The establishment of two new subsidiaries is aimed at facilitating the connection between managing general agents (MGAs), reinsurers and the ILS capital market. Credit: NONGASIMO/Shutterstock.

Ledger Investing, a marketplace that connects insurance risk with capital, has announced an expansion aimed at enhancing its position in the casualty ILS market.  

The company has introduced two new subsidiaries based in the Cayman Islands – Ledger Re SPC and Ledger ILS Services.  

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These entities are designed to provide institutional investors with access to casualty ILS and offer underwriting and risk management services. 

Since its inception in 2017, Ledger Investing has been developing the casualty ILS market.  

The establishment of these subsidiaries is aimed at facilitating the connection between MGAs, reinsurers and the ILS capital market, as well as bolstering Ledger Investing’s position in the market.  

Furthermore, the company announced the transition of the management of its casualty ILS funds to Fermat’s casualty team. 

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Ledger Investing will continue to offer support services for the casualty ILS investments. 

Ledger Investing CEO Samir Shah said: “These milestones are a pivotal moment in the growth of the casualty ILS market. Our creation of Ledger Re SPC as a conduit to the ILS markets and the entry of Fermat mark major steps toward realising the massive, trillion-dollar potential in casualty ILS, which remains a largely untapped asset class consistently delivering attractive and uncorrelated risk-adjusted yield.” 

Fermat managing director and co-founder John Seo said: “Fermat continues to see growing investor appetite for alternative fixed income investments. Given the portfolio diversification benefits of casualty ILS, we anticipate broad investor interest, ranging from pension plans seeking income to private credit managers looking for diversification.” 

In August 2023, Ledger Investing syndicated a secondary transaction worth nearly $250m in premium to three institutional investors.  

This transaction encompassed a diversified portfolio across four lines of business – workers’ compensation, general liability, private passenger auto and commercial automobile – covering 25 individual programmes. 

In June 2022, the company secured $75m in Series B investment.  

The financing round was led by WestCap, and included contributions from Teachers’ Venture Growth, Intact Ventures, and existing investors such as SignalFire, MassMutual Ventures, Allegis Capital and Accel.