Iat Reinsurance Co. LTD.

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 2, 2024), Iat Reinsurance Co. LTD. reported 45 stock positions worth $426.9 million. Its top holding was Mercer International (MERC) at 33.0% of the portfolio, followed by Raymond James Financial (RJF, 8.6%) and Goldman Sachs (GS, 8.0%). Compared with Q1 2024, it opened 2 new positions, sold out of 14 and reduced 3. The biggest buy was a new position in Organon (OGN) and the biggest sale Goldman Sachs (GS, shares −33%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001633625
Portfolio Value
$426.9M (Q2 2024)
SEC Filing
0001214659-24-013597 ↗ filed Aug 2, 2024

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $201.0M Q1 2024 Q2 2024: $426.9M $426.9M Q2 2024 Q3 2024: $397.9M Q3 2024 Q4 2024: $427.9M Q4 2024 Q1 2025: $428.7M Q1 2025 Q2 2025: $371.0M Q2 2025 Q3 2025: $394.2M Q3 2025 Q4 2025: $264.3M Q4 2025 Q1 2026: $230.5M Q1 2026 Q2 2026: $125.7M Q2 2026

Holdings 45 stocks · $426.9M
MERC Mercer International Inc. 32.97% 16,480,000 $140.7M No change
RJF Raymond James Financial Inc. 8.63% 298,125 $36.9M No change
GS Goldman Sachs Group Inc. 7.97% 75,200 $34.0M Reduce -32.6%
AMGN Amgen Inc. 6.77% 92,500 $28.9M No change
SRL Scully Royalty Ltd. 5.70% 3,416,664 $24.3M No change
NTPIF Nam Tai Property Inc. 5.41% 5,774,800 $23.1M No change
NAM TAI G63907-10-2 PRIVATE 5.00% 5,336,452 $21.3M No change
SIGI Selective Insurance Group 4.40% 200,000 $18.8M No change
MTN Vail Resorts Inc. 3.54% 84,000 $15.1M No change
HLIO Helios Technologies Inc. 3.36% 300,000 $14.3M No change
GLW Corning Inc. 3.34% 367,350 $14.3M No change
ARGONAUT GROUP STATUTORY TR - CALL 2.81% 12,000 $12.0M No change
XOM Exxon Mobil Corp. 2.15% 79,600 $9.2M No change
EMR Emerson Electric Co. 2.06% 80,000 $8.8M No change
AMD Advanced Micro Devices 1.29% 33,936 $5.5M Reduce -50.8%
CVX Chevron Corp. 0.59% 16,000 $2.5M Reduce -50.0%
GE General Electric filed as GE AEROSPACE 0.56% 15,125 $2.4M No change
TEL Te Connectivity Ltd. 0.44% 12,500 $1.9M No change
SCHW Schwab (charles) Corp. 0.43% 25,000 $1.8M No change
MCD McDonald's Corp. 0.37% 6,250 $1.6M No change
JCI Johnson Controls Internation 0.37% 23,874 $1.6M No change
SPB Spectrum Brands Holdings Inc. 0.26% 12,799 $1.1M No change
PHIG Phi Group Inc. 0.23% 39,712 $973K No change
PG The Procter & Gamble Co. 0.22% 5,700 $940K No change
CHINA FUND INC 0.16% 68,399 $692K No change
GEV GE Vernova Inc. 0.15% 3,780 $648K No change
BRK.A Berkshire Hathaway Inc. Class A 0.14% 1 $612K No change
NNN NNN REIT Inc. 0.13% 13,000 $554K No change
BP BP PLC-Spons ADR 0.13% 15,000 $542K No change
CRSXQ Corsa Coal Corp. 0.09% 2,226,000 $394K No change
GEHC GE Healthcare Technology 0.09% 5,040 $393K No change
ABBV Abbvie Inc. 0.08% 1,948 $334K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.06% 1,500 $259K No change
PRESURANCE HOLDINGS INC filed as CONIFER HLDGS INC 0.04% 250,000 $188K No change
OGN Organon & Co. 0.01% 3,000 $62K New
EMBC Embecta Corp. 0.01% 4,000 $50K New
ADNT Adient PLC 0.01% 1,193 $29K No change
CBL CBL & Associates Properties 0.00% 658 $15K No change
DNOW Dnow Inc. 0.00% 1,100 $15K No change
KD Kyndryl Holdings Inc. 0.00% 300 $8K No change
KALU Kaiser Aluminum Corp. 0.00% 70 $6K No change
BLIAQ BB Liquidating Inc. 0.00% 54,211 $1K No change
BLIBQ BB Liquidating Inc. Class B 0.00% 54,211 $5 No change
MEDLEY LLC ESCROW 0.00% 40,000 $4 No change
ROOMQ Roomstore Inc. 0.00% 43,661 $4 No change
Other holdings (26): bonds, preferreds, convertibles and warrants · $47.1M (not counted above)
SecurityClassShares / PrincipalValueChange
DELPHI FINANCIAL GROUP (TOMARI V0 05/15/37) Pref 328,790$7.9MNo change
TENN VALLEY AUTHORITY (TVA V0 05/01/29 A) Pfd Stk 260,000$5.7MNo change
FARM CREDIT BK OF TEXAS (FARMCB V0 PERP) Pref 44,000$4.4MNo change
COBANK ACB (COBKAC V6.2 PERP H) Pref 41,196$4.1MNo change
EAGLE POINT CREDIT CO (ECC 5.375 01/31/29) Pref 120,000$2.7MNo change
TENN VALLEY AUTHORITY (TVA V2.134 06/01/28 D) Corporate Bond 120,000$2.7MNo change
AFFILIATED MANAGERS GROU (AMG 6.75 03/30/64) PFD 100,000$2.6MReduce -50.0%
BRC GROUP HOLDINGS INC (RILY 5.25 08/31/28) Pref 140,000$2.1MNo change
SCE TRUST VIII (EIX 6.95 PERP N) Pref 80,000$2.1MNew
OXFORD LANE CAPITAL CORP (OXLC 8.75 06/30/30) Pref 80,000$2.0MNew
TRINITY CAPITAL INC/MD (TRIN 7.875 03/30/29) Pref 60,000$1.5MNew
AXIS CAPITAL HLDGS LTD (AXS 5.5 PERP E) Pref 70,000$1.5MNo change
US BANCORP (USB 4.5 PERP O) Common Stock 60,000$1.2MNo change
BANK OZK (OZK 4.625 PERP A) Pref 60,000$934KNo change
PROSPECT CAPITAL CORP (PSEC 5.35 PERP A) Pref 50,000$835KNo change
CUSTOMERS BANCORP INC (CUBI 5.375 12/30/34) Pref 40,000$772KNo change
HUDSON PACIFIC PROPERTIE (HPP 4.75 PERP C) PFD 55,000$754KNo change
HEARTLAND FINANCIAL USA (HTLF V7 PERP E) PFD 22,500$565KNo change
BROOKFIELD BRP HOLDINGS (BEPUCN 7.25 PERP) Pref 20,000$513KNo change
GREAT ELM CAPITAL CORP (GECC 8.5 04/30/29) Pref 20,000$504KNew
ALGONQUIN PWR & UTILITY (AQNCN V4.01 07/01/79 19-A) Pref 20,000$502KReduce -75.0%
ATLANTICUS HOLDINGS CORP (ATLC 6.125 11/30/26) Pref 20,000$453KNo change
OFFICE PPTY INCOME TRST (OPI 6.375 06/23/50 0000) Pref 40,000$403KNo change
SLM CORP (SLM V0 PERP B) PFD 4,500$341KNo change
OSAIC FINANCIAL SVCS INC (LTS 6.5 11/30/27) Pref 5,000$97KNo change
WELLS FARGO & COMPANY (WFC V0 PERP DEPs) PFD 387$128No change

