Billionaire investor Peter R. Kellogg has engaged in some high-stakes trading in recent weeks.
Through his wholly-owned offshore company, IAT Reinsurance Co. Ltd., Kellogg last month sold off $6.6 million in holdings in Tennessee pharmaceuticals company Chattem Inc.
IAT Reinsurance has invested more than $7 million in recent months in Integramed America, a company that specializes in services to medical practices treating infertility. The firm staked more than $5 million during the same period in Mercer International, a pulp manufacturing company.
Kellogg formed Bermuda-based IAT Reinsurance in the mid-1990s. A decade later, the firm came under scrutiny for taking advantage of tax laws benefitting tax-exempt insurance companies. After the New York Times reported that IAT escaped $110.3 million in taxes over a three-year period, Congress closed the loophole.
Kellogg continues to operate the company, while keeping a relatively low profile.
Forbes ranks him No. 334 among the world’s billionaires, estimating his worth at $3.3 billion. Much of his fortune derived from Kellogg’s sale of the trading firm Spear, Leeds & Kellogg to Goldman Sachs in 2000, for $6.5 billion.
His father, James, also worked at Spear, Leeds, after serving as chairman of the New York Stock Exchange.
Peter Kellogg also operates Hudson Farm, a 3,000-acre hunting preserve in Andover, NJ.
He and his wife, Cynthia, run a foundation which provides grants to sports and nature organizations, as well as to other nonprofits, schools and colleges. According to the group’s 2006 tax return, the last publicly available, the Peter R. and Cynthia K. Kellogg Foundation had assets of more than $16 million.
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