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	59	1,193	SH		DFND		1,193	0	0
AGRIBANK FCB - CALLABLE	Pref	00850L203	4,885	45,650	SH		DFND	1,2,8,7,10	45,650	0	0
AICI CAP TRUST PFD	Pref	001338201	3	30,100	SH		DFND	10	30,100	0	0
ALLERGEN PLC	Com	G0177J108	713	4,278	SH		DFND		4,278	0	0
ALLSTATE CORP - CALLABLE	Pref	020002879	259	10,000	SH		DFND	1	10,000	0	0
AMERICAN HOMES 4 RENT - CALL	Pref	02665T876	723	30,000	SH		DFND	10	30,000	0	0
AMGEN INC	Com	031162100	26,766	145,000	SH		DFND	4,7,9	145,000	0	0
APOLLO MANAGEMENT LLC - CALLABLE	Pref	037612504	994	40,000	SH		DFND	2,9	40,000	0	0
ARCH CAPITAL GROUP	Pref	03939A206	480	20,000	SH		DFND	3	20,000	0	0
AT&T INC	Com	00206R102	1,606	50,000	SH		DFND	10	50,000	0	0
AVNET INC	Com	053807103	515	12,000	SH		DFND		12,000	0	0
BB LIQUIDATING INC - CLASS A	Com	05532D107	1	54,211	SH		DFND		54,211	0	0
BB LIQUIDATING INC - CLASS B	Com	05532D206	1	54,211	SH		DFND		54,211	0	0
BERKLEY WR CORP - CALLABLE	Pref	084423607	817	33,000	SH		DFND	9,7	33,000	0	0
BERKSHIRE HATHAWAY INC DEL CL A	Com	084670108	10,153	36	SH		DFND	9,10,4	36	0	0
BLACKSTONE GROUP LP	Com	09253U108	3,217	100,000	SH		DFND		100,000	0	0
BOEING CO	Com	097023105	9,193	27,400	SH		DFND		27,400	0	0
BP P.L.C. SPONSORED ADR - CMN	Com	055622104	685	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	1,642	70,000	SH		DFND	1,2,9	70,000	0	0
CASTLE BRANDS INC	Com	148435100	298	250,000	SH		DFND		250,000	0	0
CBL ASSOCIATES PROP - CALLABLE	Pref	124830605	674	35,000	SH		DFND	2,9	35,000	0	0
CDK GLOBAL INC	Com	12508E101	2,678	41,164	SH		DFND	8,7,1,3,2	41,164	0	0
CENTAUR FUNDING CORP -SER B 144A	Pref	151327202	5,712	5,111	SH		DFND	2,3,7,8,9,4	5,111	0	0
CHEVRON CORPORATION	Com	166764100	2,023	16,000	SH		DFND	3,2	16,000	0	0
CHINA FUND INC	Com	169373107	1,430	68,399	SH		DFND		68,399	0	0
CMS ENERGY CORP - CALLABLE	Pref	125896860	1,988	80,000	SH		DFND	1,8,2,4,10	80,000	0	0
COBANK ACB	Pref	19075Q862	2,305	21,853	SH		DFND	2,1	21,853	0	0
COCA COLA COM	Com	191216100	658	15,000	SH		DFND	8	15,000	0	0
CONIFER HOLDINGS INC	Com	20731J102	1,575	250,000	SH		DFND	4	250,000	0	0
CORNING INC	Com	219350105	8,598	312,550	SH		DFND		312,550	0	0
CORSA COAL CORP	Com	22041E609	414	539,500	SH		DFND		539,500	0	0
DCP MIDSTREAM LP-CALLABLE	Pref	23311P209	1,496	60,000	SH		DFND	8,1	60,000	0	0
DELPHI FINANCIAL GROUP - CALLABLE	Pref	247131303	1,743	77,797	SH		DFND	3,7,4	77,797	0	0
DISNEY WALT CO	Com	254687106	1,939	18,500	SH		DFND		18,500	0	0
EAGLE POINT CREDIT CO - CALL	Pref	269809406	1,782	70,000	SH		DFND	4,10,2	70,000	0	0
EAGLE POINT CREDIT CO - CALLABLE	Pref	269809505	984	40,000	SH		DFND	1,9	40,000	0	0
EMERSON ELEC CO	Com	291011104	6,153	89,000	SH		DFND	8,2,10	89,000	0	0
ENBRIDGE INC - CALLABLE	Pref	29250N477	1,011	40,000	SH		DFND	2,4	40,000	0	0
ENERGY TRANSFER PARTNERS-CALLABLE	Pref	29278N301	3,005	120,000	SH		DFND	1,7,10,2,9	120,000	0	0
