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	301,882	1,948	SH		DFND		1,948	0	0
ADVANCED MICRO DEVICES INC	Com	007903107	10,161,856	68,936	SH		DFND	2	68,936	0	0
AGRIBANK FCB - CALLABLE	Pref	00850L203	2,021,880	20,300	SH		DFND	3,10	20,300	0	0
ALGONQUIN POWER & UTILITIES CORP	Pref	015857808	965,600	40,000	SH		DFND	3	40,000	0	0
AMGEN INC	Com	031162100	26,641,850	92,500	SH		DFND	4,7,9	92,500	0	0
ATLANTICUS HOLDINS CORP - CALL	Pref	04914Y300	464,000	20,000	SH		DFND	10	20,000	0	0
AXIS CAPITAL HOLDINGS-CALLABLE	Pref	05461T305	1,488,200	70,000	SH		DFND	1,11	70,000	0	0
BB LIQUIDATING INC - CLASS A	Com	05532D107	542	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	531,000	15,000	SH		DFND	3	15,000	0	0
B RILEY FINANCIAL INC - CALLABLE	Pref	05580M819	1,891,400	140,000	SH		DFND	1,2,9	140,000	0	0
BANK OZK	Pref	06417N202	1,001,022	60,000	SH		DFND	1,2	60,000	0	0
BERKSHIRE HATHAWAY INC DEL CL A	Com	084670108	542,625	1	SH		DFND		1	0	0
BLACKSTONE GROUP INC CLASS A	Com	09260D107	4,974,960	38,000	SH		DFND		38,000	0	0
BOEING CO	Com	097023105	7,142,084	27,400	SH		DFND		27,400	0	0
CBL & ASSOC PPTYS INC	Com	124830878	16,068	658	SH		DFND	2	658	0	0
CAL DIVE INTERNATIONAL INC	Com	12802T101	500	500,000	SH		DFND		500,000	0	0
CHEVRON CORPORATION	Com	166764100	2,386,560	16,000	SH		DFND	2,3	16,000	0	0
CHINA FUND INC	Com	169373107	694,934	68,399	SH		DFND		68,399	0	0
COBANK ACB	Pref	19075Q862	3,987,773	41,196	SH		DFND	1,2,11,10	41,196	0	0
CONIFER HOLDINGS INC	Com	20731J102	274,975	250,000	SH		DFND	4	250,000	0	0
CORNING INC	Com	219350105	11,185,808	367,350	SH		DFND		367,350	0	0
CORSA COAL CORP	Com	22041E609	667,800	2,226,000	SH		DFND		2,226,000	0	0
CUSTOMERS BANCORP INC	Pref	23204G803	800,000	40,000	SH		DFND	1	40,000	0	0
DTE ENERGY CO - CALLABLE	Pref	233331859	2,215,800	90,000	SH		DFND	1,2	90,000	0	0
DELPHI FINANCIAL GROUP - CALLABLE	Pref	247131303	5,262,819	222,812	SH		DFND	2,3,4,9	222,812	0	0
DIAMOND OFFSHORE DRILLING INC	Com	25271C201	2,711,579	208,583	SH		DFND	1,4,7,10	208,583	0	0
DISNEY WALT CO	Com	254687106	2,082,990	23,070	SH		DFND		23,070	0	0
EAGLE POINT CREDIT CO-CALLABLE	Pref	269809885	2,700,000	120,000	SH		DFND	1,2,9	120,000	0	0
EMERSON ELEC CO	Com	291011104	7,786,400	80,000	SH		DFND	2,10	80,000	0	0
EXXON MOBIL CORP	Com	30231G102	7,958,408	79,600	SH		DFND	4	79,600	0	0
FARM CREDIT BK OF TEXAS-CALL-144A	Pref	30767E406	4,378,000	44,000	SH		DFND	4,11,7,9,10	44,000	0	0
FOX CORP CLASS B	Com	35137L204	692,024	25,028	SH		DFND		25,028	0	0
GE HEALTHCARE TECHNOLOGIES INC	Com	36266G107	389,693	5,040	SH		DFND	1,2,3,9	5,040	0	0
GENERAL ELECTRIC CO	Com	369604301	1,930,404	15,125	SH		DFND	1,2,3,9	15,125	0	0
GOLDMAN SACHS GROUP INC	Com	38141G104	43,013,355	111,500	SH		DFND	3,4	111,500	0	0
HEARTLAND FINANCIAL USA-CALLABLE	Pref	42234Q201	552,150	22,500	SH		DFND	2	22,500	0	0
HELIOS TECHNOLOGIES INC	Com	42328H109	13,605,000	300,000	SH		DFND	4,10	300,000	0	0
HUDSON PACIFIC PROPERTIES INC-CALL	Pref	444097307	746,625	55,000	SH		DFND	1,2	55,000	0	0
INTL BUSINESS MACHINES CORP	Com	459200101	245,325	1,500	SH		DFND	1	1,500	0	0
JEFFERIES FINANCIAL GROUP INC	Com	47233W109	14,582,838	360,872	SH		DFND	4,7,9,10	360,872	0	0
