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	1,663	15,371	SH		DFND		15,371	0	0
ADIENT LTD	Com	G0084W101	53	1,193	SH		DFND		1,193	0	0
AGRIBANK FCB - CALLABLE	Pref	00850L203	3,543	32,650	SH		DFND	1,2,8,10	32,650	0	0
AMGEN INC	Com	031162100	23,015	92,500	SH		DFND	4,7,9	92,500	0	0
ARGONAUT GROUP STATUTORY TR - CALL	Pref	8AMCSFQW9	11,760	12,000	SH		DFND	1,2,3,4,7,8,9,10	12,000	0	0
AXIS CAPITAL HOLDINGS-CALLABLE	Pref	05461T305	1,026	40,000	SH		DFND	11	40,000	0	0
B. RILEY FINANCIAL INC	Pref	05580M827	1,503	60,000	SH		DFND	3,4	60,000	0	0
B. RILEY FINANCIAL, INC - CALLABLE	Pref	05580M835	1,020	40,000	SH		DFND	11	40,000	0	0
B. RILEY FINANCIAL-CALLABLE	Pref	05580M801	1,571	60,000	SH		DFND	2,4	60,000	0	0
BANK OF AMERICA CORP	Pref	06055H400	1,503	60,000	SH		DFND	1,2	60,000	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
BERKSHIRE HATHAWAY INC DEL CL A	Com	084670108	386	1	SH		DFND		1	0	0
BLACKSTONE GROUP INC CLASS A	Com	09260D107	2,832	38,000	SH		DFND		38,000	0	0
BOEING CO	Com	097023105	6,979	27,400	SH		DFND		27,400	0	0
BP P.L.C. SPONSORED ADR - CMN	Com	055622104	365	15,000	SH		DFND	3	15,000	0	0
CAL DIVE INTERNATIONAL INC	Com	12802T101	2	500,000	SH		DFND		500,000	0	0
CARRIER GLOBAL CORP	Com	14448C104	232	5,494	SH		DFND		5,494	0	0
CBL ASSOCIATES PROP - CALLABLE	Pref	124830605	13	15,000	SH		DFND	2	15,000	0	0
CDK GLOBAL INC	Com	12508E101	1,027	19,000	SH		DFND		19,000	0	0
CHEVRON CORPORATION	Com	166764100	1,677	16,000	SH		DFND	2,3	16,000	0	0
CHINA FUND INC	Com	169373107	2,002	68,399	SH		DFND		68,399	0	0
CNO FINANCIAL GROUP, INC - CALL	Pref	12621E301	1,006	40,000	SH		DFND	2	40,000	0	0
COBANK ACB	Pref	19075Q862	2,895	26,802	SH		DFND	1,2	26,802	0	0
COBANK ACB	Pref	19075Q805	914	8,749	SH		DFND	9	8,749	0	0
COCA COLA COM	Com	191216100	791	15,000	SH		DFND	8	15,000	0	0
CONIFER HOLDINGS INC	Com	20731J102	938	250,000	SH		DFND	4	250,000	0	0
CORNING INC	Com	219350105	15,983	367,350	SH		DFND		367,350	0	0
CORSA COAL CORP	Com	22041E609	696	2,226,000	SH		DFND		2,226,000	0	0
CUSTOMERS BANCORP INC	Pref	23204G803	2,825	110,000	SH		DFND	1,11	110,000	0	0
DCP MIDSTREAM LP-CALLABLE	Pref	23311P209	1,228	50,000	SH		DFND	1,8	50,000	0	0
DELPHI FINANCIAL GROUP - CALLABLE	Pref	247131303	1,634	77,797	SH		DFND	3,4	77,797	0	0
DISNEY WALT CO	Com	254687106	4,249	23,027	SH		DFND		23,027	0	0
DIVERSIFIED HEALTHCARE - CALLABLE	Pref	25525P206	231	10,000	SH		DFND	3	10,000	0	0
DTE ENERGY CO - CALLABLE	Pref	233331859	5,210	200,000	SH		DFND	2,3,11,7,8	200,000	0	0
DUKE ENERGY CORP - CALLABLE	Pref	26441C402	3,759	140,000	SH		DFND	3,11,7	140,000	0	0
