13F COMBINATION REPORT
IAT REINSURANCE CO LTD.
Quarter ended Q3 2025 · Filed November 10, 2025 · Accession 0001214659-25-016141
Total Value
$474.9M
Positions
86
Other Managers
10
Confidential Omitted
No
Holdings (86)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | GOLDMAN SACHS GROUP INC | GSCE | 75,200 | $59.9M | 12.61% |
| 2 | RAYMOND JAMES FNCL INC | 754730109 | 298,125 | $51.5M | 10.84% |
| 3 | MERCER INTERNATIONAL INC SBI | 588056101 | 16,700,000 | $48.1M | 10.13% |
| 4 | CORNING INC | GLW | 368,350 | $30.2M | 6.36% |
| 5 | AMGEN INC | AMGN | 92,500 | $26.1M | 5.50% |
| 6 | NAM TAI PROPERTY INC | NTPIF | 5,774,800 | $24.8M | 5.22% |
| 7 | NAM TAI G63907-10-2 PRIVATE | G63907PP1 | 5,336,452 | $22.9M | 4.82% |
| 8 | SCULLY ROYALTY LTD | SRL | 3,416,664 | $20.5M | 4.32% |
| 9 | SELECTIVE INS GROUP INC | 816300107 | 200,000 | $16.2M | 3.41% |
| 10 | HELIOS TECHNOLOGIES INC | HLIO | 300,000 | $15.6M | 3.29% |
| 11 | VAIL RESORTS INC. | MTN | 84,000 | $12.6M | 2.65% |
| 12 | ARGONAUT GROUP STATUTORY TR - CALL | 8AMCSFQW9 | 12,000 | $12.0M | 2.53% |
| 13 | EMERSON ELEC CO | EMR | 80,000 | $10.5M | 2.21% |
| 14 | EXXON MOBIL CORP | XOM | 79,600 | $9.0M | 1.89% |
| 15 | DELPHI FINANCIAL GROUP - CALLABLE | 247131303 | 328,790 | $7.9M | 1.67% |
| 16 | TENNESSEE VALLEY AUTHORITY | TVC | 260,000 | $6.1M | 1.29% |
| 17 | TENNESSEE VALLEY AUTHORITY | TVC | 260,000 | $6.1M | 1.29% |
| 18 | ADVANCED MICRO DEVICES INC | AMD | 33,936 | $5.5M | 1.16% |
| 19 | WINTRUST FINANCIAL CORP-CALL | WTFCN | 200,000 | $5.4M | 1.15% |
| 20 | ALGONQUIN POWER & UTILITIES CORP | AQNB | 200,000 | $5.1M | 1.07% |
| 21 | KKR & CO INC | KKRT | 180,000 | $4.6M | 0.98% |
| 22 | GENERAL ELECTRIC CO | 369604301 | 15,125 | $4.5M | 0.96% |
| 23 | ZIEGLER COS INC THE | 989506308 | 48,972 | $4.1M | 0.86% |
| 24 | WESBANCO INC - CALLABLE | WSBCO | 130,000 | $3.3M | 0.69% |
| 25 | F&G ANNUITIES & LIFE INC - CALLABL | FGSN | 120,000 | $2.9M | 0.61% |
| 26 | TENNESSEE VALLEY AUTHORITY PARRS | 880591300 | 120,000 | $2.9M | 0.60% |
| 27 | EAGLE POINT CREDIT CO-CALLABLE | ECCW | 120,000 | $2.8M | 0.59% |
| 28 | TE CONNECTIVITY COM | TEL | 12,500 | $2.7M | 0.58% |
| 29 | JOHNSON CTLS INTL PLC | G51502105 | 23,874 | $2.6M | 0.55% |
| 30 | OXFORD LANE CAP CORP | OXLCZ | 100,000 | $2.5M | 0.53% |
| 31 | CHEVRON CORPORATION | CVX | 16,000 | $2.5M | 0.52% |
| 32 | GE VERNOVA INC | GEV | 3,780 | $2.3M | 0.49% |
| 33 | PARTNERRE LTD - CALLABLE | PREJF | 120,000 | $2.1M | 0.44% |
| 34 | RAMCO RES INC-CALLABLE | METCZ | 80,000 | $2.1M | 0.43% |
| 35 | OXFORD LANE CAP CORP | OXLCZ | 80,000 | $2.0M | 0.43% |
| 36 | COMERICA INC-CALLABLE | 200340701 | 80,000 | $2.0M | 0.43% |
| 37 | ASPEN INSURANCE HOLDINGS-CALL | AHL-PF | 80,000 | $2.0M | 0.42% |
| 38 | TRITON INTL LTD-CALLABLE | G9078F164 | 80,000 | $2.0M | 0.42% |
| 39 | COREBRIDGE FINL INC-CALLABLE | 21871X208 | 80,000 | $1.9M | 0.41% |
| 40 | AFFILIATED MANAGERS GROUP INC-CALL | MGRE | 80,000 | $1.9M | 0.41% |
| 41 | NEWTEKONE INC-CALLABLE | NEWTP | 80,000 | $1.9M | 0.41% |
