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
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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
ADIENT LTD	Com	G0084W101	71	1,193	SH		DFND		1,193	0	0
AGRIBANK FCB - CALLABLE	Pref	00850L203	4,930	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	720	4,278	SH		DFND		4,278	0	0
ALLISON TRANSMISSION HLDG INC	Com	01973R101	1,497	38,330	SH		DFND	10	38,330	0	0
ALLSTATE CORP - CALLABLE	Pref	020002879	259	10,000	SH		DFND	1	10,000	0	0
ALLSTATE CORP - CALLABLE	Pref	020002853	261	10,000	SH		DFND	9	10,000	0	0
ALLSTATE CORP-CALLABLE	Pref	020002127	1,251	50,000	SH		DFND	2,4	50,000	0	0
AMERICAN FINANCIAL GROUP - CALL	Pref	025932609	517	20,000	SH		DFND	7,9	20,000	0	0
AMERICAN HOMES 4 RENT - CALL	Pref	02665T876	695	30,000	SH		DFND	10	30,000	0	0
AMGEN INC	Com	031162100	24,720	145,000	SH		DFND	4,7,9	145,000	0	0
APOLLO MANAGEMENT LLC - CALLABLE	Pref	037612504	996	40,000	SH		DFND	2,9	40,000	0	0
ARCH CAPITAL GROUP	Pref	03939A206	483	20,000	SH		DFND	3	20,000	0	0
AT&T INC	Com	00206R102	1,783	50,000	SH		DFND	10	50,000	0	0
AVNET INC	Com	053807103	501	12,000	SH		DFND		12,000	0	0
AXIS CAPITAL HOLDINGS-CALLABLE	Pref	05461T305	1,476	60,000	SH		DFND	3,10	60,000	0	0
BERKLEY WR CORP - CALLABLE	Pref	084423607	832	33,000	SH		DFND	7,9	33,000	0	0
BERKSHIRE HATHAWAY INC DEL CL A	Com	084670108	24,526	82	SH		DFND	2,4,9,10	82	0	0
BLACKSTONE GROUP LP	Com	09253U108	3,195	100,000	SH		DFND		100,000	0	0
BOEING CO	Com	097023105	8,984	27,400	SH		DFND		27,400	0	0
BP P.L.C. SPONSORED ADR - CMN	Com	055622104	608	15,000	SH		DFND	3	15,000	0	0
CARLYLE GROUP LP - CALLABLE	Pref	14309L201	1,683	70,000	SH		DFND	1,2,9	70,000	0	0
CASTLE BRANDS INC	Com	148435100	310	250,000	SH		DFND		250,000	0	0
CBL ASSOCIATES PROP - CALLABLE	Pref	124830605	597	35,000	SH		DFND	2,9	35,000	0	0
CDK GLOBAL INC	Com	12508E101	3,737	58,997	SH		DFND	1,2,3,7,8,10	58,997	0	0
CENTAUR FUNDING CORP -SER B 144A	Pref	151327202	5,724	5,111	SH		DFND	2,3,4,7,8,9	5,111	0	0
CHEVRON CORPORATION	Com	166764100	1,825	16,000	SH		DFND	2,3	16,000	0	0
CHINA FUND INC	Com	169373107	1,514	68,399	SH		DFND		68,399	0	0
CMS ENERGY CORP - CALLABLE	Pref	125896860	1,999	80,000	SH		DFND	1,2,4,8,10	80,000	0	0
COBANK ACB	Pref	19075Q862	3,254	29,853	SH		DFND	1,2,9	29,853	0	0
COCA COLA COM	Com	191216100	651	15,000	SH		DFND	8	15,000	0	0
CONIFER HOLDINGS INC	Com	20731J102	1,463	250,000	SH		DFND	4	250,000	0	0
CORNING INC	Com	219350105	8,714	312,550	SH		DFND		312,550	0	0
CULLEN FROST BANKERS INC - CALL	Pref	229899208	748	30,000	SH		DFND	1	30,000	0	0
DELPHI FINANCIAL GROUP - CALLABLE	Pref	247131303	1,789	77,797	SH		DFND	3,4,7	77,797	0	0
DISNEY WALT CO	Com	254687106	1,858	18,500	SH		DFND		18,500	0	0
DYNEGY INC NEW DEL WT	Com	26817R157	9	33,717	SH		DFND	4,9,10	33,717	0	0
EAGLE POINT CREDIT CO - CALL	Pref	269809406	1,761	70,000	SH		DFND	2,4,10	70,000	0	0
