Ledger Investing has launched Korra as a separate software-as-a-service company designed to support transactions in the reinsurance and insurance-linked securities market.
The new platform links insurers, managing general agents, reinsurers and institutional investors through applications and AI-enabled workflows that span pricing, structuring, reporting and valuation across the reinsurance lifecycle.
Korra is built on technology that Ledger has used internally since 2021 to structure, execute and service more than 170 casualty ILS transactions, representing over US$7 billion in gross written premium.
The launch comes against a backdrop of growing global reinsurance and ILS capital, with dedicated reinsurance capital estimated at about US$805 billion and traditional capacity projected to grow around 8% through 2025, according to Artex Risk.
ILS issuance has surpassed US$18 billion this year, with the outstanding ILS market at roughly US$56 billion, highlighting the scale of alternative capital that platforms like Korra are targeting.
“Korra is an end-to-end solution that meets the pre- and post-transaction needs of risk originators and capital providers,” said Umair Rasool, general manager of Korra.
He added that customers can start with whichever application addresses their most immediate need, while data created in one module is available across the platform, which he said is intended to cut duplicate work, reconciliations and manual handoffs between separate tools.
Alternative capital is playing a larger role across the sector, with ILS now estimated to represent more than US$100 billion of global reinsurance capacity, according to recent market commentary. That expansion is increasing demand for standardized data, transparent reporting and scalable servicing platforms for ILS and collateralized reinsurance.
“We built Korra because we needed it ourselves,” said Samir Shah, co-founder and CEO of Ledger Investing. He said the firm’s work as broker, risk modeler, asset manager and collateralized reinsurer on complex casualty transactions pushed it to address operational, data and analytics challenges, and that the technology has been refined on a deal-by-deal basis.
With Korra’s launch, Ledger has restructured its operations into two main divisions. Korra will operate as the SaaS platform company, while Ledger Investing will continue as a reinsurance brokerage and advisory firm.
