# EDGAR Filing Document

**Accession Number:** 0001633625
**File Stem:** 0001214659-23-001866
**Filing Date:** 2023-2
**Character Count:** 11674
**Document Hash:** 373144caa08f4c0adecf6845e3b0a416
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-23-001866.hdr.sgml**: 20230209

**ACCESSION NUMBER**: 0001214659-23-001866

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230209

**DATE AS OF CHANGE**: 20230209

**EFFECTIVENESS DATE**: 20230209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IAT REINSURANCE CO LTD.
- **CENTRAL INDEX KEY:** 0001633625
- **IRS NUMBER:** 980121674
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16551
- **FILM NUMBER:** 23601595

**BUSINESS ADDRESS:**
- **STREET 1:** 48 WALL STREEL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005
- **BUSINESS PHONE:** (919)831-8169

**MAIL ADDRESS:**
- **STREET 1:** 48 WALL STREEL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** IAT REINSURANCE CO LTD.<br>**Address:** 48 Wall Streel<br>New York, NY 10005

**Form 13F File Number:** 028-16551

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** David G. Pirrung<br>**Title:** Chief Financial Officer<br>**Phone:** 919-831-4169

**Signature, Place, and Date of Signing:**

/s/ David G. Pirrung  New York, NY  02-07-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[ ] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[x] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 9

