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
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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
AT&T INC - CALLABLE	Pref	00206R300	2,162,010	100,000	SH		DFND	1,2,10	100,000	0	0
ABBVIE INC	Com	00287Y109	314,816	1,948	SH		DFND		1,948	0	0
ADVANCED MICRO DEVICES INC	Com	007903107	4,464,985	68,936	SH		DFND	2	68,936	0	0
AGRIBANK FCB - CALLABLE	Pref	00850L203	4,518,675	45,300	SH		DFND	1,2,3,10	45,300	0	0
AMGEN INC	Com	031162100	24,294,200	92,500	SH		DFND	4,7,9	92,500	0	0
ATLANTICUS HOLDINS CORP - CALL	Pref	04914Y300	420,000	20,000	SH		DFND	10	20,000	0	0
AXIS CAPITAL HOLDINGS-CALLABLE	Pref	05461T305	1,376,200	70,000	SH		DFND	1,11	70,000	0	0
BB LIQUIDATING INC - CLASS A	Com	05532D107	125	54,211	SH		DFND		54,211	0	0
BB LIQUIDATING INC - CLASS B	Com	05532D206	5	54,211	SH		DFND		54,211	0	0
BP P.L.C. SPONSORED ADR - CMN	Com	055622104	523,950	15,000	SH		DFND	3	15,000	0	0
B RILEY FINANCIAL INC - CALLABLE	Pref	05580M819	2,520,000	140,000	SH		DFND	1,2,9	140,000	0	0
BANK OZK	Pref	06417N202	945,600	60,000	SH		DFND	1,2	60,000	0	0
BERKSHIRE HATHAWAY INC DEL CL A	Com	084670108	468,711	1	SH		DFND		1	0	0
BLACKSTONE GROUP INC CLASS A	Com	09260D107	2,819,220	38,000	SH		DFND		38,000	0	0
BOEING CO	Com	097023105	5,219,426	27,400	SH		DFND		27,400	0	0
CBL & ASSOC PPTYS INC	Com	124830878	15,187	658	SH		DFND	2	658	0	0
CAL DIVE INTERNATIONAL INC	Com	12802T101	50	500,000	SH		DFND		500,000	0	0
CHEVRON CORPORATION	Com	166764100	2,871,840	16,000	SH		DFND	2,3	16,000	0	0
CHINA FUND INC	Com	169373107	883,715	68,399	SH		DFND		68,399	0	0
COBANK ACB	Pref	19075Q862	3,484,416	36,296	SH		DFND	1,2,10	36,296	0	0
CONIFER HOLDINGS INC	Com	20731J102	392,500	250,000	SH		DFND	4	250,000	0	0
CORNING INC	Com	219350105	11,733,159	367,350	SH		DFND		367,350	0	0
CORSA COAL CORP	Com	22041E609	327,890	2,226,000	SH		DFND		2,226,000	0	0
CUSTOMERS BANCORP INC	Pref	23204G803	824,000	40,000	SH		DFND	1	40,000	0	0
DTE ENERGY CO - CALLABLE	Pref	233331859	7,286,200	340,000	SH		DFND	1,2,3,9,10	340,000	0	0
DELPHI FINANCIAL GROUP - CALLABLE	Pref	247131303	1,730,983	77,797	SH		DFND	3,4	77,797	0	0
DIAMOND OFFSHORE DRILLING INC	Com	25271C201	2,169,263	208,583	SH		DFND	1,4,7,10	208,583	0	0
DISNEY WALT CO	Com	254687106	2,004,322	23,070	SH		DFND		23,070	0	0
DUKE ENERGY CORP - CALLABLE	Pref	26441C402	570,000	25,000	SH		DFND	10	25,000	0	0
EAGLE POINT CREDIT CO-CALLABLE	Pref	269809885	2,512,800	120,000	SH		DFND	1,2,9	120,000	0	0
EMERSON ELEC CO	Com	291011104	7,684,800	80,000	SH		DFND	2,10	80,000	0	0
EXXON MOBIL CORP	Com	30231G102	8,779,880	79,600	SH		DFND	4	79,600	0	0
FARM CREDIT BK OF TEXAS-CALL-144A	Pref	30767E406	2,382,000	24,000	SH		DFND	4,9	24,000	0	0
FOX CORP CLASS B	Com	35137L204	712,047	25,028	SH		DFND		25,028	0	0
GENERAL ELECTRIC CO	Com	369604301	1,267,324	15,125	SH		DFND	1,2,3,9	15,125	0	0
GOLDMAN SACHS GROUP INC	Com	38141G104	38,286,870	111,500	SH		DFND	3,4,	111,500	0	0
HEARTLAND FINANCIAL USA-CALLABLE	Pref	42234Q201	573,300	22,500	SH		DFND	2	22,500	0	0
HELIOS TECHNOLOGIES INC	Com	42328H109	16,332,000	300,000	SH		DFND	4,10	300,000	0	0
