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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AFLAC INCORPORATED 1,055,102 001055102   3,503,436 54,300 SH   SOLE   54,300 0 0
AFLAC INCORPORATED 1,055,102 001055102   13,058,848 202,400 SH   SOLE   202,400 0 0
AFLAC INCORPORATED 1,055,102 001055102   2,496,924 38,700 SH   SOLE   38,700 0 0
AFLAC INCORPORATED 1,055,102 001055102   25,808 400 SH   SOLE   400 0 0
AMERICAN INTERNATIONAL GR 26,874,784 026874784   2,991,384 59,400 SH   SOLE   59,400 0 0
AMERICAN INTERNATIONAL GR 26,874,784 026874784   11,265,532 223,700 SH   SOLE   223,700 0 0
AMERICAN INTERNATIONAL GR 26,874,784 026874784   3,318,724 65,900 SH   SOLE   65,900 0 0
AMERIPRISE FINANCIAL, INC. 03076C106 03076C106   3,356,175 10,950 SH   SOLE   10,950 0 0
AMERIPRISE FINANCIAL, INC. 03076C106 03076C106   11,417,125 37,250 SH   SOLE   37,250 0 0
AMERIPRISE FINANCIAL, INC. 03076C106 03076C106   2,298,750 7,500 SH   SOLE   7,500 0 0
ARCH CAPITAL GROUP LTD. G0450A105 G0450A105   3,536,027 52,100 SH   SOLE   52,100 0 0
ARCH CAPITAL GROUP LTD. G0450A105 G0450A105   18,190,517 268,020 SH   SOLE   268,020 0 0
ARCH CAPITAL GROUP LTD. G0450A105 G0450A105   4,818,770 71,000 SH   SOLE   71,000 0 0
BERKLEY WR CORP G0585R106 084423102   8,848,204 142,117 SH   SOLE   142,117 0 0
BERKLEY WR CORP 84,423,102 084423102   3,094,322 49,700 SH   SOLE   49,700 0 0
BERKLEY WR CORP 84,423,102 084423102   1,731,575 27,812 SH   SOLE   27,812 0 0
BERKLEY WR CORP 84,423,102 084423102   18,180 292 SH   SOLE   292 0 0
BROWN & BROWN, INC. 84,423,102 115236101   3,376,296 58,800 SH   SOLE   58,800 0 0
BROWN & BROWN, INC. G1081T109 115236101   12,965,436 225,800 SH   SOLE   225,800 0 0
BROWN & BROWN, INC. G1081T109 115236101   2,345,607 40,850 SH   SOLE   40,850 0 0
CHUBB CORPORATION 09215C105 H1467J104   3,320,478 17,100 SH   SOLE   17,100 0 0
CHUBB CORPORATION 09215C105 H1467J104   12,679,954 65,300 SH   SOLE   65,300 0 0
CHUBB CORPORATION 09215C105 H1467J104   2,572,885 13,250 SH   SOLE   13,250 0 0
CHUBB CORPORATION 115,236,101 H1467J104   19,418 100 SH   SOLE   100 0 0
DONEGAL GROUP, INC. A 115,236,101 257701201   79,334 5,192 SH   SOLE   5,192 0 0
F&G ANNUITIES & LIFE INC 115,236,101 30190A104   25,495 1,407 SH   SOLE   1,407 0 0
F&G ANNUITIES & LIFE INC H1467J104 30190A104   97,703 5,392 SH   SOLE   5,392 0 0
F&G ANNUITIES & LIFE INC H1467J104 30190A104   17,866 986 SH   SOLE   986 0 0
FIDELITY NATIONAL FINANCIAL IN H1467J104 31620R105   723,051 20,700 SH   SOLE   20,700 0 0
FIDELITY NATIONAL FINANCIAL IN H1467J104 31620R105   2,769,949 79,300 SH   SOLE   79,300 0 0
FIDELITY NATIONAL FINANCIAL IN 224,633,107 31620R105   506,485 14,500 SH   SOLE   14,500 0 0
