CHICAGO, July 21, 2021 / PRNewswire / – HUB International Limited (HUB), a leading global full-service insurance broker and financial services company, today announced the launch of its Cannabis Benefits Captive, a unique, exclusive employee benefit group for cannabis companies. The captive is aimed at cannabis customers and prospective customers looking for an alternative to traditional employee benefit programs that better reflects the profile of its employees and provides better control over health care costs. This solution is designed for cannabis employers with more than 50 insured employees with stable claims experience and predictable cash flow.
“HUB’s Cannabis Benefits Captive was developed with the needs of our customers in mind,” said Jay Virdi, Chief Sales Officer of the HUB Cannabis Practice. “The captive is intended for customers who want better control over their employees’ health services. If customers are looking for more flexibility, transparency, control of claims costs, reduced fixed costs for health services, renewal stability and / or a stronger market position, this captive strategy is for them. ”
Captives for employee benefit groups are a variant of captive insurance. The insured participate in the captive, which is intended to give members better control over their pension costs by sharing the risks of expensive claims and protecting against damage with their cash reserves and stop-loss insurance. It’s ideal for the cannabis industry, whose demographics are valued 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 offers like-minded employers higher purchasing power while taking a more reasonable 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 US, and is rated A + by AM Best.
About HUB International
Headquarters in Chicago, Illinois, HUB International Limited is a leading full-service global insurance broker and financial services company providing products and services for risk management, insurance, employee benefits, retirement planning and asset management. With more than 13,000 employees in offices everywhere North America, HUBWith tailor-made solutions and relentless advocacy, the extensive network of specialists brings clarity to a changing world so that customers are prepared for tomorrow. Please visit www.hubinternational.com for more information.
SOURCE Hub International Limited