HUDSON PACIFIC PROPERTIES INC-CALL	Pref	444097307	676,500	55,000	SH		DFND	1,2	55,000	0	0
INTEGRYS ENERGY GROUP-CALLABLE	Pref	45822P204	465,000	20,000	SH		DFND	9	20,000	0	0
INTL BUSINESS MACHINES CORP	Com	459200101	211,335	1,500	SH		DFND	1	1,500	0	0
JEFFERIES FINANCIAL GROUP INC	Com	47233W109	12,370,692	360,872	SH		DFND	4,7,9,10	360,872	0	0
KAISER ALUM CORP DEPOSITARY S CMN	Com	483007704	5,317	70	SH		DFND	10	70	0	0
KYNDRYL HLDGS INC	Com	50155Q100	3,336	300	SH		DFND	1	300	0	0
LADENBURG THALMAN FIN SVCS INC	Pref	50575Q300	87,500	5,000	SH		DFND	9	5,000	0	0
MCDONALDS CORP	Com	580135101	1,647,063	6,250	SH		DFND	3	6,250	0	0
ESC PFD MEDLEY LLC ESCROW	Pref	585ESC015	6,404	40,000	SH		DFND	2,4	40,000	0	0
MEDLEY LLC ESCROW	Pref	585ESC023	6,400	40,000	SH		DFND	9,10	40,000	0	0
MERCER INTERNATIONAL INC SBI	Com	588056101	191,827,200	16,480,000	SH		DFND	1,2,3,4,7,9,10	16,480,000	0	0
MYMETICS CORP	Com	62856A102	65,594	2,186,473	SH		DFND	7,10	2,186,473	0	0
NATIONAL RETAIL PPTYS INC	Com	637417106	594,880	13,000	SH		DFND	4	13,000	0	0
NOW INC DE	Com	67011P100	13,970	1,100	SH		DFND	2	1,100	0	0
OFFICE PPTYS INCOME TR	Pref	67623C208	687,308	40,000	SH		DFND	1,2	40,000	0	0
PHI GROUP INC	Com	69360B104	377,264	39,712	SH		DFND	4,10	39,712	0	0
PFSWEB INC	Com	717098206	4,612,500	750,000	SH		DFND	2,10	750,000	0	0
PROCTER & GAMBLE CO	Com	742718109	863,892	5,700	SH		DFND		5,700	0	0
PROSPECT CAP CORP	Pref	74348T565	747,500	50,000	SH		DFND	2	50,000	0	0
RAYMOND JAMES FNCL INC	Com	754730109	31,854,656	298,125	SH		DFND	4,9	298,125	0	0
ROOMSTORE INC - CMN	Com	77638R108	4	43,661	SH		DFND		43,661	0	0
SLM CORP PFD SERIES B	Pref	78442P502	400,750	7,000	SH		DFND	11	7,000	0	0
SCHWAB CHARLES CORP NEW	Com	808513105	2,081,500	25,000	SH		DFND		25,000	0	0
SELECTIVE INS GROUP INC	Com	816300107	17,722,000	200,000	SH		DFND	10	200,000	0	0
SPECTRUM BRANDS HOLDINGS INC	Com	84790A105	779,715	12,799	SH		DFND	4,7,9,10	12,799	0	0
TIDWATER INC WTS SERIES A 7/31/23	Com	88642R117	984	903	SH		DFND		903	0	0
TIDEWATER INC WTS SERIES B 7/31/23	Com	88642R125	647	976	SH		DFND		976	0	0
ARGONAUT GROUP STATUTORY TR - CALL	Pref	8AMCSFQW9	12,000,000	12,000	SH		DFND	1,2,3,4,11,7,9,10	12,000	0	0
US BANCORP -CALLABLE	Pref	902973668	1,099,800	60,000	SH		DFND	1,2	60,000	0	0
VAIL RESORTS INC.	Com	91879Q109	20,021,400	84,000	SH		DFND	3,4,10	84,000	0	0
VISTRA ENERGY CORP	Com	92840M128	8,089	33,717	SH		DFND	4,9,10	33,717	0	0
VOLKSWAGEN AG	Com	928CNV760	2,521,272	16,000	SH		DFND		16,000	0	0
WESTINGHOUSE AIR BRAKE TECH CORP	Com	929740108	64,577	647	SH		DFND	1,2,3,9	647	0	0
WELLS FARGO & CO NEW COM STK	Com	949746101	2,064,500	50,000	SH		DFND	4	50,000	0	0
WELLS FARGO & COMPANY PFT SERIES J	Pref	949746887	538	387	SH		DFND		387	0	0
ADIENT LTD	Com	G0084W101	41,385	1,193	SH		DFND		1,193	0	0
JOHNSON CTLS INTL PLC	Com	G51502105	1,527,936	23,874	SH		DFND	9	23,874	0	0
NAM TAI PROPERTY INC	Com	G63907102	7,680,484	5,774,800	SH		DFND	1,2,3,4,7,9,10	5,774,800	0	0
SCULLY ROYALTY LTD	Com	G7T96K107	26,342,479	3,416,664	SH		DFND	1,2,3,4,7,9,10	3,416,664	0	0
TE CONNECTIVITY LIMITED	Com	H84989104	1,435,000	12,500	SH		DFND		12,500	0	0