**Form 13F Information Table Entry Total:** 78

**Form 13F Information Table Value Total:** $505789840

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

|   No. | Name                       | Form 13F File Number   | CRD Number   | SEC File Number   |
|---:|:---|:---|:---|:---|
|     1 | CACTI ASSET MANAGEMENT LLC | 028-14121              |  |  |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| AT INC - CALLABLE | Pref | 00206R300 |  | 2162010 | 100000 | SH |  | DFND | 1210 | 100000 | 0 | 0 |
| ABBVIE INC | Com | 00287Y109 |  | 314816 | 1948 | SH |  | DFND |  | 1948 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | Com | 007903107 |  | 4464985 | 68936 | SH |  | DFND | 2 | 68936 | 0 | 0 |
| AGRIBANK FCB - CALLABLE | Pref | 00850L203 |  | 4518675 | 45300 | SH |  | DFND | 12310 | 45300 | 0 | 0 |
| AMGEN INC | Com | 031162100 |  | 24294200 | 92500 | SH |  | DFND | 479 | 92500 | 0 | 0 |
| ATLANTICUS HOLDINS CORP - CALL | Pref | 04914Y300 |  | 420000 | 20000 | SH |  | DFND | 10 | 20000 | 0 | 0 |
| AXIS CAPITAL HOLDINGS-CALLABLE | Pref | 05461T305 |  | 1376200 | 70000 | SH |  | DFND | 111 | 70000 | 0 | 0 |
| BB LIQUIDATING INC - CLASS A | Com | 05532D107 |  | 125 | 54211 | SH |  | DFND |  | 54211 | 0 | 0 |
| BB LIQUIDATING INC - CLASS B | Com | 05532D206 |  | 5 | 54211 | SH |  | DFND |  | 54211 | 0 | 0 |
| BP  P.L.C. SPONSORED ADR - CMN | Com | 055622104 |  | 523950 | 15000 | SH |  | DFND | 3 | 15000 | 0 | 0 |
| B RILEY FINANCIAL INC - CALLABLE | Pref | 05580M819 |  | 2520000 | 140000 | SH |  | DFND | 129 | 140000 | 0 | 0 |
| BANK OZK | Pref | 06417N202 |  | 945600 | 60000 | SH |  | DFND | 12 | 60000 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL CL A | Com | 084670108 |  | 468711 | 1 | SH |  | DFND |  | 1 | 0 | 0 |
| BLACKSTONE GROUP INC CLASS A | Com | 09260D107 |  | 2819220 | 38000 | SH |  | DFND |  | 38000 | 0 | 0 |
| BOEING CO | Com | 097023105 |  | 5219426 | 27400 | SH |  | DFND |  | 27400 | 0 | 0 |
| CBL  ASSOC PPTYS INC | Com | 124830878 |  | 15187 | 658 | SH |  | DFND | 2 | 658 | 0 | 0 |
| CAL DIVE INTERNATIONAL INC | Com | 12802T101 |  | 50 | 500000 | SH |  | DFND |  | 500000 | 0 | 0 |
| CHEVRON CORPORATION | Com | 166764100 |  | 2871840 | 16000 | SH |  | DFND | 23 | 16000 | 0 | 0 |
| CHINA FUND INC | Com | 169373107 |  | 883715 | 68399 | SH |  | DFND |  | 68399 | 0 | 0 |
| COBANK ACB | Pref | 19075Q862 |  | 3484416 | 36296 | SH |  | DFND | 1210 | 36296 | 0 | 0 |
| CONIFER HOLDINGS INC | Com | 20731J102 |  | 392500 | 250000 | SH |  | DFND | 4 | 250000 | 0 | 0 |
| CORNING INC | Com | 219350105 |  | 11733159 | 367350 | SH |  | DFND |  | 367350 | 0 | 0 |
| CORSA COAL CORP | Com | 22041E609 |  | 327890 | 2226000 | SH |  | DFND |  | 2226000 | 0 | 0 |
| CUSTOMERS BANCORP INC | Pref | 23204G803 |  | 824000 | 40000 | SH |  | DFND | 1 | 40000 | 0 | 0 |
| DTE ENERGY CO - CALLABLE | Pref | 233331859 |  | 7286200 | 340000 | SH |  | DFND | 123910 | 340000 | 0 | 0 |
| DELPHI FINANCIAL GROUP - CALLABLE | Pref | 247131303 |  | 1730983 | 77797 | SH |  | DFND | 34 | 77797 | 0 | 0 |
| DIAMOND OFFSHORE DRILLING INC | Com | 25271C201 |  | 2169263 | 208583 | SH |  | DFND | 14710 | 208583 | 0 | 0 |
| DISNEY WALT CO | Com | 254687106 |  | 2004322 | 23070 | SH |  | DFND |  | 23070 | 0 | 0 |
| DUKE ENERGY CORP - CALLABLE | Pref | 26441C402 |  | 570000 | 25000 | SH |  | DFND | 10 | 25000 | 0 | 0 |
| EAGLE POINT CREDIT CO-CALLABLE | Pref | 269809885 |  | 2512800 | 120000 | SH |  | DFND | 129 | 120000 | 0 | 0 |
| EMERSON ELEC CO | Com | 291011104 |  | 7684800 | 80000 | SH |  | DFND | 210 | 80000 | 0 | 0 |
| EXXON MOBIL CORP | Com | 30231G102 |  | 8779880 | 79600 | SH |  | DFND | 4 | 79600 | 0 | 0 |
| FARM CREDIT BK OF TEXAS-CALL-144A | Pref | 30767E406 |  | 2382000 | 24000 | SH |  | DFND | 49 | 24000 | 0 | 0 |
| FOX CORP CLASS B | Com | 35137L204 |  | 712047 | 25028 | SH |  | DFND |  | 25028 | 0 | 0 |
| GENERAL ELECTRIC CO | Com | 369604301 |  | 1267324 | 15125 | SH |  | DFND | 1239 | 15125 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | Com | 38141G104 |  | 38286870 | 111500 | SH |  | DFND | 34 | 111500 | 0 | 0 |
| HEARTLAND FINANCIAL USA-CALLABLE | Pref | 42234Q201 |  | 573300 | 22500 | SH |  | DFND | 2 | 22500 | 0 | 0 |
