| RREINSURANCE GROUP AMER INCRGA |
| 9.52% | 9.66% | $35.1M | 164,900 | $33.8M | 165,800 | -900-0.54% | Reduce |
 RENAISSANCERE HLDGS LTD COMRNR |
| 9.31% | 9.22% | $34.3M | 108,170 | $32.3M | 108,770 | -600-0.55% | Reduce |
 PRIMERICA INCPRI |
| 9.08% | 8.44% | $33.4M | 117,600 | $29.6M | 118,200 | -600-0.51% | Reduce |
 AFLAC INC COMAFL |
| 8.49% | 8.38% | $31.2M | 266,500 | $29.4M | 267,800 | -1,300-0.49% | Reduce |
 CHUBB LIMITEDCB |
| 8.01% | 8.09% | $29.5M | 86,600 | $28.4M | 87,000 | -400-0.46% | Reduce |
 ISHARES MBSACGL |
| 7.54% | 7.87% | $27.8M | 286,070 | $27.6M | 287,570 | -1,500-0.52% | Reduce |
 AMERICAN INTL GROUP INC COM NEWAIG |
| 6.84% | 7.29% | $25.2M | 338,000 | $25.5M | 339,500 | -1,500-0.44% | Reduce |
 BROWN & BROWN INC COMBRO |
| 6.56% | 6.46% | $24.1M | 376,250 | $22.7M | 347,450 | +28,800+8.29% | Add |
 GALLAGHER ARTHUR J & CO COMAJG |
| 6.07% | 6.04% | $22.4M | 97,425 | $21.2M | 97,725 | -300-0.31% | Reduce |
 AMERIPRISE FINL INCAMP |
| 6.06% | 6.19% | $22.3M | 48,650 | $21.7M | 48,850 | -200-0.41% | Reduce |
 RAYMOND JAMES FINL INCRJF |
| 5.45% | 5.48% | $20.1M | 131,950 | $19.2M | 132,750 | -800-0.60% | Reduce |
 BERKLEY W R CORPWRB |
| 4.97% | 4.92% | $18.3M | 259,381 | $17.3M | 260,381 | -1,000-0.38% | Reduce |
| RRLI CORPRLI |
| 3.51% | 3.58% | $12.9M | 218,992 | $12.5M | 219,792 | -800-0.36% | Reduce |
| LLEMONADE INCLMND |
| 3.05% | 3.1% | $11.2M | 172,550 | $10.9M | 173,250 | -700-0.40% | Reduce |
 FIRST AMERN FINL CORPFAF |
| 2.48% | 2.3% | $9.1M | 133,050 | $8.1M | 133,550 | -500-0.37% | Reduce |
 FIDELITY NATL FINL INCFNF |
| 1.7% | 1.77% | $6.3M | 133,000 | $6.2M | 133,500 | -500-0.37% | Reduce |
| HHISCOX LTD. |
| 0.51% | 0.46% | $1.9M | 77,308 | $1.6M | 80,152 | -2,844-3.55% | Reduce |
 JPMORGAN CHASE & COJPM |
| 0.41% | 0.41% | $1.5M | 4,650 | $1.4M | 4,850 | -200-4.12% | Reduce |
 SKYWARD SPECIALTY INS GROUPSKWD |
| 0.24% | 0.19% | $875,250 | 15,000 | $655,200 | 15,000 | 00.00% | Unchanged |
 SELECTIVE INS GROUP INCSIGI |
| 0.08% | 0.06% | $291,030 | 3,000 | $226,170 | 3,000 | 00.00% | Unchanged |
| SSAFETY INS GROUP INCSAFT |
| 0.08% | 0.08% | $276,982 | 3,700 | $268,768 | 3,700 | 00.00% | Unchanged |
 DONEGAL GROUP INC CL ADGICA |
| 0.03% | 0.03% | $97,921 | 5,192 | $89,199 | 5,192 | 00.00% | Unchanged |
 AXIS CAP HLDGS LTDAXS |
| <0.01% | — | $5,372 | 50 | $0 | 0 | +50 | New Buy |
