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
Expires: July 31, 2015
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 2,931,250 25,000 SH SOLE 25,000 0 0
AFLAC INCORPORATED COM 001055102 23,731,400 202,400 SH SOLE 202,400 0 0
AFLAC INCORPORATED COM 001055102 4,537,575 38,700 SH SOLE 38,700 0 0
AFLAC INCORPORATED COM 001055102 46,900 400 SH SOLE 400 0 0
AMERICAN INTERNATIONAL GR. COM 026874784 2,213,541 29,700 SH SOLE 29,700 0 0
AMERICAN INTERNATIONAL GR. COM 026874784 18,066,072 242,400 SH SOLE 242,400 0 0
AMERICAN INTERNATIONAL GR. COM 026874784 4,911,527 65,900 SH SOLE 65,900 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 1,789,164 3,900 SH SOLE 3,900 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 17,088,810 37,250 SH SOLE 37,250 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 3,440,700 7,500 SH SOLE 7,500 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105 20,578,661 212,020 SH SOLE 212,020 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105 4,474,466 46,100 SH SOLE 46,100 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105 2,712,827 27,950 SH SOLE 27,950 0 0
AXIS CAPITAL HOLDINGS LTD COM G0692U109 5,372 50 SH SOLE 50 0 0
BERKLEY W.R. CORP. COM 084423102 1,837,307 26,050 SH SOLE 26,050 0 0
BERKLEY W.R. CORP. COM 084423102 13,483,573 191,175 SH SOLE 191,175 0 0
BERKLEY W.R. CORP. COM 084423102 2,942,371 41,718 SH SOLE 41,718 0 0
BERKLEY W.R. CORP. COM 084423102 30,892 438 SH SOLE 438 0 0
BROWN & BROWN, INC. COM 115236101 1,988,650 31,000 SH SOLE 31,000 0 0
BROWN & BROWN, INC. COM 115236101 18,231,430 284,200 SH SOLE 284,200 0 0
BROWN & BROWN, INC. COM 115236101 3,916,358 61,050 SH SOLE 61,050 0 0
CHUBB LIMITED COM H1467J104 2,708,883 7,950 SH SOLE 7,950 0 0
CHUBB LIMITED COM H1467J104 22,250,322 65,300 SH SOLE 65,300 0 0
CHUBB LIMITED COM H1467J104 4,514,805 13,250 SH SOLE 13,250 0 0
CHUBB LIMITED COM H1467J104 34,074 100 SH SOLE 100 0 0
DONEGAL GROUP, INC. A COM 257701201 97,921 5,192 SH SOLE 5,192 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R303 636,660 13,500 SH SOLE 13,500 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R303 4,602,816 97,600 SH SOLE 97,600 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R303 1,032,804 21,900 SH SOLE 21,900 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 949,972 13,850 SH SOLE 13,850 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 6,632,653 96,700 SH SOLE 96,700 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 1,543,275 22,500 SH SOLE 22,500 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 1,980,041 8,625 SH SOLE 8,625 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 16,689,739 72,700 SH SOLE 72,700 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 3,696,077 16,100 SH SOLE 16,100 0 0
HISCOX LTD. COM G4593F138 1,890,954 77,308 SH SOLE 77,308 0 0
J P MORGAN & CO COM 46625H100 1,522,085 4,650 SH SOLE 4,650 0 0
LEMONADE, INC. COM 52567D107 8,326,400 128,000 SH SOLE 128,000 0 0
LEMONADE, INC. COM 52567D107 1,756,350 27,000 SH SOLE 27,000 0 0
LEMONADE, INC. COM 52567D107 1,141,628 17,550 SH SOLE 17,550 0 0
PRIMERICA COM 74164M108 3,268,300 11,500 SH SOLE 11,500 0 0
PRIMERICA COM 74164M108 24,483,830 86,150 SH SOLE 86,150 0 0
PRIMERICA COM 74164M108 5,669,790 19,950 SH SOLE 19,950 0 0
RAYMOND JAMES FINANCIAL COM 754730109 2,215,837 14,575 SH SOLE 14,575 0 0
RAYMOND JAMES FINANCIAL COM 754730109 17,844,521 117,375 SH SOLE 117,375 0 0
REINSURANCE GROUP AMERICA COM 759351604 3,338,605 15,700 SH SOLE 15,700 0 0
REINSURANCE GROUP AMERICA COM 759351604 25,007,640 117,600 SH SOLE 117,600 0 0
REINSURANCE GROUP AMERICA COM 759351604 6,719,740 31,600 SH SOLE 31,600 0 0
RENAISSANCERE HOLDINGS COM G7496G103 3,053,332 9,635 SH SOLE 9,635 0 0
RENAISSANCERE HOLDINGS COM G7496G103 25,426,472 80,235 SH SOLE 80,235 0 0
RENAISSANCERE HOLDINGS COM G7496G103 5,799,270 18,300 SH SOLE 18,300 0 0
RLI CORP. COM 749607107 1,222,749 20,700 SH SOLE 20,700 0 0
RLI CORP. COM 749607107 9,574,774 162,092 SH SOLE 162,092 0 0
RLI CORP. COM 749607107 2,138,334 36,200 SH SOLE 36,200 0 0
SAFETY INSURANCE GROUP COM 78648T100 276,982 3,700 SH SOLE 3,700 0 0
SELECTIVE INSURANCE GROUP COM 816300107 291,030 3,000 SH SOLE 3,000 0 0
SKYWARD SPECIALTY INSURANCE GR COM 830940102 175,050 3,000 SH SOLE 3,000 0 0
SKYWARD SPECIALTY INSURANCE GR COM 830940102 525,150 9,000 SH SOLE 9,000 0 0
SKYWARD SPECIALTY INSURANCE GR COM 830940102 169,215 2,900 SH SOLE 2,900 0 0
SKYWARD SPECIALTY INSURANCE GR COM 830940102 5,835 100 SH SOLE 100 0 0