Iat Reinsurance Co. LTD.

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 8, 2024), Iat Reinsurance Co. LTD. reported 46 stock positions worth $397.9 million. Its top holding was Mercer International (MERC) at 28.0% of the portfolio, followed by Goldman Sachs (GS, 9.4%) and Raymond James Financial (RJF, 9.2%). Compared with Q2 2024, it opened 2 new positions, sold out of 1 and reduced 1. The biggest buy was a new position in Blackstone (BX) and the biggest sale Corning (GLW, shares −27%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001633625
Portfolio Value
$397.9M (Q3 2024)
SEC Filing
0001214659-24-018593 ↗ filed Nov 8, 2024

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $201.0M Q1 2024 Q2 2024: $426.9M Q2 2024 Q3 2024: $397.9M $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 46 stocks · $397.9M
MERC Mercer International Inc. 28.04% 16,480,000 $111.6M No change
GS Goldman Sachs Group Inc. 9.36% 75,200 $37.2M No change
RJF Raymond James Financial Inc. 9.17% 298,125 $36.5M No change
AMGN Amgen Inc. 7.49% 92,500 $29.8M No change
SRL Scully Royalty Ltd. 6.87% 3,416,664 $27.3M No change
SIGI Selective Insurance Group 4.69% 200,000 $18.7M No change
MTN Vail Resorts Inc. 3.68% 84,000 $14.6M No change
NTPIF Nam Tai Property Inc. 3.63% 5,774,800 $14.4M No change
HLIO Helios Technologies Inc. 3.60% 300,000 $14.3M No change
NAM TAI G63907-10-2 PRIVATE 3.35% 5,336,452 $13.3M No change
GLW Corning Inc. 3.03% 267,350 $12.1M Reduce -27.2%
ARGONAUT GROUP STATUTORY TR - CALL 3.02% 12,000 $12.0M No change
BX Blackstone Inc. 2.81% 73,000 $11.2M New
XOM Exxon Mobil Corp. 2.34% 79,600 $9.3M No change
EMR Emerson Electric Co. 2.20% 80,000 $8.7M No change
AMD Advanced Micro Devices 1.40% 33,936 $5.6M No change
GE General Electric filed as GE AEROSPACE 0.72% 15,125 $2.9M No change
CVX Chevron Corp. 0.59% 16,000 $2.4M No change
MCD McDonald's Corp. 0.48% 6,250 $1.9M No change
TEL Te Connectivity PLC 0.47% 12,500 $1.9M No change
JCI Johnson Controls Internation 0.47% 23,874 $1.9M No change
SCHW Schwab (charles) Corp. 0.41% 25,000 $1.6M No change
SPB Spectrum Brands Holdings Inc. 0.31% 12,799 $1.2M No change
PG The Procter & Gamble Co. 0.25% 5,700 $987K No change
GEV GE Vernova Inc. 0.24% 3,780 $964K No change
PHIG Phi Group Inc. 0.24% 39,712 $953K No change
CHINA FUND INC 0.22% 68,399 $871K No change
BRK.A Berkshire Hathaway Inc. Class A 0.17% 1 $691K No change
NNN NNN REIT Inc. 0.16% 13,000 $630K No change
GEHC GE Healthcare Technology 0.12% 5,040 $473K No change
BP BP PLC-Spons ADR 0.12% 15,000 $471K No change
ABBV Abbvie Inc. 0.10% 1,948 $385K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.08% 1,500 $332K No change
CRSXQ Corsa Coal Corp. 0.08% 2,226,000 $312K No change
PRESURANCE HOLDINGS INC filed as CONIFER HLDGS INC 0.07% 250,000 $273K No change
OGN Organon & Co. 0.01% 3,000 $57K No change
EMBC Embecta Corp. 0.01% 4,000 $56K No change
