BRP Group, Inc. (“BRP Group”) (NASDAQ: BRP), an independent insurance distribution firm delivering tailored insurance solutions, is pleased to announce the launch of the AlphaRoot management liability insurance program calibrated to the cannabis, hemp and CBD industries within its specialty indirect subsidiary, Millennial Specialty Insurance, LLC dba AlphaRoot* (“AlphaRoot“).
Given the rapid development of the cannabis sector and the continued trend of state legalization, insurance will play a key role in ensuring responsible growth. With the new program, AlphaRoot aims to empower cannabis companies to focus on expansion, bridging the gap between comprehensive coverage and the right price point for private-held cannabis operators.
Management liability refers to a package of insurance policies intended to protect a company, its directors, and its officers. The program which is exclusively available to AlphaRoot clients includes:
- Directors & Officers Insurance (D&O): This protects both the company and the individual directors and officers of the company from claims brought against them for the management of the company.
- Employment Practices Liability Insurance (EPL): This protects the company from claims alleging mistreatment of their employees (i.e., HR-related claims).
- Fiduciary Liability Insurance: This protects from legal liability should a benefit plan administrator miscalculate, mishandle, or practice improper plan care. 1
AlphaRoot’s strategic partnership with their in-house Managing General Agent (MGA) provides the capacity to write management liability insurance for private cannabis operators. This program will be exclusive to AlphaRoot’s clients and offer unique coverage features, including:
- Up to $5M in limits for D&O
- $1M in limits available for EPL and Fiduciary
- Flexible policy customizations with the ability to tailor to the insured’s needs from a pricing and coverage perspective
- Policies written on Am Best A rated paper
- Expertise with underwriting emerging industries and disruptive technologies outside of cannabis
“Over the past six to 12 months, we’ve seen a number of new entrants try to solve the problem that many private cannabis operators face with management liability insurance—it’s too expensive and the coverage is too restrictive,” says Drew Taylor, Managing Director and Head of Broking at AlphaRoot. “We feel our Management Liability Program pushes the industry toward a solution that offers flexible coverage with the operator’s budget in mind.”
“We believe this will be revolutionary for the industry and we are excited about this development. Coverage options are generally limited in the cannabis industry so we’re thrilled to be able to present a new program to our clients,” says Eric Schneider, Managing Director and Head of Growth of AlphaRoot.
AlphaRoot is part of a tech-enabled insurance brokerage focused exclusively on the cannabis, hemp, and CBD industries. Our mission is to strengthen and legitimize the cannabis industry as we believe that cannabis, agriculture, and the supporting technology ecosystem are critical parts of American society.
*Millennial Specialty Insurance, LLC dba AlphaRoot is used subject to regulatory approval.
ABOUT BRP GROUP, INC.
BRP Group, Inc. (NASDAQ: BRP) is an independent insurance distribution firm delivering tailored insurance and risk management insights and solutions that give our clients the peace of mind to pursue their purpose, passion and dreams. We are innovating the industry by taking a holistic and tailored approach to risk management, insurance and employee benefits, and support our clients, Colleagues, Insurance Company Partners and communities through the deployment of vanguard resources and capital to drive our growth. BRP Group represents over 700,000 clients across the United States and internationally. For more information, please visit www.baldwinriskpartners.com.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent BRP Group’s expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or BRP Group’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, “outlook” or “continue”, or the negative of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.
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1 Program availability is subject to underwriting eligibility and may require coverage exclusions and subjectivities. D&O, EPL and Fiduciary Liability policy language and terms are available upon request.
SOURCE Baldwin Risk Partners