13F COMBINATION REPORT
IAT REINSURANCE CO LTD.
Quarter ended Q2 2025 · Filed August 4, 2025 · Accession 0001214659-25-011450
Total Value
$445.0M
Positions
84
Other Managers
9
Confidential Omitted
No
Holdings (84)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | MERCER INTERNATIONAL INC SBI | 588056101 | 16,480,000 | $57.7M | 12.96% |
| 2 | GOLDMAN SACHS GROUP INC | GSCE | 75,200 | $53.2M | 11.96% |
| 3 | RAYMOND JAMES FNCL INC | 754730109 | 298,125 | $45.7M | 10.27% |
| 4 | AMGEN INC | AMGN | 92,500 | $25.8M | 5.80% |
| 5 | NAM TAI PROPERTY INC | NTPIF | 5,774,800 | $24.3M | 5.45% |
| 6 | NAM TAI G63907-10-2 PRIVATE | G63907PP1 | 5,336,452 | $22.4M | 5.04% |
| 7 | SCULLY ROYALTY LTD | SRL | 3,416,664 | $19.8M | 4.45% |
| 8 | CORNING INC | GLW | 367,350 | $19.3M | 4.34% |
| 9 | SELECTIVE INS GROUP INC | 816300107 | 200,000 | $17.3M | 3.89% |
| 10 | VAIL RESORTS INC. | MTN | 84,000 | $13.2M | 2.97% |
| 11 | ARGONAUT GROUP STATUTORY TR - CALL | 8AMCSFQW9 | 12,000 | $12.0M | 2.70% |
| 12 | EMERSON ELEC CO | EMR | 80,000 | $10.7M | 2.40% |
| 13 | HELIOS TECHNOLOGIES INC | HLIO | 300,000 | $10.0M | 2.25% |
| 14 | EXXON MOBIL CORP | XOM | 79,600 | $8.6M | 1.93% |
| 15 | DELPHI FINANCIAL GROUP - CALLABLE | 247131303 | 328,790 | $8.0M | 1.79% |
| 16 | TENNESSEE VALLEY AUTHORITY | TVC | 260,000 | $6.0M | 1.36% |
| 17 | WINTRUST FINANCIAL CORP-CALL | WTFCN | 200,000 | $5.1M | 1.15% |
| 18 | KKR & CO INC | KKRT | 200,000 | $5.1M | 1.15% |
| 19 | WINTRUST FINANCIAL CORP-CALLABLE | WTFCN | 200,000 | $5.1M | 1.14% |
| 20 | ALGONQUIN POWER & UTILITIES CORP | AQNB | 200,000 | $5.0M | 1.13% |
| 21 | ADVANCED MICRO DEVICES INC | AMD | 33,936 | $4.8M | 1.08% |
| 22 | ZIEGLER COS INC THE | 989506308 | 48,972 | $4.1M | 0.91% |
| 23 | GENERAL ELECTRIC CO | 369604301 | 15,125 | $3.9M | 0.87% |
| 24 | WINTRUST FINL CORP | 97650W504 | 120,000 | $3.0M | 0.68% |
| 25 | F&G ANNUITIES & LIFE INC - CALLABL | FGSN | 120,000 | $2.9M | 0.66% |
| 26 | TENNESSEE VALLEY AUTHORITY PARRS | 880591300 | 120,000 | $2.8M | 0.64% |
| 27 | EAGLE POINT CREDIT CO-CALLABLE | ECCW | 120,000 | $2.8M | 0.62% |
| 28 | JOHNSON CTLS INTL PLC | G51502105 | 23,874 | $2.5M | 0.57% |
| 29 | OXFORD LANE CAP CORP | OXLCZ | 100,000 | $2.5M | 0.56% |
| 30 | CHEVRON CORPORATION | CVX | 16,000 | $2.3M | 0.51% |
| 31 | TE CONNECTIVITY COM | TEL | 12,500 | $2.1M | 0.47% |
| 32 | OXFORD LANE CAP CORP | OXLCZ | 80,000 | $2.0M | 0.46% |
| 33 | GE VERNOVA INC | GEV | 3,780 | $2.0M | 0.45% |
| 34 | ASPEN INSURANCE HOLDINGS-CALL | AHL-PF | 80,000 | $1.9M | 0.43% |
| 35 | TRITON INTL LTD-CALLABLE | G9078F164 | 80,000 | $1.9M | 0.43% |
| 36 | AFFILIATED MANAGERS GROUP INC-CALL | MGRE | 80,000 | $1.9M | 0.42% |
| 37 | COREBRIDGE FINL INC-CALLABLE | 21871X208 | 80,000 | $1.9M | 0.42% |
| 38 | MCDONALDS CORP | MCD | 6,250 | $1.8M | 0.41% |
| 39 | AXIS CAPITAL HOLDINGS-CALLABLE | AXS-PE | 70,000 | $1.4M | 0.31% |
| 40 | UMB FINANCIAL CORP-CALLABLE | UMBFO | 50,000 | $1.3M | 0.29% |
