 SH   SOLE   3,700 0 0
SELECTIVE INSURANCE GROUP COM 816300107 149,000 3,000 SH   SOLE   3,000 0 0
SERVICE PROPERTIES TRUST COM 44106M102 1,000 200 SH   SOLE   200 0 0
SUN LIFE FINANCIAL COM 866796105 10,000 300 SH   SOLE   300 0 0