FIRST AMERICAN FINANCIAL 257,701,201 31847R102   1,344,189 24,150 SH   SOLE   24,150 0 0
FIRST AMERICAN FINANCIAL 30041R108 31847R102   4,152,236 74,600 SH   SOLE   74,600 0 0
FIRST AMERICAN FINANCIAL 30041R108 31847R102   868,296 15,600 SH   SOLE   15,600 0 0
GALLAGHER, ARTHUR J.& CO. 31620R303 363576109   3,276,184 17,125 SH   SOLE   17,125 0 0
GALLAGHER, ARTHUR J.& CO. 31620R303 363576109   13,984,761 73,100 SH   SOLE   73,100 0 0
GALLAGHER, ARTHUR J.& CO. 31620R303 363576109   3,156,615 16,500 SH   SOLE   16,500 0 0
GOLDMAN SACHS 31847R102 38141G104   654,220 2,000 SH   SOLE   2,000 0 0
GOLDMAN SACHS 31847R102 38141G104   2,616,880 8,000 SH   SOLE   8,000 0 0
HISCOX plc 31847R102 4593F1389   2,051,539 150,076 SH   SOLE   150,076 0 0
J P MORGAN & CO 363,576,109 46625H100   1,244,461 9,550 SH   SOLE   9,550 0 0
LEMONADE INC 363,576,109 52567D107   1,668,420 117,000 SH   SOLE   117,000 0 0
LEMONADE INC 363,576,109 52567D107   442,060 31,000 SH   SOLE   31,000 0 0
LEMONADE INC 38141G104 52567D107   527,620 37,000 SH   SOLE   37,000 0 0
PRIMERICA 4593F1389 74164M108   17,508,196 101,650 SH   SOLE   101,650 0 0
PRIMERICA 440,327,104 74164M108   3,866,788 22,450 SH   SOLE   22,450 0 0
PRIMERICA 46625H100 74164M108   4,926,064 28,600 SH   SOLE   28,600 0 0
RAYMOND JAMES FINANCIAL G5005R107 754730109   3,182,839 34,125 SH   SOLE   34,125 0 0
RAYMOND JAMES FINANCIAL G5005R107 754730109   10,947,566 117,375 SH   SOLE   117,375 0 0
REINSURANCE GROUP AMERICA G5005R107 759351604   4,427,546 33,350 SH   SOLE   33,350 0 0
REINSURANCE GROUP AMERICA 74164M108 759351604   13,488,416 101,600 SH   SOLE   101,600 0 0
REINSURANCE GROUP AMERICA 74164M108 759351604   3,929,696 29,600 SH   SOLE   29,600 0 0
RENAISSANCERE HOLDINGS 74164M108 G7496G103   4,354,390 21,735 SH   SOLE   21,735 0 0
RENAISSANCERE HOLDINGS 754,730,109 G7496G103   16,074,280 80,235 SH   SOLE   80,235 0 0
RENAISSANCERE HOLDINGS 754,730,109 G7496G103   3,666,222 18,300 SH   SOLE   18,300 0 0
RLI CORP. 759,351,604 749607107   2,279,407 17,150 SH   SOLE   17,150 0 0
RLI CORP. 759,351,604 749607107   8,160,142 61,396 SH   SOLE   61,396 0 0
RLI CORP. 759,351,604 749607107   1,541,756 11,600 SH   SOLE   11,600 0 0
SAFETY INSURANCE GROUP G7496G103 78648T100   275,724 3,700 SH   SOLE   3,700 0 0
SELECTIVE INSURANCE GROUP G7496G103 816300107   285,990 3,000 SH   SOLE   3,000 0 0
SKYWARD SPECIALTY INSURANCE GR G7496G103 830940102   65,610 3,000 SH   SOLE   3,000 0 0
SKYWARD SPECIALTY INSURANCE GR 749,607,107 830940102   196,830 9,000 SH   SOLE   9,000 0 0
SKYWARD SPECIALTY INSURANCE GR 749,607,107 830940102   65,610 3,000 SH   SOLE   3,000 0 0