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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 1999
Check here if Amendment [ ]; Amendment Number:
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings
entries.
Institutional Investment Manager Filing this Report:
Name: Prospector Partners, LLC
Address: The Webster Memorial Building
36 Trumball Street
Hartford, CT 06103-2404
Form 13F File Number: 28-7754
The institutional investment manager filing this report and the
person by whom it is signed hereby represent that the person
signing the report is authorized to submit it, that all
information contained herein is true, correct and complete, and
that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of
this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: John D. Gillespie
Title: Managing Member
Phone: (860) 560-6200
Signature, Place, and Date of Signing:
/s/ John D. Gillespie Hartford, CT May 17, 1999
_____________________ _______________ ______________
[Signature] [City, State] [Date]
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Report Type (Check only one.):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of
this reporting manager are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported are in
this report, and all holdings are reported by other
reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the
holdings for this reporting manager are reported in this
report and a portion are reported by other reporting
manager(s).)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
Form 13F File Number Name
28-
[Repeat as necessary.]
2
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Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 52
Form 13F Information Table Value Total: $151,359
[thousands]
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file
number(s) of all institutional investment managers with respect
to which this report is filed, other than the manager filing this
report.
[If there are no entries in this list, state "NONE" and omit the
column headings and list entries.]
No. Form 13F File Number Name
28-
[Repeat as necessary.]
3
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<TABLE>
Form 13F INFORMATION TABLE
<CAPTION>
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
--------- -------- -------- -------- -------- --------- -------- --------
INVESTMENT DISCRETION VOTING AUTHORITY
(c)
TITLE CUSIP MARKET SHRS OR SH/ PUT/ (a) (b) SHARED OTHER (a) (b) (c)
NAME OF ISSUER OF CLASS NUMBER VALUE PRN AMT PRN CALL SOLE SHARED OTHER MANAGERS SOLE SHARED NONE
- -------------- -------- ------ ------ ------- --- ---- ---- ------ ------ -------- ---- ------ ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AETNA INC COMMON STOCK 008117103 871,500 10,500 SH X X
ALLMERICA FINL
CORP COM COMMON STOCK 019754100 4,129,688 75,000 SH X X
AMBAC FINANCIAL
GROUP INC COMMON STOCK 023139108 4,009,500 74,250 SH X X
AMERICAN CAPITAL
STRATEGIES COMMON STOCK 024937104 171,250 10,000 SH X X
AON CORP COMMON STOCK 037389103 1,581,250 25,000 SH X X
BANK ONE CORP COM COMMON STOCK 06423A103 7,433,438 135,000 SH X X
BERKSHIRE HATHAWAY
CL A INC DEL COMMON STOCK 084670108 7,711,200 108 SH X X
BERKSHIRE HATHAWAY
INC CLASS B COM COMMON STOCK 084670207 1,695,071 721 SH X X
BISYS GROUP INC
COM COMMON STOCK 055472104 1,119,375 19,900 SH X X
BLANCH E W HLDGS
