Iat Reinsurance Co. LTD.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 7, 2025), Iat Reinsurance Co. LTD. reported 46 stock positions worth $428.7 million. Its top holding was Mercer International (MERC) at 23.6% of the portfolio, followed by Raymond James Financial (RJF, 9.7%) and Goldman Sachs (GS, 9.6%). Compared with Q4 2024, it opened 1 new position. The biggest buy was a new position in Uber Technologies (UBER).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001633625
Portfolio Value
$428.7M (Q1 2025)
SEC Filing
0001214659-25-007057 ↗ filed May 7, 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 Q4 2024 Q1 2025: $428.7M $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 · $428.7M
MERC Mercer International Inc. 23.64% 16,480,000 $101.4M No change
RJF Raymond James Financial Inc. 9.66% 298,125 $41.4M No change
GS Goldman Sachs Group Inc. 9.58% 75,200 $41.1M No change
NTPIF Nam Tai Property Inc. 7.72% 5,774,800 $33.1M No change
NAM TAI G63907-10-2 PRIVATE 7.13% 5,336,452 $30.6M No change
AMGN Amgen Inc. 6.72% 92,500 $28.8M No change
SRL Scully Royalty Ltd. 6.46% 3,416,664 $27.7M No change
SIGI Selective Insurance Group 4.27% 200,000 $18.3M No change
GLW Corning Inc. 3.92% 367,350 $16.8M No change
MTN Vail Resorts Inc. 3.14% 84,000 $13.4M No change
ARGONAUT GROUP STATUTORY TR - CALL 2.80% 12,000 $12.0M No change
HLIO Helios Technologies Inc. 2.25% 300,000 $9.6M No change
XOM Exxon Mobil Corp. 2.21% 79,600 $9.5M No change
UBER Uber Technologies Inc. 2.14% 126,000 $9.2M New
EMR Emerson Electric Co. 2.05% 80,000 $8.8M No change
ZGCO The Ziegler Cos Inc. 0.95% 48,972 $4.1M No change
AMD Advanced Micro Devices 0.81% 33,936 $3.5M No change
GE General Electric filed as GE AEROSPACE 0.71% 15,125 $3.0M No change
CVX Chevron Corp. 0.62% 16,000 $2.7M No change
MCD McDonald's Corp. 0.46% 6,250 $2.0M No change
JCI Johnson Controls Internation 0.45% 23,874 $1.9M No change
TEL Te Connectivity PLC 0.41% 12,500 $1.8M No change
GEV GE Vernova Inc. 0.27% 3,780 $1.2M No change
PG The Procter & Gamble Co. 0.23% 5,700 $971K No change
PHIG Phi Group Inc. 0.22% 39,712 $957K No change
SPB Spectrum Brands Holdings Inc. 0.21% 12,799 $916K No change
CHINA FUND INC 0.20% 68,399 $878K No change
BRK.A Berkshire Hathaway Inc. Class A 0.19% 1 $798K No change
NNN NNN REIT Inc. 0.13% 13,000 $554K No change
BP BP PLC-Spons ADR 0.12% 15,000 $507K No change
ABBV Abbvie Inc. 0.10% 1,948 $408K No change
GEHC GE Healthcare Technology 0.09% 5,040 $407K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.09% 1,500 $373K No change
PRESURANCE HOLDINGS INC filed as CONIFER HLDGS INC 0.03% 250,000 $128K No change
EMBC Embecta Corp. 0.01% 4,000 $51K No change
OGN Organon & Co. 0.01% 3,000 $45K No change
DNOW Dnow Inc. 0.00% 1,100 $19K No change
CBL CBL & Associates Properties 0.00% 658 $17K No change
ADNT Adient PLC 0.00% 1,193 $15K No change
KD Kyndryl Holdings Inc. 0.00% 300 $9K No change
CRSXQ Corsa Coal Corp. 0.00% 2,226,000 $8K No change
KALU Kaiser Aluminum Corp. 0.00% 70 $4K No change
SVB FINANCIAL TRUST (SVBFTR 0 11/07/29 C) 0.00% 240,000 $2K No change
BLIAQ BB Liquidating Inc. 0.00% 54,211 $542 No change
BLIBQ BB Liquidating Inc. Class B 0.00% 54,211 $54 No change
ROOMQ Roomstore Inc. 0.00% 43,661 $4 No change
Other holdings (30): bonds, preferreds, convertibles and warrants · $50.2M (not counted above)
SecurityClassShares / PrincipalValueChange
DELPHI FINANCIAL GROUP (TOMARI V0 05/15/37) Pref 328,790$8.0MNo change
TENN VALLEY AUTHORITY (TVA V0 05/01/29 A) Pfd Stk 260,000$6.1MNo change
WINTRUST FINANCIAL CORP (WTFC V6.875 PERP E) Pref 120,000$3.0MNew
F&G ANNUITIES & LIFE INC (FG 7.3 01/15/65) Pref 120,000$3.0MNew
TENN VALLEY AUTHORITY (TVA V2.134 06/01/28 D) Corporate Bond 120,000$2.9MNo change
EAGLE POINT CREDIT CO (ECC 5.375 01/31/29) Pref 120,000$2.8MNo change
OXFORD LANE CAPITAL CORP (OXLC 7.95 02/29/32 2032) Pref 100,000$2.5MNew
OXFORD LANE CAPITAL CORP (OXLC 8.75 06/30/30) Pref 80,000$2.0MNo change
ASPEN INSURANCE HLDG LTD (AHL 7 PERP) Pref 80,000$2.0MNo change
TRITON INTERNATIONAL LTD (TRTN 7.625 PERP F) PFD 80,000$2.0MNew
COREBRIDGE FINANCIAL INC (CRBG 6.375 12/15/64) Common Stock 80,000$2.0MNo change
AFFILIATED MANAGERS GROU (AMG 6.75 03/30/64) PFD 80,000$1.9MNo change
AXIS CAPITAL HLDGS LTD (AXS 5.5 PERP E) Pref 70,000$1.4MNo change
BRC GROUP HOLDINGS INC (RILY 5.25 08/31/28) Pref 140,000$1.2MNo change
US BANCORP (USB 4.5 PERP O) Common Stock 60,000$1.1MNo change
PARTNERRE LTD (PRE 4.875 PERP J) Pref 60,000$1.0MNew
BANK OZK (OZK 4.625 PERP A) Pref 60,000$977KNo change
PROSPECT CAPITAL CORP (PSEC 5.35 PERP A) Pref 50,000$817KNo change
CUSTOMERS BANCORP INC (CUBI 5.375 12/30/34) Pref 40,000$787KNo change
ARGO GROUP INTERNATIONAL (ARGO V7 PERP) Pref 30,000$750KNew
HUDSON PACIFIC PROPERTIE (HPP 4.75 PERP C) PFD 55,000$735KNo change
UMB FINANCIAL CORP (UMBF V7 PERP) PFD 22,500$562KNew
ATLANTICUS HOLDINGS CORP (ATLC 6.125 11/30/26) Pref 20,000$489KNo change
BROOKFIELD BRP HOLDINGS (BEPUCN 7.25 PERP) Pref 20,000$482KNo change
READY CAPITAL CORP (RC 9 12/15/29) Pref 20,000$478KNo change
SCE TRUST VIII (EIX 6.95 PERP N) Pref 20,000$451KNo change
SLM CORP (SLM V0 PERP B) PFD 4,500$338KNo change
OFFICE PPTY INCOME TRST (OPI 6.375 06/23/50 0000) Pref 40,000$308KNo change
OSAIC FINANCIAL SVCS INC (LTS 6.5 11/30/27) Pref 5,000$102KNo change
WELLS FARGO & COMPANY (WFC V0 PERP DEPs) PFD 387$143No change