ADNT Adient PLC 0.01% 1,193 $27K No change
CBL CBL & Associates Properties 0.00% 658 $17K No change
DNOW Dnow Inc. 0.00% 1,100 $14K No change
KD Kyndryl Holdings Inc. 0.00% 300 $7K No change
KALU Kaiser Aluminum Corp. 0.00% 70 $5K No change
BLIAQ BB Liquidating Inc. 0.00% 54,211 $54 No change
BLIBQ BB Liquidating Inc. Class B 0.00% 54,211 $5 No change
ROOMQ Roomstore Inc. 0.00% 43,661 $4 No change
MEDLEY LLC ESCROW 0.00% 40,000 $4 New
Other holdings (26): bonds, preferreds, convertibles and warrants · $43.7M (not counted above)
SecurityClassShares / PrincipalValueChange
DELPHI FINANCIAL GROUP (TOMARI V0 05/15/37) Pref 328,790$8.1MNo change
TENN VALLEY AUTHORITY (TVA V0 05/01/29 A) Pfd Stk 260,000$5.9MNo change
COBANK ACB (COBKAC V6.2 PERP H) Pref 41,196$4.1MNo change
TENN VALLEY AUTHORITY (TVA V2.134 06/01/28 D) Corporate Bond 120,000$2.8MNo change
EAGLE POINT CREDIT CO (ECC 5.375 01/31/29) Pref 120,000$2.8MNo change
AFFILIATED MANAGERS GROU (AMG 6.75 03/30/64) PFD 100,000$2.6MNo change
OXFORD LANE CAPITAL CORP (OXLC 8.75 06/30/30) Pref 80,000$2.1MNo change
AXIS CAPITAL HLDGS LTD (AXS 5.5 PERP E) Pref 70,000$1.6MNo change
TRINITY CAPITAL INC/MD (TRIN 7.875 03/30/29) Pref 60,000$1.5MNo change
NEWTEKONE INC (NEWT 8.625 10/15/29) Pref 60,000$1.5MNew
US BANCORP (USB 4.5 PERP O) Common Stock 60,000$1.3MNo change
BRC GROUP HOLDINGS INC (RILY 5.25 08/31/28) Pref 140,000$1.2MNo change
BANK OZK (OZK 4.625 PERP A) Pref 60,000$1.1MNo change
SCE TRUST VIII (EIX 6.95 PERP N) Pref 40,000$1.1MReduce -50.0%
PROSPECT CAPITAL CORP (PSEC 5.35 PERP A) Pref 50,000$950KNo change
CUSTOMERS BANCORP INC (CUBI 5.375 12/30/34) Pref 40,000$810KNo change
HUDSON PACIFIC PROPERTIE (HPP 4.75 PERP C) PFD 55,000$765KNo change
OFFICE PPTY INCOME TRST (OPI 6.375 06/23/50 0000) Pref 40,000$591KNo change
HEARTLAND FINANCIAL USA (HTLF V7 PERP E) PFD 22,500$565KNo change
ALGONQUIN PWR & UTILITY (AQNCN V4.01 07/01/79 19-A) Pref 20,000$528KNo change
BROOKFIELD BRP HOLDINGS (BEPUCN 7.25 PERP) Pref 20,000$511KNo change
GREAT ELM CAPITAL CORP (GECC 8.5 04/30/29) Pref 20,000$508KNo change
ATLANTICUS HOLDINGS CORP (ATLC 6.125 11/30/26) Pref 20,000$477KNo change
SLM CORP (SLM V0 PERP B) PFD 4,500$340KNo change
OSAIC FINANCIAL SVCS INC (LTS 6.5 11/30/27) Pref 5,000$98KNo change
WELLS FARGO & COMPANY (WFC V0 PERP DEPs) PFD 387$9No change

Total filed on the 13F, all lines: $441.7M.

Portfolio Sells Q2 2024 → Q3 2024
GLW Corning Inc. Reduce -27.2% 3.03% −0.31
MEDLEY LLC ESCROW Sold out 0.00% 0.00

Portfolio Buys Q2 2024 → Q3 2024
BX Blackstone Inc. New 2.81% +2.81
MEDLEY LLC ESCROW New 0.00% 0.00

Notes & Other Activity Q2 2024 → Q3 2024
FARM CREDIT BK OF TEXAS (FARMCB V0 PERP) Pref Sold out 44,000 $4.4Mbefore exit
NEWTEKONE INC (NEWT 8.625 10/15/29) Pref New 60,000 $1.5M
SCE TRUST VIII (EIX 6.95 PERP N) Pref Reduce -50.0% 40,000 $1.1M

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