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
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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	219	1,948	SH		DFND		1,948	0	0
ADIENT LTD	Com	G0084W101	54	1,193	SH		DFND		1,193	0	0
AGRIBANK FCB - CALLABLE	Pref	00850L203	5,739	16,150	SH		DFND	1,2,3,8,10	52,650	0	0
AMGEN INC	Com	031162100	22,547	25,000	SH		DFND	4,7,9	92,500	0	0
ARCH CAPITAL GROUP LTD	Pref	03939A404	1,037	20,000	SH		DFND	1,2	40,000	0	0
ARGONAUT GROUP STATUTORY TR - CALL	Pref	8AMCSFQW9	11,760	2,000	SH		DFND	1,2,3,4,7,8,9,10	12,000	0	0
AXIS CAPITAL HOLDINGS-CALLABLE	Pref	05461T305	1,015	40,000	SH		DFND	11	40,000	0	0
B. RILEY FINANCIAL INC	Pref	05580M827	1,504	20,000	SH		DFND	3,4	60,000	0	0
B. RILEY FINANCIAL, INC - CALLABLE	Pref	05580M835	516	20,000	SH		DFND	11	20,000	0	0
B. RILEY FINANCIAL-CALLABLE	Pref	05580M801	520	20,000	SH		DFND	4	20,000	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	419	1	SH		DFND		1	0	0
BLACKSTONE GROUP INC CLASS A	Com	09260D107	3,691	38,000	SH		DFND		38,000	0	0
BOEING CO	Com	097023105	6,564	27,400	SH		DFND		27,400	0	0
BP P.L.C. SPONSORED ADR - CMN	Com	055622104	396	15,000	SH		DFND	3	15,000	0	0
BROOKFIELD INFRASTRUCTURE FIN	Pref	11276B109	1,014	30,000	SH		DFND	1,2	40,000	0	0
CAL DIVE INTERNATIONAL INC	Com	12802T101	1	500,000	SH		DFND		500,000	0	0
CARLYLE FIN LLC	Pref	14314C105	2,554	50,000	SH		DFND	1,2	100,000	0	0
CBL ASSOCIATES PROP - CALLABLE	Pref	124830605	14	15,000	SH		DFND	2	15,000	0	0
CDK GLOBAL INC	Com	12508E101	944	19,000	SH		DFND		19,000	0	0
CHEVRON CORPORATION	Com	166764100	1,676	6,000	SH		DFND	2,3	16,000	0	0
CHINA FUND INC	Com	169373107	2,086	68,399	SH		DFND		68,399	0	0
COBANK ACB	Pref	19075Q805	7,219	10,000	SH		DFND	1,2,3,8,9,10	68,749	0	0
COBANK ACB	Pref	19075Q862	3,752	7,000	SH		DFND	1,2,10	33,802	0	0
CORNING INC	Com	219350105	15,025	367,350	SH		DFND		367,350	0	0
CORSA COAL CORP	Com	22041E609	725	2,226,000	SH		DFND		2,226,000	0	0
CUSTOMERS BANCORP INC	Pref	23204G803	4,023	40,000	SH		DFND	1,11,7	150,000	0	0
DELPHI FINANCIAL GROUP - CALLABLE	Pref	247131303	1,727	57,797	SH		DFND	3,4	77,797	0	0
DIAMOND OFFSHORE DRILLING INC	Com	25271C201	1,272	45,193	SH		DFND	1,4,7,8,10	208,583	0	0
DISNEY WALT CO	Com	254687106	4,047	23,027	SH		DFND		23,027	0	0
DTE ENERGY CO - CALLABLE	Pref	233331859	6,630	30,000	SH		DFND	1,2,3,11,8	250,000	0	0
DUKE ENERGY CORP - CALLABLE	Pref	26441C402	1,660	20,000	SH		DFND	11,7	60,000	0	0
EMERSON ELEC CO	Com	291011104	8,565	50,000	SH		DFND	2,8,10	89,000	0	0
EXXON MOBIL CORP	Com	30231G102	5,021	4,600	SH		DFND	4	79,600	0	0
FARM CREDIT BK OF TEXAS-CALL-144A	Pref	30767E406	430	4,000	SH		DFND	9	4,000	0	0
FIRST CITIZENS BANCSHARE-CALLABLE	Pref	319626305	1,097	40,000	SH		DFND	11	40,000	0	0
FIRST INTERNET BANCORP - CALLABLE	Pref	320557309	664	25,000	SH		DFND	11	25,000	0	0
FOX CORP CLASS B	Com	35137L204	880	24,994	SH		DFND		24,994	0	0
GENERAL ELECTRIC CO	Com	369604103	1,629	35,000	SH		DFND	1,2,3,9	121,000	0	0
GENERAL MOTORS COMPANY	Com	37045V100	138	2,327	SH		DFND		2,327	0	0
GLADSTONE INVESTMENT CORP-CALLABLE	Pref	376546800	1,038	40,000	SH		DFND	11	40,000	0	0
GOLDMAN SACHS GROUP INC	Com	38141G104	42,318	71,600	SH		DFND	3,4	111,500	0	0
HEARTLAND FINANCIAL USA-CALLABLE	Pref	42234Q201	416	15,000	SH		DFND	1	15,000	0	0
HELIOS TECHNOLOGIES INC	Com	42328H109	23,415	150,000	SH		DFND	4,10	300,000	0	0
INTEGRYS ENERGY GROUP-CALLABLE	Pref	45822P204	795	30,000	SH		DFND	11	30,000	0	0
INTL BUSINESS MACHINES CORP	Com	459200101	220	1,500	SH		DFND	1	1,500	0	0