EAGLE POINT CREDIT CO INC-CALLABLE	Pref	269809604	1,496	60,000	SH		DFND	1,2	60,000	0	0
EAGLE POINT CREDIT CO-CALLABLE	Pref	269809307	257	10,000	SH		DFND	2	10,000	0	0
EMERSON ELEC CO	Com	291011104	8,030	89,000	SH		DFND	2,8,10	89,000	0	0
EXXON MOBIL CORP	Com	30231G102	4,444	79,600	SH		DFND	4	79,600	0	0
FARM CREDIT BK OF TEXAS-CALL-144A	Pref	30767E406	434	4,000	SH		DFND	9	4,000	0	0
FIRST CITIZENS BANCSHARE-CALLABLE	Pref	319626305	3,234	120,000	SH		DFND	1,2,11	120,000	0	0
FIRST INTERNET BANCORP - CALLABLE	Pref	320557309	640	25,000	SH		DFND	11	25,000	0	0
FOX CORP CLASS B	Com	35137L204	873	24,994	SH		DFND		24,994	0	0
FRANCHISE GROUP INC-CALLABLE	Pref	35180X204	507	20,000	SH		DFND	1	20,000	0	0
GENERAL ELECTRIC CO	Com	369604103	1,589	121,000	SH		DFND	1,2,3,9	121,000	0	0
GENERAL MOTORS COMPANY	Com	37045V100	134	2,327	SH		DFND		2,327	0	0
GENUINE PARTS CO COM	Com	372460105	0	2	SH		DFND		2	0	0
GLADSTONE INVESTMENT CORP-CALLABLE	Pref	376546800	3,879	150,000	SH		DFND	1,2,11,10	150,000	0	0
GOLDMAN SACHS GROUP INC	Com	38141G104	36,461	111,500	SH		DFND	3,4	111,500	0	0
HEARTLAND FINANCIAL USA-CALLABLE	Pref	42234Q201	420	15,000	SH		DFND	1	15,000	0	0
HELIOS TECHNOLOGIES INC	Com	42328H109	21,861	300,000	SH		DFND	4,10	300,000	0	0
INTEGRYS ENERGY GROUP-CALLABLE	Pref	45822P204	783	30,000	SH		DFND	11	30,000	0	0
INTL BUSINESS MACHINES CORP	Com	459200101	200	1,500	SH		DFND	1	1,500	0	0
JEFFERIES FINANCIAL GROUP INC	Com	47233W109	10,862	360,872	SH		DFND	4,7,9,10	360,872	0	0
JOHNSON CTLS INTL PLC	Com	G51502105	1,425	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	398	20,000	SH		DFND	9	20,000	0	0
LEGG MASON INC-CALLABLE	Pref	524901600	8,128	320,000	SH		DFND	1,2,3,4,11,7,9,10	320,000	0	0
MCDONALDS CORP	Com	580135101	1,401	6,250	SH		DFND	3	6,250	0	0
MEDLEY LLC - CALLABLE	Pref	58503Y105	90	40,000	SH		DFND	2,4	40,000	0	0
MEDLEY LLC - CALLABLE	Pref	58503Y204	94	40,000	SH		DFND	9,10	40,000	0	0
MERCER INTERNATIONAL INC SBI	Com	588056101	237,147	16,480,000	SH		DFND	1,2,4,11,7,9,10	16,480,000	0	0
MYMETICS CORP	Com	62856A102	273	2,186,473	SH		DFND	7,10	2,186,473	0	0
NAM TAI PROPERTY INC	Com	G63907102	71,203	5,774,800	SH		DFND	1,2,3,4,11,7,9,10	5,774,800	0	0
NATIONAL RETAIL PPTYS INC	Com	637417106	573	13,000	SH		DFND	4	13,000	0	0
NATIONAL RURAL UTILS COOP-CALLABLE	Pref	637432105	3,170	120,000	SH		DFND	1,2,4,7,9,10	120,000	0	0
NOW INC DE	Com	67011P100	11	1,100	SH		DFND	2	1,100	0	0
OTIS WORLDWIDE CORP	Com	68902V107	188	2,746	SH		DFND		2,746	0	0
