Chicago-based HUB International Limited (HUB), a global insurance broker and financial services firm, unveiled its newly created Cannabis Benefits Captive, an exclusive employee benefits group captive for cannabis organizations.
The captive is designed for cannabis clients and prospects looking for an alternative to traditional employee benefit programs that better reflects the profile of its employees and offers greater control of healthcare costs. It is designed for cannabis employers with more than 50 insured employees with stable claims experience and a predictable cash flow.
Employee benefit group captives are a variation of captive insurance. The insureds participate in the captive, which is designed to give members better control over their employee benefits costs by sharing the risks of expensive claims and backing claims with their cash reserves and stop loss insurance. 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 HUB Cannabis Benefits Captive is a medical stop loss solution that provides like-minded employers increased purchasing power while assuming more opportune risk to negotiate favorable fee structures. It was built in collaboration with Berkley Life and Health Insurance Co.
Source: HUB International
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