Ledger Investing

What Ledger Investing does

Ledger Investing is a specialized broking and advisory firm exclusively focused on casualty insurance-linked securities (ILS), operating an integrated marketplace that connects insurers, reinsurers, and fronting carriers seeking capital with institutional investors — pension funds, sovereign wealth funds, family offices, and private credit/special situations funds — seeking uncorrelated returns. Founded in 2016, Y Combinator–backed, and headquartered in New York (75 Rockefeller Plaza), the company has cumulatively securitized over $2.5 billion in casualty premiums across 170+ transactions and pioneered the casualty ILS asset class through the launch of the first dedicated casualty ILS fund (Nanorock, 2021) and the first secondary-market trade of a casualty insurance security (November 2022).

The platform architecture is multi-layered. Origination, structuring, distribution, and secondary trading are executed through regulated subsidiaries — Ledger Capital Markets (SEC-registered broker-dealer and FINRA/SIPC member), Ledger Risk Markets (licensed reinsurance intermediary), and the Cayman-based Korra Re SPC (Class B(iii) reinsurer) and Korra ILS Services Ltd. — while technology is delivered through the Ledger Connect data pipeline, Ledger Tracker (public transaction transparency page), Ledger Vault (encrypted file exchange), and the recently standalone Korra SaaS subsidiary. Supporting the core are proprietary analytics capabilities: the Ledger Analytics API for Bayesian loss development, tail modeling, and time-series forecasting; the open-source Bermuda Python package for loss-triangle manipulation; and the BayesBlend model-averaging library. Emerging AI capabilities include Workbench (an AI work environment for reinsurance) and specialized AI agents for actuarial workflows.

Revenue is generated through four streams: securitization and brokerage fees on transactions intermediated through Ledger Capital Markets, asset management fees on casualty ILS funds (largely transferred to Fermat Capital Management as of August 2024), recurring SaaS subscriptions via Korra, and usage-based fees on the Ledger Analytics API. The customer base is enterprise and institutional — large global (re)insurers, top wholesale brokers (AmWINS), MGAs, and institutional allocators — accessed through sales-led distribution with significant in-person industry-conference presence. The company has raised over $90 million from WestCap, Accel, SignalFire, MassMutual Ventures, Teachers' Venture Growth, Intact Ventures, and Allegis Capital, and operates with a selective, distributed team across New York, San Francisco, and Washington, D.C.

Name

Ledger Investing

Legal name

Ledger Investing, Inc.

Website

https://ledgerinvesting.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

51–100 employees

Short description

Ledger Investing is a specialized broking and advisory firm connecting casualty insurance risk to capital markets, securitizing over $2.5 billion in premiums across 170+ transactions for insurers, reinsurers, and institutional investors through its integrated ILS marketplace.

Ownership category

akta.pro rank

Product category

Insurance-Linked Securities (ILS) Brokerage & Technology Platform

NAICS

Investment Banking and Securities Intermediation (523150), Securities and Commodity Contracts Intermediation and Brokerage (5231), Other Financial Investment Activities (5239)

SIC

Asset-Backed Securities (6189), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Catastrophe Bonds & Insurance-Linked Notes (ILS) (FSACABAO)

akta.pro secondary industries

Securitized Products Trading Platforms (MBS/ABS/CLO) (FSAFACAK), Catastrophe & ILS Placement (Reinsurance) (FSAOAHAD)

Keywords

• Insurance-linked securities
• Casualty ILS broking
• Insurance risk securitization
• Reinsurance technology platform
• Insurance capital markets

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Securitization/Brokerage Fees: Fees earned from facilitating insurance securitization transactions through Ledger Capital Markets, connecting insurers and MGAs with capital market investors.
2. Asset Management Fees: Fees from managing casualty ILS funds including the Nanorock Fund and other funds managed by Ledger ILS Managers, a registered investment advisor with the SEC.
3. Platform/SaaS Fees: Revenue from providing Korra SaaS platform services for reinsurance and ILS market transaction services.
4. Analytics API Access: API access fees for advanced loss development modeling, time series forecasting, and insurance analytics services.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels7 records

Core offering

Ledger Investing operates an online marketplace and broking platform that securitizes casualty insurance risk into insurance-linked securities (ILS), connecting insurance carriers, reinsurers, MGAs, and fronting carriers seeking capital with institutional investors (pension funds, sovereign wealth funds, family offices, private credit funds). The company provides end-to-end capabilities including origination, securities broking through its SEC-registered broker-dealer (Ledger Capital Markets), structuring, advisory, distribution, and secondary trading. Its Korra SaaS subsidiary provides transaction services integrating risk, data, and analytics tools for the broader reinsurance and ILS market.

Product overview

Ledger Investing operates a platform-plus-modules architecture centered on its core casualty ILS marketplace. The primary offering is the Ledger Investing Platform—a specialized broking and advisory marketplace connecting insurance risk to capital markets for casualty insurance-linked securities. Key products include Korra (SaaS subsidiary for reinsurance/ILS transaction services), Ledger Capital Markets (SEC-registered broker-dealer), Ledger Risk Markets (reinsurance intermediary), Ledger Analytics API (cloud compute for insurance loss modeling), and Ledger Tracker (public transaction tracker). Supporting infrastructure includes Bermuda (open-source Python loss triangle package), BayesBlend (model stacking library), Workbench (AI work environment for reinsurance), and Ledger Vault (secure file exchange). The Cayman-based Korra subsidiaries (Korra Re SPC and Korra ILS Services Ltd.) expand underwriting and risk management capabilities. Ledger ILS Managers provides registered investment advisor services, and the Nanorock Fund was the first dedicated casualty ILS fund launched in 2021.

