Hub launches group captive for cannabis organizationsPosted On: Jul. 21, 2021 1:09 PM CST
Hub International Ltd. has launched an employee benefits group captive for cannabis organizations.
The captive is designed for cannabis clients and prospects seeking an alternative to traditional employee benefit programs, Chicago-based Hub said in a statement Wednesday.
Built in collaboration with Hamilton Square, New Jersey-based Berkley Life and Health Insurance Co., a member company of W.R. Berkley Corp., the captive is for cannabis employers with more than 50 insured employees with stable claims experience and a predictable cash flow, Hub said.
Employee benefit group captives allow members to share the risks of costly claims and back claims into their cash reserves and medical stop loss insurance, Hub said.
“It’s ideal for the cannabis industry whose demographic is viewed more favorably by carrier underwriters than the risks associated with many other leading industries,” the statement said.