# EDGAR Filing Document

**Accession Number:** 0001633625
**File Stem:** 0001214659-26-006107
**Filing Date:** 2026-5
**Character Count:** 10746
**Document Hash:** fa2f0893e632d3bab8136ccb2549aa3a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-26-006107.hdr.sgml**: 20260514

**ACCESSION NUMBER**: 0001214659-26-006107

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260514

**DATE AS OF CHANGE**: 20260513

**EFFECTIVENESS DATE**: 20260514

**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:** 26974845

**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:** 03-31-2026

**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  05-12-2026<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:** 67

**Form 13F Information Table Value Total:** $309609625

      (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 |  | 423671 | 1948 | SH |  | DFND |  | 1948 | 0 | 0 |
| ADIENT LTD | Com | G0084W101 |  | 24111 | 1193 | SH |  | DFND |  | 1193 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | Com | 007903107 |  | 6903600 | 33936 | SH |  | DFND | 2 | 33936 | 0 | 0 |
| AFFILIATED MANAGERS GROUP INC-CALL | Pref | 008252827 |  | 1800000 | 80000 | SH |  | DFND | 9 | 80000 | 0 | 0 |
| ALGONQUIN POWER  UTILITIES CORP | Pref | 015857808 |  | 5160000 | 200000 | SH |  | DFND | 134910 | 200000 | 0 | 0 |
| AMERICAN FINANCIAL GR INC OH-CALL | Pref | 025932864 |  | 486600 | 30000 | SH |  | DFND | 10 | 30000 | 0 | 0 |
| AMERICAN FINL GROUP INC OHIO-CALL | Pref | 025932880 |  | 902000 | 50000 | SH |  | DFND | 12 | 50000 | 0 | 0 |
| AMGEN INC | Com | 031162100 |  | 32546125 | 92500 | SH |  | DFND | 479 | 92500 | 0 | 0 |
| ARCH CAPITAL GROUP LTD | Pref | 03939A404 |  | 663400 | 40000 | SH |  | DFND | 2 | 40000 | 0 | 0 |
| ARGONAUT GROUP STATUTORY TR - CALL | Pref | 8AMCSFQW9 |  | 12000000 | 12000 | SH |  | DFND | 1234117910 | 12000 | 0 | 0 |
| ASPEN INSURANCE HOLDINGS-CALL | Pref | G05384170 |  | 1858400 | 80000 | SH |  | DFND | 24 | 80000 | 0 | 0 |
| ATLANTICUS HOLDINS CORP - CALL | Pref | 04914Y300 |  | 500200 | 20000 | SH |  | DFND | 10 | 20000 | 0 | 0 |
| AXIS CAPITAL HOLDINGS-CALLABLE | Pref | 05461T305 |  | 1357300 | 70000 | SH |  | DFND | 111 | 70000 | 0 | 0 |
| B RILEY FINANCIAL INC - CALLABLE | Pref | 05580M819 |  | 2345000 | 140000 | SH |  | DFND | 129 | 140000 | 0 | 0 |
| BANK OZK | Pref | 06417N202 |  | 964200 | 60000 | SH |  | DFND | 12 | 60000 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL CL A | Com | 084670108 |  | 718140 | 1 | SH |  | DFND |  | 1 | 0 | 0 |
| BROOKFIELD BRP HLDGS INC-CALLABLE | Pref | 11259P307 |  | 483600 | 20000 | SH |  | DFND | 1 | 20000 | 0 | 0 |
