13F COMBINATION REPORT
IAT REINSURANCE CO LTD.
Quarter ended Q1 2025 · Filed May 7, 2025 · Accession 0001214659-25-007057
Total Value
$479.0M
Positions
76
Other Managers
9
Confidential Omitted
No
Holdings (76)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | MERCER INTERNATIONAL INC SBI | 588056101 | 16,480,000 | $101.4M | 21.16% |
| 2 | RAYMOND JAMES FNCL INC | 754730109 | 298,125 | $41.4M | 8.65% |
| 3 | GOLDMAN SACHS GROUP INC | GSCE | 75,200 | $41.1M | 8.58% |
| 4 | NAM TAI PROPERTY INC | NTPIF | 5,774,800 | $33.1M | 6.91% |
| 5 | NAM TAI G63907-10-2 PRIVATE | G63907PP1 | 5,336,452 | $30.6M | 6.38% |
| 6 | AMGEN INC | AMGN | 92,500 | $28.8M | 6.02% |
| 7 | SCULLY ROYALTY LTD | SRL | 3,416,664 | $27.7M | 5.78% |
| 8 | SELECTIVE INS GROUP INC | 816300107 | 200,000 | $18.3M | 3.82% |
| 9 | CORNING INC | GLW | 367,350 | $16.8M | 3.51% |
| 10 | VAIL RESORTS INC. | MTN | 84,000 | $13.4M | 2.81% |
| 11 | ARGONAUT GROUP STATUTORY TR - CALL | 8AMCSFQW9 | 12,000 | $12.0M | 2.51% |
| 12 | HELIOS TECHNOLOGIES INC | HLIO | 300,000 | $9.6M | 2.01% |
| 13 | EXXON MOBIL CORP | XOM | 79,600 | $9.5M | 1.98% |
| 14 | UBER TECHNOLOGIES, INC | UBER | 126,000 | $9.2M | 1.92% |
| 15 | EMERSON ELEC CO | EMR | 80,000 | $8.8M | 1.83% |
| 16 | DELPHI FINANCIAL GROUP - CALLABLE | 247131303 | 328,790 | $8.0M | 1.66% |
| 17 | TENNESSEE VALLEY AUTHORITY | TVC | 260,000 | $6.1M | 1.28% |
| 18 | ZIEGLER COS INC THE | 989506308 | 48,972 | $4.1M | 0.85% |
| 19 | ADVANCED MICRO DEVICES INC | AMD | 33,936 | $3.5M | 0.73% |
| 20 | WINTRUST FINL CORP | 97650W504 | 120,000 | $3.0M | 0.64% |
| 21 | GENERAL ELECTRIC CO | 369604301 | 15,125 | $3.0M | 0.63% |
| 22 | F&G ANNUITIES & LIFE INC - CALLABL | FGSN | 120,000 | $3.0M | 0.62% |
| 23 | TENNESSEE VALLEY AUTHORITY PARRS | 880591300 | 120,000 | $2.9M | 0.60% |
| 24 | EAGLE POINT CREDIT CO-CALLABLE | ECCW | 120,000 | $2.8M | 0.58% |
| 25 | CHEVRON CORPORATION | CVX | 16,000 | $2.7M | 0.56% |
| 26 | OXFORD LANE CAP CORP | OXLCZ | 100,000 | $2.5M | 0.51% |
| 27 | OXFORD LANE CAP CORP | OXLCZ | 80,000 | $2.0M | 0.43% |
| 28 | ASPEN INSURANCE HOLDINGS-CALL | AHL-PF | 80,000 | $2.0M | 0.42% |
| 29 | TRITON INTL LTD-CALLABLE | G9078F164 | 80,000 | $2.0M | 0.42% |
| 30 | COREBRIDGE FINL INC-CALLABLE | 21871X208 | 80,000 | $2.0M | 0.41% |
| 31 | MCDONALDS CORP | MCD | 6,250 | $2.0M | 0.41% |
| 32 | AFFILIATED MANAGERS GROUP INC-CALL | MGRE | 80,000 | $1.9M | 0.40% |
| 33 | JOHNSON CTLS INTL PLC | G51502105 | 23,874 | $1.9M | 0.40% |
| 34 | TE CONNECTIVITY COM | TEL | 12,500 | $1.8M | 0.37% |
| 35 | AXIS CAPITAL HOLDINGS-CALLABLE | AXS-PE | 70,000 | $1.4M | 0.30% |
| 36 | B RILEY FINANCIAL INC - CALLABLE | 05580M819 | 140,000 | $1.2M | 0.25% |
