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 3,051,660 54,300 SH   SOLE   54,300 0 0
AFLAC INCORPORATED COM 001055102 11,374,880 202,400 SH   SOLE   202,400 0 0
AFLAC INCORPORATED COM 001055102 2,174,940 38,700 SH   SOLE   38,700 0 0
AFLAC INCORPORATED COM 001055102 22,480 400 SH   SOLE   400 0 0
AMERICAN INTERNATIONAL GR COM 026874784 2,820,312 59,400 SH   SOLE   59,400 0 0
AMERICAN INTERNATIONAL GR COM 026874784 10,621,276 223,700 SH   SOLE   223,700 0 0
AMERICAN INTERNATIONAL GR COM 026874784 3,128,932 65,900 SH   SOLE   65,900 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 2,758,852 10,950 SH   SOLE   10,950 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 9,385,137 37,250 SH   SOLE   37,250 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 1,385,725 5,500 SH   SOLE   5,500 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105 3,552,120 78,000 SH   SOLE   78,000 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105 2,372,634 52,100 SH   SOLE   52,100 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105 13,116,430 288,020 SH   SOLE   288,020 0 0
BERKLEY WR CORP COM 084423102 3,274,206 50,700 SH   SOLE   50,700 0 0
BERKLEY WR CORP COM 084423102 9,952,875 154,117 SH   SOLE   154,117 0 0
BERKLEY WR CORP COM 084423102 1,925,258 29,812 SH   SOLE   29,812 0 0
BERKLEY WR CORP COM 084423102 18,857 292 SH   SOLE   292 0 0
BROWN & BROWN, INC. COM 115236101 3,556,224 58,800 SH   SOLE   58,800 0 0
BROWN & BROWN, INC. COM 115236101 2,470,608 40,850 SH   SOLE   40,850 0 0
BROWN & BROWN, INC. COM 115236101 13,656,384 225,800 SH   SOLE   225,800 0 0
CHUBB CORPORATION COM H1467J104 3,110,148 17,100 SH   SOLE   17,100 0 0
CHUBB CORPORATION COM H1467J104 11,876,764 65,300 SH   SOLE   65,300 0 0
CHUBB CORPORATION COM H1467J104 2,409,910 13,250 SH   SOLE   13,250 0 0
CHUBB CORPORATION COM H1467J104 18,188 100 SH   SOLE   100 0 0
DONEGAL GROUP, INC. A COM 257701201 70,040 5,192 SH   SOLE   5,192 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R303 749,340 20,700 SH   SOLE   20,700 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R303 2,870,660 79,300 SH   SOLE   79,300 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R303 524,900 14,500 SH   SOLE   14,500 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 1,113,315 24,150 SH   SOLE   24,150 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 3,439,060 74,600 SH   SOLE   74,600 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 719,160 15,600 SH   SOLE   15,600 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 2,932,142 17,125 SH   SOLE   17,125 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 15,255,702 89,100 SH   SOLE   89,100 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 2,825,130 16,500 SH   SOLE   16,500 0 0
GOLDMAN SACHS COM 38141G104 586,100 2,000 SH   SOLE   2,000 0 0
GOLDMAN SACHS COM 38141G104 2,344,400 8,000 SH   SOLE   8,000 0 0
HISCOX plc COM 4593F1389 1,478,248 150,076 SH   SOLE   150,076 0 0
J P MORGAN & CO COM 46625H100 997,975 9,550 SH   SOLE   9,550 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 720,796 31,600 SH   SOLE   31,600 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 2,008,990 88,075 SH   SOLE   88,075 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 562,266 24,650 SH   SOLE   24,650 0 0
LEMONADE INC COM 52567D107 317,700 15,000 SH   SOLE   15,000 0 0
LEMONADE INC COM 52567D107 317,700 15,000 SH   SOLE   15,000 0 0
LEMONADE INC COM 52567D107 1,270,800 60,000 SH   SOLE   60,000 0 0
PRIMERICA COM 74164M108 3,777,570 30,600 SH   SOLE   30,600 0 0
PRIMERICA COM 74164M108 12,548,692 101,650 SH   SOLE   101,650 0 0
PRIMERICA COM 74164M108 2,771,452 22,450 SH   SOLE   22,450 0 0
RAYMOND JAMES FINANCIAL COM 754730109 3,372,232 34,125 SH   SOLE   34,125 0 0
RAYMOND JAMES FINANCIAL COM 754730109 11,598,997 117,375 SH   SOLE   117,375 0 0
REINSURANCE GROUP AMERICA COM 759351604 4,069,953 32,350 SH   SOLE   32,350 0 0
REINSURANCE GROUP AMERICA COM 759351604 15,172,686 120,600 SH   SOLE   120,600 0 0
REINSURANCE GROUP AMERICA COM 759351604 2,717,496 21,600 SH   SOLE   21,600 0 0
RENAISSANCERE HOLDINGS COM G7496G103 3,612,936 25,735 SH   SOLE   25,735 0 0
RENAISSANCERE HOLDINGS COM G7496G103 12,668,091 90,235 SH   SOLE   90,235 0 0
RENAISSANCERE HOLDINGS COM G7496G103 2,569,137 18,300 SH   SOLE   18,300 0 0
RLI CORP. COM 749607107 1,755,817 17,150 SH   SOLE   17,150 0 0
RLI CORP. COM 749607107 6,285,722 61,396 SH   SOLE   61,396 0 0
RLI CORP. COM 749607107 1,187,608 11,600 SH   SOLE   11,600 0 0
SAFETY INSURANCE GROUP COM 78648T100 301,772 3,700 SH   SOLE   3,700 0 0
SELECTIVE INSURANCE GROUP COM 816300107 244,200 3,000 SH   SOLE   3,000 0 0