EMERSON ELEC CO	Com	291011104	6,079	89,000	SH		DFND	2,8,10	89,000	0	0
EPR PROPERTIES-CALLABLE	Pref	26884U505	2,263	100,000	SH		DFND	2,4,7,10	100,000	0	0
EXXON MOBIL CORP	Com	30231G102	2,611	35,000	SH		DFND		35,000	0	0
GENERAL ELECTRIC CO	Com	369604103	1,631	121,000	SH		DFND	1,2,3,9	121,000	0	0
GENERAL MOTORS CO. WARRANT EXP	Com	37045V126	21	1,145	SH		DFND	8,10	1,145	0	0
GENERAL MOTORS COMPANY	Com	37045V100	45	1,228	SH		DFND		1,228	0	0
GENUINE PARTS CO COM	Com	372460105	3,755	41,800	SH		DFND	2	41,800	0	0
GLOBAL INDEMNITY LTD	Pref	G3933F139	769	30,000	SH		DFND	2,10	30,000	0	0
GLOBAL INDEMNITY PLC - CALLABLE	Pref	G3933F121	516	20,000	SH		DFND	3	20,000	0	0
GOLDMAN SACHS GROUP INC	Com	38141G104	28,082	111,500	SH		DFND	8,9	111,500	0	0
GOVERNMENT PROPERTIES INCOME TRUST	Pref	38376A202	916	36,000	SH		DFND	4,10	36,000	0	0
HANCOCK HLDG CO- CALLABLE	Pref	410120307	380	15,000	SH		DFND	4	15,000	0	0
HANOVER INSURANCE GROUP CALLABLE	Pref	410867204	502	20,000	SH		DFND	1	20,000	0	0
HJ HEINZ HOLDING CORP	Com	500754106	661	10,608	SH		DFND	4	10,608	0	0
INTEGRYS ENERGY GROUP-CALLABLE	Pref	45822P204	1,838	70,000	SH		DFND	2,7,8	70,000	0	0
INTL BUSINESS MACHINES CORP	Com	459200101	3,433	22,374	SH		DFND	1	22,374	0	0
JACOBS ENGINEERING GROUP INC	Com	469814107	2,189	37,000	SH		DFND		37,000	0	0
JOHNSON CTLS INTL PLC	Com	G51502105	841	23,874	SH		DFND	9	23,874	0	0
JPMORGAN CHASE & CO COM	Com	46625H100	1,557	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
LADENBURG THALMAN FIN SVCS INC	Pref	50575Q300	1,968	80,000	SH		DFND	3,9	80,000	0	0
LEGG MASON INC COM	Com	524901105	4,065	100,000	SH		DFND	2,4,7,9,10	100,000	0	0
LEUCADIA NATIONAL CORP	Com	527288104	11,612	510,872	SH		DFND	4,7,9,10	510,872	0	0
MB FINANCIAL INC - CALLABLE	Pref	55264U405	866	34,500	SH		DFND	1	34,500	0	0
MCDONALDS CORP	Com	580135101	977	6,250	SH		DFND	3	6,250	0	0
MEDLEY LLC - CALLABLE	Pref	58503Y105	999	40,000	SH		DFND	2,7	40,000	0	0
MEDLEY LLC - CALLABLE	Pref	58503Y204	1,013	40,000	SH		DFND	9,10	40,000	0	0
MEDTRONIC PLC	Com	G5960L103	794	9,900	SH		DFND		9,900	0	0
MERCER INTERNATIONAL INC SBI	Com	588056101	205,176	16,480,000	SH		DFND	1,2,4,7,9,10	16,480,000	0	0
MERCK & CO, INC.	Com	58933Y105	81	1,487	SH		DFND		1,487	0	0
MFC BANCORP LTD	Com	G60630103	16,985	2,732,477	SH		DFND	1,2,4,7,9,10	2,732,477	0	0
MOTOROLA SOLUTIONS INC	Com	620076307	2,890	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	55	2,186,473	SH		DFND	7,10	2,186,473	0	0
NAM TAI PROPERTY INC	Com	G63907102	71,896	5,774,800	SH		DFND	1,2,3,4,7,9,10	5,774,800	0	0
NATIONAL RETAIL PPTYS INC	Com	637417106	510	13,000	SH		DFND	4	13,000	0	0
NEW YORK MORTGAGE TRUST - CALLABLE	Pref	649604881	469	20,000	SH		DFND	2	20,000	0	0
NOW INC DE	Com	67011P100	11	1,100	SH		DFND	2	1,100	0	0
PFSWEB INC	Com	717098206	6,555	750,000	SH		DFND		750,000	0	0
PROCTER & GAMBLE CO	Com	742718109	3,124	39,400	SH		DFND		39,400	0	0
