# EDGAR Filing Document

**Accession Number:** 0001633625
**File Stem:** 0001214659-25-016141
**Filing Date:** 2025-11
**Character Count:** 12605
**Document Hash:** 60328ec8dd67c8e2a5619c48565cfd01
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-25-016141.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001214659-25-016141

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**EFFECTIVENESS DATE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IAT REINSURANCE CO LTD.
- **CENTRAL INDEX KEY:** 0001633625

**ORGANIZATION NAME:**
- **EIN:** 980121674
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16551
- **FILM NUMBER:** 251465849

**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:** 09-30-2025

**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  11-10-2025<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:** 10

**Form 13F Information Table Entry Total:** 86

**Form 13F Information Table Value Total:** $474862716

      (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 |
| ABBVIE INC | Com | 00287Y109 |  | 451040 | 1948 | SH |  | DFND | 4 | 1948 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | Com | 007903107 |  | 5490505 | 33936 | SH |  | DFND | 2 | 33936 | 0 | 0 |
| AFFILIATED MANAGERS GROUP INC-CALL | Pref | 008252827 |  | 1945600 | 80000 | SH |  | DFND | 9 | 80000 | 0 | 0 |
| ALGONQUIN POWER  UTILITIES CORP | Pref | 015857808 |  | 5090000 | 200000 | SH |  | DFND | 134910 | 200000 | 0 | 0 |
| AMENTUM HOLDINGS INC | Com | 023939101 |  | 591397 | 24693 | SH |  | DFND |  | 24693 | 0 | 0 |
| AMERICAN NATIONAL GROUP INC | Pref | 025676867 |  | 504400 | 20000 | SH |  | DFND | 9 | 20000 | 0 | 0 |
| AMERICAN FINANCIAL GR INC OH-CALL | Pref | 025932864 |  | 563559 | 30000 | SH |  | DFND | 10 | 30000 | 0 | 0 |
| AMERICAN FINL GROUP INC OHIO-CALL | Pref | 025932880 |  | 614100 | 30000 | SH |  | DFND | 1 | 30000 | 0 | 0 |
| AMGEN INC | Com | 031162100 |  | 26103500 | 92500 | SH |  | DFND | 479 | 92500 | 0 | 0 |
| ATLANTICUS HOLDINS CORP - CALL | Pref | 04914Y300 |  | 501246 | 20000 | SH |  | DFND | 10 | 20000 | 0 | 0 |
| AXIS CAPITAL HOLDINGS-CALLABLE | Pref | 05461T305 |  | 1501500 | 70000 | SH |  | DFND | 111 | 70000 | 0 | 0 |
| BB LIQUIDATING INC - CLASS A | Com | 05532D107 |  | 813 | 54211 | SH |  | DFND |  | 54211 | 0 | 0 |
| BB LIQUIDATING INC - CLASS B | Com | 05532D206 |  | 434 | 54211 | SH |  | DFND |  | 54211 | 0 | 0 |
| BP  P.L.C. SPONSORED ADR - CMN | Com | 055622104 |  | 516900 | 15000 | SH |  | DFND | 3 | 15000 | 0 | 0 |
| B RILEY FINANCIAL INC - CALLABLE | Pref | 05580M819 |  | 1572200 | 140000 | SH |  | DFND | 129 | 140000 | 0 | 0 |
| BANK OZK | Pref | 06417N202 |  | 1039800 | 60000 | SH |  | DFND | 12 | 60000 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL CL A | Com | 084670108 |  | 754200 | 1 | SH |  | DFND |  | 1 | 0 | 0 |
| BROOKFIELD BRP HLDGS INC-CALLABLE | Pref | 11259P307 |  | 494000 | 20000 | SH |  | DFND | 1 | 20000 | 0 | 0 |
| CBL  ASSOC PPTYS INC | Com | 124830878 |  | 20122 | 658 | SH |  | DFND | 2 | 658 | 0 | 0 |
| CAL DIVE INTERNATIONAL INC | Com | 12802T101 |  | 50 | 500000 | SH |  | DFND |  | 500000 | 0 | 0 |
| CHEVRON CORPORATION | Com | 166764100 |  | 2484640 | 16000 | SH |  | DFND | 23 | 16000 | 0 | 0 |
| CHINA FUND INC | Com | 169373107 |  | 1262646 | 68399 | SH |  | DFND |  | 68399 | 0 | 0 |
