According to Fitch’s report, based largely on statutory financial supplements from insurers disclosing cyber-specific direct premiums, Fairfax reported 300% growth in premium in 2021 to move from eighth in 2020 to its current position thanks to the performance of its Crum & Forster, Hudson Insurance, and Allied World operations. The analysis found that Chubb’s cyber […]
LIIBA then worked with its members to establish the average ratio between insurance premium and total investment for relevant capital projects. “For the first time, LIIBA and its members have been able to quantify the level of insurance growth produced by the race to achieve net zero – and it’s a huge sum,” said Croft. […]
As a result of the tailwinds benefiting the market, the ratings agency has maintained a “stable” outlook. …Read the full story
The news comes just three days after state regulators greenlighted permits for seven facilities, which already sell medical cannabis, to begin retailing recreational marijuana. New Jersey and 17 others states, along with the District of Columbia, have legalized recreational marijuana. Some cities, including Philadelphia and Pittsburgh, have passed ordinances to decriminalize marijuana or make it […]
Palisade Insurance Partners, a specialty managing general underwriter, has been launched with plans to provide a range of contingent legal risk insurance and other specialty insurance products across the U.S. Palisade is led by John McNally, president, who most recently led NFP’s Merger & Acquisition Risk Solutions Group that is focused on transaction insurance. The […]
The Maryland House voted 94-39 for a constitutional amendment already approved by the Senate. The General Assembly, which is controlled by Democrats, sent the implementation bill to Hogan in time to override a veto, if the governor rejects the measure, before lawmakers adjourn April 11. It also would automatically expunge the conviction of anyone previously […]
Everyone knows about supply chain management nowadays. To envision a basic cannabis supply chain, one only has to look at how harvested flower gets turned into all sorts of goods: pre-roll, oils, tinctures, extracts, edibles. “So, they’re already having a challenge of trying to keep up existing manufacturing due to the pandemic, but we’re seeing […]
“New key adult-use markets are poised to officially launch regulated sales in the U.S. Two, Malta and Luxemburg, are both small countries that have been progressive in their cannabis policies. Another noteworthy point made in the report was continued expansion of U.S. “It’s really interesting to think about the way cannabis as an industry has […]
A new record was set last year for the amount of top class action settlements, according Seyfarth Shaw’s annual Workplace Class Action Litigation Report. “I have a client in Colorado recently shared with me that in the wake of not only your normal challenges with staffing and people calling out sick and not being able […]
Prior to that, Densham was SVP of executive and professional lines at Berkshire Hathaway Specialty Insurance , where he was tasked with starting up and building out the executive and professional lines business in Canada. He started his insurance career with Chubb Insurance Co. “Michael brings with him exceptional operational experience and proven abilities to […]
The new law includes $550 billion in new spending on infrastructure over the next five years and billions more to promote environmental and social investments, such as clean energy technologies. The Best’s Special Report, “New Infrastructure Law Expected to Boost US Surety Market,” notes that the surety segment saw a slowdown in premiums as the […]
Players in the U.S. AM Best, which has a stable market segment outlook on the private passenger nonstandard auto segment, is estimating direct premium of $17.8 billion for 2021, which would represent a year-over-year 7.2% increase. However, the report notes that whether the premium momentum of first-half 2021 will last through the rest of the […]
“Really when it comes to cultivation, processing, there is a bit of a hiccup, it seems in the overall market space, I think in terms of capacity from a property perspective for a total package solution,” said Keith Distel, casualty team leader in Admiral’s Chicago office and vice president of cannabis underwriting. Distel’s comment on […]
A new opinion from the District of Oregon found insurance coverage for a fire arising from the preparation of CBD salve, notwithstanding the policy’s Controlled Substance exclusion. According to the court filings, the Bogards were legally growing hemp in accordance with a “Hemp Pilot Program,” and they used that hemp to make CBD products, including […]
“Really when it comes to cultivation, processing, there is a bit of a hiccup, it seems in the overall market space, I think in terms of capacity from a property perspective for a total package solution,” said Keith Distel, casualty team leader in Admiral’s Chicago office and vice president of cannabis underwriting. Distel’s comment on […]
As of early July, the number of fires in California had totaled 4,599, with 73,511 acres burned. This has California’s massive cannabis industry on high alert, and it will likely make insurance more expensive and harder to get. “I think property right now, just given the limited capacity you’re seeing the biggest rate hikes and […]
The industry weathered COVID-19 well thanks in part to dispensaries being declared essential by so many states. With so many big fights brewing between the two parties, will we see any national legislation before 2021 ends? How will consumers feel about weed in a post-pandemic world with a buffet of other options – things to […]
When states declared cannabis operators essential during the pandemic, that kept cannabis dispensary doors open and boosted sales. That was fine and well, but it also had the effect of pushing up the costs of auditable policies – giving some companies an unpleasant surprise. “COVID had an impact on the cannabis industry, cannabis operators, by […]
However, most experts agree that for Americans to become truly comfortable with diversifying their financial portfolios by investing in the cannabis industry, cannabis use must first become legal at the federal level. However, just when this will happen remains anybody’s guess, as legislative bodies remain heavily divided. Despite the federal legalization stalemate, there is movement […]
ArgoGlobal is providing $25 million in underwriting capacity to support the MGA, supporting Tierra Underwriting in transactions that enable a transition to a lower carbon economy. “The interest from our clients in the green finance sector is growing rapidly, and we want to be at the forefront of this transition. “Renewable energy has become more […]