Iat Reinsurance Co. LTD.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 12, 2025), Iat Reinsurance Co. LTD. reported 45 stock positions worth $427.9 million. Its top holding was Mercer International (MERC) at 25.0% of the portfolio, followed by Raymond James Financial (RJF, 10.8%) and Goldman Sachs (GS, 10.1%). Compared with Q3 2024, it opened 2 new positions, sold out of 3 and added to 1. The biggest buy was Corning (GLW, shares +37%) and the biggest sale an exit from Blackstone (BX).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001633625
Portfolio Value
$427.9M (Q4 2024)
SEC Filing
0001214659-25-002422 ↗ filed Feb 12, 2025

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 Q3 2024 Q4 2024: $427.9M $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 · $427.9M
MERC Mercer International Inc. 25.04% 16,480,000 $107.1M No change
RJF Raymond James Financial Inc. 10.82% 298,125 $46.3M No change
GS Goldman Sachs Group Inc. 10.06% 75,200 $43.1M No change
SRL Scully Royalty Ltd. 7.39% 3,416,664 $31.6M No change
NTPIF Nam Tai Property Inc. 6.41% 5,774,800 $27.4M No change
NAM TAI G63907-10-2 PRIVATE 5.92% 5,336,452 $25.3M No change
AMGN Amgen Inc. 5.63% 92,500 $24.1M No change
SIGI Selective Insurance Group 4.37% 200,000 $18.7M No change
GLW Corning Inc. 4.08% 367,350 $17.5M Add +37.4%
MTN Vail Resorts Inc. 3.68% 84,000 $15.7M No change
HLIO Helios Technologies Inc. 3.13% 300,000 $13.4M No change
ARGONAUT GROUP STATUTORY TR - CALL 2.80% 12,000 $12.0M No change
EMR Emerson Electric Co. 2.32% 80,000 $9.9M No change
XOM Exxon Mobil Corp. 2.00% 79,600 $8.6M No change
AMD Advanced Micro Devices 0.96% 33,936 $4.1M No change
ZGCO The Ziegler Cos Inc. 0.95% 48,972 $4.1M New
GE General Electric filed as GE AEROSPACE 0.59% 15,125 $2.5M No change
CVX Chevron Corp. 0.54% 16,000 $2.3M No change
JCI Johnson Controls Internation 0.44% 23,874 $1.9M No change
MCD McDonald's Corp. 0.42% 6,250 $1.8M No change
TEL Te Connectivity PLC 0.42% 12,500 $1.8M No change
GEV GE Vernova Inc. 0.29% 3,780 $1.2M No change
SPB Spectrum Brands Holdings Inc. 0.25% 12,799 $1.1M No change
PHIG Phi Group Inc. 0.23% 39,712 $995K No change
PG The Procter & Gamble Co. 0.22% 5,700 $956K No change
CHINA FUND INC 0.19% 68,399 $816K No change
BRK.A Berkshire Hathaway Inc. Class A 0.16% 1 $681K No change
NNN NNN REIT Inc. 0.12% 13,000 $531K No change
BP BP PLC-Spons ADR 0.10% 15,000 $443K No change
GEHC GE Healthcare Technology 0.09% 5,040 $394K No change
ABBV Abbvie Inc. 0.08% 1,948 $346K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.08% 1,500 $330K No change
CRSXQ Corsa Coal Corp. 0.08% 2,226,000 $327K No change
PRESURANCE HOLDINGS INC filed as CONIFER HLDGS INC 0.07% 250,000 $293K No change
EMBC Embecta Corp. 0.02% 4,000 $83K No change
OGN Organon & Co. 0.01% 3,000 $45K No change
ADNT Adient PLC 0.00% 1,193 $21K No change
CBL CBL & Associates Properties 0.00% 658 $19K No change
DNOW Dnow Inc. 0.00% 1,100 $14K No change
KD Kyndryl Holdings Inc. 0.00% 300 $10K No change
KALU Kaiser Aluminum Corp. 0.00% 70 $5K No change
SVB FINANCIAL TRUST (SVBFTR 0 11/07/29 C) 0.00% 240,000 $2K New
BLIAQ BB Liquidating Inc. 0.00% 54,211 $108 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
Other holdings (29): bonds, preferreds, convertibles and warrants · $45.8M (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$5.8MNo change
COBANK ACB (COBKAC V6.2 PERP H) Pref 36,296$3.6MReduce -11.9%
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
OXFORD LANE CAPITAL CORP (OXLC 8.75 06/30/30) Pref 80,000$2.0MNo change
COREBRIDGE FINANCIAL INC (CRBG 6.375 12/15/64) Common Stock 80,000$2.0MNew
ASPEN INSURANCE HLDG LTD (AHL 7 PERP) Pref 80,000$2.0MNew
AFFILIATED MANAGERS GROU (AMG 6.75 03/30/64) PFD 80,000$2.0MReduce -20.0%
NEWTEKONE INC (NEWT 8.625 10/15/29) Pref 60,000$1.5MNo change
TRINITY CAPITAL INC/MD (TRIN 7.875 03/30/29) Pref 60,000$1.5MNo change
AXIS CAPITAL HLDGS LTD (AXS 5.5 PERP E) Pref 70,000$1.4MNo change
US BANCORP (USB 4.5 PERP O) Common Stock 60,000$1.2MNo 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$984KNo change
PROSPECT CAPITAL CORP (PSEC 5.35 PERP A) Pref 50,000$882KNo change
CUSTOMERS BANCORP INC (CUBI 5.375 12/30/34) Pref 40,000$785KNo change
HUDSON PACIFIC PROPERTIE (HPP 4.75 PERP C) PFD 55,000$763KNo change
HEARTLAND FINANCIAL USA (HTLF V7 PERP E) PFD 22,500$564KNo change
SCE TRUST VIII (EIX 6.95 PERP N) Pref 20,000$510KReduce -50.0%
ALGONQUIN PWR & UTILITY (AQNCN V4.01 07/01/79 19-A) Pref 20,000$505KNo change
GREAT ELM CAPITAL CORP (GECC 8.5 04/30/29) Pref 20,000$504KNo change
READY CAPITAL CORP (RC 9 12/15/29) Pref 20,000$502KNew
BROOKFIELD BRP HOLDINGS (BEPUCN 7.25 PERP) Pref 20,000$499KNo change
OFFICE PPTY INCOME TRST (OPI 6.375 06/23/50 0000) Pref 40,000$489KNo change
ATLANTICUS HOLDINGS CORP (ATLC 6.125 11/30/26) Pref 20,000$471KNo change
SLM CORP (SLM V0 PERP B) PFD 4,500$335KNo change
OSAIC FINANCIAL SVCS INC (LTS 6.5 11/30/27) Pref 5,000$100KNo change
WELLS FARGO & COMPANY (WFC V0 PERP DEPs) PFD 387$128No change

