Iat Reinsurance Co. LTD.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 4, 2025), Iat Reinsurance Co. LTD. reported 46 stock positions worth $371.0 million. Its top holding was Mercer International (MERC) at 15.5% of the portfolio, followed by Goldman Sachs (GS, 14.3%) and Raymond James Financial (RJF, 12.3%). Compared with Q1 2025, it opened 1 new position and sold out of 1. The biggest buy was a new position in Amentum (AMTM) and the biggest sale an exit from Uber Technologies (UBER).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001633625
Portfolio Value
$371.0M (Q2 2025)
SEC Filing
0001214659-25-011450 ↗ filed Aug 4, 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 Q1 2025 Q2 2025: $371.0M $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 · $371.0M
MERC Mercer International Inc. 15.55% 16,480,000 $57.7M No change
GS Goldman Sachs Group Inc. 14.35% 75,200 $53.2M No change
RJF Raymond James Financial Inc. 12.33% 298,125 $45.7M No change
AMGN Amgen Inc. 6.96% 92,500 $25.8M No change
NTPIF Nam Tai Property Inc. 6.54% 5,774,800 $24.3M No change
NAM TAI G63907-10-2 PRIVATE 6.04% 5,336,452 $22.4M No change
SRL Scully Royalty Ltd. 5.34% 3,416,664 $19.8M No change
GLW Corning Inc. 5.21% 367,350 $19.3M No change
SIGI Selective Insurance Group 4.67% 200,000 $17.3M No change
MTN Vail Resorts Inc. 3.56% 84,000 $13.2M No change
ARGONAUT GROUP STATUTORY TR - CALL 3.23% 12,000 $12.0M No change
EMR Emerson Electric Co. 2.88% 80,000 $10.7M No change
HLIO Helios Technologies Inc. 2.70% 300,000 $10.0M No change
XOM Exxon Mobil Corp. 2.31% 79,600 $8.6M No change
AMD Advanced Micro Devices 1.30% 33,936 $4.8M No change
ZGCO The Ziegler Cos Inc. 1.10% 48,972 $4.1M No change
GE General Electric filed as GE AEROSPACE 1.05% 15,125 $3.9M No change
JCI Johnson Controls Internation 0.68% 23,874 $2.5M No change
CVX Chevron Corp. 0.62% 16,000 $2.3M No change
TEL Te Connectivity PLC 0.57% 12,500 $2.1M No change
GEV GE Vernova Inc. 0.54% 3,780 $2.0M No change
MCD McDonald's Corp. 0.49% 6,250 $1.8M No change
CHINA FUND INC 0.27% 68,399 $1.0M No change
PHIG Phi Group Inc. 0.26% 39,712 $973K No change
PG The Procter & Gamble Co. 0.24% 5,700 $908K No change
BRK.A Berkshire Hathaway Inc. Class A 0.20% 1 $729K No change
SPB Spectrum Brands Holdings Inc. 0.18% 12,799 $678K No change
AMTM Amentum Holdings Inc. 0.16% 24,693 $583K New
NNN NNN REIT Inc. 0.15% 13,000 $561K No change
BP BP PLC-Spons ADR 0.12% 15,000 $449K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.12% 1,500 $442K No change
GEHC GE Healthcare Technology 0.10% 5,040 $373K No change
ABBV Abbvie Inc. 0.10% 1,948 $362K No change
PRESURANCE HOLDINGS INC filed as CONIFER HLDGS INC 0.05% 250,000 $181K No change
EMBC Embecta Corp. 0.01% 4,000 $39K No change
OGN Organon & Co. 0.01% 3,000 $29K No change
ADNT Adient PLC 0.01% 1,193 $23K No change
CBL CBL & Associates Properties 0.00% 658 $17K No change
DNOW Dnow Inc. 0.00% 1,100 $16K No change
KD Kyndryl Holdings Inc. 0.00% 300 $13K No change
CRSXQ Corsa Coal Corp. 0.00% 2,226,000 $8K No change
KALU Kaiser Aluminum Corp. 0.00% 70 $6K 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 $1K No change
BLIBQ BB Liquidating Inc. Class B 0.00% 54,211 $434 No change
ROOMQ Roomstore Inc. 0.00% 43,661 $4 No change
Other holdings (37): bonds, preferreds, convertibles and warrants · $74.1M (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$6.0MNo change
WINTRUST FINANCIAL CORP (WTFC V7.875 PERP F) Pref 200,000$5.1MNew
KKR & CO INC (KKR 6.875 06/01/65 T) Pref 200,000$5.1MNew
WINTRUST FINANCIAL CORP (WTFC V6.5 PERP D) Equity Preference 200,000$5.1MNew
ALGONQUIN PWR & UTILITY (AQNCN V4.01 07/01/79 19-A) Pref 200,000$5.0MNew
WINTRUST FINANCIAL CORP (WTFC V6.875 PERP E) Pref 120,000$3.0MNo change
F&G ANNUITIES & LIFE INC (FG 7.3 01/15/65) Pref 120,000$2.9MNo 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
OXFORD LANE CAPITAL CORP (OXLC 7.95 02/29/32 2032) Pref 100,000$2.5MNo change
US BANCORP (USB 4.5 PERP O) Common Stock 120,000$2.2MAdd +100.0%
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$1.9MNo change
TRITON INTERNATIONAL LTD (TRTN 7.625 PERP F) PFD 80,000$1.9MNo change
AFFILIATED MANAGERS GROU (AMG 6.75 03/30/64) PFD 80,000$1.9MNo change
COREBRIDGE FINANCIAL INC (CRBG 6.375 12/15/64) Common Stock 80,000$1.9MNo change
AXIS CAPITAL HLDGS LTD (AXS 5.5 PERP E) Pref 70,000$1.4MNo change
UMB FINANCIAL CORP (UMBF V7.75 PERP) Common Stock 50,000$1.3MNew
ARGO GROUP INTERNATIONAL (ARGO V7 PERP) Pref 50,000$1.3MAdd +66.7%
PARTNERRE LTD (PRE 4.875 PERP J) Pref 60,000$1.0MNo change
WESBANCO INC (WSBC V6.75 PERP A) PREFERRED STOCK 40,000$1.0MNew
BANK OZK (OZK 4.625 PERP A) Pref 60,000$976KNo change
BRC GROUP HOLDINGS INC (RILY 5.25 08/31/28) Pref 140,000$888KNo change
HUDSON PACIFIC PROPERTIE (HPP 4.75 PERP C) PFD 55,000$829KNo change
CUSTOMERS BANCORP INC (CUBI 5.375 12/30/34) Pref 40,000$791KNo change
PROSPECT CAPITAL CORP (PSEC 5.35 PERP A) Pref 50,000$775KNo change
UMB FINANCIAL CORP (UMBF V7 PERP) PFD 22,500$561KNo change
AMERICAN NATIONAL GROUP (ANGINC V9.977 PERP B) Pref 20,000$502KNew
ATLANTICUS HOLDINGS CORP (ATLC 6.125 11/30/26) Pref 20,000$484KNo change
BROOKFIELD BRP HOLDINGS (BEPUCN 7.25 PERP) Pref 20,000$459KNo change
READY CAPITAL CORP (RC 9 12/15/29) Pref 20,000$457KNo change
SCE TRUST VIII (EIX 6.95 PERP N) Pref 20,000$430KNo change
SLM CORP (SLM V0 PERP B) PFD 4,500$329KNo change
OFFICE PPTY INCOME TRST (OPI 6.375 06/23/50 0000) Pref 40,000$274KNo change
OSAIC FINANCIAL SVCS INC (LTS 6.5 11/30/27) Pref 5,000$105KNo change
WELLS FARGO & COMPANY (WFC V0 PERP DEPs) PFD 387$19No change

