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
ABBVIE INC	Com	00287Y109	1,346	15,371	SH		DFND	5	15,371	0	0
ADIENT LTD	Com	G0084W101	21	1,193	SH		DFND	5	1,193	0	0
AGRIBANK FCB - CALLABLE	Pref	00850L203	4,862	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
AMGEN INC	Com	031162100	23,510	92,500	SH		DFND	4,7,9	92,500	0	0
ARGONAUT GROUP STATUTORY TR - CALL	Pref	8AMCSFQW9	12,000	12,000	SH		DFND	1,2,3,4,7,8,9,10	12,000	0	0
BERKSHIRE HATHAWAY INC DEL CL A	Com	084670108	320	1	SH		DFND	5	1	0	0
BLACKSTONE GROUP INC CLASS A	Com	09260D107	1,984	38,000	SH		DFND	5	38,000	0	0
BOEING CO	Com	097023105	4,528	27,400	SH		DFND	5	27,400	0	0
BP P.L.C. SPONSORED ADR - CMN	Com	055622104	262	15,000	SH		DFND	3	15,000	0	0
CAL DIVE INTERNATIONAL INC	Com	12802T101	0	500,000	SH		DFND	5	500,000	0	0
CAPITOL ONE FINL CORP - CALLABLE	Pref	14040H774	486	20,000	SH		DFND	1	20,000	0	0
CARRIER GLOBAL CORP	Com	14448C104	168	5,494	SH		DFND	5	5,494	0	0
CBL ASSOCIATES PROP - CALLABLE	Pref	124830605	11	15,000	SH		DFND	2	15,000	0	0
CDK GLOBAL INC	Com	12508E101	828	19,000	SH		DFND	5	19,000	0	0
CHEVRON CORPORATION	Com	166764100	1,152	16,000	SH		DFND	2,3	16,000	0	0
CHINA FUND INC	Com	169373107	1,722	68,399	SH		DFND	5	68,399	0	0
COBANK ACB	Pref	19075Q805	910	8,749	SH		DFND	9	8,749	0	0
COBANK ACB	Pref	19075Q862	2,875	26,802	SH		DFND	1,2	26,802	0	0
COCA COLA COM	Com	191216100	741	15,000	SH		DFND	8	15,000	0	0
CONIFER HOLDINGS INC	Com	20731J102	720	250,000	SH		DFND	4	250,000	0	0
CORNING INC	Com	219350105	11,906	367,350	SH		DFND	5	367,350	0	0
CORSA COAL CORP	Com	22041E609	332	2,226,000	SH		DFND	5	2,226,000	0	0
DCP MIDSTREAM LP-CALLABLE	Pref	23311P209	828	50,000	SH		DFND	1,8	50,000	0	0
DELPHI FINANCIAL GROUP - CALLABLE	Pref	247131303	1,451	77,797	SH		DFND	3,4	77,797	0	0
DISNEY WALT CO	Com	254687106	2,857	23,027	SH		DFND	5	23,027	0	0
DIVERSIFIED HEALTHCARE - CALLABLE	Pref	25525P206	373	20,000	SH		DFND	3	20,000	0	0
DIVERSIFIED HEALTHCARE - CALLABLE	Pref	25525P305	383	20,000	SH		DFND	1	20,000	0	0
DTE ENERGY CO-CALLABLE	Pref	233331826	750	30,000	SH		DFND	2	30,000	0	0
EMERSON ELEC CO	Com	291011104	5,836	89,000	SH		DFND	2,8,10	89,000	0	0
EQUITABLE HLDGS INC	Pref	29452E200	1,024	40,000	SH		DFND	1	40,000	0	0
EXXON MOBIL CORP	Com	30231G102	2,733	79,600	SH		DFND	4,5	79,600	0	0
FARM CREDIT BK OF TEXAS-CALL-144A	Pref	30767E406	420	4,000	SH		DFND	9	4,000	0	0
FOX CORP CLASS B	Com	35137L204	699	24,994	SH		DFND	5	24,994	0	0
GENERAL ELECTRIC CO	Com	369604103	754	121,000	SH		DFND	1,2,3,9	121,000	0	0
GENERAL MOTORS COMPANY	Com	37045V100	69	2,327	SH		DFND	5	2,327	0	0
GENUINE PARTS CO COM	Com	372460105	0	2	SH		DFND	5	2	0	0
GLOBAL INDEMNITY GROUP LLC	Pref	37959R202	260	10,000	SH		DFND	2	10,000	0	0
GOLDMAN SACHS GROUP INC	Com	38141G104	22,408	111,500	SH		DFND	3,4,5,8	111,500	0	0
HELIOS TECHNOLOGIES INC	Com	42328H109	10,920	300,000	SH		DFND	4,10	300,000	0	0
HUNTINGTON BANCSHARES - CALLABLE	Pref	446150708	2,023	80,000	SH		DFND	1,2	80,000	0	0
INTEGRYS ENERGY GROUP-CALLABLE	Pref	45822P204	1,092	40,000	SH		DFND	11	40,000	0	0
INTL BUSINESS MACHINES CORP	Com	459200101	183	1,500	SH		DFND	1	1,500	0	0
JEFFERIES FINANCIAL GROUP INC	Com	47233W109	6,496	360,872	SH		DFND	4,7,9,10	360,872	0	0
