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 8,734,000 196,400 SH   SOLE   196,400 0 0
AFLAC INCORPORATED COM 001055102 2,415,000 54,300 SH   SOLE   54,300 0 0
AFLAC INCORPORATED COM 001055102 1,721,000 38,700 SH   SOLE   38,700 0 0
AFLAC INCORPORATED COM 001055102 18,000 400 SH   SOLE   400 0 0
AMERICAN INTERNATIONAL GROUP COM 026874784 2,760,000 72,900 SH   SOLE   72,900 0 0
AMERICAN INTERNATIONAL GROUP COM 026874784 8,961,000 236,700 SH   SOLE   236,700 0 0
AMERICAN INTERNATIONAL GROUP COM 026874784 2,438,000 64,400 SH   SOLE   64,400 0 0
AMERICAN NATIONAL Group Inc COM 02772A109 1,807,000 18,800 SH   SOLE   18,800 0 0
AMERICAN NATIONAL Group Inc COM 02772A109 9,968,000 103,700 SH   SOLE   103,700 0 0
AMERICAN NATIONAL Group Inc COM 02772A109 2,067,000 21,500 SH   SOLE   21,500 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 1,069,000 5,500 SH   SOLE   5,500 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 7,239,000 37,250 SH   SOLE   37,250 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 2,128,000 10,950 SH   SOLE   10,950 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105 2,813,000 78,000 SH   SOLE   78,000 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105 8,694,000 241,020 SH   SOLE   241,020 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105 1,771,000 49,100 SH   SOLE   49,100 0 0
ASSURED GUARANTY LTD. COM G0585R106 3,000 100 SH   SOLE   100 0 0
BERKLEY WR CORP COM 084423102 13,000 195 SH   SOLE   195 0 0
BERKLEY WR CORP COM 084423102 1,254,000 18,875 SH   SOLE   18,875 0 0
BERKLEY WR CORP COM 084423102 6,359,000 95,745 SH   SOLE   95,745 0 0
BERKLEY WR CORP COM 084423102 2,245,000 33,800 SH   SOLE   33,800 0 0
BF&M COM G1081T109 520,000 26,000 SH   SOLE   26,000 0 0
BF&M COM G1081T109 1,532,000 76,600 SH   SOLE   76,600 0 0
BLACK KNIGHT INC. COM 09215C105 2,094,000 23,702 SH   SOLE   23,702 0 0
BLACK KNIGHT INC. COM 09215C105 379,000 4,292 SH   SOLE   4,292 0 0
BLACK KNIGHT INC. COM 09215C105 520,000 5,887 SH   SOLE   5,887 0 0
BROWN & BROWN, INC. COM 115236101 1,937,000 40,850 SH   SOLE   40,850 0 0
BROWN & BROWN, INC. COM 115236101 10,705,000 225,800 SH   SOLE   225,800 0 0
BROWN & BROWN, INC. COM 115236101 2,788,000 58,800 SH   SOLE   58,800 0 0
CHUBB CORPORATION COM H1467J104 2,632,000 17,100 SH   SOLE   17,100 0 0
CHUBB CORPORATION COM H1467J104 2,039,000 13,250 SH   SOLE   13,250 0 0
CHUBB CORPORATION COM H1467J104 15,000 100 SH   SOLE   100 0 0
CHUBB CORPORATION COM H1467J104 9,281,000 60,300 SH   SOLE   60,300 0 0
CRAWFORD & CO. CLASS B COM 224633107 2,000 300 SH   SOLE   300 0 0
DONEGAL GROUP, INC. A COM 257701201 73,000 5,192 SH   SOLE   5,192 0 0
EVERQUOTE INC COM 30041R108 374,000 10,000 SH   SOLE   10,000 0 0
EVERQUOTE INC COM 30041R108 67,000 1,800 SH   SOLE   1,800 0 0
FIDELITY NATIONAL FINANCIAL INC. COM 31620R303 547,000 14,000 SH   SOLE   14,000 0 0
FIDELITY NATIONAL FINANCIAL INC. COM 31620R303 2,494,000 63,800 SH   SOLE   63,800 0 0
FIDELITY NATIONAL FINANCIAL INC. COM 31620R303 653,000 16,700 SH   SOLE   16,700 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 805,000 15,600 SH   SOLE   15,600 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 3,852,000 74,600 SH   SOLE   74,600 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 1,247,000 24,150 SH   SOLE   24,150 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 2,041,000 16,500 SH   SOLE   16,500 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 11,023,000 89,100 SH   SOLE   89,100 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 2,119,000 17,125 SH   SOLE   17,125 0 0
GOLDMAN SACHS COM 38141G104 1,846,000 7,000 SH   SOLE   7,000 0 0
HISCOX plc COM 4593F1389 1,420,000 104,610 SH   SOLE   104,610 0 0
HORACE MANN EDUCATORS CORP. COM 440327104 15,000 350 SH   SOLE   350 0 0
J P MORGAN & CO COM 46625H100 1,214,000 9,550 SH   SOLE   9,550 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 1,212,000 24,650 SH   SOLE   24,650 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 6,423,000 130,675 SH   SOLE   130,675 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 1,553,000 31,600 SH   SOLE   31,600 0 0
PRIMERICA COM 74164M108 2,203,000 16,450 SH   SOLE   16,450 0 0
PRIMERICA COM 74164M108 10,467,000 78,150 SH   SOLE   78,150 0 0
PRIMERICA COM 74164M108 3,362,000 25,100 SH   SOLE   25,100 0 0
PROASSURANCE CORP. COM 74267C106 2,000 100 SH   SOLE   100 0 0
RAYMOND JAMES FINANCIAL COM 754730109 2,176,000 22,750 SH   SOLE   22,750 0 0
RAYMOND JAMES FINANCIAL COM 754730109 7,486,000 78,250 SH   SOLE   78,250 0 0
REINSURANCE GROUP AMERICA COM 759351604 11,126,000 96,000 SH   SOLE   96,000 0 0
REINSURANCE GROUP AMERICA COM 759351604 1,878,000 16,200 SH   SOLE   16,200 0 0
REINSURANCE GROUP AMERICA COM 759351604 2,474,000 21,350 SH   SOLE   21,350 0 0
RENAISSANCERE HOLDINGS COM G7496G103 1,509,000 9,100 SH   SOLE   9,100 0 0
RENAISSANCERE HOLDINGS COM G7496G103 6,871,000 41,435 SH   SOLE   41,435 0 0
RENAISSANCERE HOLDINGS COM G7496G103 2,377,000 14,335 SH   SOLE   14,335 0 0
RLI CORP. COM 749607107 1,208,000 11,600 SH   SOLE   11,600 0 0
RLI CORP. COM 749607107 5,874,000 56,396 SH   SOLE   56,396 0 0
RLI CORP. COM 749607107 1,474,000 14,150 SH   SOLE   14,150 0 0
RMR GROUP INC. Class A COM 74967R106 0 4 SH   SOLE   4 0 0
SAFETY INSURANCE GROUP COM 78648T100 288,000 3,700 SH   SOLE   3,700 0 0
SELECTIVE INSURANCE GROUP COM 816300107 201,000 3,000 SH   SOLE   3,000 0 0
SERVICE PROPERTIES TRUST COM 44106M102 2,000 200 SH   SOLE   200 0 0
SUN LIFE FINANCIAL COM 866796105 13,000 300 SH   SOLE   300 0 0