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	298	1,948	SH		DFND		1,948	0	0
ADIENT LTD	Com	G0084W101	35	1,193	SH		DFND		1,193	0	0
ADVANCED MICRO DEVICES INC	Com	007903107	5,272	68,936	SH		DFND	2	68,936	0	0
AGRIBANK FCB - CALLABLE	Pref	00850L203	4,136	41,150	SH		DFND	1,2,3,10	41,150	0	0
AMGEN INC	Com	031162100	22,505	92,500	SH		DFND	4,7,9	92,500	0	0
ARGONAUT GROUP STATUTORY TR - CALL	Pref	8AMCSFQW9	12,000	12,000	SH		DFND	1,2,3,4,11,7,9,10	12,000	0	0
AT&T INC - CALLABLE	Pref	00206R300	3,448	140,000	SH		DFND	1,2,10	140,000	0	0
ATLANTICUS HOLDINS CORP - CALL	Pref	04914Y300	472	20,000	SH		DFND	10	20,000	0	0
AXIS CAPITAL HOLDINGS-CALLABLE	Pref	05461T305	1,534	70,000	SH		DFND	1,11	70,000	0	0
B RILEY FINANCIAL INC - CALLABLE	Pref	05580M819	3,046	140,000	SH		DFND	1,2,9	140,000	0	0
BANK OZK	Pref	06417N202	1,093	60,000	SH		DFND	1,2	60,000	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	409	1	SH		DFND		1	0	0
BLACKSTONE GROUP INC CLASS A	Com	09260D107	3,467	38,000	SH		DFND		38,000	0	0
BOEING CO	Com	097023105	3,746	27,400	SH		DFND		27,400	0	0
BP P.L.C. SPONSORED ADR - CMN	Com	055622104	425	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 & ASSOC PPTYS INC	Com	124830878	15	658	SH		DFND	2	658	0	0
CDK GLOBAL INC	Com	1259900C6	1,041	19,000	SH		DFND		19,000	0	0
CHEVRON CORPORATION	Com	166764100	2,316	16,000	SH		DFND	2,3	16,000	0	0
CHINA FUND INC	Com	169373107	1,064	68,399	SH		DFND		68,399	0	0
COBANK ACB	Pref	19075Q805	4,877	48,749	SH		DFND	1,3,9,10	48,749	0	0
COBANK ACB	Pref	19075Q862	3,702	36,296	SH		DFND	1,2,10	36,296	0	0
CONIFER HOLDINGS INC	Com	20731J102	390	250,000	SH		DFND	4	250,000	0	0
CORNING INC	Com	219350105	11,575	367,350	SH		DFND		367,350	0	0
CORSA COAL CORP	Com	22041E609	551	2,226,000	SH		DFND		2,226,000	0	0
CUSTOMERS BANCORP INC	Pref	23204G803	932	40,000	SH		DFND	1	40,000	0	0
DELPHI FINANCIAL GROUP - CALLABLE	Pref	247131303	1,673	77,797	SH		DFND	3,4	77,797	0	0
DIAMOND OFFSHORE DRILLING INC	Com	25271C201	1,229	208,583	SH		DFND	1,4,7,10	208,583	0	0
DISNEY WALT CO	Com	254687106	2,178	23,070	SH		DFND		23,070	0	0
DTE ENERGY CO - CALLABLE	Pref	233331859	9,263	390,000	SH		DFND	1,2,3,9,10	390,000	0	0
DUKE ENERGY CORP - CALLABLE	Pref	26441C402	633	25,000	SH		DFND	10	25,000	0	0
EAGLE POINT CREDIT CO-CALLABLE	Pref	269809885	2,772	120,000	SH		DFND	1,2,9	120,000	0	0
EMERSON ELEC CO	Com	291011104	6,363	80,000	SH		DFND	2,10	80,000	0	0
ENTERGY MISSISSIPPI-CALLABLE	Pref	29364N108	604	25,000	SH		DFND	2	25,000	0	0
ESC PFD MEDLEY LLC ESCROW	Pref	585ESC015	6	40,000	SH		DFND	2,4	40,000	0	0
EXXON MOBIL CORP	Com	30231G102	6,817	79,600	SH		DFND	4	79,600	0	0
FARM CREDIT BK OF TEXAS-CALL-144A	Pref	30767E406	396	4,000	SH		DFND	9	4,000	0	0
FOX CORP CLASS B	Com	35137L204	743	25,028	SH		DFND		25,028	0	0
GENERAL ELECTRIC CO	Com	369604301	963	15,125	SH		DFND	1,2,3,9	15,125	0	0
GOLDMAN SACHS GROUP INC	Com	38141G104	33,118	111,500	SH		DFND	3,4	111,500	0	0
HEARTLAND FINANCIAL USA-CALLABLE	Pref	42234Q201	576	22,500	SH		DFND	2	22,500	0	0
HELIOS TECHNOLOGIES INC	Com	42328H109	19,875	300,000	SH		DFND	4,10	300,000	0	0
HUDSON PACIFIC PROPERTIES INC-CALL	Pref	444097307	1,059	55,000	SH		DFND	1,2	55,000	0	0
