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 23,356 400 SH   SOLE   400 0 0
AFLAC INCORPORATED 1,055,102 001055102 11,818,136 202,400 SH   SOLE   202,400 0 0
AFLAC INCORPORATED 1,055,102 001055102 2,259,693 38,700 SH   SOLE   38,700 0 0
AFLAC INCORPORATED 1,055,102 001055102 3,170,577 54,300 SH   SOLE   54,300 0 0
AMERICAN INTERNATIONAL GR 26,874,784 026874784 3,377,484 59,400 SH   SOLE   59,400 0 0
AMERICAN INTERNATIONAL GR 26,874,784 026874784 12,719,582 223,700 SH   SOLE   223,700 0 0
AMERICAN INTERNATIONAL GR 26,874,784 026874784 3,747,074 65,900 SH   SOLE   65,900 0 0
AMERIPRISE FINANCIAL, INC. 03076C106 03076C106 3,303,177 10,950 SH   SOLE   10,950 0 0
AMERIPRISE FINANCIAL, INC. 03076C106 03076C106 1,659,130 5,500 SH   SOLE   5,500 0 0
AMERIPRISE FINANCIAL, INC. 03076C106 03076C106 11,236,835 37,250 SH   SOLE   37,250 0 0
ARCH CAPITAL GROUP LTD. G0450A105 G0450A105 3,467,100 78,000 SH   SOLE   78,000 0 0
ARCH CAPITAL GROUP LTD. G0450A105 G0450A105 2,315,845 52,100 SH   SOLE   52,100 0 0
ARCH CAPITAL GROUP LTD. G0450A105 G0450A105 12,802,489 288,020 SH   SOLE   288,020 0 0
ASSURED GUARANTY LTD. G0585R106 G0585R106 5,020 100 SH   SOLE   100 0 0
BERKLEY WR CORP 84,423,102 084423102 2,784,782 33,800 SH   SOLE   33,800 0 0
BERKLEY WR CORP 84,423,102 084423102 8,465,160 102,745 SH   SOLE   102,745 0 0
BERKLEY WR CORP 84,423,102 084423102 1,637,501 19,875 SH   SOLE   19,875 0 0
BERKLEY WR CORP 84,423,102 084423102 16,066 195 SH   SOLE   195 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
BLACK KNIGHT INC. 09215C105 09215C105 1,964,658 23,702 SH   SOLE   23,702 0 0
BLACK KNIGHT INC. 09215C105 09215C105 355,763 4,292 SH   SOLE   4,292 0 0
BLACK KNIGHT INC. 09215C105 09215C105 487,973 5,887 SH   SOLE   5,887 0 0
BROWN & BROWN, INC. 115,236,101 115236101 4,132,464 58,800 SH   SOLE   58,800 0 0
BROWN & BROWN, INC. 115,236,101 115236101 2,870,938 40,850 SH   SOLE   40,850 0 0
BROWN & BROWN, INC. 115,236,101 115236101 15,869,224 225,800 SH   SOLE   225,800 0 0
CHUBB CORPORATION H1467J104 H1467J104 3,305,601 17,100 SH   SOLE   17,100 0 0
CHUBB CORPORATION H1467J104 H1467J104 12,623,143 65,300 SH   SOLE   65,300 0 0
CHUBB CORPORATION H1467J104 H1467J104 2,561,357 13,250 SH   SOLE   13,250 0 0
CHUBB CORPORATION H1467J104 H1467J104 19,331 100 SH   SOLE   100 0 0
CRAWFORD & CO. CLASS B 224,633,107 224633107 2,247 300 SH   SOLE   300 0 0
DONEGAL GROUP, INC. A 257,701,201 257701201 74,193 5,192 SH   SOLE   5,192 0 0
EVERQUOTE INC 30041R108 30041R108 156,600 10,000 SH   SOLE   10,000 0 0
EVERQUOTE INC 30041R108 30041R108 28,188 1,800 SH   SOLE   1,800 0 0
FIDELITY NATIONAL FINANCIAL IN 31620R303 31620R303 1,080,126 20,700 SH   SOLE   20,700 0 0
