PEMBROKE, Bermuda--(BUSINESS WIRE)--AlphaCat Managers, Ltd. (“AlphaCat”) and Ledger Capital Markets, LLC (“Ledger”) announced today the direct securitization of a non-standard passenger auto insurance portfolio. The transaction brings a new class of business to insurance-linked securities (ILS) investors and includes a private placement of two tranches of notes amounting to $10M, including a $6.67M senior note. The $3.33M junior note will pay ILS fund investors retained earnings after payments made…