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	25	1,193	SH		DFND		1,193	0	0
AGRIBANK FCB - CALLABLE	Pref	00850L203	4,907	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
ALLERGEN PLC	Com	G0177J108	3,393	17,750	SH		DFND		17,750	0	0
AMGEN INC	Com	031162100	34,352	142,500	SH		DFND	4,7,9	142,500	0	0
AT&T INC	Com	00206R102	1,954	50,000	SH		DFND	10	50,000	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	340	1	SH		DFND		1	0	0
BLACKSTONE GROUP INC CLASS A	Com	09260D107	5,594	100,000	SH		DFND		100,000	0	0
BOEING CO	Com	097023105	8,926	27,400	SH		DFND		27,400	0	0
BP P.L.C. SPONSORED ADR - CMN	Com	055622104	566	15,000	SH		DFND	3	15,000	0	0
CAL DIVE INTERNATIONAL INC	Com	12802T101	0	500,000	SH		DFND		500,000	0	0
CBL ASSOCIATES PROP - CALLABLE	Pref	124830605	73	15,000	SH		DFND	2	15,000	0	0
CDK GLOBAL INC	Com	12508E101	2,123	38,831	SH		DFND	1,2,3,7,8	38,831	0	0
CENTAUR FUNDING CORP -SER B 144A	Pref	151327202	5,213	5,111	SH		DFND	2,3,4,8,9	5,111	0	0
CHEVRON CORPORATION	Com	166764100	1,928	16,000	SH		DFND	2,3	16,000	0	0
CHINA FUND INC	Com	169373107	1,443	68,399	SH		DFND		68,399	0	0
COBANK ACB	Pref	19075Q862	2,413	23,199	SH		DFND	1,2	23,199	0	0
COBANK ACB	Pref	19075Q805	609	5,799	SH		DFND	9	5,799	0	0
COCA COLA COM	Com	191216100	830	15,000	SH		DFND	8	15,000	0	0
CONIFER HOLDINGS INC	Com	20731J102	1,000	250,000	SH		DFND	4	250,000	0	0
CORNING INC	Com	219350105	10,694	367,350	SH		DFND		367,350	0	0
CORSA COAL CORP	Com	22041E609	577	2,226,000	SH		DFND		2,226,000	0	0
DCP MIDSTREAM LP-CALLABLE	Pref	23311P209	1,438	60,000	SH		DFND	1,8	60,000	0	0
DELPHI FINANCIAL GROUP - CALLABLE	Pref	247131303	1,741	77,797	SH		DFND	3,4	77,797	0	0
DISNEY WALT CO	Com	254687106	6,145	42,488	SH		DFND		42,488	0	0
EMERSON ELEC CO	Com	291011104	6,787	89,000	SH		DFND	2,8,10	89,000	0	0
EXXON MOBIL CORP	Com	30231G102	2,442	35,000	SH		DFND		35,000	0	0
FARM CREDIT BK OF TEXAS - CALLABLE	Pref	30767E307	1,033	1,000	SH		DFND	10	1,000	0	0
FARM CREDIT BK OF TEXAS-CALL-144A	Pref	30767E406	428	4,000	SH		DFND	9	4,000	0	0
FOX CORP CLASS B	Com	35137L204	911	25,027	SH		DFND		25,027	0	0
GENERAL ELECTRIC CO	Com	369604103	1,350	121,000	SH		DFND	1,2,3,9	121,000	0	0
GENERAL MOTORS COMPANY	Com	37045V100	87	2,373	SH		DFND		2,373	0	0
GENUINE PARTS CO COM	Com	372460105	0	2	SH		DFND		2	0	0
GLOBAL INDEMNITY LTD	Pref	G3933F139	542	20,000	SH		DFND	10	20,000	0	0
GOLDMAN SACHS GROUP INC	Com	38141G104	25,637	111,500	SH		DFND	2,11,8	111,500	0	0
HALLIBURTON CO HOLDING CO	Com	406216101	3,903	159,500	SH		DFND	1,2	159,500	0	0
HELIOS TECHNOLOGIES INC	Com	42328H109	13,869	300,000	SH		DFND	4,10	300,000	0	0
INTEGRYS ENERGY GROUP-CALLABLE	Pref	45822P204	1,613	60,000	SH		DFND	4,11	60,000	0	0
INTL BUSINESS MACHINES CORP	Com	459200101	653	4,874	SH		DFND	1	4,874	0	0
JACOBS ENGINEERING GROUP INC	Com	469814107	3,324	37,000	SH		DFND		37,000	0	0
JEFFERIES FINANCIAL GROUP INC	Com	47233W109	10,917	510,872	SH		DFND	4,7,9,10	510,872	0	0
JOHNSON CTLS INTL PLC	Com	G51502105	972	23,874	SH		DFND	9	23,874	0	0
