Iat Reinsurance 13F-HR Quarterly holdings report by institutional manager

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

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

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
ADIENT LTD	Com	G0084W101	100	1,193	SH		DFND		1,193	0	0
AGRIBANK FCB - CALLABLE	Pref	00850L203	5,049	45,650	SH		DFND	1,2,7,8,10	45,650	0	0
AICI CAP TRUST PFD	Pref	001338201	3	30,100	SH		DFND	10	30,100	0	0
ALLERGEN PLC	Com	G0177J108	159	778	SH		DFND		778	0	0
ALLISON TRANSMISSION HLDG INC	Com	01973R101	1,439	38,330	SH		DFND	10	38,330	0	0
AMERICAN HOMES 4 RENT - CALL	Pref	02665T876	773	30,000	SH		DFND	7	30,000	0	0
AMGEN INC	Com	031162100	27,035	145,000	SH		DFND	4,7,9	145,000	0	0
ANNALY CAPITAL MGMT	Pref	035710870	1,544	60,000	SH		DFND	2,4,10	60,000	0	0
ARCH CAPITAL GROUP	Pref	03939A206	494	20,000	SH		DFND	3	20,000	0	0
ARCH CAPITAL GROUP LTD-CALL	Pref	03939A107	1,511	60,000	SH		DFND	2,4,10	60,000	0	0
AT&T INC	Com	00206R102	1,959	50,000	SH		DFND	10	50,000	0	0
AVNET INC	Com	053807103	472	12,000	SH		DFND		12,000	0	0
AXIS CAPITAL HOLDINGS-CALLABLE	Pref	05461T305	1,522	60,000	SH		DFND	3,10	60,000	0	0
BB LIQUIDATING INC - CLASS A	Com	05532D107	0	54,211	SH		DFND		54,211	0	0
BB LIQUIDATING INC - CLASS B	Com	05532D206	0	54,211	SH		DFND		54,211	0	0
BERKSHIRE HATHAWAY INC DEL CL A	Com	084670108	22,529	82	SH		DFND	2,4,9,10	82	0	0
BLACKSTONE GROUP LP	Com	09253U108	3,337	100,000	SH		DFND		100,000	0	0
BOEING CO	Com	097023105	6,965	27,400	SH		DFND		27,400	0	0
BP P.L.C. SPONSORED ADR - CMN	Com	055622104	576	15,000	SH		DFND	3	15,000	0	0
CAL DIVE INTERNATIONAL INC	Com	12802T101	1	500,000	SH		DFND		500,000	0	0
CARLYLE GROUP LP - CALLABLE	Pref	14309L201	1,535	60,000	SH		DFND	1,2,7	60,000	0	0
CASTLE BRANDS INC	Com	148435100	335	250,000	SH		DFND		250,000	0	0
CBL ASSOCIATES PROP - CALLABLE	Pref	124830605	855	35,000	SH		DFND	2,9	35,000	0	0
CDK GLOBAL INC	Com	12508E101	3,722	58,997	SH		DFND	1,2,3,7,8,10	58,997	0	0
CENTAUR FUNDING CORP -SER B 144A	Pref	151327202	5,903	5,111	SH		DFND	2,3,4,7,8,9	5,111	0	0
CHEVRON CORPORATION	Com	166764100	1,880	16,000	SH		DFND	2,3	16,000	0	0
CHINA FUND INC	Com	169373107	1,392	68,399	SH		DFND		68,399	0	0
COBANK ACB	Pref	19075Q862	2,058	19,055	SH		DFND	1,2	19,055	0	0
COCA COLA COM	Com	191216100	675	15,000	SH		DFND	8	15,000	0	0
CONIFER HOLDINGS INC	Com	20731J102	1,500	250,000	SH		DFND	4	250,000	0	0
CORNING INC	Com	219350105	9,351	312,550	SH		DFND		312,550	0	0
CULLEN FROST BANKERS INC - CALL	Pref	229899208	1,265	50,000	SH		DFND	1,9	50,000	0	0
DDR CORP - CALLABLE	Pref	23317H805	253	10,000	SH		DFND	4	10,000	0	0
DELPHI FINANCIAL GROUP - CALLABLE	Pref	247131303	1,634	77,797	SH		DFND	3,4,7	77,797	0	0
DISNEY WALT CO	Com	254687106	1,824	18,500	SH		DFND		18,500	0	0
DYNEGY INC NEW DEL WT	Com	26817R157	8	33,717	SH		DFND	4,9,10	33,717	0	0