| CBL  ASSOC PPTYS INC | Com | 124830878 |  | 25287 | 658 | SH |  | DFND | 2 | 658 | 0 | 0 |
| COREBRIDGE FINL INC-CALLABLE | Pref | 21871X208 |  | 1837600 | 80000 | SH |  | DFND | 1210 | 80000 | 0 | 0 |
| CORNING INC | Com | 219350105 |  | 9410892 | 368350 | SH |  | DFND |  | 368350 | 0 | 0 |
| CORSA COAL CORP | Com | 22041E609 |  | 2 | 2226000 | SH |  | DFND |  | 2226000 | 0 | 0 |
| CUSTOMERS BANCORP INC | Pref | 23204G803 |  | 900000 | 40000 | SH |  | DFND | 1 | 40000 | 0 | 0 |
| DELPHI FINANCIAL GROUP - CALLABLE | Pref | 247131303 |  | 7890960 | 328790 | SH |  | DFND | 2349 | 328790 | 0 | 0 |
| EAGLE POINT CREDIT CO-CALLABLE | Pref | 269809885 |  | 2812200 | 120000 | SH |  | DFND | 129 | 120000 | 0 | 0 |
| EXXON MOBIL CORP | Com | 30231G102 |  | 13504936 | 79600 | SH |  | DFND | 4 | 79600 | 0 | 0 |
| F ANNUITIES  LIFE INC - CALLABL | Pref | 30190A609 |  | 2416200 | 120000 | SH |  | DFND | 1210 | 120000 | 0 | 0 |
| FIFTH THIRD BANCORP-CALLABLE | Pref | 316773837 |  | 523000 | 20000 | SH |  | DFND | 4 | 20000 | 0 | 0 |
| GE HEALTHCARE TECHNOLOGIES INC | Com | 36266G107 |  | 358747 | 5040 | SH |  | DFND | 1239 | 5040 | 0 | 0 |
| GE VERNOVA INC | Com | 36828A101 |  | 3299562 | 3780 | SH |  | DFND | 1239 | 3780 | 0 | 0 |
| GENERAL ELECTRIC CO | Com | 369604301 |  | 4292021 | 15125 | SH |  | DFND | 1239 | 15125 | 0 | 0 |
| GLOBE LIFE INC - CALLABLE | Pref | 37959E300 |  | 769000 | 50000 | SH |  | DFND | 39 | 50000 | 0 | 0 |
| HELIOS TECHNOLOGIES INC | Com | 42328H109 |  | 19413000 | 300000 | SH |  | DFND | 410 | 300000 | 0 | 0 |
| HUDSON PACIFIC PROPERTIES INC-CALL | Pref | 444097307 |  | 727100 | 55000 | SH |  | DFND | 12 | 55000 | 0 | 0 |
| JOHNSON CTLS INTL PLC | Com | G51502105 |  | 1563150 | 11937 | SH |  | DFND |  | 11937 | 0 | 0 |
| KAISER ALUM CORP DEPOSITARY S CMN | Com | 483007704 |  | 8436 | 70 | SH |  | DFND | 10 | 70 | 0 | 0 |
| KKR  CO INC | Pref | 48251W609 |  | 4132800 | 180000 | SH |  | DFND | 124910 | 180000 | 0 | 0 |
| MERCER INTERNATIONAL INC SBI | Com | 588056101 |  | 24452400 | 17220000 | SH |  | DFND | 1231247910 | 17220000 | 0 | 0 |
| MYMETICS CORP | Com | 62856A300 |  | 0 | 175 | SH |  | DFND | 710 | 175 | 0 | 0 |
| NAM TAI G63907-10-2 PRIVATE | Com | G63907PP1 |  | 27642821 | 5336452 | SH |  | DFND |  | 5336452 | 0 | 0 |
| NAM TAI PROPERTY INC | Com | G63907102 |  | 29913464 | 5774800 | SH |  | DFND | 12347910 | 5774800 | 0 | 0 |
| NEWTEKONE INC-CALLABLE | Pref | 652526864 |  | 1912800 | 80000 | SH |  | DFND | 137 | 80000 | 0 | 0 |
| OFFICE PPTYS INCOME TR | Pref | 67623C208 |  | 10400 | 40000 | SH |  | DFND | 12 | 40000 | 0 | 0 |
