The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||||||
| 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 |
| Assured Guaranty Ltd | COM | G0585R106 | 29,551 | 707,980 | SH | SOLE | 707,980 | 0 | 0 | ||
| Athene Holding Ltd | CLASS A | G0684D107 | 23,047 | 464,558 | SH | SOLE | 464,558 | 0 | 0 | ||
| Atlas Financial Holdings Inc | SHS NEW | G06207115 | 8,512 | 571,306 | SH | SOLE | 571,306 | 0 | 0 | ||
| Brown & Brown Inc | COM | 115236101 | 14,377 | 333,800 | SH | SOLE | 333,800 | 0 | 0 | ||
| EMC Insurance Group Inc | COM | 268664109 | 7,676 | 276,307 | SH | SOLE | 276,307 | 0 | 0 | ||
| Federated National Holding Co | COM | 31422T101 | 9,805 | 612,788 | SH | SOLE | 612,788 | 0 | 0 | ||
| GLOBAL INDTY LTD CAYMAN | SHS | G3933F105 | 17,741 | 457,608 | SH | SOLE | 457,608 | 0 | 0 | ||
| Genworth Financial Inc. | COM | 37247D106 | 2,793 | 740,776 | SH | SOLE | 740,776 | 0 | 0 | ||
| Hartford Financial Services Group Inc | COM | 416515104 | 24,105 | 457,608 | SH | SOLE | 457,608 | 0 | 0 | ||
| Lincoln National Corp | COM | 534187109 | 6,724 | 458,539 | SH | SOLE | 458,539 | 0 | 0 | ||
| MGIC Investment Corp | COM | 552848103 | 27,124 | 149,671 | SH | SOLE | 149,671 | 0 | 0 | ||
| MetLife, Inc | COM | 59156R108 | 8,223 | 99,500 | SH | SOLE | 99,500 | 0 | 0 | ||
| Old Republic Intl. Corp | COM | 680223104 | 18,679 | 2,421,790 | SH | SOLE | 2,421,790 | 0 | 0 | ||
| Progressive Corp | COM | 743315103 | 10,749 | 956,418 | SH | SOLE | 956,418 | 0 | 0 | ||
| Prudential Financial Inc | COM | 744320902 | 15,215 | 19,500 | SH | Call | SOLE | 19,500 | 0 | 0 | |
| Prudential Financial Inc | COM | 744320102 | 2,109 | 243,800 | SH | SOLE | 243,800 | 0 | 0 | ||
| Radian Group Inc | COM | 750236101 | 24,943 | 140,700 | SH | SOLE | 140,700 | 0 | 0 | ||
| State Auto Financial Corp | COM | 855707105 | 3,184 | 1,525,537 | SH | SOLE | 1,525,537 | 0 | 0 | ||
| United Insurance Holdings Corp | COM | 910710102 | 9,511 | 123,758 | SH | SOLE | 123,758 | 0 | 0 | ||
| Voya Financial Inc | COM | 929089100 | 18,955 | 604,653 | SH | SOLE | 604,653 | 0 | 0 | ||
| Willis Towers Watson Public Ltd | SHS | G96629103 | 15,474 | 513,816 | SH | SOLE | 513,816 | 0 | 0 | ||