Total filed on the 13F, all lines: $474.0M.

Portfolio Sells Q1 2024 → Q2 2024
GS Goldman Sachs Group Inc. Reduce -32.6% 7.97% −6.91
AMD Advanced Micro Devices Reduce -50.8% 1.29% −4.90
JEF Jefferies Financial Group Inc. Sold out 0.00% −3.30
BA The Boeing Co. Sold out 0.00% −2.63
BX Blackstone Inc. Sold out 0.00% −2.48
WFC Wells Fargo & Co. Sold out 0.00% −1.44
DIS The Walt Disney Co. Sold out 0.00% −1.40
VOLKSWAGEN AG Sold out 0.00% −1.22
J Jacobs Solutions Inc. Sold out 0.00% −0.96
CVX Chevron Corp. Reduce -50.0% 0.59% −0.67
DO Diamond Offshore Drilling Inc. Sold out 0.00% −0.42
FOX Fox Corp. Class B Sold out 0.00% −0.36
VTS Vitesse Energy Inc. Sold out 0.00% −0.21
WAB Wabtec Corp. Sold out 0.00% −0.01
CDVIQ Cal Dive International Inc. Sold out 0.00% −0.00
ESC PFD MEDLEY LLC ESCROW Sold out 0.00% 0.00
MYMX Mymetics Corp. Sold out 0.00% 0.00

Portfolio Buys Q1 2024 → Q2 2024
OGN Organon & Co. New 0.01% +0.01
EMBC Embecta Corp. New 0.01% +0.01

Notes & Other Activity Q1 2024 → Q2 2024
AFFILIATED MANAGERS GROU (AMG 6.75 03/30/64) PFD Reduce -50.0% 100,000 $2.6M
SCE TRUST VIII (EIX 6.95 PERP N) Pref New 80,000 $2.1M
OXFORD LANE CAPITAL CORP (OXLC 8.75 06/30/30) Pref New 80,000 $2.0M
TRINITY CAPITAL INC/MD (TRIN 7.875 03/30/29) Pref New 60,000 $1.5M
ENERGY TRANSFER LP (ET V7.6 PERP E) Pref Sold out 120,000 $1.0Mbefore exit
ATHENE HOLDING LTD (ATH V7.25 03/30/64) Pref Sold out 70,000 $510Kbefore exit
GREAT ELM CAPITAL CORP (GECC 8.5 04/30/29) Pref New 20,000 $504K
ALGONQUIN PWR & UTILITY (AQNCN V4.01 07/01/79 19-A) Pref Reduce -75.0% 20,000 $502K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 34$125.7MNAM TAI G63907-10-2 PRIVATE, AMD, HLIO, AMGN, MTN
Q1 2026 29$230.5MAMGN, NTPIF, NAM TAI G63907-10-2 PRIVATE, SRL, MERC
Q4 2025 32$264.3MMERC, GLW, AMGN, SRL, NTPIF
Q3 2025 47$394.2MGS, RJF, MERC, GLW, AMGN
Q2 2025 46$371.0MMERC, GS, RJF, AMGN, NTPIF
Q1 2025 46$428.7MMERC, RJF, GS, NTPIF, NAM TAI G63907-10-2 PRIVATE
Q4 2024 45$427.9MMERC, RJF, GS, SRL, NTPIF
Q3 2024 46$397.9MMERC, GS, RJF, AMGN, SRL
Q2 2024 45$426.9MMERC, RJF, GS, AMGN, SRL
Q1 2024 56$201.0MGS, NAM TAI G63907-10-2 PRIVATE, SIGI, RJF, AMD