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
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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	354,731	1,948	SH		DFND		1,948	0	0
ADVANCED MICRO DEVICES INC	Com	007903107	12,442,259	68,936	SH		DFND	2	68,936	0	0
AFFILIATED MANAGERS GROUP INC-CALL	Pref	008252827	2,554,000	200,000	SH		DFND	1,3,11,9	200,000	0	0
ALGONQUIN POWER & UTILITIES CORP	Pref	015857808	1,000,400	80,000	SH		DFND	1,3	80,000	0	0
AMGEN INC	Com	031162100	7,108,000	92,500	SH		DFND	4,7,9	92,500	0	0
ATHENE HOLDING LTD-CALLABLE	Pref	04686J838	510,200	70,000	SH		DFND	11,10	70,000	0	0
ATLANTICUS HOLDINS CORP - CALL	Pref	04914Y300	474,746	20,000	SH		DFND	10	20,000	0	0
AXIS CAPITAL HOLDINGS-CALLABLE	Pref	05461T305	906,800	70,000	SH		DFND	1,11	70,000	0	0
BB LIQUIDATING INC - CLASS A	Com	05532D107	98	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	565,200	15,000	SH		DFND	3	15,000	0	0
B RILEY FINANCIAL INC - CALLABLE	Pref	05580M819	544,000	140,000	SH		DFND	1,2,9	140,000	0	0
BANK OZK	Pref	06417N202	347,900	60,000	SH		DFND	1,2	60,000	0	0
BERKSHIRE HATHAWAY INC DEL CL A	Com	084670108	634,440	1	SH		DFND		1	0	0
BLACKSTONE GROUP INC CLASS A	Com	09260D107	4,992,060	38,000	SH		DFND		38,000	0	0
BOEING CO	Com	097023105	5,287,926	27,400	SH		DFND		27,400	0	0
BROOKFIELD BRP HLDGS INC-CALLABLE	Pref	11259P307	500,200	20,000	SH		DFND	1	20,000	0	0
CBL & ASSOC PPTYS INC	Com	124830878	15,075	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	1,577,400	16,000	SH		DFND	2	16,000	0	0
CHEVRON CORPORATION	Com	166764100	946,440	16,000	SH		DFND	2,3	16,000	0	0
CHINA FUND INC	Com	169373107	683,306	68,399	SH		DFND		68,399	0	0
COBANK ACB	Pref	19075Q862	942,754	41,196	SH		DFND	1,2,11,10	41,196	0	0
CONIFER HOLDINGS INC	Com	20731J102	282,475	250,000	SH		DFND	4	250,000	0	0
CORNING INC	Com	219350105	12,107,856	367,350	SH		DFND		367,350	0	0
CORSA COAL CORP	Com	22041E609	476,364	2,226,000	SH		DFND		2,226,000	0	0
CUSTOMERS BANCORP INC	Pref	23204G803	791,380	40,000	SH		DFND	1	40,000	0	0
DELPHI FINANCIAL GROUP - CALLABLE	Pref	247131303	3,996,750	328,790	SH		DFND	2,3,4,9	328,790	0	0
DIAMOND OFFSHORE DRILLING INC	Com	25271C201	853,523	208,583	SH		DFND	1,4,7,10	208,583	0	0
DISNEY WALT CO	Com	254687106	2,822,845	23,070	SH		DFND		23,070	0	0
EAGLE POINT CREDIT CO-CALLABLE	Pref	269809885	896,800	120,000	SH		DFND	1,2,9	120,000	0	0
EMERSON ELEC CO	Com	291011104	5,671,000	80,000	SH		DFND	2,10	80,000	0	0
ENERGY TRANSFER L P	Pref	29273V605	1,011,200	120,000	SH		DFND	1,2,3,10	120,000	0	0
EXXON MOBIL CORP	Com	30231G102	534,704	79,600	SH		DFND	4	79,600	0	0
FARM CREDIT BK OF TEXAS-CALL-144A	Pref	30767E406	497,500	44,000	SH		DFND	4,11,7,9,10	44,000	0	0
FOX CORP CLASS B	Com	35137L204	716,301	25,028	SH		DFND		25,028	0	0
GE HEALTHCARE TECHNOLOGIES INC	Com	36266G107	132,547	5,040	SH		DFND	1,2,3,9	5,040	0	0
GENERAL ELECTRIC CO	Com	369604301	767,944	15,125	SH		DFND	1,2,3,9	15,125	0	0
GOLDMAN SACHS GROUP INC	Com	38141G104	29,906,604	111,500	SH		DFND	3,4	111,500	0	0
HEARTLAND FINANCIAL USA-CALLABLE	Pref	42234Q201	560,025	22,500	SH		DFND	2	22,500	0	0
