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 1,055,102 001055102 2,830,659 54,300 SH   SOLE   54,300 0 0
AFLAC INCORPORATED 1,055,102 001055102 10,551,112 202,400 SH   SOLE   202,400 0 0
AFLAC INCORPORATED 1,055,102 001055102 2,017,431 38,700 SH   SOLE   38,700 0 0
AFLAC INCORPORATED 1,055,102 001055102 20,852 400 SH   SOLE   400 0 0
AMERICAN INTERNATIONAL GR 26,874,784 026874784 3,260,466 59,400 SH   SOLE   59,400 0 0
AMERICAN INTERNATIONAL GR 26,874,784 026874784 12,278,893 223,700 SH   SOLE   223,700 0 0
AMERICAN INTERNATIONAL GR 26,874,784 026874784 3,617,251 65,900 SH   SOLE   65,900 0 0
AMERIPRISE FINANCIAL, INC. 03076C106 03076C106 2,892,114 10,950 SH   SOLE   10,950 0 0
AMERIPRISE FINANCIAL, INC. 03076C106 03076C106 9,838,470 37,250 SH   SOLE   37,250 0 0
AMERIPRISE FINANCIAL, INC. 03076C106 03076C106 1,452,660 5,500 SH   SOLE   5,500 0 0
ARCH CAPITAL GROUP LTD. G0450A105 G0450A105 2,978,040 78,000 SH   SOLE   78,000 0 0
ARCH CAPITAL GROUP LTD. G0450A105 G0450A105 1,989,178 52,100 SH   SOLE   52,100 0 0
ARCH CAPITAL GROUP LTD. G0450A105 G0450A105 10,996,603 288,020 SH   SOLE   288,020 0 0
ASSURED GUARANTY LTD. G0585R106 G0585R106 4,681 100 SH   SOLE   100 0 0
BERKLEY WR CORP 84,423,102 084423102 14,270 195 SH   SOLE   195 0 0
BERKLEY WR CORP 84,423,102 084423102 2,473,484 33,800 SH   SOLE   33,800 0 0
BERKLEY WR CORP 84,423,102 084423102 7,518,879 102,745 SH   SOLE   102,745 0 0
BERKLEY WR CORP 84,423,102 084423102 1,454,452 19,875 SH   SOLE   19,875 0 0
BF&M G1081T109 G1081T109 1,761,800 76,600 SH   SOLE   76,600 0 0
BF&M G1081T109 G1081T109 598,000 26,000 SH   SOLE   26,000 0 0
BLACK KNIGHT INC. 09215C105 09215C105 1,706,544 23,702 SH   SOLE   23,702 0 0
BLACK KNIGHT INC. 09215C105 09215C105 309,024 4,292 SH   SOLE   4,292 0 0
BLACK KNIGHT INC. 09215C105 09215C105 423,864 5,887 SH   SOLE   5,887 0 0
BROWN & BROWN, INC. 115,236,101 115236101 3,260,460 58,800 SH   SOLE   58,800 0 0
BROWN & BROWN, INC. 115,236,101 115236101 12,520,610 225,800 SH   SOLE   225,800 0 0
BROWN & BROWN, INC. 115,236,101 115236101 2,265,132 40,850 SH   SOLE   40,850 0 0
CHUBB CORPORATION H1467J104 H1467J104 2,966,508 17,100 SH   SOLE   17,100 0 0
CHUBB CORPORATION H1467J104 H1467J104 11,328,244 65,300 SH   SOLE   65,300 0 0
CHUBB CORPORATION H1467J104 H1467J104 2,298,610 13,250 SH   SOLE   13,250 0 0
CHUBB CORPORATION H1467J104 H1467J104 17,348 100 SH   SOLE   100 0 0
CRAWFORD & CO. CLASS B 224,633,107 224633107 2,687 300 SH   SOLE   300 0 0
DONEGAL GROUP, INC. A 257,701,201 257701201 75,232 5,192 SH   SOLE   5,192 0 0
EVERQUOTE INC 30041R108 30041R108 186,300 10,000 SH   SOLE   10,000 0 0
EVERQUOTE INC 30041R108 30041R108 33,534 1,800 SH   SOLE   1,800 0 0