| 37 | GE VERNOVA INC | GEV | 3,780 | $1.2M | 0.24% |
| 38 | US BANCORP -CALLABLE | 902973668 | 60,000 | $1.1M | 0.24% |
| 39 | PARTNERRE LTD - CALLABLE | PREJF | 60,000 | $1.0M | 0.22% |
| 40 | BANK OZK | OZKAP | 60,000 | $976,800 | 0.20% |
| 41 | PROCTER & GAMBLE CO | 742718109 | 5,700 | $971,394 | 0.20% |
| 42 | PHI GROUP INC | 69360B104 | 39,712 | $957,059 | 0.20% |
| 43 | SPECTRUM BRANDS HOLDINGS INC | SPB | 12,799 | $915,768 | 0.19% |
| 44 | CHINA FUND INC | 169373107 | 68,399 | $878,243 | 0.18% |
| 45 | PROSPECT CAP CORP | PSEC-PA | 50,000 | $816,500 | 0.17% |
| 46 | BERKSHIRE HATHAWAY INC DEL CL A | BRK-A | 1 | $798,442 | 0.17% |
| 47 | CUSTOMERS BANCORP INC | CUBB | 40,000 | $786,800 | 0.16% |
| 48 | ARGO GROUP INTL HLDGS INC - CALLAB | 040128407 | 30,000 | $750,000 | 0.16% |
| 49 | HUDSON PACIFIC PROPERTIES INC-CALL | HPP-PC | 55,000 | $735,350 | 0.15% |
| 50 | UMB FINL CORP | UMBFO | 22,500 | $562,050 | 0.12% |
| 51 | NATIONAL RETAIL PPTYS INC | NNN | 13,000 | $554,450 | 0.12% |
| 52 | BP P.L.C. SPONSORED ADR - CMN | BPPFF | 15,000 | $506,850 | 0.11% |
| 53 | ATLANTICUS HOLDINS CORP - CALL | ATLCZ | 20,000 | $488,602 | 0.10% |
| 54 | BROOKFIELD BRP HLDGS INC-CALLABLE | 11259P307 | 20,000 | $481,800 | 0.10% |
| 55 | READY CAPITAL CORP | RC-PE | 20,000 | $478,200 | 0.10% |
| 56 | SCE TR VIII-CALLABLE | 80620A208 | 20,000 | $450,600 | 0.09% |
| 57 | ABBVIE INC | ABBV | 1,948 | $408,145 | 0.09% |
| 58 | GE HEALTHCARE TECHNOLOGIES INC | GEHC | 5,040 | $406,778 | 0.08% |
| 59 | INTL BUSINESS MACHINES CORP | INTR | 1,500 | $372,990 | 0.08% |
| 60 | SLM CORP PFD SERIES B | SLMBP | 4,500 | $338,400 | 0.07% |
| 61 | OFFICE PPTYS INCOME TR | 67623C208 | 40,000 | $307,600 | 0.06% |
| 62 | CONIFER HOLDINGS INC | PRHIZ | 250,000 | $127,750 | 0.03% |
| 63 | LADENBURG THALMAN FIN SVCS INC | 50575Q300 | 5,000 | $102,000 | 0.02% |
| 64 | EMBECTA CORP | EMBC | 4,000 | $51,000 | 0.01% |
| 65 | ORGANON CO | OGN | 3,000 | $44,670 | 0.01% |
| 66 | NOW INC DE | DNOW | 1,100 | $18,788 | 0.00% |
| 67 | CBL & ASSOC PPTYS INC | 124830878 | 658 | $17,490 | 0.00% |
| 68 | ADIENT LTD | ADNT | 1,193 | $15,342 | 0.00% |
| 69 | KYNDRYL HLDGS INC | KD | 300 | $9,420 | 0.00% |
| 70 | CORSA COAL CORP | 22041E609 | 2,226,000 | $7,791 | 0.00% |
| 71 | KAISER ALUM CORP DEPOSITARY S CMN | KALU | 70 | $4,243 | 0.00% |
| 72 | SVB FINL TR | 78500B403 | 240,000 | $2,400 | 0.00% |
| 73 | BB LIQUIDATING INC - CLASS A | 05532D107 | 54,211 | $542 | 0.00% |
| 74 | WELLS FARGO & COMPANY PFT SERIES J | WFC-PZ | 387 | $143 | 0.00% |
| 75 | BB LIQUIDATING INC - CLASS B | 05532D206 | 54,211 | $54 | 0.00% |
| 76 | ROOMSTORE INC - CMN | 77638R108 | 43,661 | $4 | 0.00% |