FIDELITY NATIONAL FINANCIAL IN 31620R303 31620R303 4,137,874 79,300 SH   SOLE   79,300 0 0
FIDELITY NATIONAL FINANCIAL IN 31620R303 31620R303 756,610 14,500 SH   SOLE   14,500 0 0
FIRST AMERICAN FINANCIAL 31847R102 31847R102 1,889,254 24,150 SH   SOLE   24,150 0 0
FIRST AMERICAN FINANCIAL 31847R102 31847R102 5,835,958 74,600 SH   SOLE   74,600 0 0
FIRST AMERICAN FINANCIAL 31847R102 31847R102 1,220,388 15,600 SH   SOLE   15,600 0 0
GALLAGHER, ARTHUR J.& CO. 363,576,109 363576109 2,905,598 17,125 SH   SOLE   17,125 0 0
GALLAGHER, ARTHUR J.& CO. 363,576,109 363576109 15,117,597 89,100 SH   SOLE   89,100 0 0
GALLAGHER, ARTHUR J.& CO. 363,576,109 363576109 2,799,555 16,500 SH   SOLE   16,500 0 0
GOLDMAN SACHS 38141G104 38141G104 2,677,850 7,000 SH   SOLE   7,000 0 0
HISCOX plc 4593F1389 4593F1389 1,463,752 125,547 SH   SOLE   125,547 0 0
HORACE MANN EDUCATORS CORP. 440,327,104 440327104 13,545 350 SH   SOLE   350 0 0
J P MORGAN & CO 46625H100 46625H100 1,512,242 9,550 SH   SOLE   9,550 0 0
JAMES RIVER GROUP HOLDINGS G5005R107 G5005R107 910,396 31,600 SH   SOLE   31,600 0 0
JAMES RIVER GROUP HOLDINGS G5005R107 G5005R107 3,764,746 130,675 SH   SOLE   130,675 0 0
JAMES RIVER GROUP HOLDINGS G5005R107 G5005R107 710,166 24,650 SH   SOLE   24,650 0 0
PRIMERICA 74164M108 74164M108 3,233,997 21,100 SH   SOLE   21,100 0 0
PRIMERICA 74164M108 74164M108 11,518,240 75,150 SH   SOLE   75,150 0 0
PRIMERICA 74164M108 74164M108 2,061,481 13,450 SH   SOLE   13,450 0 0
RAYMOND JAMES FINANCIAL 754,730,109 754730109 3,426,150 34,125 SH   SOLE   34,125 0 0
RAYMOND JAMES FINANCIAL 754,730,109 754730109 11,784,450 117,375 SH   SOLE   117,375 0 0
REINSURANCE GROUP AMERICA 759,351,604 759351604 2,364,984 21,600 SH   SOLE   21,600 0 0
REINSURANCE GROUP AMERICA 759,351,604 759351604 3,542,001 32,350 SH   SOLE   32,350 0 0
REINSURANCE GROUP AMERICA 759,351,604 759351604 13,204,494 120,600 SH   SOLE   120,600 0 0
RENAISSANCERE HOLDINGS G7496G103 G7496G103 3,680,387 21,735 SH   SOLE   21,735 0 0
RENAISSANCERE HOLDINGS G7496G103 G7496G103 13,247,532 78,235 SH   SOLE   78,235 0 0
RENAISSANCERE HOLDINGS G7496G103 G7496G103 2,421,419 14,300 SH   SOLE   14,300 0 0
RLI CORP. 749,607,107 749607107 1,922,515 17,150 SH   SOLE   17,150 0 0
RLI CORP. 749,607,107 749607107 6,882,491 61,396 SH   SOLE   61,396 0 0
RLI CORP. 749,607,107 749607107 1,300,360 11,600 SH   SOLE   11,600 0 0
RMR GROUP INC. Class A 74967R106 74967R106 138 4 SH   SOLE   4 0 0
SAFETY INSURANCE GROUP 78648T100 78648T100 314,611 3,700 SH   SOLE   3,700 0 0
SELECTIVE INSURANCE GROUP 816,300,107 816300107 245,820 3,000 SH   SOLE   3,000 0 0
SUN LIFE FINANCIAL 866,796,105 866796105 16,707 300 SH   SOLE   300 0 0