| COMERICA INC-CALLABLE | Pref | 200340701 |  | 2018400 | 80000 | SH |  | DFND | 24 | 80000 | 0 | 0 |
| CONIFER HOLDINGS INC | Com | 20731J102 |  | 305025 | 250000 | SH |  | DFND | 4 | 250000 | 0 | 0 |
| COREBRIDGE FINL INC-CALLABLE | Pref | 21871X208 |  | 1946400 | 80000 | SH |  | DFND | 1210 | 80000 | 0 | 0 |
| CORNING INC | Com | 219350105 |  | 30215751 | 368350 | SH |  | DFND |  | 368350 | 0 | 0 |
| CORSA COAL CORP | Com | 22041E609 |  | 8094 | 2226000 | SH |  | DFND |  | 2226000 | 0 | 0 |
| CUSTOMERS BANCORP INC | Pref | 23204G803 |  | 858000 | 40000 | SH |  | DFND | 1 | 40000 | 0 | 0 |
| DELPHI FINANCIAL GROUP - CALLABLE | Pref | 247131303 |  | 7932059 | 328790 | SH |  | DFND | 2349 | 328790 | 0 | 0 |
| EAGLE POINT CREDIT CO-CALLABLE | Pref | 269809885 |  | 2812812 | 120000 | SH |  | DFND | 129 | 120000 | 0 | 0 |
| EMBECTA CORP | Com | 29082K105 |  | 56440 | 4000 | SH |  | DFND | 4 | 4000 | 0 | 0 |
| EMERSON ELEC CO | Com | 291011104 |  | 10494400 | 80000 | SH |  | DFND | 210 | 80000 | 0 | 0 |
| F ANNUITIES  LIFE INC - CALLABL | Pref | 30190A609 |  | 2895600 | 120000 | SH |  | DFND | 1210 | 120000 | 0 | 0 |
| EXXON MOBIL CORP | Com | 30231G102 |  | 8974900 | 79600 | SH |  | DFND | 4 | 79600 | 0 | 0 |
| GE HEALTHCARE TECHNOLOGIES INC | Com | 36266G107 |  | 378504 | 5040 | SH |  | DFND | 1239 | 5040 | 0 | 0 |
| GE VERNOVA INC | Com | 36828A101 |  | 2324322 | 3780 | SH |  | DFND | 1239 | 3780 | 0 | 0 |
| GENERAL ELECTRIC CO | Com | 369604301 |  | 4549903 | 15125 | SH |  | DFND | 1239 | 15125 | 0 | 0 |
| GLOBE LIFE INC - CALLABLE | Pref | 37959E300 |  | 819750 | 50000 | SH |  | DFND | 39 | 50000 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | Com | 38141G104 |  | 59885520 | 75200 | SH |  | DFND | 4 | 75200 | 0 | 0 |
| HELIOS TECHNOLOGIES INC | Com | 42328H109 |  | 15639000 | 300000 | SH |  | DFND | 410 | 300000 | 0 | 0 |
| HUDSON PACIFIC PROPERTIES INC-CALL | Pref | 444097307 |  | 780450 | 55000 | SH |  | DFND | 12 | 55000 | 0 | 0 |
| INTL BUSINESS MACHINES CORP | Com | 459200101 |  | 423240 | 1500 | SH |  | DFND | 1 | 1500 | 0 | 0 |
| KKR  CO INC | Pref | 48251W609 |  | 4642200 | 180000 | SH |  | DFND | 124910 | 180000 | 0 | 0 |
| KAISER ALUM CORP DEPOSITARY S CMN | Com | 483007704 |  | 5401 | 70 | SH |  | DFND | 10 | 70 | 0 | 0 |
| KYNDRYL HLDGS INC | Com | 50155Q100 |  | 9009 | 300 | SH |  | DFND | 1 | 300 | 0 | 0 |
| LADENBURG THALMAN FIN SVCS INC | Pref | 50575Q300 |  | 110050 | 5000 | SH |  | DFND | 9 | 5000 | 0 | 0 |
| MCDONALDS CORP | Com | 580135101 |  | 1899313 | 6250 | SH |  | DFND | 3 | 6250 | 0 | 0 |
| MERCER INTERNATIONAL INC SBI | Com | 588056101 |  | 48096000 | 16700000 | SH |  | DFND | 1231247910 | 16700000 | 0 | 0 |
| NATIONAL RETAIL PPTYS INC | Com | 637417106 |  | 553410 | 13000 | SH |  | DFND | 4 | 13000 | 0 | 0 |
| NEWTEKONE INC-CALLABLE | Pref | 652526864 |  | 1929560 | 80000 | SH |  | DFND | 137 | 80000 | 0 | 0 |
| NOW INC DE | Com | 67011P100 |  | 16775 | 1100 | SH |  | DFND | 2 | 1100 | 0 | 0 |
| OFFICE PPTYS INCOME TR | Pref | 67623C208 |  | 186000 | 40000 | SH |  | DFND | 12 | 40000 | 0 | 0 |
| ORGANON CO | Com | 68622V106 |  | 32040 | 3000 | SH |  | DFND |  | 3000 | 0 | 0 |
| OXFORD LANE CAP CORP | Pref | 691543854 |  | 2515530 | 100000 | SH |  | DFND | 210 | 100000 | 0 | 0 |
