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 2,794,500 25,000 SH SOLE 25,000 0 0
AFLAC INCORPORATED COM 001055102 21,506,472 192,400 SH SOLE 192,400 0 0
AFLAC INCORPORATED COM 001055102 4,325,886 38,700 SH SOLE 38,700 0 0
AFLAC INCORPORATED COM 001055102 44,712 400 SH SOLE 400 0 0
AMERICAN INTERNATIONAL GR. COM 026874784 2,210,274 29,700 SH SOLE 29,700 0 0
AMERICAN INTERNATIONAL GR. COM 026874784 18,039,408 242,400 SH SOLE 242,400 0 0
AMERICAN INTERNATIONAL GR. COM 026874784 4,904,278 65,900 SH SOLE 65,900 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 1,920,165 3,900 SH SOLE 3,900 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 18,340,038 37,250 SH SOLE 37,250 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 3,692,625 7,500 SH SOLE 7,500 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105 19,582,167 212,020 SH SOLE 212,020 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105 4,257,796 46,100 SH SOLE 46,100 0 0
ARCH CAPITAL GROUP LTD. COM G0450A105 2,581,462 27,950 SH SOLE 27,950 0 0
AXIS CAPITAL HOLDINGS LTD COM G0692U109 5,652 60 SH SOLE 60 0 0
BERKLEY W.R. CORP. COM 084423102 1,759,417 26,050 SH SOLE 26,050 0 0
BERKLEY W.R. CORP. COM 084423102 12,911,960 191,175 SH SOLE 191,175 0 0
BERKLEY W.R. CORP. COM 084423102 2,817,634 41,718 SH SOLE 41,718 0 0
BERKLEY W.R. CORP. COM 084423102 29,583 438 SH SOLE 438 0 0
BROWN & BROWN, INC. COM 115236101 1,887,900 31,000 SH SOLE 31,000 0 0
BROWN & BROWN, INC. COM 115236101 18,830,280 309,200 SH SOLE 309,200 0 0
BROWN & BROWN, INC. COM 115236101 4,022,445 66,050 SH SOLE 66,050 0 0
CHUBB LIMITED COM H1467J104 2,585,738 7,950 SH SOLE 7,950 0 0
CHUBB LIMITED COM H1467J104 21,238,825 65,300 SH SOLE 65,300 0 0
CHUBB LIMITED COM H1467J104 4,309,563 13,250 SH SOLE 13,250 0 0
CHUBB LIMITED COM H1467J104 32,525 100 SH SOLE 100 0 0
DONEGAL GROUP, INC. A COM 257701201 92,366 5,192 SH SOLE 5,192 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R303 521,775 13,500 SH SOLE 13,500 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R303 3,772,240 97,600 SH SOLE 97,600 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R303 846,435 21,900 SH SOLE 21,900 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 841,249 13,850 SH SOLE 13,850 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 5,873,558 96,700 SH SOLE 96,700 0 0
FIRST AMERICAN FINANCIAL COM 31847R102 1,366,650 22,500 SH SOLE 22,500 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 1,967,449 8,625 SH SOLE 8,625 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 16,583,597 72,700 SH SOLE 72,700 0 0
GALLAGHER, ARTHUR J.& CO. COM 363576109 3,672,571 16,100 SH SOLE 16,100 0 0
HISCOX LTD. COM G4593F138 1,900,231 77,308 SH SOLE 77,308 0 0
J P MORGAN & CO COM 46625H100 1,538,360 4,650 SH SOLE 4,650 0 0
LEMONADE, INC. COM 52567D107 5,777,920 128,000 SH SOLE 128,000 0 0
LEMONADE, INC. COM 52567D107 1,218,780 27,000 SH SOLE 27,000 0 0
LEMONADE, INC. COM 52567D107 792,207 17,550 SH SOLE 17,550 0 0
PRIMERICA COM 74164M108 3,132,485 11,500 SH SOLE 11,500 0 0
PRIMERICA COM 74164M108 23,466,399 86,150 SH SOLE 86,150 0 0
PRIMERICA COM 74164M108 5,434,181 19,950 SH SOLE 19,950 0 0
RAYMOND JAMES FINANCIAL COM 754730109 2,303,142 14,575 SH SOLE 14,575 0 0
RAYMOND JAMES FINANCIAL COM 754730109 18,547,598 117,375 SH SOLE 117,375 0 0
REINSURANCE GROUP AMERICA COM 759351604 3,619,728 14,700 SH SOLE 14,700 0 0
REINSURANCE GROUP AMERICA COM 759351604 27,234,144 110,600 SH SOLE 110,600 0 0
REINSURANCE GROUP AMERICA COM 759351604 6,057,504 24,600 SH SOLE 24,600 0 0
RENAISSANCERE HOLDINGS COM G7496G103 3,066,146 9,635 SH SOLE 9,635 0 0
RENAISSANCERE HOLDINGS COM G7496G103 25,533,184 80,235 SH SOLE 80,235 0 0
RENAISSANCERE HOLDINGS COM G7496G103 5,823,609 18,300 SH SOLE 18,300 0 0
RENAISSANCERE HOLDINGS COM G7496G103 7,001 22 SH SOLE 22 0 0
RLI CORP. COM 749607107 2,389,392 43,200 SH SOLE 43,200 0 0
RLI CORP. COM 749607107 1,421,467 25,700 SH SOLE 25,700 0 0
RLI CORP. COM 749607107 11,067,089 200,092 SH SOLE 200,092 0 0
SELECTIVE INSURANCE GROUP COM 816300107 250,800 3,000 SH SOLE 3,000 0 0
SKYWARD SPECIALTY INSURANCE GR COM 830940102 158,400 3,000 SH SOLE 3,000 0 0
SKYWARD SPECIALTY INSURANCE GR COM 830940102 475,200 9,000 SH SOLE 9,000 0 0
SKYWARD SPECIALTY INSURANCE GR COM 830940102 153,120 2,900 SH SOLE 2,900 0 0
SKYWARD SPECIALTY INSURANCE GR COM 830940102 6,336 120 SH SOLE 120 0 0