Iat Reinsurance Co. LTD.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), Iat Reinsurance Co. LTD. reported 32 stock positions worth $264.3 million. Its top holding was Mercer International (MERC) at 12.9% of the portfolio, followed by Corning (GLW, 12.2%) and Amgen (AMGN, 11.5%). Compared with Q3 2025, it sold out of 15, added to 1 and reduced 2. The biggest buy was Mercer International (MERC, shares +3%) and the biggest sale an exit from Raymond James Financial (RJF).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001633625
Portfolio Value
$264.3M (Q4 2025)
SEC Filing
0001214659-26-001387 ↗ filed Feb 10, 2026

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 Q3 2025 Q4 2025: $264.3M $264.3M Q4 2025 Q1 2026: $230.5M Q1 2026 Q2 2026: $125.7M Q2 2026

Holdings 32 stocks · $264.3M
MERC Mercer International Inc. 12.90% 17,220,000 $34.1M Add +3.1%
GLW Corning Inc. 12.20% 368,350 $32.3M No change
AMGN Amgen Inc. 11.46% 92,500 $30.3M No change
SRL Scully Royalty Ltd. 11.05% 3,416,664 $29.2M No change
NTPIF Nam Tai Property Inc. 9.40% 5,774,800 $24.8M No change
NAM TAI G63907-10-2 PRIVATE 8.68% 5,336,452 $22.9M No change
GS Goldman Sachs Group Inc. 7.00% 21,050 $18.5M Reduce -72.0%
HLIO Helios Technologies Inc. 6.07% 300,000 $16.0M No change
ARGONAUT GROUP STATUTORY TR - CALL 4.54% 12,000 $12.0M No change
MTN Vail Resorts Inc. 4.22% 84,000 $11.2M No change
XOM Exxon Mobil Corp. 3.62% 79,600 $9.6M No change
AMD Advanced Micro Devices 2.75% 33,936 $7.3M No change
GE General Electric filed as GE AEROSPACE 1.76% 15,125 $4.7M No change
TEL Te Connectivity PLC 1.08% 12,500 $2.8M No change
GEV GE Vernova Inc. 0.93% 3,780 $2.5M No change
JCI Johnson Controls Internation 0.54% 11,937 $1.4M Reduce -50.0%
PHIG Phi Group Inc. 0.48% 39,712 $1.3M No change
PG The Procter & Gamble Co. 0.31% 5,700 $817K No change
SPB Spectrum Brands Holdings Inc. 0.29% 12,799 $756K No change
BRK.A Berkshire Hathaway Inc. Class A 0.29% 1 $755K No change
ABBV Abbvie Inc. 0.17% 1,948 $445K No change
GEHC GE Healthcare Technology 0.16% 5,040 $413K No change
PRESURANCE HOLDINGS INC 0.07% 250,000 $178K No change
CBL CBL & Associates Properties 0.01% 658 $24K No change
ADNT Adient PLC 0.01% 1,193 $23K No change
SVB FINANCIAL TRUST (SVBFTR 0 11/07/29 C) 0.01% 240,000 $19K No change
KALU Kaiser Aluminum Corp. 0.00% 70 $8K 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 No change
ROOMQ Roomstore Inc. 0.00% 43,661 $4 No change
CRSXQ Corsa Coal Corp. 0.00% 2,226,000 $2 No change
Other holdings (39): bonds, preferreds, convertibles and warrants · $77.2M (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$6.4MReduce -50.0%
WINTRUST FINANCIAL CORP (WTFC V7.875 PERP F) Pref 220,000$5.7MAdd +10.0%
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$4.6MNo change
WESBANCO INC (WSBC V7.375 PERP B) PREFERRED STOCK 130,000$3.4MNo 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
F&G ANNUITIES & LIFE INC (FG 7.3 01/15/65) Pref 120,000$2.6MNo 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$2.1MNo change
OXFORD LANE CAPITAL CORP (OXLC 8.75 06/30/30) Pref 80,000$2.1MNo change
TRITON INTERNATIONAL LTD (TRTN 7.625 PERP F) PFD 80,000$2.0MNo change
RAMACO RESOURCES INC (METC 8.25 07/31/30) Pref 80,000$2.0MNo change
XCEL ENERGY INC (XEL 6.25 10/15/85) Common Stock 80,000$2.0MNew
ASPEN INSURANCE HLDG LTD (AHL 7 PERP) Pref 80,000$2.0MNo change
TRANSCANADA PIPELINES (TRPCN 6.25 11/01/85) Common Stock 80,000$2.0MNew
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
NEWTEKONE INC (NEWT V8.5 PERP B) Pref 80,000$1.8MNo change
BRC GROUP HOLDINGS INC (RILY 5.25 08/31/28) Pref 140,000$1.7MNo 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$1.1MNo change
BANK OZK (OZK 4.625 PERP A) Pref 60,000$997KNo change
AMERICAN FINANCIAL GROUP (AFG 5.125 12/15/59) PFD 50,000$948KAdd +66.7%
CUSTOMERS BANCORP INC (CUBI 5.375 12/30/34) Pref 40,000$891KNo change
HUDSON PACIFIC PROPERTIE (HPP 4.75 PERP C) PFD 55,000$849KNo change
GLOBE LIFE INC (GL 4.25 06/15/61) Common Stock 50,000$842KNo change
ARCH CAPITAL GROUP LTD (ACGL 4.55 PERP G) Common Stock 40,000$664KNew
COMERICA INC (CMA 6.875 PERP B) Bond 20,000$523KReduce -75.0%
AMERICAN FINANCIAL GROUP (AFG 4.5 09/15/60) Common Stock 30,000$507KNo change
BROOKFIELD BRP HOLDINGS (BEPUCN 7.25 PERP) Pref 20,000$502KNo change
ATLANTICUS HOLDINGS CORP (ATLC 6.125 11/30/26) Pref 20,000$496KNo change
PROSPECT CAPITAL CORP (PSEC 5.35 PERP A) Pref 30,000$496KReduce -40.0%
SCE TRUST VIII (EIX 6.95 PERP N) Pref 20,000$482KNo change
READY CAPITAL CORP (RC 9 12/15/29) Pref 20,000$416KNo change
SLM CORP (SLM V0 PERP B) PFD 4,500$327KNo change
OSAIC FINANCIAL SVCS INC (LTS 6.5 11/30/27) Pref 5,000$113KNo change
OFFICE PPTY INCOME TRST (OPI 6.375 06/23/50 0000) Pref 40,000$75KNo change