FIDELITY NATIONAL FINANCIAL IN 31620R303 31620R303 938,538 20,700 SH   SOLE   20,700 0 0
FIDELITY NATIONAL FINANCIAL IN 31620R303 31620R303 3,595,462 79,300 SH   SOLE   79,300 0 0
FIDELITY NATIONAL FINANCIAL IN 31620R303 31620R303 657,430 14,500 SH   SOLE   14,500 0 0
FIRST AMERICAN FINANCIAL 31847R102 31847R102 1,619,257 24,150 SH   SOLE   24,150 0 0
FIRST AMERICAN FINANCIAL 31847R102 31847R102 5,001,930 74,600 SH   SOLE   74,600 0 0
FIRST AMERICAN FINANCIAL 31847R102 31847R102 1,045,980 15,600 SH   SOLE   15,600 0 0
GALLAGHER, ARTHUR J.& CO. 363,576,109 363576109 2,545,631 17,125 SH   SOLE   17,125 0 0
GALLAGHER, ARTHUR J.& CO. 363,576,109 363576109 13,244,715 89,100 SH   SOLE   89,100 0 0
GALLAGHER, ARTHUR J.& CO. 363,576,109 363576109 2,452,725 16,500 SH   SOLE   16,500 0 0
GOLDMAN SACHS 38141G104 38141G104 2,646,210 7,000 SH   SOLE   7,000 0 0
HISCOX plc 4593F1389 4593F1389 1,192,681 105,547 SH   SOLE   105,547 0 0
HORACE MANN EDUCATORS CORP. 440,327,104 440327104 13,926 350 SH   SOLE   350 0 0
J P MORGAN & CO 46625H100 46625H100 1,563,239 9,550 SH   SOLE   9,550 0 0
JAMES RIVER GROUP HOLDINGS G5005R107 G5005R107 1,192,268 31,600 SH   SOLE   31,600 0 0
JAMES RIVER GROUP HOLDINGS G5005R107 G5005R107 4,930,367 130,675 SH   SOLE   130,675 0 0
JAMES RIVER GROUP HOLDINGS G5005R107 G5005R107 930,044 24,650 SH   SOLE   24,650 0 0
PRIMERICA 74164M108 74164M108 2,066,323 13,450 SH   SOLE   13,450 0 0
PRIMERICA 74164M108 74164M108 3,241,593 21,100 SH   SOLE   21,100 0 0
PRIMERICA 74164M108 74164M108 11,545,294 75,150 SH   SOLE   75,150 0 0
RAYMOND JAMES FINANCIAL 754,730,109 754730109 3,149,055 34,125 SH   SOLE   34,125 0 0
RAYMOND JAMES FINANCIAL 754,730,109 754730109 10,831,365 117,375 SH   SOLE   117,375 0 0
REINSURANCE GROUP AMERICA 759,351,604 759351604 2,358,712 21,200 SH   SOLE   21,200 0 0
REINSURANCE GROUP AMERICA 759,351,604 759351604 11,682,300 105,000 SH   SOLE   105,000 0 0
REINSURANCE GROUP AMERICA 759,351,604 759351604 3,154,221 28,350 SH   SOLE   28,350 0 0
RENAISSANCERE HOLDINGS G7496G103 G7496G103 3,029,859 21,735 SH   SOLE   21,735 0 0
RENAISSANCERE HOLDINGS G7496G103 G7496G103 11,128,999 79,835 SH   SOLE   79,835 0 0
RENAISSANCERE HOLDINGS G7496G103 G7496G103 1,993,420 14,300 SH   SOLE   14,300 0 0
RLI CORP. 749,607,107 749607107 1,719,630 17,150 SH   SOLE   17,150 0 0
RLI CORP. 749,607,107 749607107 6,156,176 61,396 SH   SOLE   61,396 0 0
RLI CORP. 749,607,107 749607107 1,163,132 11,600 SH   SOLE   11,600 0 0
RMR GROUP INC. Class A 74967R106 74967R106 133 4 SH   SOLE   4 0 0
SAFETY INSURANCE GROUP 78648T100 78648T100 293,225 3,700 SH   SOLE   3,700 0 0
SELECTIVE INSURANCE GROUP 816,300,107 816300107 226,590 3,000 SH   SOLE   3,000 0 0
SUN LIFE FINANCIAL 866,796,105 866796105 15,435 300 SH   SOLE   300 0 0