INC COM COMMON STOCK 093210102 1,743,000 33,200 SH X X
BLOCK H & R INC
COM COMMON STOCK 093671105 1,023,300 21,600 SH X X
CARDINAL HEALTH
INC COM COMMON STOCK 14149Y108 1,298,286 19,671 SH X X
CIT GROUP INC CL
A COM COMMON STOCK 125577106 1,528,125 50,000 SH X X
CLARK/BARDES
HOLDING INC COM COMMON STOCK 180668105 4,637,600 272,800 SH X X
COUNTRYWIDE CR
INDS INC COM COMMON STOCK 222372104 1,650,000 44,000 SH X X
EQUIFAX INC COM COMMON STOCK 294429105 2,065,938 60,100 SH X X
EQUITABLECOMPANIES
INC SHS OF COM
STK COMMON STOCK 29444G107 4,550,000 65,000 SH X X
EXECUTIVE RISK INC
COM COMMON STOCK 301586103 2,299,619 32,389 SH X X
FANNIE MAE COM STK COMMON STOCK 313586109 1,121,850 16,200 SH X X
FIRST DATA CORP
COM COMMON STOCK 319963104 8,975,363 209,950 SH X X
4
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FIRST INVS FINL
SVCS GROUP INC
COM COMMON STOCK 32058A101 1,175,000 200,000 SH X X
FREDDIE MAC
USD0.21 COM COMMON STOCK 313400301 1,890,739 32,990 SH X X
GALLAGHER ARTHUR
J & CO COM COMMON STOCK 363576109 391,000 8,500 SH X X
HCC INS HLDGS INC
COM COMMON STOCK 404132102 288,750 15,000 SH X X
HILB, ROGAL &
HAMILTON CO COMMON STOCK 431294107 423,438 25,000 SH X X
INDYMAC MTG
HOLDINGS COM STK COMMON STOCK 456607100 2,516,475 231,400 SH X X
INTUIT INC COM COMMON STOCK 461202103 3,025,536 29,735 SH X X
LASALLE RE
HOLDINGS LTD COM COMMON STOCK G5383Q101 647,525 43,900 SH X X
MARKEL CORP COM COMMON STOCK 570535104 1,099,525 6,100 SH X X
MARSH & MCLENNAN
COS INC COM COMMON STOCK 571748102 9,426,038 126,950 SH X X
MELLON BK CORP COM COMMON STOCK 585509102 2,111,250 30,000 SH X X
MORGAN J P & CO
INC COM COMMON STOCK 616880100 567,525 4,600 SH X X
NAC RE CORP COM COMMON STOCK 628907107 3,253,463 60,600 SH X X
NATIONWIDE FINL
SVCS INC CL A COMMON STOCK 638612101 1,050,000 25,000 SH X X
NAVIGATORS GROUP
INC COM COMMON STOCK 638904102 1,387,400 99,100 SH X X
NEWCOURT CREDIT
GROU P INC CAD
NPV COM COMMON STOCK 650905102 1,353,125 50,000 SH X X
NORTH FORK
BANCORPORATION COMMON STOCK 659424105 2,376,563 112,500 SH X X
PANAMSAT CORP COM COMMON STOCK 697933109 3,672,750 118,000 SH X X
PARTNERRE LIMITED
BERMUDA COMMON STOCK G6852T105 5,641,650 139,300 SH X X
PEPSICO INC
USD.0166 7 COM COMMON STOCK 713448108 540,788 13,800 SH X X
PROVIDENT COS INC
COM COMMON STOCK 743862104 5,237,947 151,550 SH X X
PROVIDENT FINANCIAL
HLDGS INC COMMON STOCK 743868101 518,700 31,200 SH X X
PXRE CORP COM COMMON STOCK 693674103 720,000 40,000 SH X X
REINSURANCE OF
AMER INC CL A
NON-VTG COM COMMON STOCK 759351208 1,351,613 39,900 SH X X
SCOTTISH ANNUITY
AND LIFE HOLDINGS,
LTD COMMON STOCK G7885T104 1,033,500 106,000 SH X X
5
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SUPERIOR NATIONAL
INSURANCE GROUP
INC COMMON STOCK 868224106 4,789,900 252,100 SH X X
Page Subtotal 119,105,548
TERRA NOVA
(BERMUDA) HOLDS
LTD COMMON STOCK G87615103 12,267,391 560,795 SH X X
TORONTO DOMINION
BK CAD COM NPV COMMON STOCK 891160509 1,378,125 30,000 SH X X
UNIONBANCAL CORP
COM STK COMMON STOCK 908906100 1,021,875 30,000 SH X X
UNITED HEALTHCARE
CORP COM COMMON STOCK 910581107 4,736,250 90,000 SH X X
WADDELL & REED
FINANCIAL INC COMMON STOCK 930059100 6,275,050 306,100 SH X X
XL CAPITAL LTD
CL-A COM STK COMMON STOCK G98255105 9,574,747 157,609 SH X X
Page Subtotal 32,253,438
Total 151,358,986
6
02081001.AI3
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