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 4,840,000 110,600 SH   SOLE   110,600 0 0
AFLAC INCORPORATED COM 001055102 18,000 400 SH   SOLE   400 0 0
AFLAC INCORPORATED COM 001055102 779,000 17,800 SH   SOLE   17,800 0 0
AFLAC INCORPORATED COM 001055102 1,707,000 39,000 SH   SOLE   39,000 0 0
AMERICAN EQUITY INVESTMENT LIF COM 025676206 4,852,000 165,250 SH   SOLE   165,250 0 0
AMERICAN EQUITY INVESTMENT LIF COM 025676206 1,729,000 58,900 SH   SOLE   58,900 0 0
AMERICAN EQUITY INVESTMENT LIF COM 025676206 923,000 31,450 SH   SOLE   31,450 0 0
AMERIPRISE FINANCIAL, INC. COM 587200106 1,620,000 10,950 SH   SOLE   10,950 0 0
AMERIPRISE FINANCIAL, INC. COM 587200106 4,623,000 31,250 SH   SOLE   31,250 0 0
AMERIPRISE FINANCIAL, INC. COM 587200106 814,000 5,500 SH   SOLE   5,500 0 0
ARCH CAPITAL GROUP LTD. COM 03938JAA7 873,000 10,200 SH   SOLE   10,200 0 0
ARCH CAPITAL GROUP LTD. COM 03938JAA7 1,250,000 14,600 SH   SOLE   14,600 0 0
ARCH CAPITAL GROUP LTD. COM 03938JAA7 3,444,000 40,240 SH   SOLE   40,240 0 0
ASSURED GUARANTY LTD. COM G0585R106 4,000 100 SH   SOLE   100 0 0
BERKLEY WR CORP COM 084423102 9,000 130 SH   SOLE   130 0 0
BERKLEY WR CORP COM 084423102 5,513,000 75,830 SH   SOLE   75,830 0 0
BERKLEY WR CORP COM 084423102 1,832,000 25,200 SH   SOLE   25,200 0 0
BERKLEY WR CORP COM 084423102 818,000 11,250 SH   SOLE   11,250 0 0
BF&M COM 1081T1099 570,000 33,500 SH   SOLE   33,500 0 0
BF&M COM 1081T1099 1,455,000 85,600 SH   SOLE   85,600 0 0
BLACK KNIGHT INC. COM 09215C105 1,116,000 23,702 SH   SOLE   23,702 0 0
BLACK KNIGHT INC. COM 09215C105 202,000 4,292 SH   SOLE   4,292 0 0
BLACK KNIGHT INC. COM 09215C105 277,000 5,887 SH   SOLE   5,887 0 0
BROWN & BROWN, INC. COM 115236101 6,635,000 260,800 SH   SOLE   260,800 0 0
BROWN & BROWN, INC. COM 115236101 937,000 36,850 SH   SOLE   36,850 0 0
BROWN & BROWN, INC. COM 115236101 1,496,000 58,800 SH   SOLE   58,800 0 0
CHUBB CORPORATION COM H1457J104 14,000 100 SH   SOLE   100 0 0
CHUBB CORPORATION COM H1457J105 5,662,000 41,400 SH   SOLE   41,400 0 0
CHUBB CORPORATION COM H1457J106 1,894,000 13,850 SH   SOLE   13,850 0 0
CHUBB CORPORATION COM H1457J107 875,000 6,400 SH   SOLE   6,400 0 0
CRAWFORD & CO. CLASS B COM 224633107 2,000 300 SH   SOLE   300 0 0
DONEGAL GROUP, INC. COM 257701201 82,000 5,192 SH   SOLE   5,192 0 0
EVEREST RE GROUP LTD COM G3223R108 1,541,000 6,000 SH   SOLE   6,000 0 0
EVEREST RE GROUP LTD COM G3223R108 501,000 1,950 SH   SOLE   1,950 0 0
EVEREST RE GROUP LTD COM G3223R108 270,000 1,050 SH   SOLE   1,050 0 0
FBL FINANCIAL COM 30239F106 4,551,000 65,625 SH   SOLE   65,625 0 0
FBL FINANCIAL COM 30239F106 4,000 60 SH   SOLE   60 0 0
FBL FINANCIAL COM 30239F106 1,599,000 23,050 SH   SOLE   23,050 0 0
