Global Leader in Connecting Insurance Risk to Capital
Ledger is a specialized broking and advisory firm exclusively focused on casualty insurance-linked securities (ILS).
News
Introducing Korra
Ledger Investing Launches Korra, a SaaS Subsidiary Connecting Risk to Capital. Read the Press Release.
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Casualty ILS: The New Corporate Finance
Casualty premiums securitized
- $2.5B Transactions: 170
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.
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.
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
- 170 Transactions: Ledger pioneered the market for casualty ILS, facilitating over 170 transactions
- 1st Casualty ILS Fund: Ledger launched the first dedicated casualty ILS fund, with seed capital from one of the world’s largest pension funds.
Ledger provides end-to-end casualty ILS capabilities and is committed to delivering long-term value to risk markets and institutional investors by building a more transparent, efficient, and dynamic market.
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
Insurance Carrier
- Private Passenger Auto, multi-year
- $250M annual premium, $75M capital
Top 15 Global Insurer
- General Liability, multi-year
- $100M premium, $30M capital
Top 3 Global Wholesale Broker
- Diversified Workers’ Comp & GL MGA Portfolios
- $200M premium, $60M capital
Secondary Trade
- Workers’ Compensation, General Liability, Commercial Auto & Private Passenger Auto
- $240M premium, $75M capital
Second Secondary Trade
- Workers’ Compensation, General Liability, Commercial Auto & Private Passenger Auto
- $40M premium, $15M capital