ENSTAR GROUP LTD-CALLABLE	Pref	29359U109	2,024	80,000	SH		DFND	3,7	80,000	0	0
EPR PROPERTIES-CALLABLE	Pref	26884U505	2,333	100,000	SH		DFND	7,10,2,4	100,000	0	0
EXXON MOBIL CORP	Com	30231G102	2,896	35,000	SH		DFND		35,000	0	0
FARM CREDIT BK OF TEXAS - CALLABLE	Pref	30767E307	1,133	1,000	SH		DFND	10	1,000	0	0
GENERAL ELECTRIC CO	Com	369604103	1,647	121,000	SH		DFND	3,2,9,1	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	48	1,228	SH		DFND		1,228	0	0
GENUINE PARTS CO COM	Com	372460105	1,754	19,108	SH		DFND		19,108	0	0
GLOBAL INDEMNITY LTD	Pref	G3933F139	772	30,000	SH		DFND	2,10	30,000	0	0
GLOBAL INDEMNITY PLC - CALLABLE	Pref	G3933F121	514	20,000	SH		DFND	3	20,000	0	0
GOLDMAN SACHS GROUP INC	Com	38141G104	24,489	111,025	SH		DFND	8,9	111,025	0	0
GRAMERCY PROPERTY TRUST - CALLABLE	Pref	385002209	381	15,000	SH		DFND	1	15,000	0	0
HANCOCK HLDG CO- CALLABLE	Pref	410120307	383	15,000	SH		DFND	4	15,000	0	0
HANOVER INSURANCE GROUP CALLABLE	Pref	410867204	256	10,000	SH		DFND	1	10,000	0	0
INTEGRYS ENERGY GROUP-CALLABLE	Pref	45822P204	1,838	70,000	SH		DFND	8,2,7	70,000	0	0
INTL BUSINESS MACHINES CORP	Com	459200101	2,218	15,874	SH		DFND	1	15,874	0	0
JACOBS ENGINEERING GROUP INC	Com	469814107	2,349	37,000	SH		DFND		37,000	0	0
JEFFERIES FINANCIAL GROUP INC	Com	47233W109	11,617	510,872	SH		DFND	4,9,7,10	510,872	0	0
JOHNSON CTLS INTL PLC	Com	G51502105	799	23,874	SH		DFND	9	23,874	0	0
JPMORGAN CHASE & CO COM	Com	46625H100	589	5,655	SH		DFND		5,655	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	1,960	80,000	SH		DFND	3,9	80,000	0	0
LEGG MASON INC COM	Com	524901105	2,327	67,000	SH		DFND	4,9,2,10,7	67,000	0	0
MCDONALDS CORP	Com	580135101	979	6,250	SH		DFND	3	6,250	0	0
MEDLEY LLC - CALLABLE	Pref	58503Y105	950	40,000	SH		DFND	2,7	40,000	0	0
MEDLEY LLC - CALLABLE	Pref	58503Y204	994	40,000	SH		DFND	9,10	40,000	0	0
MERCER INTERNATIONAL INC SBI	Com	588056101	288,400	16,480,000	SH		DFND	1,2,7,9,10,4	16,480,000	0	0
MERCK & CO, INC.	Com	58933Y105	90	1,487	SH		DFND		1,487	0	0
MFC BANCORP LTD	Com	G60630103	16,176	2,732,477	SH		DFND	1,2,9,7,4,10	2,732,477	0	0
MOTOROLA SOLUTIONS INC	Com	620076307	2,880	24,750	SH		DFND		24,750	0	0
MOTORS LIQUIDATION COMPANY-TRUST	Pref	62010U101	7	744	SH		DFND	8,10	744	0	0
MYMETICS CORP	Com	62856A102	112	2,186,473	SH		DFND	7,10	2,186,473	0	0
NAM TAI PROPERTY INC	Com	G63907102	63,234	5,774,800	SH		DFND	1,3,10,9,7,2,4	5,774,800	0	0
NATIONAL RETAIL PPTYS INC	Com	637417106	571	13,000	SH		DFND	4	13,000	0	0
NEW YORK MORTGAGE TRUST - CALLABLE	Pref	649604881	473	20,000	SH		DFND	2	20,000	0	0
NOW INC DE	Com	67011P100	15	1,100	SH		DFND	2	1,100	0	0
OAKTREE CAPITAL GROUP LLC-CALLABLE	Pref	674001300	752	30,000	SH		DFND	8,3	30,000	0	0
PFSWEB INC	Com	717098206	7,290	750,000	SH		DFND	2,10	750,000	0	0
PRIORITY INCOME FUND INC - CALLABL	Pref	74274W103	1,964	80,000	SH		DFND	7,1,3	80,000	0	0
