Global Leader in Connecting Insurance Risk to Capital

Pioneering transparency and efficiency in Casualty ILS

Ledger is a specialized broking and advisory firm exclusively focused on casualty insurance-linked securities (ILS) — a rapidly emerging asset class at the intersection of insurance and capital markets. We are the preeminent intermediary connecting insurers, reinsurers, and fronting carriers seeking access to new capital from institutional investors.

The power of Casualty ILS

Ledger makes it easier for risk markets to tap into the power of casualty ILS. Our structured transactions create flexible, off-balance sheet solutions that generate capital efficiency, strategic flexibility, and access to alternative sources of capital.

Ledger has been a first mover in connecting insurance risk to the broader capital markets and works with a broad range of risk markets, including some of the largest, publicly traded global (re)insurers.

Partner with us

Deep reinsurance expertise

Ledger's in-house securities broker-dealer and placement agent, Ledger Capital Markets, exclusively focuses on the insurance structured finance market.

Casualty ILS is an attractive asset class for private credit / special situations funds, family offices, pension funds, and sovereign wealth funds looking to access an uncorrelated stream of cash flows based on a diversified pool of risk, exhibiting a risk-return profile similar to private credit and other asset-backed securities.

Partner with us

Market Leadership & Track Record
Our team combines diverse expertise across (re)insurance, investment banking, capital markets, and actuarial science
Premiums
Ledger has securitized over $2.5 billion of casualty premium
$2.5B
Transactions
Ledger pioneered the market for casualty ILS, facilitating over 170 transactions
170
Casualty ILS Fund
Ledger launched the first dedicated casualty ILS fund, with seed capital from one of the world’s largest pension funds
1st
Ledger provides end-to-end casualty ILS capabilities
Ledger is committed to delivering long-term value to risk markets and institutional investors by building a more transparent, efficient, and dynamic market.
Origination
Securities broking
Structuring
Advisory
Distribution
Secondary trading
Led by Experience Driven by Outcomes
Our team consists of industry insiders with deep expertise across the (re)insurance and alternative capital markets. We understand the underlying dynamics of each market and specialize in developing efficient structures and tailored solutions.
Samir Shah
Co-founder & CEO
Gary Maier
Chief Revenue Officer
Ryan Saul
Managing Director, Reinsurance and Capital Markets
Highlighted Transactions
Ledger has a proven transaction track record. Selected transactions from $2.5B casualty premium placed in ILS markets on 170+ primary secondary transactions.
Top 10 Global Reinsurer
Diversified Pool of US Casualty, multi-year
$400M  premium, $110M  capital
Special Situations Fund
Insurance Carrier
Private Passenger Auto, multi-year
$250M  annual premium, $75M  capital
Special Situations Fund
Top 15 Global Insurer
General Liability, multi-year
$100M  premium, $30M  capital
ILS Fund
Top 3 Global Wholesale Broker
Diversified Workers’ Comp & GL MGA Portfolios
$200M  premium, $60M  capital
ILS Fund
Secondary Trade
Workers’ Compensation, General Liability, Commercial Auto & Private Passenger Auto
$240M  premium, $75M  capital
Large Asset Manager, ILS Fund, and Special Situations Fund
Secondary Trade
Workers’ Compensation, General Liability, Commercial Auto & Private Passenger Auto
$40M  premium, $15M  capital
Private Credit Fund

Engage with Ledger to learn more about Casualty ILS.