Iat Reinsurance Co. LTD.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), Iat Reinsurance Co. LTD. reported 47 stock positions worth $394.2 million. Its top holding was Goldman Sachs (GS) at 15.2% of the portfolio, followed by Raymond James Financial (RJF, 13.1%) and Mercer International (MERC, 12.2%). Compared with Q2 2025, it opened 1 new position and added to 2. The biggest buy was Corning (GLW, shares +0%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001633625
Portfolio Value
$394.2M (Q3 2025)
SEC Filing
0001214659-25-016141 ↗ filed Nov 10, 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 Q2 2025 Q3 2025: $394.2M $394.2M Q3 2025 Q4 2025: $264.3M Q4 2025 Q1 2026: $230.5M Q1 2026 Q2 2026: $125.7M Q2 2026

Holdings 47 stocks · $394.2M
GS Goldman Sachs Group Inc. 15.19% 75,200 $59.9M No change
RJF Raymond James Financial Inc. 13.05% 298,125 $51.5M No change
MERC Mercer International Inc. 12.20% 16,700,000 $48.1M Add +1.3%
GLW Corning Inc. 7.66% 368,350 $30.2M Add +0.3%
AMGN Amgen Inc. 6.62% 92,500 $26.1M No change
NTPIF Nam Tai Property Inc. 6.28% 5,774,800 $24.8M No change
NAM TAI G63907-10-2 PRIVATE 5.81% 5,336,452 $22.9M No change
SRL Scully Royalty Ltd. 5.20% 3,416,664 $20.5M No change
SIGI Selective Insurance Group 4.11% 200,000 $16.2M No change
HLIO Helios Technologies Inc. 3.97% 300,000 $15.6M No change
MTN Vail Resorts Inc. 3.19% 84,000 $12.6M No change
ARGONAUT GROUP STATUTORY TR - CALL 3.04% 12,000 $12.0M No change
EMR Emerson Electric Co. 2.66% 80,000 $10.5M No change
XOM Exxon Mobil Corp. 2.28% 79,600 $9.0M No change
AMD Advanced Micro Devices 1.39% 33,936 $5.5M No change
GE General Electric filed as GE AEROSPACE 1.15% 15,125 $4.5M No change
ZGCO The Ziegler Cos Inc. 1.03% 48,972 $4.1M No change
TEL Te Connectivity PLC 0.70% 12,500 $2.7M No change
JCI Johnson Controls Internation 0.67% 23,874 $2.6M No change
CVX Chevron Corp. 0.63% 16,000 $2.5M No change
GEV GE Vernova Inc. 0.59% 3,780 $2.3M No change
MCD McDonald's Corp. 0.48% 6,250 $1.9M No change
PHIG Phi Group Inc. 0.32% 39,712 $1.3M No change
CHINA FUND INC 0.32% 68,399 $1.3M No change
PG The Procter & Gamble Co. 0.22% 5,700 $876K No change
BRK.A Berkshire Hathaway Inc. Class A 0.19% 1 $754K No change
SPB Spectrum Brands Holdings Inc. 0.17% 12,799 $672K No change
AMTM Amentum Holdings Inc. 0.15% 24,693 $591K No change
NNN NNN REIT Inc. 0.14% 13,000 $553K No change
BP BP PLC-Spons ADR 0.13% 15,000 $517K No change
ABBV Abbvie Inc. 0.11% 1,948 $451K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.11% 1,500 $423K No change
GEHC GE Healthcare Technology 0.10% 5,040 $379K No change
PRESURANCE HOLDINGS INC 0.08% 250,000 $305K No change
EMBC Embecta Corp. 0.01% 4,000 $56K No change
OGN Organon & Co. 0.01% 3,000 $32K No change
ADNT Adient PLC 0.01% 1,193 $29K No change
CBL CBL & Associates Properties 0.01% 658 $20K No change
SVB FINANCIAL TRUST (SVBFTR 0 11/07/29 C) 0.00% 240,000 $17K No change
DNOW Dnow Inc. 0.00% 1,100 $17K 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 $5K No change
BLIAQ BB Liquidating Inc. 0.00% 54,211 $813 No change
BLIBQ BB Liquidating Inc. Class B 0.00% 54,211 $434 No change
CDVIQ Cal Dive International Inc. 0.00% 500,000 $50 New
ROOMQ Roomstore Inc. 0.00% 43,661 $4 No change
Other holdings (38): bonds, preferreds, convertibles and warrants · $80.6M (not counted above)
SecurityClassShares / PrincipalValueChange
TENN VALLEY AUTHORITY (TVA V0 05/01/29 A) Pfd Stk 520,000$12.3MAdd +100.0%
DELPHI FINANCIAL GROUP (TOMARI V0 05/15/37) Pref 328,790$7.9MNo change
WINTRUST FINANCIAL CORP (WTFC V7.875 PERP F) Pref 200,000$5.4MNo change
ALGONQUIN PWR & UTILITY (AQNCN V4.01 07/01/79 19-A) Pref 200,000$5.1MNo change
KKR & CO INC (KKR 6.875 06/01/65 T) Pref 180,000$4.6MReduce -10.0%
WESBANCO INC (WSBC V7.375 PERP B) PREFERRED STOCK 130,000$3.3MNew
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$2.9MNo 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$2.5MNo change
PARTNERRE LTD (PRE 4.875 PERP J) Pref 120,000$2.1MAdd +100.0%
RAMACO RESOURCES INC (METC 8.25 07/31/30) Pref 80,000$2.1MNew
OXFORD LANE CAPITAL CORP (OXLC 8.75 06/30/30) Pref 80,000$2.0MNo change
COMERICA INC (CMA 6.875 PERP B) Bond 80,000$2.0MNew
ASPEN INSURANCE HLDG LTD (AHL 7 PERP) Pref 80,000$2.0MNo change
TRITON INTERNATIONAL LTD (TRTN 7.625 PERP F) PFD 80,000$2.0MNo change
COREBRIDGE FINANCIAL INC (CRBG 6.375 12/15/64) Common Stock 80,000$1.9MNo change
AFFILIATED MANAGERS GROU (AMG 6.75 03/30/64) PFD 80,000$1.9MNo change
NEWTEKONE INC (NEWT V8.5 PERP B) Pref 80,000$1.9MNew
BRC GROUP HOLDINGS INC (RILY 5.25 08/31/28) Pref 140,000$1.6MNo change
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$1.2MReduce -50.0%
BANK OZK (OZK 4.625 PERP A) Pref 60,000$1.0MNo change
CUSTOMERS BANCORP INC (CUBI 5.375 12/30/34) Pref 40,000$858KNo change
PROSPECT CAPITAL CORP (PSEC 5.35 PERP A) Pref 50,000$823KNo change
GLOBE LIFE INC (GL 4.25 06/15/61) Common Stock 50,000$820KNew
HUDSON PACIFIC PROPERTIE (HPP 4.75 PERP C) PFD 55,000$780KNo change
AMERICAN FINANCIAL GROUP (AFG 5.125 12/15/59) PFD 30,000$614KNew
AMERICAN FINANCIAL GROUP (AFG 4.5 09/15/60) Common Stock 30,000$564KNew
AMERICAN NATIONAL GROUP (ANGINC V9.977 PERP B) Pref 20,000$504KNo change
ATLANTICUS HOLDINGS CORP (ATLC 6.125 11/30/26) Pref 20,000$501KNo change
BROOKFIELD BRP HOLDINGS (BEPUCN 7.25 PERP) Pref 20,000$494KNo change
READY CAPITAL CORP (RC 9 12/15/29) Pref 20,000$479KNo change
SCE TRUST VIII (EIX 6.95 PERP N) Pref 20,000$439KNo 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$186KNo change
OSAIC FINANCIAL SVCS INC (LTS 6.5 11/30/27) Pref 5,000$110KNo change
WELLS FARGO & COMPANY (WFC V0 PERP DEPs) PFD 387$97No change