Total filed on the 13F, all lines: $445.0M.

Portfolio Sells Q1 2025 → Q2 2025
UBER Uber Technologies Inc. Sold out 0.00% −2.14

Portfolio Buys Q1 2025 → Q2 2025
AMTM Amentum Holdings Inc. New 0.16% +0.16

Notes & Other Activity Q1 2025 → Q2 2025
WINTRUST FINANCIAL CORP (WTFC V7.875 PERP F) Pref New 200,000 $5.1M
KKR & CO INC (KKR 6.875 06/01/65 T) Pref New 200,000 $5.1M
WINTRUST FINANCIAL CORP (WTFC V6.5 PERP D) Equity Preference New 200,000 $5.1M
ALGONQUIN PWR & UTILITY (AQNCN V4.01 07/01/79 19-A) Pref New 200,000 $5.0M
US BANCORP (USB 4.5 PERP O) Common Stock Add +100.0% 120,000 $2.2M
UMB FINANCIAL CORP (UMBF V7.75 PERP) Common Stock New 50,000 $1.3M
ARGO GROUP INTERNATIONAL (ARGO V7 PERP) Pref Add +66.7% 50,000 $1.3M
WESBANCO INC (WSBC V6.75 PERP A) PREFERRED STOCK New 40,000 $1.0M
AMERICAN NATIONAL GROUP (ANGINC V9.977 PERP B) 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