| 41 | ARGO GROUP INTL HLDGS INC - CALLAB | 040128407 | 50,000 | $1.3M | 0.28% |
| 42 | US BANCORP -CALLABLE | 902973668 | 60,000 | $1.1M | 0.25% |
| 43 | US BANCORP -CALLABLE | 902973668 | 60,000 | $1.1M | 0.25% |
| 44 | PARTNERRE LTD - CALLABLE | PREJF | 60,000 | $1.0M | 0.23% |
| 45 | CHINA FUND INC | 169373107 | 68,399 | $1.0M | 0.23% |
| 46 | WESBANCO INC -CALLABLE | WSBCO | 40,000 | $1.0M | 0.23% |
| 47 | BANK OZK | OZKAP | 60,000 | $975,600 | 0.22% |
| 48 | PHI GROUP INC | 69360B104 | 39,712 | $972,944 | 0.22% |
| 49 | PROCTER & GAMBLE CO | 742718109 | 5,700 | $908,124 | 0.20% |
| 50 | B RILEY FINANCIAL INC - CALLABLE | 05580M819 | 140,000 | $887,600 | 0.20% |
| 51 | HUDSON PACIFIC PROPERTIES INC-CALL | HPP-PC | 55,000 | $829,400 | 0.19% |
| 52 | CUSTOMERS BANCORP INC | CUBB | 40,000 | $791,120 | 0.18% |
| 53 | PROSPECT CAP CORP | PSEC-PA | 50,000 | $775,000 | 0.17% |
| 54 | BERKSHIRE HATHAWAY INC DEL CL A | BRK-A | 1 | $728,800 | 0.16% |
| 55 | SPECTRUM BRANDS HOLDINGS INC | SPB | 12,799 | $678,347 | 0.15% |
| 56 | AMENTUM HOLDINGS INC | AMTM | 24,693 | $583,002 | 0.13% |
| 57 | UMB FINL CORP | UMBFO | 22,500 | $561,375 | 0.13% |
| 58 | NATIONAL RETAIL PPTYS INC | NNN | 13,000 | $561,340 | 0.13% |
| 59 | AMERICAN NATIONAL GROUP INC | ANG-PD | 20,000 | $502,000 | 0.11% |
| 60 | ATLANTICUS HOLDINS CORP - CALL | ATLCZ | 20,000 | $483,800 | 0.11% |
| 61 | BROOKFIELD BRP HLDGS INC-CALLABLE | 11259P307 | 20,000 | $459,400 | 0.10% |
| 62 | READY CAPITAL CORP | RC-PE | 20,000 | $457,000 | 0.10% |
| 63 | BP P.L.C. SPONSORED ADR - CMN | BPPFF | 15,000 | $448,950 | 0.10% |
| 64 | INTL BUSINESS MACHINES CORP | INTR | 1,500 | $442,170 | 0.10% |
| 65 | SCE TR VIII-CALLABLE | 80620A208 | 20,000 | $430,400 | 0.10% |
| 66 | GE HEALTHCARE TECHNOLOGIES INC | GEHC | 5,040 | $373,313 | 0.08% |
| 67 | ABBVIE INC | ABBV | 1,948 | $361,588 | 0.08% |
| 68 | SLM CORP PFD SERIES B | SLMBP | 4,500 | $329,040 | 0.07% |
| 69 | OFFICE PPTYS INCOME TR | 67623C208 | 40,000 | $274,296 | 0.06% |
| 70 | CONIFER HOLDINGS INC | PRHIZ | 250,000 | $181,250 | 0.04% |
| 71 | LADENBURG THALMAN FIN SVCS INC | 50575Q300 | 5,000 | $105,000 | 0.02% |
| 72 | EMBECTA CORP | EMBC | 4,000 | $38,760 | 0.01% |
| 73 | ORGANON CO | OGN | 3,000 | $29,040 | 0.01% |
| 74 | ADIENT LTD | ADNT | 1,193 | $23,216 | 0.01% |
| 75 | CBL & ASSOC PPTYS INC | 124830878 | 658 | $16,707 | 0.00% |
| 76 | NOW INC DE | DNOW | 1,100 | $16,313 | 0.00% |
| 77 | KYNDRYL HLDGS INC | KD | 300 | $12,588 | 0.00% |
| 78 | CORSA COAL CORP | 22041E609 | 2,226,000 | $7,791 | 0.00% |
| 79 | KAISER ALUM CORP DEPOSITARY S CMN | KALU | 70 | $5,593 | 0.00% |
| 80 | SVB FINL TR | 78500B403 | 240,000 | $2,400 | 0.00% |
| 81 | BB LIQUIDATING INC - CLASS A | 05532D107 | 54,211 | $1,084 | 0.00% |
| 82 | BB LIQUIDATING INC - CLASS B | 05532D206 | 54,211 | $434 | 0.00% |
| 83 | WELLS FARGO & COMPANY PFT SERIES J | WFC-PZ | 387 | $19 | 0.00% |
| 84 | ROOMSTORE INC - CMN | 77638R108 | 43,661 | $4 | 0.00% |