Total filed on the 13F, all lines: $479.0M.

Portfolio Sells Q4 2024 → Q1 2025
None this quarter.

Portfolio Buys Q4 2024 → Q1 2025
UBER Uber Technologies Inc. New 2.14% +2.14

Notes & Other Activity Q4 2024 → Q1 2025
COBANK ACB (COBKAC V6.2 PERP H) Pref Sold out 36,296 $3.6Mbefore exit
WINTRUST FINANCIAL CORP (WTFC V6.875 PERP E) Pref New 120,000 $3.0M
F&G ANNUITIES & LIFE INC (FG 7.3 01/15/65) Pref New 120,000 $3.0M
OXFORD LANE CAPITAL CORP (OXLC 7.95 02/29/32 2032) Pref New 100,000 $2.5M
TRITON INTERNATIONAL LTD (TRTN 7.625 PERP F) PFD New 80,000 $2.0M
NEWTEKONE INC (NEWT 8.625 10/15/29) Pref Sold out 60,000 $1.5Mbefore exit
TRINITY CAPITAL INC/MD (TRIN 7.875 03/30/29) Pref Sold out 60,000 $1.5Mbefore exit
PARTNERRE LTD (PRE 4.875 PERP J) Pref New 60,000 $1.0M
ARGO GROUP INTERNATIONAL (ARGO V7 PERP) Pref New 30,000 $750K
HEARTLAND FINANCIAL USA (HTLF V7 PERP E) PFD Sold out 22,500 $564Kbefore exit
UMB FINANCIAL CORP (UMBF V7 PERP) PFD New 22,500 $562K
ALGONQUIN PWR & UTILITY (AQNCN V4.01 07/01/79 19-A) Pref Sold out 20,000 $505Kbefore exit
GREAT ELM CAPITAL CORP (GECC 8.5 04/30/29) Pref Sold out 20,000 $504Kbefore exit

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