Ledger's Korra Aims to Be the OS for a New Era of Risk Capital

NEW YORK, NY – December 09, 2025 – Insurtech pioneer Ledger Investing today announced a significant strategic evolution with the launch of Korra, a standalone Software-as-a-Service (SaaS) company. The new entity is poised to deliver foundational infrastructure for the complex and rapidly growing casualty reinsurance market. Spun off from its parent, the Korra platform leverages artificial intelligence and integrated workflows to connect insurance risk with institutional capital, promising to inject unprecedented transparency and efficiency into a traditionally opaque sector.

This move reorganizes the Ledger group into two distinct divisions: Ledger Investing will continue as a reinsurance brokerage and advisory firm, while Korra will operate as a dedicated technology provider. The launch is not just a product release; it's the commercial debut of a technology stack that has been battle-tested and refined internally since 2021, powering over 170 casualty ILS transactions representing more than $7 billion in gross written premium.

Addressing the Infrastructure Bottleneck

For years, the Insurance-Linked Securities (ILS) market has been a tale of two asset classes. While property catastrophe bonds are relatively mature and standardized, casualty ILS—which covers longer-term risks like general liability and workers' compensation—has struggled to scale. The reasons are systemic: manual, paper-based workflows, a lack of data standardization, and the inherent difficulty in valuing long-tail risks have created significant friction. This has kept many institutional investors on the sidelines, despite the appeal of an asset class with returns uncorrelated to broader financial markets.

Ledger Investing's Co-founder and CEO, Samir Shah, frames the problem as a clear market failure. “As more insurance risk connects with more sources of capital, the bottleneck isn’t demand – it’s infrastructure,” he stated. “New capital providers need a servicing platform that gives them transparency, efficiency, and reliability before they’ll commit, and even incumbent reinsurers and fronting carriers will need to operate far more efficiently to stay competitive.”

Korra is designed to be the solution to this bottleneck. Its launch comes at a crucial time, with the overall ILS market, currently valued around $100 billion, projected to double within the decade. Casualty ILS is seen as a primary driver of that future growth, but only if the underlying infrastructure can support it. By standardizing processes and providing robust data analytics, Korra aims to build the digital rails needed for capital to flow smoothly into this expanding risk landscape.

An Operating System for Risk Capital

Korra is being positioned not as another point solution, but as a comprehensive, end-to-end operating system for the entire reinsurance lifecycle. The platform integrates four core applications, each designed to solve a specific problem while sharing data seamlessly across the ecosystem.

• Korra Marketplace: A digital transaction platform that connects risk originators (insurers and MGAs) with capital providers, standardizing the framework for pricing, negotiating, and executing deals.
• Korra Analytics: This module incorporates sophisticated actuarial and data science tools to stochastically forecast performance, price new transactions, and estimate the fair market value of existing deals—a critical function for managing long-tail risk.
• Korra Reports: This application automates the labor-intensive process of bordereaux ingestion and performance monitoring. It provides dynamic dashboards for cession statements and collateral calculations, drastically reducing the manual effort traditionally required for servicing.
• Korra Contracts: Perhaps the most innovative component, this tool uses AI to ingest bespoke reinsurance contracts and transform the unstructured text into structured, queryable data. This not only speeds up analysis but also drives automation in downstream processes.

“Korra is an end-to-end solution that meets the pre and post transaction needs of risk originators and capital providers,” explained Umair Rasool, General Manager of Korra. He emphasized the platform’s network effect, noting, “Customers can start in the application that solves their biggest problem today, knowing that the data created in one app is immediately available across the platform.” Critically, Korra is also designed to integrate with a client's existing legacy systems, serving as a central hub rather than a disruptive replacement.

From Pioneer to Platform Powerhouse

The launch of Korra marks a pivotal chapter in Ledger Investing's story. Founded in 2017 and a graduate of the prestigious Y Combinator accelerator, the company has raised over $90 million from leading venture capital firms and strategic industry investors. It has long been recognized as a trailblazer, creating the first dedicated casualty ILS fund and earning a spot on CB Insights’ Insurtech 50 list.

Now, Ledger is leveraging that pioneering experience into a scalable technology play. The decision to spin off Korra is a strategic move to democratize the very tools that fueled its own success. “We built Korra because we needed it ourselves,” said Shah. “We were in the trenches as a broker, risk modeler, asset manager, and collateralized reinsurer, processing complex casualty transactions at scale. That experience forced us to solve real operational, data and analytics problems. We’ve iterated on this technology deal by deal.”

This origin story provides Korra with immense credibility. Unlike many tech solutions built in a vacuum, it was forged in the fire of real-world deal-making. Having already processed billions in premium, the platform is not an unproven concept but a mature, robust system ready for wider market adoption. This strategic shift allows Ledger to monetize its technology directly via a SaaS model, expanding its market impact far beyond what it could achieve as a brokerage alone.

Forging a Transparent Future with AI

Ultimately, Korra’s greatest impact may lie in its ability to bring radical transparency to the reinsurance market. By using AI to structure contract data and providing integrated analytics, the platform demystifies complex risks and makes them more digestible for a broader range of capital providers. This addresses a core challenge that has historically limited the asset class to a small circle of highly specialized investors.

For risk originators, the platform promises access to deeper and more diverse pools of capital. For investors, it offers a repeatable and scalable way to access attractive, uncorrelated returns with a level of clarity and reliability previously unattainable. As Shah noted, Korra is “the missing piece of infrastructure the market has been waiting for – a holistic solution that helps new entrants get comfortable ceding and investing in a historically opaque space while giving incumbents the tools they need to compete and grow.”

As the insurance industry continues its digital transformation, platforms like Korra represent the future. They are shifting the paradigm from opaque, relationship-driven transactions to a more efficient, data-driven, and accessible marketplace. By creating a standardized and automated infrastructure, Ledger Investing is not just launching a new company; it is laying the groundwork for the next phase of growth and innovation in how the world's most complex risks are connected to capital.