Total filed on the 13F, all lines: $474.9M.

Portfolio Sells Q2 2025 → Q3 2025
None this quarter.

Portfolio Buys Q2 2025 → Q3 2025
GLW Corning Inc. Add +0.3% 7.66% +2.46
CDVIQ Cal Dive International Inc. New 0.00% 0.00
MERC Mercer International Inc. Add +1.3% 12.20% −3.35

Notes & Other Activity Q2 2025 → Q3 2025
TENN VALLEY AUTHORITY (TVA V0 05/01/29 A) Pfd Stk Add +100.0% 520,000 $12.3M
WINTRUST FINANCIAL CORP (WTFC V6.5 PERP D) Equity Preference Sold out 200,000 $5.1Mbefore exit
KKR & CO INC (KKR 6.875 06/01/65 T) Pref Reduce -10.0% 180,000 $4.6M
WESBANCO INC (WSBC V7.375 PERP B) PREFERRED STOCK New 130,000 $3.3M
WINTRUST FINANCIAL CORP (WTFC V6.875 PERP E) Pref Sold out 120,000 $3.0Mbefore exit
PARTNERRE LTD (PRE 4.875 PERP J) Pref Add +100.0% 120,000 $2.1M
RAMACO RESOURCES INC (METC 8.25 07/31/30) Pref New 80,000 $2.1M
COMERICA INC (CMA 6.875 PERP B) Bond New 80,000 $2.0M
NEWTEKONE INC (NEWT V8.5 PERP B) Pref New 80,000 $1.9M
UMB FINANCIAL CORP (UMBF V7.75 PERP) Common Stock Sold out 50,000 $1.3Mbefore exit
ARGO GROUP INTERNATIONAL (ARGO V7 PERP) Pref Sold out 50,000 $1.3Mbefore exit
US BANCORP (USB 4.5 PERP O) Common Stock Reduce -50.0% 60,000 $1.2M
WESBANCO INC (WSBC V6.75 PERP A) PREFERRED STOCK Sold out 40,000 $1.0Mbefore exit
GLOBE LIFE INC (GL 4.25 06/15/61) Common Stock New 50,000 $820K
AMERICAN FINANCIAL GROUP (AFG 5.125 12/15/59) PFD New 30,000 $614K
AMERICAN FINANCIAL GROUP (AFG 4.5 09/15/60) Common Stock New 30,000 $564K
UMB FINANCIAL CORP (UMBF V7 PERP) PFD Sold out 22,500 $561Kbefore 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