JEFFERIES FINANCIAL GROUP INC	Com	47233W109	12,342	150,263	SH		DFND	4,7,9,10	360,872	0	0
JOHNSON CTLS INTL PLC	Com	G51502105	1,638	11,937	SH		DFND	9	23,874	0	0
KAISER ALUM CORP DEPOSITARY S CMN	Com	483007704	9	70	SH		DFND	10	70	0	0
LADENBURG THALMAN FIN SVCS INC	Pref	50575Q300	447	20,000	SH		DFND	9	20,000	0	0
LEGG MASON INC-CALLABLE	Pref	524901600	8,074	40,000	SH		DFND	1,2,3,4,11,7,9,10	320,000	0	0
MCDONALDS CORP	Com	580135101	1,444	6,250	SH		DFND	3	6,250	0	0
MEDLEY LLC - CALLABLE	Pref	58503Y105	82	20,000	SH		DFND	2,4	40,000	0	0
MEDLEY LLC - CALLABLE	Pref	58503Y204	77	20,000	SH		DFND	9,10	40,000	0	0
MERCER INTERNATIONAL INC SBI	Com	588056101	210,120	630,000	SH		DFND	1,2,3,4,11,7,9,10	16,480,000	0	0
MYMETICS CORP	Com	62856A102	160	190,000	SH		DFND	7,10	2,186,473	0	0
NAM TAI PROPERTY INC	Com	G63907102	160,020	400,000	SH		DFND	1,2,3,4,11,7,9,10	5,774,800	0	0
NATIONAL RETAIL PPTYS INC	Com	637417106	609	13,000	SH		DFND	4	13,000	0	0
NATIONAL RURAL UTILS COOP-CALLABLE	Pref	637432105	3,292	20,000	SH		DFND	1,2,4,7	120,000	0	0
NOW INC DE	Com	67011P100	10	1,100	SH		DFND	2	1,100	0	0
OXFORD SQUARE CAP CORP-CALL	Pref	69181V503	2,520	50,000	SH		DFND	1,2	100,000	0	0
PFSWEB INC	Com	717098206	5,535	500,000	SH		DFND	2,10	750,000	0	0
PHI GROUP INC	Com	69360B104	635	19,856	SH		DFND	4,10	39,712	0	0
PHI INC	Com	6933ESCA5	0	500,000	SH		DFND	4,10	1,000,000	0	0
PRIORITY INCOME FUND INC - CALL	Pref	74274W780	1,270	50,000	SH		DFND	2	50,000	0	0
PRIORITY INCOME FUND INC-CALL	Pref	74274W798	767	20,000	SH		DFND	1,2	30,000	0	0
PROCTER & GAMBLE CO	Com	742718109	769	5,700	SH		DFND		5,700	0	0
PUBLIC STORAGE - CALLABLE	Pref	74460W461	2,027	40,000	SH		DFND	1,2	80,000	0	0
QURATE RETAIL GROUP-CALLABLE	Pref	74915M308	2,166	15,000	SH		DFND	8,9	20,000	0	0
QWEST CORP - CALLABLE	Pref	74913G881	1,023	20,000	SH		DFND	2,4	40,000	0	0
RAYMOND JAMES FNCL INC	Com	754730109	25,818	73,750	SH		DFND	4,9	198,750	0	0
READY CAPITAL CORP - CALLABLE	Pref	75574U606	1,825	10,000	SH		DFND	1,2,10	70,000	0	0
READY CAPITAL CORP-CALL	Pref	75574U887	1,002	40,000	SH		DFND	2	40,000	0	0
ROOMSTORE INC - CMN	Com	77638R108	0	43,661	SH		DFND		43,661	0	0
SCHWAB CHARLES CORP NEW	Com	808513105	1,820	25,000	SH		DFND		25,000	0	0
SCULLY ROYALTY LTD	Com	G7T96K107	36,234	282,063	SH		DFND	1,2,3,4,11,7,9,10	2,978,399	0	0
SELECTIVE INS GROUP INC	Com	816300107	16,230	200,000	SH		DFND	10	200,000	0	0
SLM CORP PFD SERIES B	Pref	78442P502	915	15,000	SH		DFND	11	15,000	0	0
SPECTRUM BRANDS HOLDINGS INC	Com	84790A105	1,088	7,524	SH		DFND	4,7,9,10	12,799	0	0
SUVANZA	Com	869551101	4	5,430	SH		DFND		5,430	0	0
TE CONNECTIVITY LIMITED	Com	H84989104	1,690	12,500	SH		DFND		12,500	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
US BANCORP - CALLABLE	Pref	902973718	1,032	40,000	SH		DFND	10	40,000	0	0
VAIL RESORTS INC.	Com	91879Q109	26,588	50,000	SH		DFND	3,4,10	84,000	0	0
VISTRA ENERGY CORP	Com	92840M128	10	9,113	SH		DFND	4,9,10	33,717	0	0
VOLKSWAGEN AG	Com	928CNV760	5,252	16,000	SH		DFND		16,000	0	0
WASHINGTON PRIME GROUP NEW	Pref	93964W306	111	15,000	SH		DFND	2,10	35,000	0	0
WELLS FARGO & CO NEW COM STK	Com	949746101	2,265	50,000	SH		DFND	4	50,000	0	0
WELLS FARGO & COMPANY PFT SERIES J	Pref	949746887	0	387	SH		DFND		387	0	0
WESBANCO INC -CALLABLE	Pref	950810705	422	15,000	SH		DFND	1	15,000	0	0
WESTINGHOUSE AIR BRAKE TECH CORP	Com	929740108	53	187	SH		DFND	1,2,3,9	647	0	0
XILINX INC	Com	983919101	5,786	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