Ledger Investing Completes $250M Casualty ILS Secondary Transaction Learn more

Diversify your portfolio with casualty ILS

Ledger's insurance-linked securities offer low-beta, mean-reverting, attractive risk-adjusted returns.*

Low correlation
with markets
risk-adjusted returns
Our advantage

The most compelling way to access insurance risk*

Objective risk modeling

Ledger uses modern statistical techniques that have been reviewed by industry experts and can be backtested

Real-time data

Unrivaled transparency into risk originator’s premiums, claims, reserves, and more

Flexible access

Access ILS via syndicated transactions, SMAs, or co-mingled funds*
Ledger Investing

Why casualty insurance belongs in your portfolio

High risk-adjusted returns

Attractive relative performance to traditional public market and private asset classes, based on data between 2002 and 2022
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Low volatility

Portfolio volatility is reduced by sharing losses with insurance companies and pooling many uncorrelated programs together
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Low correlation

Casualty insurance industry performance exhibits mean-reverting characteristics and remains decoupled from broader markets
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1 Loss ratios provide a high-level overview of an insurance company’s performance and is calculated by dividing the total claims paid (including loss-adjustment expenses) by the total premium
Investor focused

ILS structures align with investor preferences*

Low beta

Casualty ILS exhibit low correlation to traditional financial markets. Individual ILS exhibit low beta to each other

Low volatility

Portfolios of casualty ILS lowers standard deviation of return, similar to a reinsurance company balance sheet

Aligned interests

Risk originators share in the risk by placing a portion of their commission at risk which incentivizes profitable underwriting

Efficient collateralization

Ledger negotiates collateralization schemes (such as capital ramp-up and loss ratio limits) to maximize returns

Short WAL

Cash flowing structures with early amortization provide for short WAL

Friendly exits

Commutation clauses are structured on every transaction; run-off and secondary sale opportunities offer additional liquidity

Mean reverting

Casualty insurance risk performance is stable and mean-reverting, making it suitable for objective statistical modeling

Value-chain efficiency

Removing overhead from typical reinsurer cost structure results in higher returns than sidecars and traditional reinsurance

Casualty ILS expertise


Deep insurance

Industry leaders with decades of experience at the largest insurers including risk selection, program management, underwriting, and reinsurance



Data scientists from leading insurers, academic institutions, and research organizations


Capital markets

Asset management and investment banking professionals tenured in transaction structuring, securitization, and capital raising

Demonstrated deal flow

Recently-closed transactions*

Private passenger auto

25% share of $473M portfolio
Effective 2021

Workers’ compensation

20% share of $104M portfolio
Effective 2021

Workers’ compensation

15% share of $87M portfolio
Effective 2022

Commercial auto

23% share of $85M portfolio
Effective 2022

General liability

15% share of $82M portfolio
Effective 2022
Insurance-linked securities primer

Frequently asked questions

Ready to get started?

Email investors@ledgercapmarkets.com or fill out the form below.