Insurance Startup becomes Licensed US Broker-Dealer

Julien Brissonneau
Ledger Investing
Published in
3 min readDec 1, 2018


Ledger Investing is pursuing its core mission to build an Insurance Securities Marketplace, using technology to connect insurers and investors.

What’s in this post?
Ledger Capital Markets LLC received approval from SEC and FINRA.

Ledger Capital Markets

Ledger Capital Markets LLC, a fully owned subsidiary of Ledger Investing who built an insurance securitization platform for analytics, successfully completed the process to become a broker-dealer in the U.S. The process happened without acquiring a registered firm.

The company had filed with the Financial Industry Regulatory Authority (FINRA) and has been approved to become a registered broker-dealer. More info about the company BD license available here.

In the near future, Ledger hopes to offer Insurance Linked Securities (ILS) and other services under the regulatory authority of the U.S. Securities and Exchange Commission (SEC) and FINRA, as part of its new securities platform.

Ledger Capital Markets, LLC is headquartered in Washington, D.C. and was formed to expand access to different options for insurance risk transfer.

Filing with FINRA to become a broker-dealer was the first step. That broker-dealer status now allows Ledger to engage in activities that it wouldn’t be able to without that license. It also aligns with its mission of transparency and trust because the company is submitting to the regulation that is appropriate and responsive to what the regulators are suggesting.

A success for Technology, Trust and Transparency

The positive outcome was made possible thanks to teamwork inside and outside the company. Ledger is grateful for the opportunity to have worked with recognized leaders in the industry that made sure the process ran smoothly. For example, within Lowenstein Sandler, a national law firm with over 300 lawyers working from five offices, Ledger worked with partner Ethan Silver.
He is a recognized leader in the representation of broker-dealers in regulatory and compliance matters related to federal and state securities laws and regulations, and the rules of self-regulatory organizations such as the FINRA.
He also spearheads an emerging practice representing regulated financial technology companies, including mobile-first brokerage platforms, robo-advisers and cryptocurrency focused businesses.

In the US, fintech startups are getting a boost thanks to fresh cooperation between regulators and businesses. Ledger is proud to play its part and to help transform the insurance industry by promoting durable insurance securitization structures to institutional investors.

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