HELIOS TECHNOLOGIES INC	Com	42328H109	6,703,500	300,000	SH		DFND	4,10	300,000	0	0
HUDSON PACIFIC PROPERTIES INC-CALL	Pref	444097307	564,000	55,000	SH		DFND	1,2	55,000	0	0
INTL BUSINESS MACHINES CORP	Com	459200101	286,440	1,500	SH		DFND	1	1,500	0	0
JACOBS SOLUTIONS INC	Com	46982L108	1,929,312	12,550	SH		DFND		12,550	0	0
JEFFERIES FINANCIAL GROUP INC	Com	47233W109	6,626,598	360,872	SH		DFND	4,7,9,10	360,872	0	0
KAISER ALUM CORP DEPOSITARY S CMN	Com	483007704	6,255	70	SH		DFND	10	70	0	0
KYNDRYL HLDGS INC	Com	50155Q100	6,528	300	SH		DFND	1	300	0	0
LADENBURG THALMAN FIN SVCS INC	Pref	50575Q300	93,500	5,000	SH		DFND	9	5,000	0	0
MCDONALDS CORP	Com	580135101	1,762,188	6,250	SH		DFND	3	6,250	0	0
ESC PFD MEDLEY LLC ESCROW	Pref	585ESC015	0	40,000	SH		DFND	2,4	40,000	0	0
MEDLEY LLC ESCROW	Pref	585ESC023	2	40,000	SH		DFND	9,10	40,000	0	0
MERCER INTERNATIONAL INC SBI	Com	588056101	6,268,500	16,480,000	SH		DFND	1,2,3,4,7,9,10	16,480,000	0	0
MYMETICS CORP	Com	62856A300	3	1,092	SH		DFND	7,10	1,092	0	0
NATIONAL RETAIL PPTYS INC	Com	637417106	555,620	13,000	SH		DFND	4	13,000	0	0
NOW INC DE	Com	67011P100	16,720	1,100	SH		DFND	2	1,100	0	0
OFFICE PPTYS INCOME TR	Pref	67623C208	220,400	40,000	SH		DFND	1,2	40,000	0	0
PHI GROUP INC	Com	69360B104	432,861	39,712	SH		DFND	4,10	39,712	0	0
PROCTER & GAMBLE CO	Com	742718109	924,825	5,700	SH		DFND		5,700	0	0
PROSPECT CAP CORP	Pref	74348T565	954,500	50,000	SH		DFND	2	50,000	0	0
RAYMOND JAMES FNCL INC	Com	754730109	14,206,463	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	342,360	4,500	SH		DFND	11	4,500	0	0
SCHWAB CHARLES CORP NEW	Com	808513105	1,808,500	25,000	SH		DFND		25,000	0	0
SELECTIVE INS GROUP INC	Com	816300107	21,834,000	200,000	SH		DFND	10	200,000	0	0
SPECTRUM BRANDS HOLDINGS INC	Com	84790A105	669,711	12,799	SH		DFND	4,7,9,10	12,799	0	0
TENNESSEE VALLEY AUTHORITY PARRS	Pref	880591300	2,655,600	120,000	SH		DFND	9	120,000	0	0
TENNESSEE VALLEY AUTHORITY	Pref	880591409	3,039,400	260,000	SH		DFND	3,9	260,000	0	0
ARGONAUT GROUP STATUTORY TR - CALL	Pref	8AMCSFQW9	2,000,000	12,000	SH		DFND	1,2,3,4,11,7,9,10	12,000	0	0
US BANCORP -CALLABLE	Pref	902973668	627,300	60,000	SH		DFND	1,2	60,000	0	0
VAIL RESORTS INC.	Com	91879Q109	11,141,500	84,000	SH		DFND	3,4,10	84,000	0	0
VITESSE ENERGY INC	Com	92852X103	419,641	42,469	SH		DFND	4,7,9,10	42,469	0	0
VOLKSWAGEN AG	Com	928CNV760	2,446,848	16,000	SH		DFND		16,000	0	0
WESTINGHOUSE AIR BRAKE TECH CORP	Com	929740108	27,242	647	SH		DFND	1,2,3,9	647	0	0
WELLS FARGO & CO NEW COM STK	Com	949746101	2,898,000	50,000	SH		DFND	4	50,000	0	0
WELLS FARGO & COMPANY PFT SERIES J	Pref	949746887	74	387	SH		DFND		387	0	0
ADIENT LTD	Com	G0084W101	39,274	1,193	SH		DFND		1,193	0	0
JOHNSON CTLS INTL PLC	Com	G51502105	779,725	23,874	SH		DFND	9	23,874	0	0
NAM TAI PROPERTY INC	Com	G63907102	1,716,000	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	22,893,379	5,336,452	SH		DFND		5,336,452	0	0
SCULLY ROYALTY LTD	Com	G7T96K107	1,873,450	3,416,664	SH		DFND	1,2,3,4,7,9,10	3,416,664	0	0
TE CONNECTIVITY LIMITED	Com	H84989104	1,815,500	12,500	SH		DFND		12,500	0	0