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	15	1,193	SH		DFND		1,193	0	0
AFFILIATED MANAGERS GROUP-CALLABLE	Pref	008252850	1,476	60,000	SH		DFND	1,3,8	60,000	0	0
AGRIBANK FCB - CALLABLE	Pref	00850L203	4,702	45,650	SH		DFND	1,2,4,8,10	45,650	0	0
AICI CAP TRUST PFD	Pref	001338201	3	30,100	SH		DFND	10	30,100	0	0
ALGONZUIN PWR UTILITY-CALLABLE	Pref	015857709	1,625	60,000	SH		DFND	1,4	60,000	0	0
ALLERGEN PLC	Com	G0177J108	626	4,278	SH		DFND		4,278	0	0
ALLIANZGI CONV & INC FUND II-CALL	Pref	018825802	1,900	80,000	SH		DFND	3,4,8,10	80,000	0	0
ALLSTATE CORP - CALLABLE	Pref	020002879	253	10,000	SH		DFND	1	10,000	0	0
AMERICAN FINANCIAL GROUP-CALLABLE	Pref	025932807	874	35,000	SH		DFND	10	35,000	0	0
AMERICAN HOMES 4 RENT - CALL	Pref	02665T876	249	10,000	SH		DFND	10	10,000	0	0
AMERICAN INTERNATIONAL GROUP-CALL	Pref	026874768	506	20,000	SH		DFND	10	20,000	0	0
AMGEN INC	Com	031162100	27,547	145,000	SH		DFND	4,7,9	145,000	0	0
ANHEUSER-BUSCH INBEV S.A. SP ADR	Com	03524A108	924	11,000	SH		DFND		11,000	0	0
APOLLO MANAGEMENT LLC - CALLABLE	Pref	037612504	982	40,000	SH		DFND	2,9	40,000	0	0
ARCH CAPITAL GROUP	Pref	03939A206	459	20,000	SH		DFND	3	20,000	0	0
AT&T INC	Com	00206R102	1,568	50,000	SH		DFND	10	50,000	0	0
AT&T INC - CALLABLE	Pref	00206R409	1,018	40,000	SH		DFND	4,10	40,000	0	0
AVNET INC	Com	053807103	520	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	0	54,211	SH		DFND		54,211	0	0
BERKLEY WR CORP - CALLABLE	Pref	084423607	509	20,000	SH		DFND	4	20,000	0	0
BERKSHIRE HATHAWAY INC DEL CL A	Com	084670108	1,807	6	SH		DFND		6	0	0
BLACKSTONE GROUP LP	Com	09253U108	3,497	100,000	SH		DFND		100,000	0	0
BOEING CO	Com	097023105	8,677	22,750	SH		DFND		22,750	0	0
BP P.L.C. SPONSORED ADR - CMN	Com	055622104	656	15,000	SH		DFND	3	15,000	0	0
BRIGHTHOUSE FINANCIAL-CALLABLE	Pref	10922N202	1,508	60,000	SH		DFND	2,4	60,000	0	0
BROOKFIELD PROPERTY PARTNERS LP	Pref	G16249149	1,740	70,000	SH		DFND	1,3,8,10	70,000	0	0
BRUNSWICK CORP - CALLABLE	Pref	117043406	1,304	50,000	SH		DFND	1,2	50,000	0	0
CAL DIVE INTERNATIONAL INC	Com	12802T101	0	500,000	SH		DFND		500,000	0	0
CARLYLE GROUP LP - CALLABLE	Pref	14309L201	1,610	70,000	SH		DFND	1,2,9	70,000	0	0
CASTLE BRANDS INC	Com	148435100	174	250,000	SH		DFND		250,000	0	0
CBL ASSOCIATES PROP - CALLABLE	Pref	124830605	340	35,000	SH		DFND	2,9	35,000	0	0
CDK GLOBAL INC	Com	12508E101	2,421	41,164	SH		DFND	1,2,3,7,8	41,164	0	0
CENTAUR FUNDING CORP -SER B 144A	Pref	151327202	5,364	5,111	SH		DFND	2,3,4,8,9	5,111	0	0
CHEVRON CORPORATION	Com	166764100	1,971	16,000	SH		DFND	2,3	16,000	0	0
CHINA FUND INC	Com	169373107	1,394	68,399	SH		DFND		68,399	0	0
CMS ENERGY CORP - CALLABLE	Pref	125896845	1,545	60,000	SH		DFND	2,4	60,000	0	0
COBANK ACB	Pref	19075Q862	2,227	21,853	SH		DFND	1,2	21,853	0	0
COCA COLA COM	Com	191216100	703	15,000	SH		DFND	8	15,000	0	0
CONIFER HOLDINGS INC	Com	20731J102	1,130	250,000	SH		DFND	4	250,000	0	0
CORNING INC	Com	219350105	10,345	312,550	SH		DFND		312,550	0	0
