Background

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.

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
$2.5B
Trades
Ledger pioneered the secondary market for casualty ILS, facilitating over $250 million in trades
$250M
Casualty ILS Fund
Ledger launched the first dedicated casualty ILS fund, with seed capital from one of the world’s largest pension funds
1st
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
Samir Shah
Co-founder & CEO
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Gary Maier
Gary Maier
Chief Revenue Officer
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Ryan Saul
Ryan Saul
Managing Director, Reinsurance and Capital Markets
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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.
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Origination
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Securities broking
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Structuring
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Advisory
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Distribution
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Secondary trading
Representative Transactions
Ledger is committed to delivering long-term value to risk markets and institutional investors by building a more transparent
Top 10 Global Reinsurer
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Diversified Pool of US Casualty & Specialty Lines
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$125M  annual premium, multi-year
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Special Situations Fund
Insurance Carrier
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Private Passenger Auto
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$200M  annual premium; multiple MGAs
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Special Situations Fund
Top 15 Global Insurer
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General Liability
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$100M  liability premium over 2 years
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ILS Fund
Top Wholesale Broker
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Diversified Workers’ Comp & GL MGA Portfolios
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$200M  premium over 4 years
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ILS Fund
Secondary Trade
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Workers’ Compensation, General Liability, Commercial Auto & Private Passenger Auto
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$240M  MGA Portfolio
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Large Asset Manager, ILS Fund, and Special Situations Fund
Secondary Trade2
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Workers’ Compensation, General Liability, Commercial Auto & Private Passenger Auto
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$40M  MGA Portfolio
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Private Credit Fund

Engage with Ledger to learn more about Casualty ILS.