| OXFORD LANE CAP CORP | Pref | 691543862 |  | 2047320 | 80000 | SH |  | DFND | 9 | 80000 | 0 | 0 |
| PHI GROUP INC | Com | 69360B104 |  | 1270784 | 39712 | SH |  | DFND | 410 | 39712 | 0 | 0 |
| PROCTER  GAMBLE CO | Com | 742718109 |  | 875805 | 5700 | SH |  | DFND |  | 5700 | 0 | 0 |
| PROSPECT CAP CORP | Pref | 74348T565 |  | 823000 | 50000 | SH |  | DFND | 2 | 50000 | 0 | 0 |
| RAMCO RES INC-CALLABLE | Pref | 75134P808 |  | 2052000 | 80000 | SH |  | DFND | 210 | 80000 | 0 | 0 |
| RAYMOND JAMES FNCL INC | Com | 754730109 |  | 51456375 | 298125 | SH |  | DFND | 49 | 298125 | 0 | 0 |
| READY CAPITAL CORP | Pref | 75574U838 |  | 479198 | 20000 | SH |  | DFND | 2 | 20000 | 0 | 0 |
| ROOMSTORE INC  -  CMN | Com | 77638R108 |  | 4 | 43661 | SH |  | DFND |  | 43661 | 0 | 0 |
| SLM CORP PFD SERIES B | Pref | 78442P502 |  | 337995 | 4500 | SH |  | DFND | 11 | 4500 | 0 | 0 |
| SVB FINL TR | Pref | 78500B403 |  | 16800 | 240000 | SH |  | DFND | 1231110 | 240000 | 0 | 0 |
| SCE TR VIII-CALLABLE | Pref | 80620A208 |  | 439000 | 20000 | SH |  | DFND | 4 | 20000 | 0 | 0 |
| SELECTIVE INS GROUP INC | Com | 816300107 |  | 16214000 | 200000 | SH |  | DFND | 10 | 200000 | 0 | 0 |
| SPECTRUM BRANDS HOLDINGS INC | Com | 84790A105 |  | 672331 | 12799 | SH |  | DFND | 47910 | 12799 | 0 | 0 |
| TENNESSEE VALLEY AUTHORITY PARRS | Pref | 880591300 |  | 2865000 | 120000 | SH |  | DFND | 9 | 120000 | 0 | 0 |
| TENNESSEE VALLEY AUTHORITY | Pref | 880591409 |  | 6133400 | 260000 | SH |  | DFND | 3 | 260000 | 0 | 0 |
| TENNESSEE VALLEY AUTHORITY | Pref | 880591409 |  | 6133400 | 260000 | SH |  | DFND | 39 | 260000 | 0 | 0 |
| ARGONAUT GROUP STATUTORY TR - CALL | Pref | 8AMCSFQW9 |  | 12000000 | 12000 | SH |  | DFND | 1234117910 | 12000 | 0 | 0 |
| US BANCORP -CALLABLE | Pref | 902973668 |  | 1184400 | 60000 | SH |  | DFND | 12 | 60000 | 0 | 0 |
| VAIL RESORTS INC. | Com | 91879Q109 |  | 12563880 | 84000 | SH |  | DFND | 3410 | 84000 | 0 | 0 |
| WELLS FARGO  COMPANY PFT SERIES J | Pref | 949746887 |  | 97 | 387 | SH |  | DFND |  | 387 | 0 | 0 |
| WESBANCO INC - CALLABLE | Pref | 950810887 |  | 3299400 | 130000 | SH |  | DFND | 14 | 130000 | 0 | 0 |
| WINTRUST FINANCIAL CORP-CALL | Pref | 97650W702 |  | 5440000 | 200000 | SH |  | DFND | 123910 | 200000 | 0 | 0 |
| ZIEGLER COS INC THE | Com | 989506308 |  | 4064676 | 48972 | SH |  | DFND |  | 48972 | 0 | 0 |
| ADIENT LTD | Com | G0084W101 |  | 28727 | 1193 | SH |  | DFND |  | 1193 | 0 | 0 |
| ASPEN INSURANCE HOLDINGS-CALL | Pref | G05384170 |  | 2012288 | 80000 | SH |  | DFND | 24 | 80000 | 0 | 0 |
| JOHNSON CTLS INTL PLC | Com | G51502105 |  | 2624946 | 23874 | SH |  | DFND | 9 | 23874 | 0 | 0 |
| NAM TAI PROPERTY INC | Com | G63907102 |  | 24773892 | 5774800 | SH |  | DFND | 12347910 | 5774800 | 0 | 0 |
| NAM TAI G63907-10-2 PRIVATE | Com | G63907PP1 |  | 22893379 | 5336452 | SH |  | DFND |  | 5336452 | 0 | 0 |
| PARTNERRE LTD - CALLABLE | Pref | G68603169 |  | 2100000 | 120000 | SH |  | DFND | 4910 | 120000 | 0 | 0 |
| SCULLY ROYALTY LTD | Com | G7T96K107 |  | 20499984 | 3416664 | SH |  | DFND | 12347910 | 3416664 | 0 | 0 |
| TE CONNECTIVITY COM | Com | G87052109 |  | 2744125 | 12500 | SH |  | DFND |  | 12500 | 0 | 0 |
| TRITON INTL LTD-CALLABLE | Pref | G9078F164 |  | 2000000 | 80000 | SH |  | DFND | 910 | 80000 | 0 | 0 |

---