CHICAGO, July 21, 2021 /PRNewswire/ — HUB International Limited (HUB), a leading full-service global insurance broker and financial services firm, announced today the launch of its Cannabis Benefits Captive, a unique, 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. This solution is designed for cannabis employers with more than 50 insured employees with stable claims experience and a predictable cash flow.
“HUB’s Cannabis Benefits Captive was developed with our clients’ needs in mind,” said Jay Virdi, Chief Sales Officer of HUB Cannabis Practice. “The captive is for clients who desire greater control of their employee health benefits. If clients are looking for more flexibility, transparency, claims cost control, reduced fixed costs on health benefits, renewal stability and/or to gain market leverage, this captive strategy is right for them.”
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 Company, one of the largest stop-loss carriers in the U.S. and is rated A+ by A.M. Best.
About HUB International
Headquartered in Chicago, Illinois, HUB International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 13,000 employees in offices located throughout North America, HUB‘s vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow. For more information, please visit www.hubinternational.com.
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SOURCE Hub International Limited