CORSA COAL CORP	Com	22041E609	1,336	2,226,000	SH		DFND		2,226,000	0	0
DCP MIDSTREAM LP	Pref	23311P308	495	20,000	SH		DFND	4	20,000	0	0
DCP MIDSTREAM LP-CALLABLE	Pref	23311P209	1,456	60,000	SH		DFND	1,8	60,000	0	0
DELPHI FINANCIAL GROUP - CALLABLE	Pref	247131303	1,780	77,797	SH		DFND	3,4	77,797	0	0
DISNEY WALT CO	Com	254687106	3,222	29,017	SH		DFND		29,017	0	0
EAGLE POINT CREDIT CO - CALL	Pref	269809406	1,778	70,000	SH		DFND	2,4,10	70,000	0	0
EAGLE POINT CREDIT CO - CALLABLE	Pref	269809505	1,008	40,000	SH		DFND	1,9	40,000	0	0
EMERSON ELEC CO	Com	291011104	6,094	89,000	SH		DFND	2,8,10	89,000	0	0
ENBRIDGE INC - CALLABLE	Pref	29250N477	522	20,000	SH		DFND	2	20,000	0	0
ENERGY TRANSFER PARTNERS-CALLABLE	Pref	29278N400	2,550	100,000	SH		DFND	1,2,4,10	100,000	0	0
ENSTAR GROUP LTD-CALLABLE	Pref	29359U109	1,519	60,000	SH		DFND	3,4	60,000	0	0
EPR PROPERTIES-CALLABLE	Pref	26884U505	2,018	85,000	SH		DFND	2,4,10	85,000	0	0
EXXON MOBIL CORP	Com	30231G102	2,828	35,000	SH		DFND		35,000	0	0
FARM CREDIT BK OF TEXAS - CALLABLE	Pref	30767E307	1,120	1,000	SH		DFND	10	1,000	0	0
FOX CORP CLASS B	Com	35137L204	898	25,032	SH		DFND		25,032	0	0
GATX CORP - CALLABLE	Pref	361448608	258	10,000	SH		DFND	10	10,000	0	0
GENERAL ELECTRIC CO	Com	369604103	1,209	121,000	SH		DFND	1,2,3,9	121,000	0	0
GENUINE PARTS CO COM	Com	372460105	2,141	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	511	20,000	SH		DFND	3	20,000	0	0
GOLDMAN SACHS GROUP INC	Com	38141G104	19,439	101,250	SH		DFND	7	101,250	0	0
HALLIBURTON CO HOLDING CO	Com	406216101	4,673	159,500	SH		DFND	1,2	159,500	0	0
HANOVER INSURANCE GROUP CALLABLE	Pref	410867204	256	10,000	SH		DFND	1	10,000	0	0
INTEGRYS ENERGY GROUP-CALLABLE	Pref	45822P204	3,510	135,000	SH		DFND	2,3,4,7,8	135,000	0	0
INTL BUSINESS MACHINES CORP	Com	459200101	2,240	15,874	SH		DFND	1	15,874	0	0
JACOBS ENGINEERING GROUP INC	Com	469814107	733	9,750	SH		DFND		9,750	0	0
JEFFERIES FINANCIAL GROUP INC	Com	47233W109	9,599	510,872	SH		DFND	4,7,9,10	510,872	0	0
JOHNSON CTLS INTL PLC	Com	G51502105	882	23,874	SH		DFND	9	23,874	0	0
JP MORGAN CHASE CO - CALLABLE	Pref	48128B655	2,058	80,000	SH		DFND	7,10	80,000	0	0
JPMORGAN CHASE & CO COM	Com	46625H100	572	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	1,866	80,000	SH		DFND	3,9	80,000	0	0
LEGG MASON INC COM	Com	524901105	1,834	67,000	SH		DFND	2,4,7,9,10	67,000	0	0
MCDONALDS CORP	Com	580135101	1,187	6,250	SH		DFND	3	6,250	0	0
MEDLEY LLC - CALLABLE	Pref	58503Y105	704	40,000	SH		DFND	2,4	40,000	0	0
MEDLEY LLC - CALLABLE	Pref	58503Y204	754	40,000	SH		DFND	9,10	40,000	0	0
MERCER INTERNATIONAL INC SBI	Com	588056101	220,753	16,340,000	SH		DFND	1,2,4,7,9,10	16,340,000	0	0
MERCK & CO, INC.	Com	58933Y105	124	1,487	SH		DFND		1,487	0	0
MFC BANCORP LTD	Com	G60630103	17,967	2,444,477	SH		DFND	1,2,4,7,9,10	2,444,477	0	0
MOTOROLA SOLUTIONS INC	Com	620076307	3,475	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	54	2,186,473	SH		DFND	7,10	2,186,473	0	0