KAISER ALUM CORP DEPOSITARY S CMN	Com	483007704	8	70	SH		DFND	10	70	0	0
LADENBURG THALMAN FIN SVCS INC	Pref	50575Q300	905	47,000	SH		DFND	3,9	47,000	0	0
LEGG MASON INC COM	Com	524901105	2,406	67,000	SH		DFND	2,4,7,9,10	67,000	0	0
MCDONALDS CORP	Com	580135101	1,235	6,250	SH		DFND	3	6,250	0	0
MEDLEY LLC - CALLABLE	Pref	58503Y105	672	40,000	SH		DFND	2,4	40,000	0	0
MEDLEY LLC - CALLABLE	Pref	58503Y204	702	40,000	SH		DFND	9,10	40,000	0	0
MERCER INTERNATIONAL INC SBI	Com	588056101	202,704	16,480,000	SH		DFND	1,2,4,11,7,9,10	16,480,000	0	0
MERCK & CO, INC.	Com	58933Y105	135	1,487	SH		DFND		1,487	0	0
MOTORS LIQUIDATION COMPANY-TRUST	Pref	62010U101	7	744	SH		DFND	8,10	744	0	0
MYMETICS CORP	Com	62856A102	87	2,186,473	SH		DFND	7,10	2,186,473	0	0
NAM TAI PROPERTY INC	Com	G63907102	49,721	5,774,800	SH		DFND	1,2,3,4,11,7,9,10	5,774,800	0	0
NATIONAL RETAIL PPTYS INC	Com	637417106	697	13,000	SH		DFND	4	13,000	0	0
NOW INC DE	Com	67011P100	12	1,100	SH		DFND	2	1,100	0	0
PFSWEB INC	Com	717098206	2,865	750,000	SH		DFND	2,10	750,000	0	0
PHI GROUP INC	Com	69360B104	0	39,712	SH		DFND	4,10	39,712	0	0
PHI INC	Com	6933ESCA5	0	1,000,000	SH		DFND	4,10	1,000,000	0	0
PRIORITY INCOME FUND INC - CALLABL	Pref	74274W103	495	20,000	SH		DFND	1	20,000	0	0
PRIORITY INCOME FUND INC-CALLABLE	Pref	74274W400	515	20,000	SH		DFND	9	20,000	0	0
PROCTER & GAMBLE CO	Com	742718109	3,197	25,600	SH		DFND		25,600	0	0
RAYMOND JAMES FNCL INC	Com	754730109	17,780	198,750	SH		DFND	4,9	198,750	0	0
ROOMSTORE INC - CMN	Com	77638R108	0	43,661	SH		DFND		43,661	0	0
SACHEM CAPITAL CORP - CALLABLE	Pref	78590A307	251	10,000	SH		DFND	3	10,000	0	0
SCHWAB CHARLES CORP NEW	Com	808513105	1,189	25,000	SH		DFND		25,000	0	0
SCULLY ROYALTY LTD	Com	G7T96K107	33,883	2,732,477	SH		DFND	1,2,4,11,7,9,10	2,732,477	0	0
SELECTIVE INS GROUP INC	Com	816300107	13,038	200,000	SH		DFND	10	200,000	0	0
SPECTRUM BRANDS HOLDINGS INC	Com	84790A105	823	12,799	SH		DFND	4,7,9,10	12,799	0	0
TE CONNECTIVITY LIMITED	Com	H84989104	1,198	12,500	SH		DFND		12,500	0	0
TIDEWATER INC NEW	Com	88642R109	11	557	SH		DFND		557	0	0
TIDEWATER INC WTS SERIES B 7/31/23	Com	88642R125	1	976	SH		DFND		976	0	0
TIDWATER INC WTS SERIES A 7/31/23	Com	88642R117	1	903	SH		DFND		903	0	0
TRAVELERS COS INC	Com	89417E109	2,876	21,000	SH		DFND		21,000	0	0
UNITED PARCEL SERVICE, INC-CLASS B	Com	911312106	2,341	20,000	SH		DFND		20,000	0	0
US BANKCORP DEL COM NEW	Com	902973304	1,204	20,300	SH		DFND		20,300	0	0
VAIL RESORTS INC.	Com	91879Q109	20,146	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	6,418	33,000	SH		DFND		33,000	0	0
WASHINGTON PRIME GROUP NEW	Pref	93964W306	682	35,000	SH		DFND	2,10	35,000	0	0
WELLS FARGO & CO NEW COM STK	Com	949746101	2,690	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	647	25,000	SH		DFND	3	25,000	0	0
WESTINGHOUSE AIR BRAKE TECH CORP	Com	929740108	50	647	SH		DFND	1,2,3,9	647	0	0
XILINX INC	Com	983919101	3,911	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