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   3,192,750 38,700 SH   SOLE   38,700 0 0
AFLAC INCORPORATED COM 001055102   4,479,750 54,300 SH   SOLE   54,300 0 0
AFLAC INCORPORATED COM 001055102   16,698,000 202,400 SH   SOLE   202,400 0 0
AFLAC INCORPORATED COM 001055102   33,000 400 SH   SOLE   400 0 0
AMERICAN INTERNATIONAL GR. COM 026874784   4,024,350 59,400 SH   SOLE   59,400 0 0
AMERICAN INTERNATIONAL GR. COM 026874784   15,155,675 223,700 SH   SOLE   223,700 0 0
AMERICAN INTERNATIONAL GR. COM 026874784   4,464,725 65,900 SH   SOLE   65,900 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106   4,159,139 10,950 SH   SOLE   10,950 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106   14,148,668 37,250 SH   SOLE   37,250 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106   2,848,725 7,500 SH   SOLE   7,500 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105   4,901,820 66,000 SH   SOLE   66,000 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105   3,572,387 48,100 SH   SOLE   48,100 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105   15,301,105 206,020 SH   SOLE   206,020 0 0
BERKLEY W.R. CORP. COM 084423102   3,514,784 49,700 SH   SOLE   49,700 0 0
BERKLEY W.R. CORP. COM 084423102   10,050,514 142,117 SH   SOLE   142,117 0 0
BERKLEY W.R. CORP. COM 084423102   1,966,865 27,812 SH   SOLE   27,812 0 0
BERKLEY W.R. CORP. COM 084423102   20,650 292 SH   SOLE   292 0 0
BROWN & BROWN, INC. COM 115236101   4,181,268 58,800 SH   SOLE   58,800 0 0
BROWN & BROWN, INC. COM 115236101   16,056,638 225,800 SH   SOLE   225,800 0 0
BROWN & BROWN, INC. COM 115236101   2,904,844 40,850 SH   SOLE   40,850 0 0
CHUBB LIMITED COM H1467J104   22,600 100 SH   SOLE   100 0 0
CHUBB LIMITED COM H1467J104   3,864,600 17,100 SH   SOLE   17,100 0 0
CHUBB LIMITED COM H1467J104   14,757,800 65,300 SH   SOLE   65,300 0 0
CHUBB LIMITED COM H1467J104   2,994,500 13,250 SH   SOLE   13,250 0 0
DONEGAL GROUP, INC. A COM 257701201   72,636 5,192 SH   SOLE   5,192 0 0
F&G ANNUITIES & LIFE, INC. COM 30190A104   64,722 1,407 SH   SOLE   1,407 0 0
F&G ANNUITIES & LIFE, INC. COM 30190A104   248,032 5,392 SH   SOLE   5,392 0 0
F&G ANNUITIES & LIFE, INC. COM 30190A104   45,356 986 SH   SOLE   986 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R105   1,260,194 24,700 SH   SOLE   24,700 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R105   4,249,966 83,300 SH   SOLE   83,300 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R105   841,830 16,500 SH   SOLE   16,500 0 0
FIRST AMERICAN FINANCIAL COM 31847R102   1,620,666 25,150 SH   SOLE   25,150 0 0
FIRST AMERICAN FINANCIAL COM 31847R102   5,226,084 81,100 SH   SOLE   81,100 0 0
FIRST AMERICAN FINANCIAL COM 31847R102   1,166,364 18,100 SH   SOLE   18,100 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109   3,851,070 17,125 SH   SOLE   17,125 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109   16,438,728 73,100 SH   SOLE   73,100 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109   3,710,520 16,500 SH   SOLE   16,500 0 0
GOLDMAN SACHS COM 38141G104   771,540 2,000 SH   SOLE   2,000 0 0
GOLDMAN SACHS COM 38141G104   3,086,160 8,000 SH   SOLE   8,000 0 0
HISCOX LTD. COM 4593F1389   2,068,599 154,143 SH   SOLE   154,143 0 0
J P MORGAN & CO COM 46625H100   1,624,455 9,550 SH   SOLE   9,550 0 0
LEMONADE, INC. COM 52567D107   774,240 48,000 SH   SOLE   48,000 0 0
LEMONADE, INC. COM 52567D107   645,200 40,000 SH   SOLE   40,000 0 0
LEMONADE, INC. COM 52567D107   2,532,410 157,000 SH   SOLE   157,000 0 0
PRIMERICA COM 74164M108   5,884,736 28,600 SH   SOLE   28,600 0 0
PRIMERICA COM 74164M108   16,800,304 81,650 SH   SOLE   81,650 0 0
PRIMERICA COM 74164M108   4,619,312 22,450 SH   SOLE   22,450 0 0
RAYMOND JAMES FINANCIAL COM 754730109   3,804,938 34,125 SH   SOLE   34,125 0 0
RAYMOND JAMES FINANCIAL COM 754730109   13,087,313 117,375 SH   SOLE   117,375 0 0
REINSURANCE GROUP AMERICA COM 759351604   5,395,363 33,350 SH   SOLE   33,350 0 0
REINSURANCE GROUP AMERICA COM 759351604   16,436,848 101,600 SH   SOLE   101,600 0 0
REINSURANCE GROUP AMERICA COM 759351604   4,788,688 29,600 SH   SOLE   29,600 0 0
RENAISSANCERE HOLDINGS COM G7496G103   4,260,060 21,735 SH   SOLE   21,735 0 0
RENAISSANCERE HOLDINGS COM G7496G103   15,726,060 80,235 SH   SOLE   80,235 0 0
RENAISSANCERE HOLDINGS COM G7496G103   3,586,800 18,300 SH   SOLE   18,300 0 0
RLI CORP. COM 749607107   2,283,008 17,150 SH   SOLE   17,150 0 0
RLI CORP. COM 749607107   8,173,036 61,396 SH   SOLE   61,396 0 0
RLI CORP. COM 749607107   1,544,192 11,600 SH   SOLE   11,600 0 0
SAFETY INSURANCE GROUP COM 78648T100   281,163 3,700 SH   SOLE   3,700 0 0
SELECTIVE INSURANCE GROUP COM 816300107   298,440 3,000 SH   SOLE   3,000 0 0
SKYWARD SPECIALTY INSURANCE GR COM 830940102   101,640 3,000 SH   SOLE   3,000 0 0
SKYWARD SPECIALTY INSURANCE GR COM 830940102   304,920 9,000 SH   SOLE   9,000 0 0
SKYWARD SPECIALTY INSURANCE GR COM 830940102   101,640 3,000 SH   SOLE   3,000 0 0