NAM TAI PROPERTY INC	Com	G63907102	54,813	5,564,800	SH		DFND	1,2,3,4,7,9,10	5,564,800	0	0
NATIONAL RETAIL PPTYS INC	Com	637417106	720	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
NEXTERA ENERGY CAPITAL HLDGS-CALL	Pref	65339K860	1,402	55,000	SH		DFND	2,9	55,000	0	0
NOW INC DE	Com	67011P100	15	1,100	SH		DFND	2	1,100	0	0
OAKTREE CAPITAL GRP LLC - CALLABLE	Pref	674001409	1,873	75,000	SH		DFND	2,4,9	75,000	0	0
OXFORD SQUARE CAPITAL CORP-CALL	Pref	69181V305	2,500	100,000	SH		DFND	1,2,3,8,10	100,000	0	0
PFSWEB INC	Com	717098206	3,908	750,000	SH		DFND	2,10	750,000	0	0
PRIORITY INCOME FUND - CALLABLE	Pref	74274W301	1,481	60,000	SH		DFND	2,8,10	60,000	0	0
PRIORITY INCOME FUND INC - CALLABL	Pref	74274W103	1,998	80,000	SH		DFND	1,3,4	80,000	0	0
PROCTER & GAMBLE CO	Com	742718109	4,100	39,400	SH		DFND		39,400	0	0
PROSPECT CAPITAL CORP-CALLABLE	Pref	74348T409	741	30,000	SH		DFND	1,8	30,000	0	0
QVC INC - CALLABLE	Pref	747262301	2,449	100,000	SH		DFND	2,4	100,000	0	0
QWEST CORP-CALLABLE	Pref	74913G873	715	30,000	SH		DFND	4	30,000	0	0
RAYMOND JAMES FNCL INC	Com	754730109	17,477	217,350	SH		DFND	4,9	217,350	0	0
RIVERNORTH MARKETPLACE-CALLABLE	Pref	76882B207	1,280	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	1,069	25,000	SH		DFND		25,000	0	0
SEAGATE TECHNOLOGY	Com	G7945M107	24	500	SH		DFND		500	0	0
SELECTIVE INS GROUP INC	Com	816300107	12,656	200,000	SH		DFND	10	200,000	0	0
SENIOR HOUSING PROPERTIES TRUST	Pref	81721M208	1,073	47,000	SH		DFND	1,8	47,000	0	0
SPIRIT REALTY CAPITAL-CALLABLE	Pref	84860W201	1,197	50,000	SH		DFND	1,9	50,000	0	0
STIFEL FINANCIAL CORP - CALLABLE	Pref	860630607	484	20,000	SH		DFND	10	20,000	0	0
SUN HYDRAULICS CORP	Com	866942105	13,953	300,000	SH		DFND	4,10	300,000	0	0
TE CONNECTIVITY LIMITED	Com	H84989104	1,009	12,500	SH		DFND		12,500	0	0
TIDEWATER INC NEW	Com	88642R109	13	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	2,880	21,000	SH		DFND		21,000	0	0
TWENTY FIRST CENTY FOX INC	Com	90130A408	729	32,051	SH		DFND		32,051	0	0
UNITED PARCEL SERVICE, INC-CLASS B	Com	911312106	212	1,900	SH		DFND		1,900	0	0
UNUM GROUP - CALLABLE	Pref	91529Y601	1,305	50,000	SH		DFND	1,3	50,000	0	0
US BANKCORP DEL COM NEW	Com	902973304	978	20,300	SH		DFND		20,300	0	0
VAIL RESORTS INC.	Com	91879Q109	18,253	84,000	SH		DFND	3,4,10	84,000	0	0
VISTRA ENERGY CORP	Com	92840M128	73	33,717	SH		DFND	4,9,10	33,717	0	0
VOLKSWAGEN AG	Com	928CNV760	2,118	13,000	SH		DFND		13,000	0	0
WASHINGTON PRIME GROUP NEW	Pref	93964W306	685	35,000	SH		DFND	2,10	35,000	0	0
WELLS FARGO & CO NEW COM STK	Com	949746101	2,416	50,000	SH		DFND	4	50,000	0	0
WELLS FARGO & COMPANY PFT SERIES J	Pref	949746887	0	387	SH		DFND		387	0	0
WESTERN ALLIANCE BANCORP - CALL	Pref	957638208	3,246	125,000	SH		DFND	1,3,4,9	125,000	0	0
WESTINGHOUSE AIR BRAKE TECH CORP	Com	929740108	48	647	SH		DFND	1,2,3,9	647	0	0
WILLIS TOWERS WATSON PLC	Com	G96629103	1,396	7,950	SH		DFND		7,950	0	0
XILINX INC	Com	983919101	5,072	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