Trusted experts in casualty
insurance securitization
About Ledger
Ledger is led by one of the most experienced teams in casualty insurance securitization, under the leadership of Samir Shah — former Chief Risk Officer, Chief Reinsurance Officer, and Head of Insurance Capital Markets for P&C at AIG, and a recognized leader in the issuance of insurance-linked securities (ILS).
To date, Ledger has securitized $2 billion in casualty premiums across commercial auto, general liability, workers’ compensation, and personal auto lines, representing more than $6 billion in gross premium across approximately 70 treaties. In 2021, Ledger launched the first dedicated casualty ILS fund with seed capital from a sovereign pension plan.
Ledger is also at the forefront of the growing secondary market for casualty ILS, with over $250 million in casualty premium traded. Our comprehensive capabilities include origination, risk analytics, structuring, securities broking, fund management, collateral investment management, and SPV administration.
75 Rockefeller Plaza,
New York, NY (USA)
Risk Origination
Securitization & Capital Markets
Data Science & Actuarial
Product Development & Engineering
Our team consists of industry insiders with deep networks across the MGA, (Re)Insurance, and Alternative Capital markets. We understand the underlying dynamics and economics of each market and specialize in developing efficient structures that connect risk to alternative capital.
We bring industry-leading expertise in designing optimal structures for casualty insurance-linked securities (ILS). Our team executed its first transaction in 2019 and launched the first dedicated casualty ILS fund in 2021. We offer deep technical capabilities across structuring, deal modeling, marketing, and contracting.
Our state-of-the-art stochastic modeling of casualty insurance risks is developed by a highly experienced team of data scientists and actuaries. These models are integral to our pricing and performance monitoring processes. Our methodologies have been published in peer-reviewed journals and presented at leading industry conferences.
Our innovative team of designers and software engineers is building applications tailored to the needs of the ILS market, including an online marketplace, performance reporting tools, and advanced analytics. We are also developing a scalable platform capable of hosting both proprietary and third-party applications to support the market’s continued growth.
OUR Team
$2B casualty premium securitized in commercial auto, general liability, workers compensation, and personal auto. Represents greater than $6 billion of gross premium across 70 treaties. First dedicated casualty ILS fund in 2021 with seed capital from a sovereign pension plan.
