Peter Kellogg

Peter Kellogg (Peter R. Kellogg) is an American investor who led the New York Stock Exchange specialist firm Spear, Leeds & Kellogg and sold it to Goldman Sachs Goldman SachsGoldman Sachs is an American financial services group headquartered in New York whose businesses include investment banking, securities trading, asset management, and wealth management. It traces its origins to the commercial paper business Marcus Goldman founded in 1869; it listed on the New York Stock Exchange in 1999 under the ticker GS and became a bank holding company in 2008. David Solomon serves as chairman and chief executive officer.Open the full entry for $6.5 billion in 2000; he has since focused on the reinsurance company IAT Reinsurance.

Contents10 sections

Key facts

Early Years: Education

Kellogg holds a bachelor’s degree from Babson College.⁠[1]

1931Founding of Spear, Leeds & Kellogg

Spear, Leeds & Kellogg was founded in 1931 by Harold Spear and Laurence C. Leeds.⁠[2]

From 1973: Leading Spear, Leeds & Kellogg

In 1973 Kellogg joined Spear, Leeds & Kellogg, where his father was a partner, and took over its leadership several years later. Under his leadership the firm became the first specialist brokerage to control more than 10% of the stocks trading on the New York Stock Exchange.⁠[1]

Early 1980sIAT Reinsurance

IAT Reinsurance was founded in the early 1980s, and Kellogg served as its chief executive from the company’s founding.⁠[3]

2000Sale to Goldman Sachs

On September 11, 2000, Goldman Sachs announced its combination with Spear, Leeds & Kellogg, with $4.4 billion of the consideration paid in Goldman Sachs common stock (34 million shares) and the rest in cash; Goldman Sachs also set up a $900 million retention pool in its common stock for all SLK employees. Spear, Leeds & Kellogg was then the largest specialist firm on the New York Stock Exchange, with three core businesses: securities clearing and execution, floor-based market making and off-floor market making.⁠[4]

Kellogg said: “This is an historic and exciting moment for all of us at SLK.”⁠[4]

The acquisition was completed in 2000; at the time of the merger Spear, Leeds & Kellogg was the leading clearing firm by volume.⁠[2]

November 2013Board Nominations at MFC Industrial

On November 25, 2013, IAT Reinsurance announced director nominations to the board of MFC Industrial. Kellogg and IAT then controlled or directed 20,662,400 MFC Industrial shares, about 33.03% of those outstanding, and IAT had held its investment in MFC for 14 years.⁠[5]

October 2014Stepping Down as IAT Chief Executive

In October 2014 IAT Reinsurance announced that William Cunningham, a career Travelers Insurance Company executive, would become chief executive on January 4, 2015, and that Kellogg would retire as CEO and continue to lead the board. IAT Reinsurance was then a privately owned Bermuda insurer underwriting commercial and personal lines property and casualty reinsurance and insurance directly and through eight wholly owned U.S.-licensed subsidiaries.⁠[3]

2026Forbes Estimate

As of November 3, 2026, Forbes ForbesForbes is an American business media brand that began with Forbes magazine, founded by B.C. Forbes in 1917. It is known for rankings such as the Forbes 400, the World’s Billionaires list and 30 Under 30, and operates Forbes.com, ForbesLive events and licensed editions in 81 countries. Since 2014 a majority stake has been held by the Hong Kong investment group Integrated Whale Media; a 2021 plan to list on the New York Stock Exchange through a special purpose acquisition company was terminated in 2022. It is headquartered in Jersey City, New Jersey.Open the full entry’ real-time billionaires list estimated his net worth at $5.8 billion; he still chaired IAT.⁠[1]

Philanthropy

He has donated more than $4 million to the U.S. ski and snowboarding teams.⁠[1]