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Ledger Investing Closes $100 Million Casualty Sidecar with Global Reinsurer
Milestone Transaction Establishes Ledger as Partner of Choice in Casualty ILS and Highlights Market Expansion
NEW YORK, Sept. 24, 2024 /PRNewswire/ — Ledger Investing, the leading marketplace connecting insurance risk to capital, today announced the successful funding and launch of a new casualty sidecar facility. This sidecar will provide up to $100 million of capital to finance the casualty reinsurance business of a global reinsurer over three underwriting years on a quota share basis.
Ledger Re SPC, a Cayman-based subsidiary of Ledger Investing that provides institutional investors access to casualty insurance-linked securities (ILS), served as the retrocessionaire. Ledger Capital Markets acted as the sole structuring agent and bookrunner for the deal, reinforcing Ledger’s position as the leader in casualty ILS.
Samir Shah, CEO of Ledger, said “This is an important development for Ledger as we expand from primarily securitizing MGA-originated portfolios to supporting the long-term capital management of leading (re)insurers. Our experience in capital modeling and structuring was instrumental in developing a flexible and sustainable solution that created value for both sides.”
“This transaction underscores the significant investor interest we are witnessing in this diversifying asset class. The capital efficiencies enabled by casualty ILS are driving a growing demand for these products by (re)insurers.” Alex Freiberg, CEO of Ledger Capital Markets.
For more information about Ledger, visit www.ledgerinvesting.com/insurers.
About Ledger Investing
Ledger Investing, Inc. has led the development of casualty ILS since its inception in 2017. Named to CB Insights Insurtech 50 (2023), the company started as a Y Combinator startup and has raised over $90M from leading VCs and strategic insurance industry investors. It created the first dedicated casualty ILS fund in 2021, and has securitized billions of dollars of gross casualty premium through primary and secondary transactions. Ledger operates through its wholly owned subsidiaries: Ledger Risk Markets, LLC, a reinsurance intermediary; Ledger Capital Markets, LLC, a securities broker/dealer; Ledger ILS Managers, a registered investment advisor; Ledger Re SPC, a class B(iii) insurer; and Ledger ILS Services, Ltd., an underwriting and risk management services firm. Learn more at www.ledgerinvesting.com.
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