EAGLE POINT CREDIT CO - CALL	Pref	269809406	1,534	60,000	SH		DFND	2,4	60,000	0	0
EAGLE POINT CREDIT CO - CALL	Pref	269809208	253	10,000	SH		DFND	9	10,000	0	0
EAGLE POINT CREDIT CO - CALL	Pref	269809406	1,534	60,000	SH		DFND	10	60,000	0	0
EMERSON ELEC CO	Com	291011104	5,593	89,000	SH		DFND	2,8,10	89,000	0	0
EQUITY COMMONWEALTH - CALLABLE	Pref	294628508	506	20,000	SH		DFND	2	20,000	0	0
EXXON MOBIL CORP	Com	30231G102	2,869	35,000	SH		DFND		35,000	0	0
GENERAL ELECTRIC CO	Com	369604103	2,926	121,000	SH		DFND	1,2,3,9	121,000	0	0
GENERAL MOTORS CO. WARRANT EXP	Com	37045V126	26	1,145	SH		DFND	8,10	1,145	0	0
GENERAL MOTORS COMPANY	Com	37045V100	50	1,228	SH		DFND		1,228	0	0
GENUINE PARTS CO COM	Com	372460105	3,998	41,800	SH		DFND	2	41,800	0	0
GEORGIA POWER CO - CALLABE	Pref	373334119	1,555	15,500	SH		DFND	2,4	15,500	0	0
GLOBAL INDEMNITY LTD	Pref	G3933F139	774	30,000	SH		DFND	2,10	30,000	0	0
GLOBAL INDEMNITY PLC - CALLABLE	Pref	G3933F121	519	20,000	SH		DFND	3	20,000	0	0
GOLDMAN SACHS GROUP INC	Com	38141G104	26,334	111,025	SH		DFND	6,8,9	111,025	0	0
HALLIBURTON CO HOLDING CO	Com	406216101	1,105	24,000	SH		DFND		24,000	0	0
HJ HEINZ HOLDING CORP	Com	500754106	823	10,608	SH		DFND	4	10,608	0	0
INTL BUSINESS MACHINES CORP	Com	459200101	3,246	22,374	SH		DFND	1	22,374	0	0
JACOBS ENGINEERING GROUP INC	Com	469814107	2,156	37,000	SH		DFND		37,000	0	0
JOHNSON CTLS INTL PLC	Com	G51502105	962	23,874	SH		DFND	9	23,874	0	0
JPMORGAN CHASE & CO COM	Com	46625H100	1,352	14,155	SH		DFND	2	14,155	0	0
KAISER ALUM CORP DEPOSITARY S CMN	Com	483007704	7	70	SH		DFND	10	70	0	0
KIMCO REALTY CORP - CALLABLE	Pref	49446R745	1,144	45,000	SH		DFND	1,7	45,000	0	0
KIMCO REALTY-CALLABLE	Pref	49446R778	254	10,000	SH		DFND	4	10,000	0	0
LEGG MASON INC COM	Com	524901105	3,931	100,000	SH		DFND	2,4,7,9,10	100,000	0	0
LEUCADIA NATIONAL CORP	Com	527288104	12,900	510,872	SH		DFND	4,7,9,10	510,872	0	0
MCDONALDS CORP	Com	580135101	979	6,250	SH		DFND	3	6,250	0	0
MEDLEY LLC - CALLABLE	Pref	58503Y105	982	40,000	SH		DFND	2,7	40,000	0	0
MEDLEY LLC - CALLABLE	Pref	58503Y204	1,016	40,000	SH		DFND	9,10	40,000	0	0
MEDTRONIC PLC	Com	G5960L103	770	9,900	SH		DFND		9,900	0	0
MERCER INTERNATIONAL INC SBI	Com	588056101	195,140	16,467,500	SH		DFND	1,2,4,7,9,10	16,467,500	0	0
MERCK & CO, INC.	Com	58933Y105	95	1,487	SH		DFND		1,487	0	0
MFC BANCORP LTD	Com	G60630103	25,663	2,732,477	SH		DFND	1,2,4,7,9,10	2,732,477	0	0
MOTOROLA SOLUTIONS INC	Com	620076307	2,330	27,450	SH		DFND		27,450	0	0
MOTORS LIQUIDATION COMPANY-TRUST	Pref	62010U101	7	744	SH		DFND	8,10	744	0	0
MYMETICS CORP	Com	62856A102	153	2,186,473	SH		DFND	7,10	2,186,473	0	0
NAM TAI PROPERTY INC	Com	G63907102	62,657	5,774,800	SH		DFND	1,2,3,4,7,9,10	5,774,800	0	0
NATIONAL RETAIL PPTYS INC	Com	637417106	542	13,000	SH		DFND	4	13,000	0	0
