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 3,496,377 54,300 SH   SOLE   54,300 0 0
AFLAC INCORPORATED COM 001055102 2,491,893 38,700 SH   SOLE   38,700 0 0
AFLAC INCORPORATED COM 001055102 13,032,536 202,400 SH   SOLE   202,400 0 0
AFLAC INCORPORATED COM 001055102 25,756 400 SH   SOLE   400 0 0
AMERICAN INTERNATIONAL GR COM 026874784 3,728,538 59,400 SH   SOLE   59,400 0 0
AMERICAN INTERNATIONAL GR COM 026874784 14,041,649 223,700 SH   SOLE   223,700 0 0
AMERICAN INTERNATIONAL GR COM 026874784 4,136,543 65,900 SH   SOLE   65,900 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 3,288,942 10,950 SH   SOLE   10,950 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 11,188,410 37,250 SH   SOLE   37,250 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 1,651,980 5,500 SH   SOLE   5,500 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105 3,776,760 78,000 SH   SOLE   78,000 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105 2,522,682 52,100 SH   SOLE   52,100 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105 13,945,928 288,020 SH   SOLE   288,020 0 0
ASSURED GUARANTY LTD. COM G0585R106 6,366 100 SH   SOLE   100 0 0
BERKLEY WR CORP COM 084423102 3,376,113 50,700 SH   SOLE   50,700 0 0
BERKLEY WR CORP COM 084423102 10,262,651 154,117 SH   SOLE   154,117 0 0
BERKLEY WR CORP COM 084423102 1,985,181 29,812 SH   SOLE   29,812 0 0
BERKLEY WR CORP COM 084423102 19,444 292 SH   SOLE   292 0 0
BF&M COM G1081T109 520,000 26,000 SH   SOLE   26,000 0 0
BF&M COM G1081T109 1,532,000 76,600 SH   SOLE   76,600 0 0
BLACK KNIGHT INC. COM 09215C105 1,374,478 23,702 SH   SOLE   23,702 0 0
BLACK KNIGHT INC. COM 09215C105 248,893 4,292 SH   SOLE   4,292 0 0
BLACK KNIGHT INC. COM 09215C105 341,387 5,887 SH   SOLE   5,887 0 0
BROWN & BROWN, INC. COM 115236101 4,249,476 58,800 SH   SOLE   58,800 0 0
BROWN & BROWN, INC. COM 115236101 16,318,566 225,800 SH   SOLE   225,800 0 0
BROWN & BROWN, INC. COM 115236101 2,952,229 40,850 SH   SOLE   40,850 0 0
CHUBB CORPORATION COM H1467J104 3,657,690 17,100 SH   SOLE   17,100 0 0
CHUBB CORPORATION COM H1467J104 13,967,670 65,300 SH   SOLE   65,300 0 0
CHUBB CORPORATION COM H1467J104 2,834,175 13,250 SH   SOLE   13,250 0 0
CHUBB CORPORATION COM H1467J104 21,390 100 SH   SOLE   100 0 0
CRAWFORD & CO. CLASS B COM 224633107 2,187 300 SH   SOLE   300 0 0
DONEGAL GROUP, INC. A COM 257701201 69,624 5,192 SH   SOLE   5,192 0 0
EVERQUOTE INC COM 30041R108 161,800 10,000 SH   SOLE   10,000 0 0
EVERQUOTE INC COM 30041R108 29,124 1,800 SH   SOLE   1,800 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R303 1,010,988 20,700 SH   SOLE   20,700 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R303 3,873,012 79,300 SH   SOLE   79,300 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R303 708,180 14,500 SH   SOLE   14,500 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 1,565,403 24,150 SH   SOLE   24,150 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 1,011,192 15,600 SH   SOLE   15,600 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 4,835,572 74,600 SH   SOLE   74,600 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 2,990,025 17,125 SH   SOLE   17,125 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 2,880,900 16,500 SH   SOLE   16,500 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 15,556,860 89,100 SH   SOLE   89,100 0 0
GOLDMAN SACHS COM 38141G104 660,200 2,000 SH   SOLE   2,000 0 0
GOLDMAN SACHS COM 38141G104 2,640,800 8,000 SH   SOLE   8,000 0 0
HISCOX plc COM 4593F1389 1,880,467 145,547 SH   SOLE   145,547 0 0
HORACE MANN EDUCATORS CORP. COM 46625H100 14,640 350 SH   SOLE   350 0 0
J P MORGAN & CO COM 46625H100 1,301,856 9,550 SH   SOLE   9,550 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 781,784 31,600 SH   SOLE   31,600 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 3,232,899 130,675 SH   SOLE   130,675 0 0
JAMES RIVER GROUP HOLDINGS COM G5005R107 609,841 24,650 SH   SOLE   24,650 0 0
PRIMERICA COM 74164M108 2,661,149 19,450 SH   SOLE   19,450 0 0
PRIMERICA COM 74164M108 13,907,753 101,650 SH   SOLE   101,650 0 0
PRIMERICA COM 74164M108 3,913,052 28,600 SH   SOLE   28,600 0 0
RAYMOND JAMES FINANCIAL COM 754730109 3,750,678 34,125 SH   SOLE   34,125 0 0
RAYMOND JAMES FINANCIAL COM 754730109 12,900,686 117,375 SH   SOLE   117,375 0 0
REINSURANCE GROUP AMERICA COM 759351604 3,541,031 32,350 SH   SOLE   32,350 0 0
REINSURANCE GROUP AMERICA COM 759351604 2,364,336 21,600 SH   SOLE   21,600 0 0
REINSURANCE GROUP AMERICA COM 759351604 13,200,876 120,600 SH   SOLE   120,600 0 0
RENAISSANCERE HOLDINGS COM G7496G103 3,762,234 23,735 SH   SOLE   23,735 0 0
RENAISSANCERE HOLDINGS COM G7496G103 13,352,089 84,235 SH   SOLE   84,235 0 0
RENAISSANCERE HOLDINGS COM G7496G103 2,583,713 16,300 SH   SOLE   16,300 0 0
RLI CORP. COM 749607107 1,897,304 17,150 SH   SOLE   17,150 0 0
RLI CORP. COM 749607107 1,283,308 11,600 SH   SOLE   11,600 0 0
RLI CORP. COM 749607107 6,792,239 61,396 SH   SOLE   61,396 0 0
RMR GROUP INC. Class A COM 74967R106 124 4 SH   SOLE   4 0 0
SAFETY INSURANCE GROUP COM 78648T100 336,145 3,700 SH   SOLE   3,700 0 0
SELECTIVE INSURANCE GROUP COM 816300107 268,080 3,000 SH   SOLE   3,000 0 0
SUN LIFE FINANCIAL COM 866796105 16,749 300 SH   SOLE   300 0 0