PROCTER & GAMBLE CO	Com	742718109	3,076	39,400	SH		DFND		39,400	0	0
PROSPECT CAPITAL CORP-CALLABLE	Pref	74348T409	754	30,000	SH		DFND	8,1	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	666	30,000	SH		DFND	4	30,000	0	0
RAYMOND JAMES FNCL INC	Com	754730109	19,420	217,350	SH		DFND	9,4	217,350	0	0
RENAISSANCERE HOLDINGS	Pref	75968N309	1,503	60,000	SH		DFND	1,3,8	60,000	0	0
REXFORD INDUSTRIAL REALTY-CALL	Pref	76169C209	849	35,000	SH		DFND	9,2	35,000	0	0
RIVERNORTH MARKETPLACE-CALLABLE	Pref	76882B207	1,257	50,000	SH		DFND	1,2	50,000	0	0
ROOMSTORE INC - CMN	Com	77638R108	0	43,661	SH		DFND		43,661	0	0
SCHWAB CHARLES CORP NEW	Com	808513105	1,278	25,000	SH		DFND		25,000	0	0
SELECTIVE INS GROUP- CALLABLE	Pref	816300404	1,136	45,000	SH		DFND	8,3,4	45,000	0	0
SELECTIVE INS GROUP INC	Com	816300107	11,000	200,000	SH		DFND	10	200,000	0	0
SENIOR HOUSING PROPERTIES TRUST	Pref	81721M208	1,432	57,000	SH		DFND	8,9,1	57,000	0	0
SPIRIT REALTY CAPITAL-CALLABLE	Pref	84860W201	1,395	60,000	SH		DFND	9,1	60,000	0	0
STAG INDUSTRIAL	Pref	85254J409	898	35,000	SH		DFND	1,8	35,000	0	0
STAG INDUSTRIAL INC	Pref	85254J300	376	15,000	SH		DFND	3	15,000	0	0
STIFEL FINANCIAL CORP - CALLABLE	Pref	860630607	489	20,000	SH		DFND	10	20,000	0	0
SUN HYDRAULICS CORP	Com	866942105	14,457	300,000	SH		DFND	4,10	300,000	0	0
TE CONNECTIVITY LIMITED	Com	H84989104	1,126	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	2,569	21,000	SH		DFND		21,000	0	0
TWENTY-FIRST CENTURY FOX INC-CL B	Com	90130A200	3,695	75,000	SH		DFND		75,000	0	0
UNITED PARCEL SERVICE, INC-CLASS B	Com	911312106	2,125	20,000	SH		DFND		20,000	0	0
UNUM GROUP - CALLABLE	Pref	91529Y601	1,244	50,000	SH		DFND	1,3	50,000	0	0
US BANKCORP DEL COM NEW	Com	902973304	1,015	20,300	SH		DFND		20,300	0	0
US CELLULAR CORP	Pref	911684504	512	20,000	SH		DFND	9	20,000	0	0
VAIL RESORTS INC.	Com	91879Q109	31,258	114,000	SH		DFND	3,4,9,10	114,000	0	0
VALIDUS HOLDINGS LTD	Pref	91915W300	509	20,000	SH		DFND	8	20,000	0	0
VENTAS REALTY LP CAP CORP	Pref	92276M204	1,377	55,000	SH		DFND	9,1,3	55,000	0	0
VISTRA ENERGY CORP	Com	92840M128	41	33,717	SH		DFND	9,10,4	33,717	0	0
VOLKSWAGEN GROUP ADR	Com	928662303	2,148	65,000	SH		DFND		65,000	0	0
W R BERKLEY CORPORATION	Pref	084423706	494	20,000	SH		DFND	1,8	20,000	0	0
W.R. BERKLEY CORP-CALLABLE	Pref	084423409	497	20,000	SH		DFND	10	20,000	0	0
WASHINGTON PRIME GROUP NEW	Pref	93964W306	752	35,000	SH		DFND	10,2	35,000	0	0
WELLS FARGO & CO NEW COM STK	Com	949746101	2,772	50,000	SH		DFND	4	50,000	0	0
WESTERN ALLIANCE BANCORP - CALL	Pref	957638208	3,588	140,000	SH		DFND	7,3,1,9,4	140,000	0	0
WILLIS TOWERS WATSON PLC	Com	G96629103	1,205	7,950	SH		DFND		7,950	0	0
XILINX INC	Com	983919101	2,610	40,000	SH		DFND	2	40,000	0	0
ZIEGLER COS INC THE	Com	989506308	1,469	48,972	SH		DFND		48,972	0	0