The Securities and Exchange Commission has not necessarily
reviewed the information in this filing and has not determined
if it is accurate and complete.
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 |
| ESSENT GROUP LTD | COM | G3198U102 | 66,738,279 | 1,666,374 | SH | DFND | 1,666,374 | 0 | 0 | ||
| ISHARES TR | FALN ANGLS USD | 46435G474 | 18,032,672 | 713,600 | SH | DFND | 5,6,7 | 713,600 | 0 | 0 | |
| ISHARES TR | IBOXX HI YD ETF | 464288513 | 70,185,950 | 929,000 | SH | DFND | 5,6,7 | 929,000 | 0 | 0 | |
| ISHARES TR | IBOXX INV CP ETF | 464287242 | 157,290,350 | 1,435,000 | SH | DFND | 5,6,7 | 1,435,000 | 0 | 0 | |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 | 50,540,000 | 1,000,000 | SH | DFND | 5,6,7 | 1,000,000 | 0 | 0 | |
| TRUPANION INC | COM | 898202106 | 11,280,070 | 263,000 | SH | DFND | 263,000 | 0 | 0 | ||
| UNIVERSAL INS HLDGS INC | COM | 91359V107 | 10,636,308 | 583,771 | SH | DFND | 583,771 | 0 | 0 | ||