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 3,004,419 54,300 SH   SOLE   54,300 0 0
AFLAC INCORPORATED 1,055,102 001055102 11,198,792 202,400 SH   SOLE   202,400 0 0
AFLAC INCORPORATED 1,055,102 001055102 2,141,271 38,700 SH   SOLE   38,700 0 0
AFLAC INCORPORATED 1,055,102 001055102 22,132 400 SH   SOLE   400 0 0
AMERICAN INTERNATIONAL GR 26,874,784 026874784 3,037,122 59,400 SH   SOLE   59,400 0 0
AMERICAN INTERNATIONAL GR 26,874,784 026874784 11,437,781 223,700 SH   SOLE   223,700 0 0
AMERICAN INTERNATIONAL GR 26,874,784 026874784 3,369,467 65,900 SH   SOLE   65,900 0 0
AMERIPRISE FINANCIAL, INC. 03076C106 03076C106 2,602,596 10,950 SH   SOLE   10,950 0 0
AMERIPRISE FINANCIAL, INC. 03076C106 03076C106 8,853,580 37,250 SH   SOLE   37,250 0 0
AMERIPRISE FINANCIAL, INC. 03076C106 03076C106 1,307,240 5,500 SH   SOLE   5,500 0 0
ARCH CAPITAL GROUP LTD. G0450A105 G0450A105 3,548,220 78,000 SH   SOLE   78,000 0 0
ARCH CAPITAL GROUP LTD. G0450A105 G0450A105 2,370,029 52,100 SH   SOLE   52,100 0 0
ARCH CAPITAL GROUP LTD. G0450A105 G0450A105 13,102,029 288,020 SH   SOLE   288,020 0 0
ASSURED GUARANTY LTD. G0585R106 G0585R106 5,579 100 SH   SOLE   100 0 0
BERKLEY WR CORP 84,423,102 084423102 3,460,782 50,700 SH   SOLE   50,700 0 0
BERKLEY WR CORP 84,423,102 084423102 10,520,026 154,117 SH   SOLE   154,117 0 0
BERKLEY WR CORP 84,423,102 084423102 2,034,967 29,812 SH   SOLE   29,812 0 0
BERKLEY WR CORP 84,423,102 084423102 19,931 292 SH   SOLE   292 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
BROWN & BROWN, INC. 09215C105 115236101 3,430,392 58,800 SH   SOLE   58,800 0 0
BROWN & BROWN, INC. 09215C105 115236101 13,173,172 225,800 SH   SOLE   225,800 0 0
BROWN & BROWN, INC. 09215C105 115236101 2,383,189 40,850 SH   SOLE   40,850 0 0
CHUBB CORPORATION 115,236,101 H1467J104 3,361,518 17,100 SH   SOLE   17,100 0 0
CHUBB CORPORATION 115,236,101 H1467J104 12,836,674 65,300 SH   SOLE   65,300 0 0
CHUBB CORPORATION 115,236,101 H1467J104 2,604,685 13,250 SH   SOLE   13,250 0 0
CHUBB CORPORATION H1467J104 H1467J104 19,658 100 SH   SOLE   100 0 0
CRAWFORD & CO. CLASS B H1467J104 224633107 2,115 300 SH   SOLE   300 0 0
DONEGAL GROUP, INC. A H1467J104 257701201 88,523 5,192 SH   SOLE   5,192 0 0
FIDELITY NATIONAL FINANCIAL IN H1467J104 31620R303 765,072 20,700 SH   SOLE   20,700 0 0
FIDELITY NATIONAL FINANCIAL IN 224,633,107 31620R303 2,930,928 79,300 SH   SOLE   79,300 0 0
FIDELITY NATIONAL FINANCIAL IN 257,701,201 31620R303 535,920 14,500 SH   SOLE   14,500 0 0