FBL FINANCIAL COM 30239F106 758,000 10,925 SH   SOLE   10,925 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R105 3,094,000 77,300 SH   SOLE   77,300 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R105 768,000 19,200 SH   SOLE   19,200 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R105 560,000 14,000 SH   SOLE   14,000 0 0
FIRST AMERICAN FINANCIAL COM 318522307 4,055,000 69,100 SH   SOLE   69,100 0 0
FIRST AMERICAN FINANCIAL COM 318522307 1,417,000 24,150 SH   SOLE   24,150 0 0
FIRST AMERICAN FINANCIAL COM 318522307 710,000 12,100 SH   SOLE   12,100 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 7,567,000 110,100 SH   SOLE   110,100 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 1,177,000 17,125 SH   SOLE   17,125 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 1,134,000 16,500 SH   SOLE   16,500 0 0
GOLDMAN SACHS COM 38141G104 1,763,000 7,000 SH   SOLE   7,000 0 0
HISCOX plc COM 4593F1389 2,069,000 100,547 SH   SOLE   100,547 0 0
HORACE MANN EDUCATORS CORP. COM 440327104 15,000 350 SH   SOLE   350 0 0
HOSPITALITY PROPERTIES TRUST COM 44106M102 5,000 200 SH   SOLE   200 0 0
iPath S&P 500 VIX Short-Term F COM 06742E711 9,000 185 SH   SOLE   185 0 0
J P MORGAN & CO COM 46625H100 1,050,000 9,550 SH   SOLE   9,550 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 3,039,000 85,675 SH   SOLE   85,675 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 1,068,000 30,100 SH   SOLE   30,100 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 502,000 14,150 SH   SOLE   14,150 0 0
MARKEL CORPORATION COM 570535104 351,000 300 SH   SOLE   300 0 0
MARKEL CORPORATION COM 570535104 3,552,000 3,035 SH   SOLE   3,035 0 0
MARKEL CORPORATION COM 570535104 1,018,000 870 SH   SOLE   870 0 0
PRIMERICA COM 74164M108 6,738,000 69,750 SH   SOLE   69,750 0 0
PRIMERICA COM 74164M108 2,396,000 24,800 SH   SOLE   24,800 0 0
PRIMERICA COM 74164M108 1,174,000 12,150 SH   SOLE   12,150 0 0
PROASSURANCE CORP. COM 74346Y103 5,000 100 SH   SOLE   100 0 0
RAYMOND JAMES FINANCIAL COM 754730109 1,498,000 16,750 SH   SOLE   16,750 0 0
RAYMOND JAMES FINANCIAL COM 754730109 5,387,000 60,250 SH   SOLE   60,250 0 0
REINSURANCE GROUP AMERICA COM 759351604 6,083,000 39,500 SH   SOLE   39,500 0 0
REINSURANCE GROUP AMERICA COM 759351604 2,164,000 14,050 SH   SOLE   14,050 0 0
REINSURANCE GROUP AMERICA COM 759351604 1,078,000 7,000 SH   SOLE   7,000 0 0
RENAISSANCERE HOLDINGS COM G7496G103 5,518,000 39,835 SH   SOLE   39,835 0 0
RENAISSANCERE HOLDINGS COM G7496G103 1,986,000 14,335 SH   SOLE   14,335 0 0
RENAISSANCERE HOLDINGS COM G7496G103 928,000 6,700 SH   SOLE   6,700 0 0
RLI CORP. COM 749607107 4,862,000 76,696 SH   SOLE   76,696 0 0
RLI CORP. COM 749607107 1,005,000 15,850 SH   SOLE   15,850 0 0
RLI CORP. COM 749607107 450,000 7,100 SH   SOLE   7,100 0 0
SAFETY INSURANCE GROUP COM 78648T100 284,000 3,700 SH   SOLE   3,700 0 0
SELECTIVE INSURANCE GROUP COM 816300107 182,000 3,000 SH   SOLE   3,000 0 0
SUN LIFE FINANCIAL COM 855707105 12,000 300 SH   SOLE   300 0 0