Differentiator

Problem solved

Functional benefit

Brands

• Korra: SaaS platform providing transaction services for the reinsurance and ILS market, integrating risk, data, and analytics tools. Launched in December 2025 as a subsidiary of Ledger Investing.

Products and services

• Ledger Investing Platform A specialized broking and advisory marketplace exclusively focused on casualty insurance-linked securities (ILS), connecting insurers, reinsurers, and fronting carriers seeking access to new capital from institutional investors; enables structured off-balance-sheet transactions generating capital efficiency.
• Korra A SaaS subsidiary providing transaction services for the reinsurance and ILS market, integrating risk, data, and analytics tools to connect risk originators with capital providers.
• Ledger Capital Markets Ledger's in-house securities broker-dealer and placement agent exclusively focused on the insurance structured finance market; registered with the SEC and member of FINRA and SIPC.
• Ledger Risk Markets A licensed reinsurance intermediary providing end-to-end casualty ILS capabilities including origination, securities broking, structuring, advisory, distribution, and secondary trading.
• Ledger Analytics API Cloud-based API providing actuaries and data scientists with access to Ledger's compute infrastructure for running Bayesian loss development models, tail development models, time series forecasting, and integration with Bermuda and BayesBlend open-source tools.
• Nanorock Fund Ltd. First dedicated casualty ILS fund focused on investing in casualty insurance risks including workers' compensation, general liability, commercial and private passenger auto liability in US and Europe; originally seeded by one of the world's largest pension funds.
• Korra Re SPC Class B(iii) licensed (re)insurer based in the Cayman Islands providing institutional investors access to casualty insurance-linked securities.
• Korra ILS Services Ltd. Licensed services provider based in the Cayman Islands offering underwriting and risk management services for casualty ILS.
• Ledger Capital Markets (Broker-Dealer Registration) SEC-registered broker-dealer license enabling Ledger to engage in securities transactions, including for casualty insurance securitizations.

Quantifiable outcome

• $2.5B+ in casualty premiums securitized through 170+ transactions
• +3 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

AI capability6 records

Feature7 records

Partnerships

Four partnerships are on record, tiered core, strategic advisory and infrastructure.

• Fermat Capital ManagementcoreStrategic or Co-development Partner · 5 August 2024Cayman-based ILS asset management firm with $10.8B AUM (as of June 30, 2024). Now managing casualty ILS funds previously managed by Ledger. Deep expertise in alternative fixed income with focus on insurance and capital markets.
• Peter Hancockstrategic advisoryOthers · 31 March 2021Former President and CEO of AIG, JP Morgan CFO and Chief Risk Officer, and KeyBank Vice Chairman. Joined Ledger Investing's Board of Directors bringing deep insurance and capital markets experience.
• Amazon Web Services (AWS)infrastructureTechnology or IntegrationCloud infrastructure provider supporting Ledger Vault and platform technology.
• Google CloudinfrastructureTechnology or IntegrationCloud infrastructure provider supporting Ledger Vault and platform technology.

Scale indicators7 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Twelve Capital: Specialist investment manager focused exclusively on insurance-linked securities for institutional investors. Comparable to Ledger in ILS asset class focus and institutional client base, with overlapping casualty and property ILS capabilities.
• Securis Investment Partners: Specialist ILS investment manager and advisor serving pension funds and insurance companies. Comparable to Ledger in casualty ILS origination, structuring, and institutional placement, with similar investor segments.
• Elementum: Bermuda-based ILS specialist focused on catastrophe and specialty insurance-linked securities. Comparable to Ledger as a specialist ILS investment and risk management platform serving institutional investors seeking uncorrelated insurance returns.
• AlphaCat Managers: AIG's dedicated ILS management business and an investor in Ledger-facilitated securitizations. Operates as both a customer/counterparty and a competing ILS manager for institutional capital allocations to insurance-linked strategies.
• Fermat Capital Management: Cayman-based ILS asset manager with $10.8B AUM that now manages Ledger's former Nanorock Fund. Both firms focus on casualty insurance-linked securities and serve institutional investors seeking uncorrelated returns — directly comparable in product focus and target customer base.
• Leadenhall Capital Partners: Specialist insurance-linked securities investment manager. Comparable to Ledger's ILS asset management and advisory capabilities, focused on connecting institutional capital to insurance risk through structured solutions.
• ILS Advisers: Specialist ILS advisory firm providing investment advisory and capital raising services to ILS fund managers. Comparable to Ledger Capital Markets in placement agent and ILS securities intermediation functions.

Broad incumbents

• Aon Securities: Capital markets and ILS securities arm of Aon, one of the world's largest insurance brokers. Competes with Ledger Capital Markets in placement agent and ILS securities intermediation, with broader institutional reach and balance-sheet resources.
• Guy Carpenter: Reinsurance brokerage and capital markets arm of Marsh McLennan. Competes with Ledger Risk Markets in reinsurance intermediation and casualty ILS placement, with deep relationships across global insurers and reinsurers.
• Nephila Capital: Largest ILS investment manager globally with deep institutional relationships. While primarily catastrophe-focused, Nephila competes for institutional allocation to ILS mandates and represents the scale benchmark Ledger aspires to as it builds its casualty ILS franchise.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/LedgerInvesting
• LinkedInlinkedin.com/company/ledger-investing

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries6 records

Funding overview

Funding rounds6 records

Investors15 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ledger Investing