Total filed on the 13F, all lines: $341.5M.

Portfolio Sells Q3 2025 → Q4 2025
RJF Raymond James Financial Inc. Sold out 0.00% −13.05
GS Goldman Sachs Group Inc. Reduce -72.0% 7.00% −8.19
SIGI Selective Insurance Group Sold out 0.00% −4.11
EMR Emerson Electric Co. Sold out 0.00% −2.66
ZGCO The Ziegler Cos Inc. Sold out 0.00% −1.03
CVX Chevron Corp. Sold out 0.00% −0.63
MCD McDonald's Corp. Sold out 0.00% −0.48
CHINA FUND INC Sold out 0.00% −0.32
AMTM Amentum Holdings Inc. Sold out 0.00% −0.15
NNN NNN REIT Inc. Sold out 0.00% −0.14
BP BP PLC-Spons ADR Sold out 0.00% −0.13
JCI Johnson Controls Internation Reduce -50.0% 0.54% −0.12
IBM Intl Business Machines Corp. Sold out 0.00% −0.11
EMBC Embecta Corp. Sold out 0.00% −0.01
OGN Organon & Co. Sold out 0.00% −0.01
DNOW Dnow Inc. Sold out 0.00% −0.00
KD Kyndryl Holdings Inc. Sold out 0.00% −0.00

Portfolio Buys Q3 2025 → Q4 2025
MERC Mercer International Inc. Add +3.1% 12.90% +0.70

Notes & Other Activity Q3 2025 → Q4 2025
TENN VALLEY AUTHORITY (TVA V0 05/01/29 A) Pfd Stk Reduce -50.0% 260,000 $6.4M
WINTRUST FINANCIAL CORP (WTFC V7.875 PERP F) Pref Add +10.0% 220,000 $5.7M
XCEL ENERGY INC (XEL 6.25 10/15/85) Common Stock New 80,000 $2.0M
TRANSCANADA PIPELINES (TRPCN 6.25 11/01/85) Common Stock New 80,000 $2.0M
AMERICAN FINANCIAL GROUP (AFG 5.125 12/15/59) PFD Add +66.7% 50,000 $948K
ARCH CAPITAL GROUP LTD (ACGL 4.55 PERP G) Common Stock New 40,000 $664K
COMERICA INC (CMA 6.875 PERP B) Bond Reduce -75.0% 20,000 $523K
AMERICAN NATIONAL GROUP (ANGINC V9.977 PERP B) Pref Sold out 20,000 $504Kbefore exit
PROSPECT CAPITAL CORP (PSEC 5.35 PERP A) Pref Reduce -40.0% 30,000 $496K
WELLS FARGO & COMPANY (WFC V0 PERP DEPs) PFD Sold out 387 $97before 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