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
ALLEGHANY CORP DEL COM 017175100 13,821 26,460 SH   SOLE   26,460 0 0
AMERICAN FINL GROUP INC OHIO COM 025932104 11,285 185,701 SH   SOLE   185,701 0 0
ARCH CAP GROUP LTD ORD G0450A105 13,663 444,330 SH   SOLE   444,330 0 0
ARGO GROUP INTL HLDGS LTD COM G0464B107 10,210 304,674 SH   SOLE   304,674 0 0
BERKLEY W R CORP COM 084423102 8,336 135,000 SH   SOLE   135,000 0 0
BRP GROUP INC COM CL A 05589G102 3,245 185,972 SH   SOLE   185,972 0 0
CHUBB LIMITED COM H1467J104 3,181 25,000 SH   SOLE   25,000 0 0
EMPLOYERS HOLDINGS INC COM 292218104 3,649 112,205 SH   SOLE   112,205 0 0
INTL GNRL INSURANCE HLDNGS L SHS G4809J106 1,185 182,347 SH   SOLE   182,347 0 0
JAMES RIV GROUP LTD COM G5005R107 8,161 176,181 SH   SOLE   176,181 0 0
MARKEL CORP COM 570535104 12,009 11,497 SH   SOLE   11,497 0 0
MARSH & MCLENNAN COS INC COM 571748102 1,166 10,000 SH   SOLE   10,000 0 0
PROASSURANCE CORP COM 74267C106 147 10,000 SH   SOLE   10,000 0 0
PROGRESSIVE CORP COM 743315103 4,065 45,000 SH   SOLE   45,000 0 0
RENAISSANCERE HLDGS LTD COM G7496G103 8,506 47,156 SH   SOLE   47,156 0 0
RLI CORP COM 749607107 6,451 73,196 SH   SOLE   73,196 0 0
TREAN INS GROUP INC COM 89457R101 4,290 275,000 SH   SOLE   275,000 0 0