OXFORD LANE CAP CORP - CALLABLE	Pref	691543706	1,005	40,000	SH		DFND	1	40,000	0	0
PFSWEB INC	Com	717098206	5,063	750,000	SH		DFND	2,10	750,000	0	0
PHI GROUP INC	Com	69360B104	556	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 ICOME FUND INC - CALLABLE	Pref	74274W814	993	40,000	SH		DFND	1,2	40,000	0	0
PROCTER & GAMBLE CO	Com	742718109	772	5,700	SH		DFND		5,700	0	0
QURATE RETAIL GROUP-CALLABLE	Pref	74915M308	1,523	15,000	SH		DFND	9	15,000	0	0
QWEST CORP - CALLABLE	Pref	74913G881	4,604	180,000	SH		DFND	1,2,3,4,10	180,000	0	0
QWEST CORP-CALLABLE	Pref	74913G873	2,350	90,000	SH		DFND	2,7,8	90,000	0	0
RAYMOND JAMES FNCL INC	Com	754730109	24,359	198,750	SH		DFND	4,9	198,750	0	0
READY CAPITAL CORP - CALLABLE	Pref	75574U606	521	20,000	SH		DFND	10	20,000	0	0
READY CAPITAL CORP-CALLABLE	Pref	75574U408	787	30,000	SH		DFND	2	30,000	0	0
ROOMSTORE INC - CMN	Com	77638R108	0	43,661	SH		DFND		43,661	0	0
SCHWAB CHARLES CORP NEW	Com	808513105	1,630	25,000	SH		DFND		25,000	0	0
SCULLY ROYALTY LTD	Com	G7T96K107	23,827	2,732,477	SH		DFND	1,2,4,11,7,9,10	2,732,477	0	0
SELECTIVE INS GROUP INC	Com	816300107	14,508	200,000	SH		DFND	10	200,000	0	0
SLM CORP PFD SERIES B	Pref	78442P502	833	15,000	SH		DFND	11	15,000	0	0
SPECTRUM BRANDS HOLDINGS INC	Com	84790A105	1,088	12,799	SH		DFND	4,7,9,10	12,799	0	0
SUVANZA	Com	869551101	0	5,430	SH		DFND		5,430	0	0
TE CONNECTIVITY LIMITED	Com	H84989104	1,614	12,500	SH		DFND		12,500	0	0
TIDEWATER INC NEW	Com	88642R109	7	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
UNITED STATES CELLULAR CORP-CALL	Pref	911684801	760	30,000	SH		DFND	1	30,000	0	0
US BANCORP - CALLABLE	Pref	902973718	3,479	140,000	SH		DFND	1,2,10	140,000	0	0
VAIL RESORTS INC.	Com	91879Q109	24,499	84,000	SH		DFND	3,4,10	84,000	0	0
VISTRA ENERGY CORP	Com	92840M128	11	33,717	SH		DFND	4,9,10	33,717	0	0
VOLKSWAGEN AG	Com	928CNV760	5,814	16,000	SH		DFND		16,000	0	0
WASHINGTON PRIME GROUP NEW	Pref	93964W306	142	35,000	SH		DFND	2,10	35,000	0	0
WELLS FARGO & CO - CALLABLE	Pref	95002Y202	2,000	80,000	SH		DFND	1,2	80,000	0	0
WELLS FARGO & CO NEW COM STK	Com	949746101	1,954	50,000	SH		DFND	4	50,000	0	0
WELLS FARGO & COMPANY PFT SERIES J	Pref	949746887	0	387	SH		DFND		387	0	0
WELLS FARGO COMPANY-CALLABLE	Pref	94988U151	383	15,000	SH		DFND	2	15,000	0	0
WESBANCO INC -CALLABLE	Pref	950810705	417	15,000	SH		DFND	1	15,000	0	0
WESTINGHOUSE AIR BRAKE TECH CORP	Com	929740108	51	647	SH		DFND	1,2,3,9	647	0	0
XILINX INC	Com	983919101	4,956	40,000	SH		DFND	2	40,000	0	0
ZIEGLER COS INC THE	Com	989506308	1,397	48,972	SH		DFND		48,972	0	0