INTL BUSINESS MACHINES CORP	Com	459200101	212	1,500	SH		DFND	1	1,500	0	0
JEFFERIES FINANCIAL GROUP INC	Com	47233W109	9,967	360,872	SH		DFND	4,7,9,10	360,872	0	0
JOHNSON CTLS INTL PLC	Com	G51502105	1,143	23,874	SH		DFND	9	23,874	0	0
JP MORGAN CHASE CO - CALLABLE	Pref	48128B655	251	10,000	SH		DFND	10	10,000	0	0
KAISER ALUM CORP DEPOSITARY S CMN	Com	483007704	6	70	SH		DFND	10	70	0	0
KYNDRYL HLDGS INC	Com	50155Q100	3	300	SH		DFND	1	300	0	0
LADENBURG THALMAN FIN SVCS INC	Pref	50575Q300	151	10,000	SH		DFND	9	10,000	0	0
MCDONALDS CORP	Com	580135101	1,543	6,250	SH		DFND	3	6,250	0	0
MEDLEY LLC ESCROW	Pref	585ESC023	6	40,000	SH		DFND	9,10	40,000	0	0
MERCER INTERNATIONAL INC SBI	Com	588056101	216,712	16,480,000	SH		DFND	1,2,3,4,7,9,10	16,480,000	0	0
MYMETICS CORP	Com	62856A102	90	2,186,473	SH		DFND	7,10	2,186,473	0	0
NAM TAI PROPERTY INC	Com	G63907102	24,341	5,774,800	SH		DFND	1,2,3,4,7,9,10	5,774,800	0	0
NATIONAL RETAIL PPTYS INC	Com	637417106	559	13,000	SH		DFND	4	13,000	0	0
NATIONAL RURAL UTILS COOP-CALLABLE	Pref	637432105	480	20,000	SH		DFND	1	20,000	0	0
NOW INC DE	Com	67011P100	11	1,100	SH		DFND	2	1,100	0	0
OFFICE PPTYS INCOME TR	Pref	67623C208	948	40,000	SH		DFND	1,2	40,000	0	0
PFSWEB INC	Com	717098206	8,820	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
PNC FINANCIAL SERVICES	Pref	693475857	2,024	80,000	SH		DFND	1,2	80,000	0	0
PROCTER & GAMBLE CO	Com	742718109	820	5,700	SH		DFND		5,700	0	0
PROSPECT CAP CORP	Pref	74348T565	933	50,000	SH		DFND	2	50,000	0	0
QWEST CORP - CALLABLE	Pref	74913G881	459	20,000	SH		DFND	2	20,000	0	0
RAYMOND JAMES FNCL INC	Com	754730109	26,655	298,125	SH		DFND	4,9	298,125	0	0
REINSURANCE GROUP OF AMERICA-CALL	Pref	759351703	505	20,000	SH		DFND	2	20,000	0	0
ROOMSTORE INC - CMN	Com	77638R108	0	43,661	SH		DFND		43,661	0	0
SCHWAB CHARLES CORP NEW	Com	808513105	1,580	25,000	SH		DFND		25,000	0	0
SCULLY ROYALTY LTD	Com	G7T96K107	25,812	3,216,664	SH		DFND	1,2,3,4,7,9,10	3,216,664	0	0
SELECTIVE INS GROUP INC	Com	816300107	17,388	200,000	SH		DFND	10	200,000	0	0
SEMPRA ENERGY-CALLABLE	Pref	816851604	711	30,000	SH		DFND	10	30,000	0	0
SLM CORP PFD SERIES B	Pref	78442P502	399	7,000	SH		DFND	11	7,000	0	0
SPECTRUM BRANDS HOLDINGS INC	Com	84790A105	1,050	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	1,414	12,500	SH		DFND		12,500	0	0
TIDEWATER INC WTS SERIES B 7/31/23	Com	88642R125	0	976	SH		DFND		976	0	0
TIDWATER INC WTS SERIES A 7/31/23	Com	88642R117	1	903	SH		DFND		903	0	0
UNUM GROUP - CALLABLE	Pref	91529Y601	727	30,000	SH		DFND	1	30,000	0	0
VAIL RESORTS INC.	Com	91879Q109	18,316	84,000	SH		DFND	3,4,10	84,000	0	0
VISTRA ENERGY CORP	Com	92840M128	9	33,717	SH		DFND	4,9,10	33,717	0	0
VOLKSWAGEN AG	Com	928CNV760	2,909	16,000	SH		DFND		16,000	0	0
WELLS FARGO & CO NEW COM STK	Com	949746101	1,959	50,000	SH		DFND	4	50,000	0	0
WELLS FARGO & COMPANY PFT SERIES J	Pref	949746887	1	387	SH		DFND		387	0	0
WELLS FARGO CO - CALLABLE	Pref	949746556	598	25,000	SH		DFND	10	25,000	0	0
WESTINGHOUSE AIR BRAKE TECH CORP	Com	929740108	53	647	SH		DFND	1,2,3,9	647	0	0
ZIEGLER COS INC THE	Com	989506308	1,972	48,972	SH		DFND		48,972	0	0