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 COM 001055102   3,790,140 54,300 SH   SOLE   54,300 0 0
AFLAC INCORPORATED COM 001055102   14,127,520 202,400 SH   SOLE   202,400 0 0
AFLAC INCORPORATED COM 001055102   2,701,260 38,700 SH   SOLE   38,700 0 0
AFLAC INCORPORATED COM 001055102   27,920 400 SH   SOLE   400 0 0
AMERICAN INTERNATIONAL GR COM 026874784   3,417,876 59,400 SH   SOLE   59,400 0 0
AMERICAN INTERNATIONAL GR COM 026874784   12,871,698 223,700 SH   SOLE   223,700 0 0
AMERICAN INTERNATIONAL GR COM 026874784   3,791,886 65,900 SH   SOLE   65,900 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106   3,637,152 10,950 SH   SOLE   10,950 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106   12,372,960 37,250 SH   SOLE   37,250 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106   2,491,200 7,500 SH   SOLE   7,500 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105   3,899,685 52,100 SH   SOLE   52,100 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105   20,061,297 268,020 SH   SOLE   268,020 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105   5,314,350 71,000 SH   SOLE   71,000 0 0
BERKLEY WR CORP COM 084423102   2,960,132 49,700 SH   SOLE   49,700 0 0
BERKLEY WR CORP COM 084423102   8,464,489 142,117 SH   SOLE   142,117 0 0
BERKLEY WR CORP COM 084423102   1,656,483 27,812 SH   SOLE   27,812 0 0
BERKLEY WR CORP COM 084423102   17,392 292 SH   SOLE   292 0 0
BROWN & BROWN, INC. COM 115236101   4,047,792 58,800 SH   SOLE   58,800 0 0
BROWN & BROWN, INC. COM 115236101   15,544,072 225,800 SH   SOLE   225,800 0 0
BROWN & BROWN, INC. COM 115236101   2,812,114 40,850 SH   SOLE   40,850 0 0
CHUBB CORPORATION COM H1467J104   3,292,776 17,100 SH   SOLE   17,100 0 0
CHUBB CORPORATION COM H1467J104   12,574,168 65,300 SH   SOLE   65,300 0 0
CHUBB CORPORATION COM H1467J104   2,551,420 13,250 SH   SOLE   13,250 0 0
CHUBB CORPORATION COM H1467J104   19,256 100 SH   SOLE   100 0 0
DONEGAL GROUP, INC. A COM 257701201   74,921 5,192 SH   SOLE   5,192 0 0
F&G ANNUITIES & LIFE INC COM 30190A104   34,865 1,407 SH   SOLE   1,407 0 0
F&G ANNUITIES & LIFE INC COM 30190A104   133,614 5,392 SH   SOLE   5,392 0 0
F&G ANNUITIES & LIFE INC COM 30190A104   24,433 986 SH   SOLE   986 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R105   889,200 24,700 SH   SOLE   24,700 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R105   2,998,800 83,300 SH   SOLE   83,300 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R105   594,000 16,500 SH   SOLE   16,500 0 0
FIRST AMERICAN FINANCIAL COM 31847R102   1,434,053 25,150 SH   SOLE   25,150 0 0
FIRST AMERICAN FINANCIAL COM 31847R102   4,624,322 81,100 SH   SOLE   81,100 0 0
FIRST AMERICAN FINANCIAL COM 31847R102   1,032,062 18,100 SH   SOLE   18,100 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109   3,760,136 17,125 SH   SOLE   17,125 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109   16,050,567 73,100 SH   SOLE   73,100 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109   3,622,905 16,500 SH   SOLE   16,500 0 0
GOLDMAN SACHS COM 38141G104   645,080 2,000 SH   SOLE   2,000 0 0
GOLDMAN SACHS COM 38141G104   2,580,320 8,000 SH   SOLE   8,000 0 0
HISCOX plc COM 4593F1389   2,113,053 152,567 SH   SOLE   152,567 0 0
J P MORGAN & CO COM 46625H100   1,388,952 9,550 SH   SOLE   9,550 0 0
LEMONADE INC COM 52567D107   438,100 26,000 SH   SOLE   26,000 0 0
LEMONADE INC COM 52567D107   1,398,550 83,000 SH   SOLE   83,000 0 0
LEMONADE INC COM 52567D107   269,600 16,000 SH   SOLE   16,000 0 0
PRIMERICA COM 74164M108   5,655,936 28,600 SH   SOLE   28,600 0 0
PRIMERICA COM 74164M108   20,102,304 101,650 SH   SOLE   101,650 0 0
PRIMERICA COM 74164M108   4,439,712 22,450 SH   SOLE   22,450 0 0
RAYMOND JAMES FINANCIAL COM 754730109   3,541,151 34,125 SH   SOLE   34,125 0 0
RAYMOND JAMES FINANCIAL COM 754730109   12,180,004 117,375 SH   SOLE   117,375 0 0
REINSURANCE GROUP AMERICA COM 759351604   4,625,312 33,350 SH   SOLE   33,350 0 0
REINSURANCE GROUP AMERICA COM 759351604   14,090,904 101,600 SH   SOLE   101,600 0 0
REINSURANCE GROUP AMERICA COM 759351604   4,105,224 29,600 SH   SOLE   29,600 0 0
RENAISSANCERE HOLDINGS COM G7496G103   4,054,012 21,735 SH   SOLE   21,735 0 0
RENAISSANCERE HOLDINGS COM G7496G103   14,965,432 80,235 SH   SOLE   80,235 0 0
RENAISSANCERE HOLDINGS COM G7496G103   3,413,316 18,300 SH   SOLE   18,300 0 0
RLI CORP. COM 749607107   2,340,461 17,150 SH   SOLE   17,150 0 0
RLI CORP. COM 749607107   8,378,712 61,396 SH   SOLE   61,396 0 0
RLI CORP. COM 749607107   1,583,052 11,600 SH   SOLE   11,600 0 0
SAFETY INSURANCE GROUP COM 78648T100   265,364 3,700 SH   SOLE   3,700 0 0
SELECTIVE INSURANCE GROUP COM 816300107   287,850 3,000 SH   SOLE   3,000 0 0
SKYWARD SPECIALTY INSURANCE GR COM 830940102   76,200 3,000 SH   SOLE   3,000 0 0
SKYWARD SPECIALTY INSURANCE GR COM 830940102   228,600 9,000 SH   SOLE   9,000 0 0
SKYWARD SPECIALTY INSURANCE GR COM 830940102   76,200 3,000 SH   SOLE   3,000 0 0