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 1,981 38,700 SH   SOLE   38,700 0 0
AFLAC INCORPORATED COM 001055102 10,052 196,400 SH   SOLE   196,400 0 0
AFLAC INCORPORATED COM 001055102 2,779 54,300 SH   SOLE   54,300 0 0
AFLAC INCORPORATED COM 001055102 20 400 SH   SOLE   400 0 0
AMERICAN INTERNATIONAL GROUP COM 026874784 3,369 72,900 SH   SOLE   72,900 0 0
AMERICAN INTERNATIONAL GROUP COM 026874784 10,938 236,700 SH   SOLE   236,700 0 0
AMERICAN INTERNATIONAL GROUP COM 026874784 2,976 64,400 SH   SOLE   64,400 0 0
AMERICAN NATIONAL Group Inc COM 02772A109 2,028 18,800 SH   SOLE   18,800 0 0
AMERICAN NATIONAL Group Inc COM 02772A109 11,186 103,700 SH   SOLE   103,700 0 0
AMERICAN NATIONAL Group Inc COM 02772A109 2,319 21,500 SH   SOLE   21,500 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 1,278 5,500 SH   SOLE   5,500 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 8,659 37,250 SH   SOLE   37,250 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 2,545 10,950 SH   SOLE   10,950 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105 2,993 78,000 SH   SOLE   78,000 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105 1,884 49,100 SH   SOLE   49,100 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105 10,015 261,020 SH   SOLE   261,020 0 0
ASSURED GUARANTY LTD. COM G0585R106 4 100 SH   SOLE   100 0 0
BERKLEY WR CORP COM 084423102 15 195 SH   SOLE   195 0 0
BERKLEY WR CORP COM 084423102 1,422 18,875 SH   SOLE   18,875 0 0
BERKLEY WR CORP COM 084423102 7,214 95,745 SH   SOLE   95,745 0 0
BERKLEY WR CORP COM 084423102 2,547 33,800 SH   SOLE   33,800 0 0
BF&M COM G1081T109 598 26,000 SH   SOLE   26,000 0 0
BF&M COM G1081T109 1,762 76,600 SH   SOLE   76,600 0 0
BLACK KNIGHT INC. COM 09215C105 1,754 23,702 SH   SOLE   23,702 0 0
BLACK KNIGHT INC. COM 09215C105 318 4,292 SH   SOLE   4,292 0 0
BLACK KNIGHT INC. COM 09215C105 436 5,887 SH   SOLE   5,887 0 0
BROWN & BROWN, INC. COM 115236101 1,867 40,850 SH   SOLE   40,850 0 0
BROWN & BROWN, INC. COM 115236101 10,321 225,800 SH   SOLE   225,800 0 0
BROWN & BROWN, INC. COM 115236101 2,688 58,800 SH   SOLE   58,800 0 0
CHUBB CORPORATION COM H1467J104 16 100 SH   SOLE   100 0 0
CHUBB CORPORATION COM H1467J104 2,701 17,100 SH   SOLE   17,100 0 0
CHUBB CORPORATION COM H1467J104 9,526 60,300 SH   SOLE   60,300 0 0
CHUBB CORPORATION COM H1467J104 2,093 13,250 SH   SOLE   13,250 0 0
CRAWFORD & CO. CLASS B COM 224633107 3 300 SH   SOLE   300 0 0
DONEGAL GROUP, INC. A COM 257701201 77 5,192 SH   SOLE   5,192 0 0
EVERQUOTE INC COM 30041R108 363 10,000 SH   SOLE   10,000 0 0
EVERQUOTE INC COM 30041R108 65 1,800 SH   SOLE   1,800 0 0
FIDELITY NATIONAL FINANCIAL INC. COM 31620R303 590 14,500 SH   SOLE   14,500 0 0
FIDELITY NATIONAL FINANCIAL INC. COM 31620R303 3,224 79,300 SH   SOLE   79,300 0 0
FIDELITY NATIONAL FINANCIAL INC. COM 31620R303 842 20,700 SH   SOLE   20,700 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 884 15,600 SH   SOLE   15,600 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 1,368 24,150 SH   SOLE   24,150 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 4,226 74,600 SH   SOLE   74,600 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 2,059 16,500 SH   SOLE   16,500 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 11,117 89,100 SH   SOLE   89,100 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 2,137 17,125 SH   SOLE   17,125 0 0
GOLDMAN SACHS COM 38141G104 2,289 7,000 SH   SOLE   7,000 0 0
HISCOX plc COM 4593F1389 1,239 104,610 SH   SOLE   104,610 0 0
HORACE MANN EDUCATORS CORP. COM 440327104 15 350 SH   SOLE   350 0 0
J P MORGAN & CO COM 46625H100 1,454 9,550 SH   SOLE   9,550 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 1,125 24,650 SH   SOLE   24,650 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 5,961 130,675 SH   SOLE   130,675 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 1,442 31,600 SH   SOLE   31,600 0 0
PRIMERICA COM 74164M108 2,432 16,450 SH   SOLE   16,450 0 0
PRIMERICA COM 74164M108 3,710 25,100 SH   SOLE   25,100 0 0
PRIMERICA COM 74164M108 11,552 78,150 SH   SOLE   78,150 0 0
PROASSURANCE CORP. COM 74267C106 2,788 22,750 SH   SOLE   22,750 0 0
RAYMOND JAMES FINANCIAL COM 754730109 9,590 78,250 SH   SOLE   78,250 0 0
RAYMOND JAMES FINANCIAL COM 754730109 2,042 16,200 SH   SOLE   16,200 0 0
REINSURANCE GROUP AMERICA COM 759351604 12,101 96,000 SH   SOLE   96,000 0 0
REINSURANCE GROUP AMERICA COM 759351604 2,691 21,350 SH   SOLE   21,350 0 0
REINSURANCE GROUP AMERICA COM 759351604 1,667 10,400 SH   SOLE   10,400 0 0
RENAISSANCERE HOLDINGS COM G7496G103 9,252 57,735 SH   SOLE   57,735 0 0
RENAISSANCERE HOLDINGS COM G7496G103 2,522 15,735 SH   SOLE   15,735 0 0
RENAISSANCERE HOLDINGS COM G7496G103 1,294 11,600 SH   SOLE   11,600 0 0
RLI CORP. COM 749607107 6,292 56,396 SH   SOLE   56,396 0 0
RLI CORP. COM 749607107 1,579 14,150 SH   SOLE   14,150 0 0
RLI CORP. COM 749607107 0 4 SH   SOLE   4 0 0
RMR GROUP INC. Class A COM 74967R106 312 3,700 SH   SOLE   3,700 0 0
SAFETY INSURANCE GROUP COM 78648T100 218 3,000 SH   SOLE   3,000 0 0
SELECTIVE INSURANCE GROUP COM 816300107 15 300 SH   SOLE   300 0 0