Ledger Investing
YC W17United States, US Β· Founded 2016 Β· Delaware corporation Β· 85 employees Β· Hiring Β· 11 known investors
Ledger is a brokerage and advisory firm specializing in casualty insurance-linked securities (ILS), connecting insurers and reinsurers with institutional capital providers. The firm structures transactions to provide off-balance sheet capital solutions for insurance and risk markets.
Also known as Ledger Β· Ledger Investing, Inc.
Founders & leadershipΒ· Y Combinator alumni (W17)
Ledger Investing was founded in 2016 by Samir Shah.
Board
Investors Β· 11
Reported raises Β· per SEC filings
Form D private placements$90.8M disclosed across 2 of 3 rounds Β· 2020β2022
βΆ$75MraisedJun 2022 Β· 15 investors Β· Other Banking and Financial ServicesRule 506(b)
- Eric EmmonsDirector
- Brad FischtromExecutive Officer
- Victor WesterlindDirector
- Samir ShahExecutive Officer, Director, Promoter
- Peter HancockDirector
- J. Jeffrey MullenDirector
- Offering amount
- $75M
- Amount sold
- $75M
- Minimum investment
- $1
- First sale
- Jun 2022
- Incorporated
- Corporation, Delaware
- Federal exemptions
- 06b
βΆ$15.8MraisedAug 2020 Β· 26 investors Β· Other Banking and Financial ServicesRule 506(b)
- Eric EmmonsDirector
- Julien BrissonneauExecutive Officer, Promoter
- Samir ShahExecutive Officer, Director, Promoter
- Aymeric RabotExecutive Officer, Promoter
- Victor WesterlindDirector
- Offering amount
- $20.2M
- Amount sold
- $15.8M
- Minimum investment
- $1
- First sale
- Aug 2020
- Incorporated
- Corporation, Delaware, 2016
- Federal exemptions
- 06b
Source: SEC EDGAR Form D. Amounts as filed; amended filings shown once at their latest values.
Company profile
researched Aug 2026Ledger Investing, Inc. is a technology-driven financial services company specializing in casualty insurance-linked securities (ILS). It operates as an intermediary between risk originators β insurers, reinsurers, fronting carriers, managing general agents (MGAs) and brokers β and institutional capital providers seeking exposure to insurance risk. Its structured transactions are designed to give risk markets off-balance-sheet capital, capital efficiency and access to alternative sources of capital, while offering investors cash flows described as uncorrelated with other asset classes and with a risk-return profile compared to private credit and asset-backed securities.
The company's capabilities span origination, securities broking, structuring, advisory, distribution and secondary trading. Two wholly owned subsidiaries support this: Ledger Capital Markets, LLC, a securities broker-dealer and placement agent registered with the SEC and a member of FINRA and SIPC, and Ledger ILS Managers, LLC, an SEC-registered investment adviser. Ledger has also built data and analytics products, including the Ledger Connect data pipeline, a public premium tracker, the Ledger Analytics API (opened for beta testing in April 2025), the open-source Python packages Bermuda (for casualty loss triangles) and BayesBlend, and a Workbench AI work environment for reinsurance. In 2025 it launched Korra, a SaaS subsidiary connecting risk to capital.
The company covers casualty lines including general liability, workers' compensation, commercial auto and private passenger auto, and has run its own ILS fund, Nanorock, described as the first dedicated casualty ILS fund, seeded by a large pension fund.
Founding story
The company was founded in 2016 by Julien Brissonneau, Aymeric Rabot and Samir Shah, with Shah serving as co-founder and CEO. It went through Y Combinator's Winter 2017 batch, positioning itself as a marketplace for insurance securitization aimed at lowering the cost of capital for insurance risk.
Business model
Ledger acts as a specialized broking and advisory intermediary in the casualty ILS market, structuring and placing securitizations of insurance premium with institutional investors, and complements this with asset management (Ledger ILS Managers, LLC, an SEC-registered investment adviser; the Nanorock ILS fund) and data infrastructure/software offerings, including the Korra SaaS subsidiary and the Ledger Analytics API.
Revenue is associated with its ILS brokerage and asset management businesses and, more recently, data infrastructure service products; the company stated Series B proceeds would accelerate revenue growth across brokerage and asset management and fund the launch of data infrastructure services.
Traction
The company reports securitizing over $2.5 billion of casualty premium across more than 170 primary and secondary transactions, up from over $400 million in premium placed as of June 2022. Highlighted transactions include a multi-year diversified US casualty deal with a top 10 global reinsurer ($400M premium / $110M capital), a private passenger auto program for an insurance carrier ($250M annual premium / $75M capital), a general liability deal for a top 15 global insurer ($100M premium / $30M capital), workers' comp and general liability MGA portfolios placed for a top 3 global wholesale broker ($200M premium / $60M capital), and secondary trades of $240M and $40M premium. A $250M casualty ILS secondary transaction was completed in August 2023. Y Combinator lists a team size of 85.