| OXFORD LANE CAP CORP | Pref | 691543854 |  | 2464000 | 100000 | SH |  | DFND | 210 | 100000 | 0 | 0 |
| OXFORD LANE CAP CORP | Pref | 691543862 |  | 2017608 | 80000 | SH |  | DFND | 9 | 80000 | 0 | 0 |
| PARTNERRE LTD - CALLABLE | Pref | G68603169 |  | 2032800 | 120000 | SH |  | DFND | 4910 | 120000 | 0 | 0 |
| PHI GROUP INC | Com | 69360B104 |  | 1223130 | 39712 | SH |  | DFND | 410 | 39712 | 0 | 0 |
| PROCTER  GAMBLE CO | Com | 742718109 |  | 823308 | 5700 | SH |  | DFND |  | 5700 | 0 | 0 |
| PROSPECT CAP CORP | Pref | 74348T565 |  | 480000 | 30000 | SH |  | DFND | 2 | 30000 | 0 | 0 |
| RAMCO RES INC-CALLABLE | Pref | 75134P808 |  | 2012000 | 80000 | SH |  | DFND | 210 | 80000 | 0 | 0 |
| READY CAPITAL CORP | Pref | 75574U838 |  | 379000 | 20000 | SH |  | DFND | 2 | 20000 | 0 | 0 |
| RIGHTS PRESURANCE HOLD-CONIFER | Com | 207RGT036 |  | 127400 | 250000 | SH |  | DFND | 4 | 250000 | 0 | 0 |
| SCE TR VIII-CALLABLE | Pref | 80620A208 |  | 473600 | 20000 | SH |  | DFND | 4 | 20000 | 0 | 0 |
| SCULLY ROYALTY LTD | Com | G7T96K107 |  | 26718313 | 3416664 | SH |  | DFND | 1231247910 | 3416664 | 0 | 0 |
| SLM CORP PFD SERIES B | Pref | 78442P502 |  | 334260 | 4500 | SH |  | DFND | 11 | 4500 | 0 | 0 |
| SPECTRUM BRANDS HOLDINGS INC | Com | 84790A105 |  | 943286 | 12799 | SH |  | DFND | 47910 | 12799 | 0 | 0 |
| SVB FINL TR | Pref | 78500B403 |  | 3600 | 240000 | SH |  | DFND | 1231110 | 240000 | 0 | 0 |
| TANSCANADA PIPELINE STR | Pref | 893526681 |  | 1888800 | 80000 | SH |  | DFND | 49 | 80000 | 0 | 0 |
| TE CONNECTIVITY COM | Com | G87052109 |  | 2612750 | 12500 | SH |  | DFND |  | 12500 | 0 | 0 |
| TENNESSEE VALLEY AUTHORITY | Pref | 880591409 |  | 6258200 | 260000 | SH |  | DFND | 39 | 260000 | 0 | 0 |
| TENNESSEE VALLEY AUTHORITY PARRS | Pref | 880591300 |  | 2937600 | 120000 | SH |  | DFND | 9 | 120000 | 0 | 0 |
| TRITON INTL LTD-CALLABLE | Pref | G9078F164 |  | 1953600 | 80000 | SH |  | DFND | 910 | 80000 | 0 | 0 |
| UBER TECHNOLOGIES INC | Com | 90353T100 |  | 755265 | 10500 | SH |  | DFND | 12 | 10500 | 0 | 0 |
| US BANCORP -CALLABLE | Pref | 902973668 |  | 1041000 | 60000 | SH |  | DFND | 12 | 60000 | 0 | 0 |
| VAIL RESORTS INC. | Com | 91879Q109 |  | 10778880 | 84000 | SH |  | DFND | 3410 | 84000 | 0 | 0 |
| WESBANCO INC - CALLABLE | Pref | 950810887 |  | 3256500 | 130000 | SH |  | DFND | 14 | 130000 | 0 | 0 |
| WINTRUST FINANCIAL CORP-CALL | Pref | 97650W702 |  | 6201600 | 240000 | SH |  | DFND | 1234910 | 240000 | 0 | 0 |
| XCEL ENERGY INC-CALLABLE | Pref | 98389B878 |  | 4940000 | 200000 | SH |  | DFND | 12310 | 200000 | 0 | 0 |

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