Total filed on the 13F, all lines: $473.7M.

Portfolio Sells Q3 2024 → Q4 2024
BX Blackstone Inc. Sold out 0.00% −2.81
SCHW Schwab (charles) Corp. Sold out 0.00% −0.41
MEDLEY LLC ESCROW Sold out 0.00% 0.00

Portfolio Buys Q3 2024 → Q4 2024
GLW Corning Inc. Add +37.4% 4.08% +1.05
ZGCO The Ziegler Cos Inc. New 0.95% +0.95
SVB FINANCIAL TRUST (SVBFTR 0 11/07/29 C) New 0.00% +0.00

Notes & Other Activity Q3 2024 → Q4 2024
COBANK ACB (COBKAC V6.2 PERP H) Pref Reduce -11.9% 36,296 $3.6M
COREBRIDGE FINANCIAL INC (CRBG 6.375 12/15/64) Common Stock New 80,000 $2.0M
ASPEN INSURANCE HLDG LTD (AHL 7 PERP) Pref New 80,000 $2.0M
AFFILIATED MANAGERS GROU (AMG 6.75 03/30/64) PFD Reduce -20.0% 80,000 $2.0M
SCE TRUST VIII (EIX 6.95 PERP N) Pref Reduce -50.0% 20,000 $510K
READY CAPITAL CORP (RC 9 12/15/29) Pref New 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