| 42 | MCDONALDS CORP | MCD | 6,250 | $1.9M | 0.40% |
| 43 | B RILEY FINANCIAL INC - CALLABLE | 05580M819 | 140,000 | $1.6M | 0.33% |
| 44 | AXIS CAPITAL HOLDINGS-CALLABLE | AXS-PE | 70,000 | $1.5M | 0.32% |
| 45 | PHI GROUP INC | 69360B104 | 39,712 | $1.3M | 0.27% |
| 46 | CHINA FUND INC | 169373107 | 68,399 | $1.3M | 0.27% |
| 47 | US BANCORP -CALLABLE | 902973668 | 60,000 | $1.2M | 0.25% |
| 48 | BANK OZK | OZKAP | 60,000 | $1.0M | 0.22% |
| 49 | PROCTER & GAMBLE CO | 742718109 | 5,700 | $875,805 | 0.18% |
| 50 | CUSTOMERS BANCORP INC | CUBB | 40,000 | $858,000 | 0.18% |
| 51 | PROSPECT CAP CORP | PSEC-PA | 50,000 | $823,000 | 0.17% |
| 52 | GLOBE LIFE INC - CALLABLE | GL-PD | 50,000 | $819,750 | 0.17% |
| 53 | HUDSON PACIFIC PROPERTIES INC-CALL | HPP-PC | 55,000 | $780,450 | 0.16% |
| 54 | BERKSHIRE HATHAWAY INC DEL CL A | BRK-A | 1 | $754,200 | 0.16% |
| 55 | SPECTRUM BRANDS HOLDINGS INC | SPB | 12,799 | $672,331 | 0.14% |
| 56 | AMERICAN FINL GROUP INC OHIO-CALL | AFGE | 30,000 | $614,100 | 0.13% |
| 57 | AMENTUM HOLDINGS INC | AMTM | 24,693 | $591,397 | 0.12% |
| 58 | AMERICAN FINANCIAL GR INC OH-CALL | 025932864 | 30,000 | $563,559 | 0.12% |
| 59 | NATIONAL RETAIL PPTYS INC | NNN | 13,000 | $553,410 | 0.12% |
| 60 | BP P.L.C. SPONSORED ADR - CMN | BPPFF | 15,000 | $516,900 | 0.11% |
| 61 | AMERICAN NATIONAL GROUP INC | ANG-PD | 20,000 | $504,400 | 0.11% |
| 62 | ATLANTICUS HOLDINS CORP - CALL | ATLCZ | 20,000 | $501,246 | 0.11% |
| 63 | BROOKFIELD BRP HLDGS INC-CALLABLE | 11259P307 | 20,000 | $494,000 | 0.10% |
| 64 | READY CAPITAL CORP | RC-PE | 20,000 | $479,198 | 0.10% |
| 65 | ABBVIE INC | ABBV | 1,948 | $451,040 | 0.09% |
| 66 | SCE TR VIII-CALLABLE | 80620A208 | 20,000 | $439,000 | 0.09% |
| 67 | INTL BUSINESS MACHINES CORP | INTR | 1,500 | $423,240 | 0.09% |
| 68 | GE HEALTHCARE TECHNOLOGIES INC | GEHC | 5,040 | $378,504 | 0.08% |
| 69 | SLM CORP PFD SERIES B | SLMBP | 4,500 | $337,995 | 0.07% |
| 70 | CONIFER HOLDINGS INC | PRHIZ | 250,000 | $305,025 | 0.06% |
| 71 | OFFICE PPTYS INCOME TR | 67623C208 | 40,000 | $186,000 | 0.04% |
| 72 | LADENBURG THALMAN FIN SVCS INC | 50575Q300 | 5,000 | $110,050 | 0.02% |
| 73 | EMBECTA CORP | EMBC | 4,000 | $56,440 | 0.01% |
| 74 | ORGANON CO | OGN | 3,000 | $32,040 | 0.01% |
| 75 | ADIENT LTD | ADNT | 1,193 | $28,727 | 0.01% |
| 76 | CBL & ASSOC PPTYS INC | 124830878 | 658 | $20,122 | 0.00% |
| 77 | SVB FINL TR | 78500B403 | 240,000 | $16,800 | 0.00% |
| 78 | NOW INC DE | DNOW | 1,100 | $16,775 | 0.00% |
| 79 | KYNDRYL HLDGS INC | KD | 300 | $9,009 | 0.00% |
| 80 | CORSA COAL CORP | 22041E609 | 2,226,000 | $8,094 | 0.00% |
| 81 | KAISER ALUM CORP DEPOSITARY S CMN | KALU | 70 | $5,401 | 0.00% |
| 82 | BB LIQUIDATING INC - CLASS A | 05532D107 | 54,211 | $813 | 0.00% |
| 83 | BB LIQUIDATING INC - CLASS B | 05532D206 | 54,211 | $434 | 0.00% |
| 84 | WELLS FARGO & COMPANY PFT SERIES J | WFC-PZ | 387 | $97 | 0.00% |
| 85 | CAL DIVE INTERNATIONAL INC | 12802T101 | 500,000 | $50 | 0.00% |
| 86 | ROOMSTORE INC - CMN | 77638R108 | 43,661 | $4 | 0.00% |