NOW INC DE	Com	67011P100	15	1,100	SH		DFND	2	1,100	0	0
NUSTAR ENERGY LP - CALLABLE	Pref	67058H300	1,146	44,500	SH		DFND	4,9	44,500	0	0
PFSWEB INC	Com	717098206	6,263	750,000	SH		DFND		750,000	0	0
PROCTER & GAMBLE CO	Com	742718109	21,280	233,900	SH		DFND	1,2,3,7,9	233,900	0	0
PS BUSINESS PARKS INC - CALL	Pref	69360J594	758	30,000	SH		DFND	4	30,000	0	0
PS BUSINESS PARKS INC - CALLABLE	Pref	69360J669	252	10,000	SH		DFND	9	10,000	0	0
QWEST CORP-CALLABLE	Pref	74913G873	765	30,000	SH		DFND	4	30,000	0	0
RAYMOND JAMES FNCL INC	Com	754730109	25,299	300,000	SH		DFND	4,9	300,000	0	0
ROOMSTORE INC - CMN	Com	77638R108	0	43,661	SH		DFND		43,661	0	0
SCHWAB CHARLES CORP NEW	Com	808513105	1,094	25,000	SH		DFND		25,000	0	0
SEAGATE TECHNOLOGY	Com	G7945M107	12,455	375,500	SH		DFND	1,2,4,8	375,500	0	0
SELECTIVE INS GROUP INC	Com	816300107	10,770	200,000	SH		DFND	10	200,000	0	0
SENIOR HOUSING PROPERTIES TRUST	Pref	81721M208	1,270	50,000	SH		DFND	2,4,8	50,000	0	0
STAG INDUSTRIAL	Pref	85254J409	539	20,000	SH		DFND	8	20,000	0	0
STAG INDUSTRIAL INC	Pref	85254J300	1,287	50,000	SH		DFND	4,9	50,000	0	0
SUN HYDRAULICS CORP	Com	866942105	16,200	300,000	SH		DFND	4,10	300,000	0	0
TE CONNECTIVITY LIMITED	Com	H84989104	1,038	12,500	SH		DFND		12,500	0	0
TIDEWATER INC NEW	Com	88642R109	16	557	SH		DFND		557	0	0
TIDEWATER INC WTS SERIES B 7/31/23	Com	88642R125	2	976	SH		DFND		976	0	0
TIDWATER INC WTS SERIES A 7/31/23	Com	88642R117	3	903	SH		DFND		903	0	0
TRAVELERS COS INC	Com	89417E109	2,573	21,000	SH		DFND		21,000	0	0
TWENTY-FIRST CENTURY FOX INC-CL B	Com	90130A200	1,934	75,000	SH		DFND		75,000	0	0
UNITED PARCEL SERVICE, INC-CLASS B	Com	911312106	2,402	20,000	SH		DFND		20,000	0	0
US BANKCORP DEL COM NEW	Com	902973304	1,088	20,300	SH		DFND		20,300	0	0
VAIL RESORTS INC.	Com	91879Q109	34,400	150,800	SH		DFND	3,4,9,10	150,800	0	0
VALIDUS HOLDINGS LTD	Pref	91915W300	1,509	60,000	SH		DFND	1	60,000	0	0
VALIDUS HOLDINGS LTD	Pref	91915W201	1,657	65,000	SH		DFND	3,4,7	65,000	0	0
VALIDUS HOLDINGS LTD	Pref	91915W300	1,509	60,000	SH		DFND	8,10	60,000	0	0
VALLEY NATIONAL BANCORP-CALL	Pref	919794305	506	19,000	SH		DFND	4	19,000	0	0
VENTAS REALTY LP CAP CORP	Pref	92276M204	2,801	110,000	SH		DFND	1,3,4,7,8,9	110,000	0	0
VEREIT INC - CALLABLE	Pref	92339V209	2,084	81,000	SH		DFND	2,3,4,7	81,000	0	0
VOLKSWAGEN GROUP ADR	Com	928662303	2,202	65,000	SH		DFND		65,000	0	0
WASHINGTON PRIME GROUP NEW	Pref	93964W306	878	35,000	SH		DFND	2,10	35,000	0	0
WEBSTER FINANCIAL CORP - CALLABLE	Pref	947890406	890	35,000	SH		DFND	1,10	35,000	0	0
WELLS FARGO & CO NEW COM STK	Com	949746101	4,853	88,000	SH		DFND	4	88,000	0	0
WILLIS TOWERS WATSON PLC	Com	G96629103	1,226	7,950	SH		DFND		7,950	0	0
XILINX INC	Com	983919101	2,833	40,000	SH		DFND		40,000	0	0
ZIEGLER COS INC THE	Com	989506308	5,969	198,972	SH		DFND		198,972	0	0