Latest developments
Recent activity includes the launch of Korra, a SaaS subsidiary connecting risk to capital; publication of a Mid-Year 2026 Reinsurance and ILS Report (announced June 25, 2026); a demo of Workbench, an AI work environment for reinsurance; the Ledger Analytics API entering beta testing in April 2025; and open-source releases of the Bermuda loss-triangle package (February 2025, with a workshop at CLRS 2025) and BayesBlend (May 2024).
βΈFull profile β market position, technology, go-to-market, geography, history
Market position
Ledger describes itself as a first mover and the preeminent intermediary in casualty ILS, stating it pioneered the market for the asset class and launched the first dedicated casualty ILS fund. It was named to CB Insights' Insurtech 50 (2023) and appeared in the InsurTech100 Global Awards (2022).
Exclusive focus on casualty ILS rather than the broader catastrophe-oriented ILS market; an in-house SEC-registered broker-dealer and placement agent dedicated to insurance structured finance; repeatable transaction structures and standardized securities; and proprietary data, analytics and open-source actuarial tooling intended to address the opacity and fragmentation of insurance data.
Technology
The company deploys proprietary software, data analytics and real-time computing for rating insurance risk portfolios and standardizing security structures. Components include the Ledger Connect unified data pipeline, a live premium tracker, the Ledger Analytics API, AI agents for actuarial workflows and a Workbench AI environment for reinsurance, plus open-source data science releases such as Bermuda (loss triangles) and BayesBlend. Its data science team has presented on Bayesian hidden Markov models, model weighting/ensembling/stacking and tail factor estimation.
Go-to-market
Direct broking and advisory relationships with risk originators and institutional investors through an in-house broker-dealer and placement agent, supported by a marketplace and analytics platform, published market research (such as the Mid-Year 2026 Reinsurance and ILS Report), open-source tooling, and a program of industry conference appearances and speaking slots (Artemis ILS NYC, Casualty Actuarial Society events, InsureTech Connect, ABS East, SFVegas, APCIA, NAMIC and others).
On the risk side: insurers, reinsurers, fronting carriers, managing general agents and brokers, including large publicly traded global (re)insurers. On the capital side: private credit and special situations funds, ILS funds, family offices, pension funds, sovereign wealth funds, asset managers, wealth managers and accredited retail investors.
Geography
United States-based, with teams described across New York, San Francisco and Washington, D.C.; an office opened in New York City in December 2022. The firm markets to global (re)insurers and international institutional investors.
History
Ledger Investing was founded in 2016 and completed Y Combinator's Winter 2017 accelerator batch. It became a licensed US broker-dealer in 2018 and released data products including Ledger Vault (2019) and the Ledger Tracker (2022). It raised a $10 million Series A led by AllegisNL Capital, announced September 2020, launched a casualty ILS fund in September 2021, added Peter Hancock to its board in March 2021, and raised a $75 million Series B led by WestCap in June 2022, after which it opened a New York office. Subsequent milestones include a $250M casualty ILS secondary transaction in 2023, expanded capabilities announced in August 2024, open-source analytics releases in 2024-2025, and the launch of the Korra SaaS subsidiary.
Compiled by commissioned research from 8 cited public sources β announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed β not independently audited.
Competitors Β· 1
by search overlap
Companies competing with Ledger Investing for the same Google search keywords, organic and paid, via search-intersection analysis.
Timeline Β· 17
launches, deals, and filingsKorra is announced as a SaaS subsidiary connecting risk to capital.
Open-source Python package for working with casualty loss triangles; presented in a workshop at CLRS 2025 in Philadelphia.
$250M source β
Series B funding to expand its ILS marketplace, data infrastructure service products and asset management offerings, and to hire more than 200 employees. Jeff Mullen, Partner at WestCap, joined the board of directors.
$75M source β
Launch of a casualty ILS fund; the company's ILS fund is named Nanorock.
Announced a $10 million Series A led by AllegisNL Capital with participation from MassMutual Ventures, SignalFire, Accel and Crosscut Ventures.
$10M source β
Ledger Capital Markets, LLC is a wholly owned subsidiary registered with the SEC as a securities broker-dealer and a member of FINRA and SIPC.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
Legal entities Β· 1
corporate structureIn the news
βΈResearch sources Β· 8
primary sources listed
- Ledger Investingledgerinvesting.com Β· web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Ledger Investing do?
- Broking and advisory firm focused on casualty insurance-linked securities, connecting insurers with institutional capital.
- Who founded Ledger Investing?
- Ledger Investing was founded by Samir Shah in 2016.
- Who are Ledger Investing's investors?
- Ledger Investing's investors include Accel, Crosscut Ventures, Hemisphere Ventures LLC, MassMutual Ventures, Page One Ventures, Rising Tide, SignalFire, Y Combinator and 3 more.
- How much funding has Ledger Investing raised?
- Ledger Investing has disclosed $90.8M raised across 2 of its 3 known rounds.
- Where is Ledger Investing headquartered?
- Ledger Investing is headquartered in United States, US.