PRUDENTIAL FINANCIAL INC	Pref	744320706	503	20,000	SH		DFND	4	20,000	0	0
PS BUSINESS PARKS INC - CALLABLE	Pref	69360J669	247	10,000	SH		DFND	9	10,000	0	0
QWEST CORP-CALLABLE	Pref	74913G873	658	30,000	SH		DFND	4	30,000	0	0
RAYMOND JAMES FNCL INC	Com	754730109	26,823	300,000	SH		DFND	4,9	300,000	0	0
REXFORD INDUSTRIAL REALTY-CALL	Pref	76169C209	839	35,000	SH		DFND	2,9	35,000	0	0
RIVERNORTH MARKETPLACE-CALLABLE	Pref	76882B207	1,259	50,000	SH		DFND	1,2	50,000	0	0
SCHWAB CHARLES CORP NEW	Com	808513105	1,306	25,000	SH		DFND		25,000	0	0
SEAGATE TECHNOLOGY	Com	G7945M107	29	500	SH		DFND		500	0	0
SELECTIVE INS GROUP- CALLABLE	Pref	816300404	1,264	50,000	SH		DFND	4,8,9	50,000	0	0
SELECTIVE INS GROUP INC	Com	816300107	12,140	200,000	SH		DFND	10	200,000	0	0
SENIOR HOUSING PROPERTIES TRUST	Pref	81721M208	1,682	67,000	SH		DFND	1,2,8,9	67,000	0	0
SENIOR HOUSING PROPERTIES-CALLABLE	Pref	81721M307	912	35,000	SH		DFND	7,9	35,000	0	0
SOUTHERN CO - CALLABLE	Pref	842587404	486	20,000	SH		DFND	1	20,000	0	0
SPIRIT REALTY CAPITAL-CALLABLE	Pref	84860W201	1,304	60,000	SH		DFND	1,9	60,000	0	0
STAG INDUSTRIAL	Pref	85254J409	1,397	55,000	SH		DFND	1,7,8	55,000	0	0
STAG INDUSTRIAL INC	Pref	85254J300	2,109	84,000	SH		DFND	2,3,4,9,10	84,000	0	0
STANLEY BLACK & DECKER - CALLABLE	Pref	854502705	253	10,000	SH		DFND	2	10,000	0	0
STIFEL FINANCIAL CORP - CALLABLE	Pref	860630607	493	20,000	SH		DFND	10	20,000	0	0
SUN HYDRAULICS CORP	Com	866942105	16,068	300,000	SH		DFND	4,10	300,000	0	0
TE CONNECTIVITY LIMITED	Com	H84989104	1,249	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	3	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	2,916	21,000	SH		DFND		21,000	0	0
TWENTY-FIRST CENTURY FOX INC-CL B	Com	90130A200	2,728	75,000	SH		DFND		75,000	0	0
UNITED PARCEL SERVICE, INC-CLASS B	Com	911312106	2,093	20,000	SH		DFND		20,000	0	0
US BANKCORP DEL COM NEW	Com	902973304	1,025	20,300	SH		DFND		20,300	0	0
US CELLULAR CORP	Pref	911684504	514	20,000	SH		DFND	9	20,000	0	0
VAIL RESORTS INC.	Com	91879Q109	33,432	150,800	SH		DFND	3,4,9,10	150,800	0	0
VALIDUS HOLDINGS LTD	Pref	91915W300	1,517	60,000	SH		DFND	1,8,10	60,000	0	0
VENTAS REALTY LP CAP CORP	Pref	92276M204	4,367	175,000	SH		DFND	1,3,4,8,9,10	175,000	0	0
VOLKSWAGEN GROUP ADR	Com	928662303	2,600	65,000	SH		DFND		65,000	0	0
W R BERKLEY CORPORATION	Pref	084423706	509	20,000	SH		DFND	1,8	20,000	0	0
W.R. BERKLEY CORP-CALLABLE	Pref	084423409	1,027	41,000	SH		DFND	2,9,10	41,000	0	0
WASHINGTON PRIME GROUP NEW	Pref	93964W306	716	35,000	SH		DFND	2,10	35,000	0	0
WELLS FARGO & CO NEW COM STK	Com	949746101	4,612	88,000	SH		DFND	4	88,000	0	0
WESTERN ALLIANCE BANCORP - CALL	Pref	957638208	3,563	140,000	SH		DFND	1,3,4,7,9	140,000	0	0
WILLIS TOWERS WATSON PLC	Com	G96629103	1,210	7,950	SH		DFND		7,950	0	0
XILINX INC	Com	983919101	2,890	40,000	SH		DFND		40,000	0	0
ZIEGLER COS INC THE	Com	989506308	5,969	198,972	SH		DFND		198,972	0	0