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
ALLEGHANY CORP DEL COM 017175100 41,156 77,380 SH   SOLE   77,380 0 0
AMERICAN FINL GROUP INC OHIO COM 025932104 35,465 547,062 SH   SOLE   547,062 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 1,789 65,000 SH   SOLE   65,000 0 0
AMERISAFE INC COM 03071H100 4,589 80,000 SH   SOLE   80,000 0 0
ARCH CAP GROUP LTD ORD G0450A105 44,422 1,457,990 SH   SOLE   1,457,990 0 0
ARGO GROUP INTL HLDGS LTD COM G0464B107 33,075 944,022 SH   SOLE   944,022 0 0
BERKLEY W R CORP COM 084423102 16,713 270,000 SH   SOLE   270,000 0 0
BROWN & BROWN INC COM 115236101 1,160 25,000 SH   SOLE   25,000 0 0
BRP GROUP INC COM CL A 05589G102 12,380 532,881 SH   SOLE   532,881 0 0
CHUBB LIMITED COM H1467J104 16,979 140,000 SH   SOLE   140,000 0 0
EMPLOYERS HOLDINGS INC COM 292218104 13,805 436,615 SH   SOLE   436,615 0 0
ENSTAR GROUP LIMITED SHS G3075P101 1,631 10,100 SH   SOLE   10,100 0 0
EVERQUOTE INC COM CL A 30041R108 1,546 40,000 SH   SOLE   40,000 0 0
FIRST AMERN FINL CORP COM 31847R102 1,577 30,000 SH   SOLE   30,000 0 0
INTL GNRL INSURANCE HLDNGS L SHS G4809J106 3,747 547,041 SH   SOLE   547,041 0 0
JAMES RIV GROUP LTD COM G5005R107 27,524 593,543 SH   SOLE   593,543 0 0
LINCOLN NATL CORP IND COM 534187109 2,045 60,000 SH   SOLE   60,000 0 0
MARKEL CORP COM 570535104 29,948 28,991 SH   SOLE   28,991 0 0
MARSH & MCLENNAN COS INC COM 571748102 1,166 10,000 SH   SOLE   10,000 0 0
OLD REP INTL CORP COM 680223104 4,422 300,000 SH   SOLE   300,000 0 0
PROASSURANCE CORP COM 74267C106 1,076 70,000 SH   SOLE   70,000 0 0
PROGRESSIVE CORP COM 743315103 16,393 175,000 SH   SOLE   175,000 0 0
RENAISSANCERE HLDGS LTD COM G7496G103 30,442 171,468 SH   SOLE   171,468 0 0
RLI CORP COM 749607107 22,735 257,088 SH   SOLE   257,088 0 0
SELECTIVE INS GROUP INC COM 816300107 623 12,103 SH   SOLE   12,103 0 0
TREAN INS GROUP INC COM 89457R101 12,788 825,000 SH   SOLE   825,000 0 0