Instuitional Investor - Philo Smith Capital Corp

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Reinsurance Group Of America Inc	RGA	165,800	$33,733,668	9.28%
2.	Renaissancere Holdings Ltd	RNR	108,770	$30,581,774	8.41%
3.	Primerica Inc.	PRI	118,200	$30,538,152	8.4%
4.	Aflac Inc	AFL	267,800	$29,530,306	8.12%
5.	Arch Capital Group Ltd.	ACGL	287,570	$27,583,714	7.59%