Form: 13F-HR

Quarterly report filed by institutional managers, Holdings

July 11, 2025

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

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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
ESSENT GROUP LTD COM G3198U102 66,738,279 1,666,374 SH   DFND   1,666,374 0 0
ISHARES TR FALN ANGLS USD 46435G474 18,032,672 713,600 SH   DFND 5,6,7 713,600 0 0
ISHARES TR IBOXX HI YD ETF 464288513 70,185,950 929,000 SH   DFND 5,6,7 929,000 0 0
ISHARES TR IBOXX INV CP ETF 464287242 157,290,350 1,435,000 SH   DFND 5,6,7 1,435,000 0 0
ISHARES TR ISHS 1-5YR INVS 464288646 50,540,000 1,000,000 SH   DFND 5,6,7 1,000,000 0 0
TRUPANION INC COM 898202106 11,280,070 263,000 SH   DFND   263,000 0 0
UNIVERSAL INS HLDGS INC COM 91359V107 10,636,308 583,771 SH   DFND   583,771 0 0