JOHNSON CTLS INTL PLC	Com	G51502105	975	23,874	SH		DFND	5,9	23,874	0	0
KAISER ALUM CORP DEPOSITARY S CMN	Com	483007704	4	70	SH		DFND	10	70	0	0
LADENBURG THALMAN FIN SVCS INC	Pref	50575Q300	343	20,000	SH		DFND	9	20,000	0	0
LEGG MASON INC-CALLABLE	Pref	524901600	10,200	400,000	SH		DFND	1,2,3	400,000	0	0
LEGG MASON INC-CALLABLE	Pref	524901501	1,020	40,000	SH		DFND	4	40,000	0	0
LEGG MASON INC-CALLABLE	Pref	524901600	10,200	400,000	SH		DFND	4,11,7,9,10	400,000	0	0
MCDONALDS CORP	Com	580135101	1,372	6,250	SH		DFND	3	6,250	0	0
MEDLEY LLC - CALLABLE	Pref	58503Y105	272	40,000	SH		DFND	2,4	40,000	0	0
MEDLEY LLC - CALLABLE	Pref	58503Y204	297	40,000	SH		DFND	9,10	40,000	0	0
MERCER INTERNATIONAL INC SBI	Com	588056101	108,768	16,480,000	SH		DFND	1,2,4,5,11,7,9,10	16,480,000	0	0
MOTORS LIQUIDATION COMPANY-TRUST	Pref	62010U101	1	744	SH		DFND	5,8,10	744	0	0
MYMETICS CORP	Com	62856A102	109	2,186,473	SH		DFND	5,7,10	2,186,473	0	0
NAM TAI PROPERTY INC	Com	G63907102	54,052	5,774,800	SH		DFND	1,2,3,4,5,11,7,9,10	5,774,800	0	0
NATIONAL RETAIL PPTYS INC	Com	637417106	449	13,000	SH		DFND	4	13,000	0	0
NOW INC DE	Com	67011P100	5	1,100	SH		DFND	2	1,100	0	0
OTIS WORLDWIDE CORP	Com	68902V107	171	2,746	SH		DFND	5	2,746	0	0
PFSWEB INC	Com	717098206	5,018	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-CALLABLE	Pref	74274W400	249	10,000	SH		DFND	9	10,000	0	0
PROCTER & GAMBLE CO	Com	742718109	792	5,700	SH		DFND	5	5,700	0	0
PRUDENTIAL FINL INC-CALLABLE	Pref	744320888	256	10,000	SH		DFND	2	10,000	0	0
QWEST CORP - CALLABLE	Pref	74913G709	749	30,000	SH		DFND	2	30,000	0	0
QWEST CORP - CALLABLE	Pref	74913G881	1,006	40,000	SH		DFND	1	40,000	0	0
RAYMOND JAMES FNCL INC	Com	754730109	14,461	198,750	SH		DFND	4,9	198,750	0	0
SCHWAB CHARLES CORP NEW	Com	808513105	906	25,000	SH		DFND	5	25,000	0	0
SCULLY ROYALTY LTD	Com	G7T96K107	13,416	2,732,477	SH		DFND	1,2,4,5,11,7,9,10	2,732,477	0	0
SELECTIVE INS GROUP INC	Com	816300107	10,298	200,000	SH		DFND	10	200,000	0	0
SOUTHERN CO-CALLABLE	Pref	842587883	2,005	80,000	SH		DFND	1,2	80,000	0	0
SPECTRUM BRANDS HOLDINGS INC	Com	84790A105	732	12,799	SH		DFND	4,7,9,10	12,799	0	0
SUVANZA	Com	869551101	0	5,430	SH		DFND	5	5,430	0	0
TE CONNECTIVITY LIMITED	Com	H84989104	1,222	12,500	SH		DFND	5	12,500	0	0
TIDEWATER INC NEW	Com	88642R109	4	557	SH		DFND	5	557	0	0
TIDEWATER INC WTS SERIES B 7/31/23	Com	88642R125	0	976	SH		DFND	5	976	0	0
TIDWATER INC WTS SERIES A 7/31/23	Com	88642R117	0	903	SH		DFND	5	903	0	0
VAIL RESORTS INC.	Com	91879Q109	17,973	84,000	SH		DFND	3,4,10	84,000	0	0
VISTRA ENERGY CORP	Com	92840M128	19	33,717	SH		DFND	4,9,10	33,717	0	0
VOLKSWAGEN AG	Com	928CNV760	2,799	16,000	SH		DFND	5	16,000	0	0
WASHINGTON PRIME GROUP NEW	Pref	93964W306	298	35,000	SH		DFND	2,10	35,000	0	0
WELLS FARGO & CO NEW COM STK	Com	949746101	1,176	50,000	SH		DFND	4	50,000	0	0
WELLS FARGO & COMPANY PFT SERIES J	Pref	949746887	0	387	SH		DFND	5	387	0	0
WELLS FARGO COMPANY-CALLABLE	Pref	94988U151	3,022	120,000	SH		DFND	1,2	120,000	0	0
WESTINGHOUSE AIR BRAKE TECH CORP	Com	929740108	40	647	SH		DFND	1,2,3,9	647	0	0
WINTRUST FINL CORP	Pref	97650W504	2,648	100,000	SH		DFND	1,2,10	100,000	0	0
XILINX INC	Com	983919101	4,170	40,000	SH		DFND	2	40,000	0	0
ZIEGLER COS INC THE	Com	989506308	1,397	48,972	SH		DFND	5	48,972	0	0