Ledger Investing

Ledger Investing, Inc. is a technology-driven financial services company specializing in casualty insurance-linked securities (ILS). It operates as an intermediary between risk originators — insurers, reinsurers, fronting carriers, managing general agents (MGAs) and brokers — 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).