Ledger Ils Managers, LLC

Ledger ILS Managers, LLC is a registered investment adviser specializing in insurance-linked securities (ILS) and formed in 2021. The firm manages separately managed accounts (SMAs) investing in casualty insurance risks, focusing on private passenger auto, commercial auto, workers’ compensation, general liability, and commercial multi-peril lines. Ledger had $105.6 million in assets under management as of December 31, 2024. Clients pay a management fee ranging from 0.12% - 1% per annum, with additional performance-based fees of up to 20% of net profits. Ledger is a subsidiary of Ledger Investing, Inc., an insurtech company founded in 2016. Ledger's investment strategy aims to offer stable returns by connecting risk to capital efficiently. The firm discloses potential risks, including loss of investment, illiquidity, and market disruptions. Ledger does not participate in wrap fee programs and may not have investment discretion over all client portfolios. The firm has a Code of Ethics, ensuring compliance with legal and ethical standards, and reviews brokerage practices for best execution. Ledger may provide cash compensation for client referrals, subject to regulatory requirements. The firm does not vote client securities and does not have custody of client assets, which are held by qualified custodians.