| HELIOS TECHNOLOGIES INC | Com | 42328H109 |  | 16332000 | 300000 | SH |  | DFND | 410 | 300000 | 0 | 0 |
| HUDSON PACIFIC PROPERTIES INC-CALL | Pref | 444097307 |  | 676500 | 55000 | SH |  | DFND | 12 | 55000 | 0 | 0 |
| INTEGRYS ENERGY GROUP-CALLABLE | Pref | 45822P204 |  | 465000 | 20000 | SH |  | DFND | 9 | 20000 | 0 | 0 |
| INTL BUSINESS MACHINES CORP | Com | 459200101 |  | 211335 | 1500 | SH |  | DFND | 1 | 1500 | 0 | 0 |
| JEFFERIES FINANCIAL GROUP INC | Com | 47233W109 |  | 12370692 | 360872 | SH |  | DFND | 47910 | 360872 | 0 | 0 |
| KAISER ALUM CORP DEPOSITARY S CMN | Com | 483007704 |  | 5317 | 70 | SH |  | DFND | 10 | 70 | 0 | 0 |
| KYNDRYL HLDGS INC | Com | 50155Q100 |  | 3336 | 300 | SH |  | DFND | 1 | 300 | 0 | 0 |
| LADENBURG THALMAN FIN SVCS INC | Pref | 50575Q300 |  | 87500 | 5000 | SH |  | DFND | 9 | 5000 | 0 | 0 |
| MCDONALDS CORP | Com | 580135101 |  | 1647063 | 6250 | SH |  | DFND | 3 | 6250 | 0 | 0 |
| ESC PFD MEDLEY LLC ESCROW | Pref | 585ESC015 |  | 6404 | 40000 | SH |  | DFND | 24 | 40000 | 0 | 0 |
| MEDLEY LLC ESCROW | Pref | 585ESC023 |  | 6400 | 40000 | SH |  | DFND | 910 | 40000 | 0 | 0 |
| MERCER INTERNATIONAL INC SBI | Com | 588056101 |  | 191827200 | 16480000 | SH |  | DFND | 12347910 | 16480000 | 0 | 0 |
| MYMETICS CORP | Com | 62856A102 |  | 65594 | 2186473 | SH |  | DFND | 710 | 2186473 | 0 | 0 |
| NATIONAL RETAIL PPTYS INC | Com | 637417106 |  | 594880 | 13000 | SH |  | DFND | 4 | 13000 | 0 | 0 |
| NOW INC DE | Com | 67011P100 |  | 13970 | 1100 | SH |  | DFND | 2 | 1100 | 0 | 0 |
| OFFICE PPTYS INCOME TR | Pref | 67623C208 |  | 687308 | 40000 | SH |  | DFND | 12 | 40000 | 0 | 0 |
| PHI GROUP INC | Com | 69360B104 |  | 377264 | 39712 | SH |  | DFND | 410 | 39712 | 0 | 0 |
| PFSWEB INC | Com | 717098206 |  | 4612500 | 750000 | SH |  | DFND | 210 | 750000 | 0 | 0 |
| PROCTER  GAMBLE CO | Com | 742718109 |  | 863892 | 5700 | SH |  | DFND |  | 5700 | 0 | 0 |
| PROSPECT CAP CORP | Pref | 74348T565 |  | 747500 | 50000 | SH |  | DFND | 2 | 50000 | 0 | 0 |
| RAYMOND JAMES FNCL INC | Com | 754730109 |  | 31854656 | 298125 | SH |  | DFND | 49 | 298125 | 0 | 0 |
| ROOMSTORE INC  -  CMN | Com | 77638R108 |  | 4 | 43661 | SH |  | DFND |  | 43661 | 0 | 0 |
| SLM CORP PFD SERIES B | Pref | 78442P502 |  | 400750 | 7000 | SH |  | DFND | 11 | 7000 | 0 | 0 |
| SCHWAB CHARLES CORP NEW | Com | 808513105 |  | 2081500 | 25000 | SH |  | DFND |  | 25000 | 0 | 0 |
| SELECTIVE INS GROUP INC | Com | 816300107 |  | 17722000 | 200000 | SH |  | DFND | 10 | 200000 | 0 | 0 |
| SPECTRUM BRANDS HOLDINGS INC | Com | 84790A105 |  | 779715 | 12799 | SH |  | DFND | 47910 | 12799 | 0 | 0 |
| TIDWATER INC WTS SERIES A 7/31/23 | Com | 88642R117 |  | 984 | 903 | SH |  | DFND |  | 903 | 0 | 0 |
| TIDEWATER INC WTS SERIES B 7/31/23 | Com | 88642R125 |  | 647 | 976 | SH |  | DFND |  | 976 | 0 | 0 |
| ARGONAUT GROUP STATUTORY TR - CALL | Pref | 8AMCSFQW9 |  | 12000000 | 12000 | SH |  | DFND | 1234117910 | 12000 | 0 | 0 |
| US BANCORP -CALLABLE | Pref | 902973668 |  | 1099800 | 60000 | SH |  | DFND | 12 | 60000 | 0 | 0 |
| VAIL RESORTS INC. | Com | 91879Q109 |  | 20021400 | 84000 | SH |  | DFND | 3410 | 84000 | 0 | 0 |
| VISTRA ENERGY CORP | Com | 92840M128 |  | 8089 | 33717 | SH |  | DFND | 4910 | 33717 | 0 | 0 |
| VOLKSWAGEN AG | Com | 928CNV760 |  | 2521272 | 16000 | SH |  | DFND |  | 16000 | 0 | 0 |
| WESTINGHOUSE AIR BRAKE TECH CORP | Com | 929740108 |  | 64577 | 647 | SH |  | DFND | 1239 | 647 | 0 | 0 |
| WELLS FARGO  CO NEW COM STK | Com | 949746101 |  | 2064500 | 50000 | SH |  | DFND | 4 | 50000 | 0 | 0 |
| WELLS FARGO  COMPANY PFT SERIES J | Pref | 949746887 |  | 538 | 387 | SH |  | DFND |  | 387 | 0 | 0 |
| ADIENT LTD | Com | G0084W101 |  | 41385 | 1193 | SH |  | DFND |  | 1193 | 0 | 0 |
| JOHNSON CTLS INTL PLC | Com | G51502105 |  | 1527936 | 23874 | SH |  | DFND | 9 | 23874 | 0 | 0 |
| NAM TAI PROPERTY INC | Com | G63907102 |  | 7680484 | 5774800 | SH |  | DFND | 12347910 | 5774800 | 0 | 0 |
| SCULLY ROYALTY LTD | Com | G7T96K107 |  | 26342479 | 3416664 | SH |  | DFND | 12347910 | 3416664 | 0 | 0 |
| TE CONNECTIVITY LIMITED | Com | H84989104 |  | 1435000 | 12500 | SH |  | DFND |  | 12500 | 0 | 0 |

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