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
AMBAC FINL GROUP INC COM NEW 023139884 3,414 172,001 SH   SOLE   172,001 0 0
AMERICAN EQTY INVT LIFE HLD CALL 025676906 1,800 50,000 SH Call SOLE   50,000 0 0
AMERICAN EQTY INVT LIFE HLD COM 025676206 15,966 443,511 SH   SOLE   443,511 0 0
AMERICAN FINL GROUP INC OHIO COM 025932104 551 5,136 SH   SOLE   5,136 0 0
AMERIPRISE FINL INC COM 03076C106 528 3,772 SH   SOLE   3,772 0 0
AON PLC SHS CL A G0408V102 969 7,067 SH   SOLE   7,067 0 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 11,996 294,752 SH   SOLE   294,752 0 0
ASSURED GUARANTY LTD COM G0585R106 33,240 930,302 SH   SOLE   930,302 0 0
ATHENE HLDG LTD CL A G0684D107 29,365 669,826 SH   SOLE   669,826 0 0
ATLAS FINANCIAL HOLDINGS INC SHS NEW G06207115 6,697 765,404 SH   SOLE   765,404 0 0
AXIS CAPITAL HOLDINGS LTD SHS G0692U109 21,620 388,711 SH   SOLE   388,711 0 0
AXIS CAPITAL HOLDINGS LTD CALL G0692U909 6,096 109,600 SH Call SOLE   109,600 0 0
ENSTAR GROUP LIMITED SHS G3075P101 774 3,735 SH   SOLE   3,735 0 0
EVEREST RE GROUP LTD COM G3223R108 564 2,448 SH   SOLE   2,448 0 0
FEDNAT HLDG CO COM 31431B109 21,268 921,896 SH   SOLE   921,896 0 0
GALLAGHER ARTHUR J & CO COM 363576109 8,872 135,900 SH   SOLE   135,900 0 0
GLOBAL INDTY LTD CAYMAN USD CL A SHS G3933F105 13,776 353,405 SH   SOLE   353,405 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 26,985 527,773 SH   SOLE   527,773 0 0
HERITAGE INS HLDGS INC COM 42727J102 738 44,251 SH   SOLE   44,251 0 0
LINCOLN NATL CORP IND COM 534187109 15,980 256,700 SH   SOLE   256,700 0 0
MANULIFE FINL CORP COM 56501R106 541 30,100 SH   SOLE   30,100 0 0
MERCURY GENL CORP NEW COM 589400100 6,489 142,433 SH   SOLE   142,433 0 0
METLIFE INC COM 59156R108 6,383 146,400 SH   SOLE   146,400 0 0
OLD REP INTL CORP COM 680223104 21,104 1,059,993 SH   SOLE   1,059,993 0 0
PRUDENTIAL FINL INC COM 744320102 22,816 244,000 SH   SOLE   244,000 0 0
THIRD PT REINS LTD COM G8827U100 750 60,000 SH   SOLE   60,000 0 0
VOYA FINL INC COM 929089100 16,417 349,288 SH   SOLE   349,288 0 0