Canopius to begin cannabis risk underwriting in US
Global Lloyd’s specialty re/insurer Canopius Group will begin underwriting cannabis-exposed risks for privately owned and not-for-profit organisations in the US states where medical and recreational adult-use is legal.
Coverages include directors & officers’ liability, employment practices liability, and fiduciary liability.
The company said it now has capability to write all types of cannabis-related risks, including transportation, distribution, plant handling, dispensaries and other ancillary supporting cannabis business. The offering is available on an open market basis through retail and wholesale brokers appointed with Canopius Insurance Services (CIS) and is available on Canopius US Insurance paper.
In addition, the company has increased its cannabis liability offering for premises and products liability. These products are available through Canopius’ partner MGAs.
“The management liability package along with our increased general liability appetite aligns with Canopius’ US strategy to broaden its risk solutions for clients across the cannabis industry,” said Laurie Banez, head of casualty, US and Bermuda. “We’re thrilled to support this growing industry and play a much-needed role in providing cannabis-related coverage.”
The company stressed that this expanded management liability capability does not change the balance of the management and professional lines products and capabilities offered through CIS, including its insurance carriers. Lloyds Syndicate 4444 and Samsung Fire and Marine Insurance remain Canopius’ carrier partners.
“This offering strengthens Canopius’ position as a leading specialty insurer, rounding out our overall portfolio and providing our clients in the cannabis industry even more of the critical liability coverages they need to protect their business,” said Coleman Johnson, chief underwriting officer, US, and Bermuda.
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