FIRST AMERICAN FINANCIAL 30041R108 31847R102 1,278,018 24,150 SH   SOLE   24,150 0 0
FIRST AMERICAN FINANCIAL 30041R108 31847R102 3,947,832 74,600 SH   SOLE   74,600 0 0
FIRST AMERICAN FINANCIAL 31620R303 31847R102 825,552 15,600 SH   SOLE   15,600 0 0
GALLAGHER, ARTHUR J.& CO. 31620R303 363576109 2,792,060 17,125 SH   SOLE   17,125 0 0
GALLAGHER, ARTHUR J.& CO. 31620R303 363576109 14,526,864 89,100 SH   SOLE   89,100 0 0
GALLAGHER, ARTHUR J.& CO. 31847R102 363576109 2,690,160 16,500 SH   SOLE   16,500 0 0
GOLDMAN SACHS 31847R102 38141G104 594,040 2,000 SH   SOLE   2,000 0 0
GOLDMAN SACHS 31847R102 38141G104 2,376,160 8,000 SH   SOLE   8,000 0 0
HISCOX plc 363,576,109 4593F1389 1,698,573 148,347 SH   SOLE   148,347 0 0
HORACE MANN EDUCATORS CORP. 363,576,109 440327104 13,433 350 SH   SOLE   350 0 0
J P MORGAN & CO 363,576,109 46625H100 1,075,425 9,550 SH   SOLE   9,550 0 0
JAMES RIVER GROUP HOLDINGS 38141G104 G5005R107 783,048 31,600 SH   SOLE   31,600 0 0
JAMES RIVER GROUP HOLDINGS 4593F1389 G5005R107 2,182,498 88,075 SH   SOLE   88,075 0 0
JAMES RIVER GROUP HOLDINGS 440,327,104 G5005R107 610,827 24,650 SH   SOLE   24,650 0 0
PRIMERICA 46625H100 74164M108 3,662,514 30,600 SH   SOLE   30,600 0 0
PRIMERICA G5005R107 74164M108 12,764,938 106,650 SH   SOLE   106,650 0 0
PRIMERICA G5005R107 74164M108 2,687,040 22,450 SH   SOLE   22,450 0 0
RAYMOND JAMES FINANCIAL G5005R107 754730109 3,051,116 34,125 SH   SOLE   34,125 0 0
RAYMOND JAMES FINANCIAL 74164M108 754730109 10,494,498 117,375 SH   SOLE   117,375 0 0
REINSURANCE GROUP AMERICA 74164M108 759351604 3,794,331 32,350 SH   SOLE   32,350 0 0
REINSURANCE GROUP AMERICA 74164M108 759351604 14,145,174 120,600 SH   SOLE   120,600 0 0
REINSURANCE GROUP AMERICA 754,730,109 759351604 2,533,464 21,600 SH   SOLE   21,600 0 0
RENAISSANCERE HOLDINGS 754,730,109 G7496G103 3,711,441 23,735 SH   SOLE   23,735 0 0
RENAISSANCERE HOLDINGS 759,351,604 G7496G103 13,171,826 84,235 SH   SOLE   84,235 0 0
RENAISSANCERE HOLDINGS 759,351,604 G7496G103 2,548,831 16,300 SH   SOLE   16,300 0 0
RLI CORP. 759,351,604 749607107 1,999,518 17,150 SH   SOLE   17,150 0 0
RLI CORP. G7496G103 749607107 7,158,159 61,396 SH   SOLE   61,396 0 0
RLI CORP. G7496G103 749607107 1,352,444 11,600 SH   SOLE   11,600 0 0
RMR GROUP INC. Class A G7496G103 74967R106 113 4 SH   SOLE   4 0 0
SAFETY INSURANCE GROUP 749,607,107 78648T100 359,270 3,700 SH   SOLE   3,700 0 0
SELECTIVE INSURANCE GROUP 749,607,107 816300107 260,820 3,000 SH   SOLE   3,000 0 0
SUN LIFE FINANCIAL 749,607,107 866796105 13,743 300 SH   SOLE   300 0 0