First-Ever Risk Retention Group for the Cannabis Industry Launches with CLIC RRG Three years in the making, member-owned CLIC RRG is a significant step toward comprehensive insurance solutions for growing cannabis businesses
Denver, CO
|
February 08, 2024 09:00 AM Eastern Standard Time
Cornerstone Risk Solutions, a subsidiary of IMA Financial Group, today announced the launch of CLIC Risk Retention Group Inc. (CLIC RRG), the first and only risk retention group designed specifically for the unique needs of the burgeoning cannabis industry. The member-owned insurance solution is now available to cannabis-related businesses (CRBs) nationwide.
“We are very proud to announce the launch of CLIC Risk Retention Group. We are the first and only insurer in the cannabis space that is owned exclusively by its policyholders,” said Chris Payne, founder of CLIC RRG. “This allows us to offer risk management and profit-sharing opportunities that are unavailable anywhere else in the industry.”
The product represents a significant step toward comprehensive insurance solutions tailored to the needs of CRBs across the United States. CLIC members gain access to general liability and product liability coverage from anywhere in the nation, which until now has been out of reach in this high-risk, heavily legislated sector.
Tris Felix, Managing Director of Cornerstone Risk Solutions, highlighted the product’s significance: “A member-owned insurance solution is a game-changer for CRB owners whose growth has been historically limited by lack of liability coverage. CLIC RRG owners can build — and benefit from — products that meet the industry’s unique needs, leveling the playing field in a competitive and evolving industry.”
As the cannabis industry continues to grow, Cornerstone and CLIC RRG are committed to assessing market responses and potentially introducing additional cannabis industry-specific insurance solutions.
“Historically, CLIC RRG coverage lines have been profitable for carriers, yet restricted the policyholders,” said IMA Vice President and Cannabis National Practice Leader Michael Hennessey. “By coming together in a risk retention group, cannabis businesses set their own direction and claim their due benefit.”
About Cornerstone Risk Solutions and IMA Financial Group
Cornerstone Risk Solutions, a subsidiary of IMA Financial Group, specializes in providing innovative insurance and risk management solutions. IMA Financial Group, a North American insurance brokerage firm, is renowned for its commitment to protecting assets and making a difference in the lives of its clients, associates and communities.
About CLIC Risk Retention Group Inc. (CLIC RRG)
CLIC Risk Retention Group Inc. (CLIC RRG) is a private insurance company owned by and operated solely for the benefit of participants in the legalized cannabis industry. The company serves businesses and individuals involved in the sale, manufacture, cultivation, transportation and testing of legalized cannabis-based products. The company’s operations are controlled by policyholders who are licensees in the cannabis industry.
Contact Details
CLIC Risk Retention Group Inc.
Chris Payne
+1 858-260-9000
IMA Financial Group
Sean Hanft
+1 203-313-3205
Center Reach Communications
Alexandra Campbell
alexandra@centerreachcommunication.com
Company Website