KAISER ALUM CORP DEPOSITARY S CMN	Com	483007704	4,983	70	SH		DFND	10	70	0	0
KYNDRYL HLDGS INC	Com	50155Q100	6,234	300	SH		DFND	1	300	0	0
LADENBURG THALMAN FIN SVCS INC	Pref	50575Q300	93,750	5,000	SH		DFND	9	5,000	0	0
MCDONALDS CORP	Com	580135101	1,853,188	6,250	SH		DFND	3	6,250	0	0
MEDLEY LLC ESCROW	Pref	585ESC023	4	40,000	SH		DFND	9,10	40,000	0	0
MERCER INTERNATIONAL INC SBI	Com	588056101	156,230,400	16,480,000	SH		DFND	1,2,3,4,7,9,10	16,480,000	0	0
MORGAN STANLEY	Pref	61763E207	2,502,070	100,000	SH		DFND	9	100,000	0	0
MYMETICS CORP	Com	62856A300	230	1,093	SH		DFND	7,10	1,093	0	0
NATIONAL RETAIL PPTYS INC	Com	637417106	560,300	13,000	SH		DFND	4	13,000	0	0
NISOURCE INC - CALLABLE	Pref	65473P881	1,998,000	80,000	SH		DFND	1,2,9	80,000	0	0
NOW INC DE	Com	67011P100	12,452	1,100	SH		DFND	2	1,100	0	0
OFFICE PPTYS INCOME TR	Pref	67623C208	516,800	40,000	SH		DFND	1,2	40,000	0	0
PHI GROUP INC	Com	69360B104	942,763	39,712	SH		DFND	4,10	39,712	0	0
PROCTER & GAMBLE CO	Com	742718109	835,278	5,700	SH		DFND		5,700	0	0
PROSPECT CAP CORP	Pref	74348T565	880,500	50,000	SH		DFND	2	50,000	0	0
RAYMOND JAMES FNCL INC	Com	754730109	33,240,938	298,125	SH		DFND	4,9	298,125	0	0
ROOMSTORE INC - CMN	Com	77638R108	4	43,661	SH		DFND		43,661	0	0
SCE TRUST VII - CALLABLE	Pref	783892201	1,568,400	60,000	SH		DFND	1,3	60,000	0	0
SLM CORP PFD SERIES B	Pref	78442P502	303,750	4,500	SH		DFND	11	4,500	0	0
SCHWAB CHARLES CORP NEW	Com	808513105	1,720,000	25,000	SH		DFND		25,000	0	0
SELECTIVE INS GROUP INC	Com	816300107	19,896,000	200,000	SH		DFND	10	200,000	0	0
SPECTRUM BRANDS HOLDINGS INC	Com	84790A105	1,020,976	12,799	SH		DFND	4,7,9,10	12,799	0	0
STATE STREET CORP-CALLABLE	Pref	857477608	5,010,000	200,000	SH		DFND	2,3,4,7,9,10	200,000	0	0
TENNESSEE VALLEY AUTHORITY PARRS	Pref	880591300	1,824,800	80,000	SH		DFND	9	80,000	0	0
TENNESSEE VALLEY AUTHORITY	Pref	880591409	4,950,000	220,000	SH		DFND	3,9	220,000	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	1,171,800	60,000	SH		DFND	1,2	60,000	0	0
VAIL RESORTS INC.	Com	91879Q109	17,931,480	84,000	SH		DFND	3,4,10	84,000	0	0
VISTRA ENERGY CORP	Com	92840M128	246	33,717	SH		DFND	4,9,10	33,717	0	0
VITESSE ENERGY INC	Com	92852X103	929,646	42,469	SH		DFND	4	42,469	0	0
VITESSE ENERGY INC	Com	92852X103	929,646	42,469	SH		DFND	4,7,9,10	42,469	0	0
VOLKSWAGEN AG	Com	928CNV760	2,093,533	16,000	SH		DFND		16,000	0	0
WESTINGHOUSE AIR BRAKE TECH CORP	Com	929740108	82,104	647	SH		DFND	1,2,3,9	647	0	0
WELLS FARGO & CO NEW COM STK	Com	949746101	2,461,000	50,000	SH		DFND	4	50,000	0	0
WELLS FARGO & CO -CALLABLE	Pref	949746465	1,507,200	60,000	SH		DFND	10	60,000	0	0
WELLS FARGO & COMPANY PFT SERIES J	Pref	949746887	406	387	SH		DFND		387	0	0
ADIENT LTD	Com	G0084W101	43,377	1,193	SH		DFND		1,193	0	0
JOHNSON CTLS INTL PLC	Com	G51502105	1,376,097	23,874	SH		DFND	9	23,874	0	0
NAM TAI PROPERTY INC	Com	G63907102	27,430,300	5,774,800	SH		DFND	1,2,3,4,7,9,10	5,774,800	0	0
NAM TAI G63907-10-2 PRIVATE	Com	G63907PP1	25,348,147	5,336,452	SH		DFND		5,336,452	0	0
SCULLY ROYALTY LTD	Com	G7T96K107	20,841,650	3,416,664	SH		DFND	1,2,3,4,7,9,10	3,416,664	0	0
TE CONNECTIVITY LIMITED	Com	H84989104	1,756,250	12,500	SH		DFND		12,500	0	0