New York, 15th DECEMBER 2021 – BRP Group, Inc. (“BRP Group”) (NASDAQ: BRP), an independent insurance distribution firm delivering tailored insurance solutions, is pleased to announce the launch of the AlphaRoot management liability insurance program calibrated to the cannabis, hemp and CBD industries within its specialty indirect subsidiary, Millennial Specialty Insurance, LLC dba AlphaRoot* (“AlphaRoot”).
Given the rapid development of the cannabis sector and the continued trend of state legalization, insurance will play a key role in ensuring responsible growth. With the new program, AlphaRoot aims to empower cannabis companies to focus on expansion, bridging the gap between comprehensive coverage and the right price point for private-held cannabis operators.
Management liability refers to a package of insurance policies intended to protect a company, its directors, and its officers. The program which is exclusively available to AlphaRoot clients includes:
- Directors & Officers Insurance (D&O): This protects both the company and the individual directors and officers of the company from claims brought against them for the management of the company.
- Employment Practices Liability Insurance (EPL): This protects the company from claims alleging mistreatment of their employees (i.e., HR-related claims).
- Fiduciary Liability Insurance: This protects from legal liability should a benefit plan administrator miscalculate, mishandle, or practice improper plan care1.
AlphaRoot’s strategic partnership with their in-house Managing General Agent (MGA) provides the capacity to write management liability insurance for private cannabis operators. This program will be exclusive to AlphaRoot’s clients and offer unique coverage features, including:
- Up to $5M in limits for D&O
- $1M in limits available for EPL and Fiduciary
- Flexible policy customizations with the ability to tailor to the insured’s needs from a pricing and coverage perspective
- Policies written on Am Best A rated paper
- Expertise with underwriting emerging industries and disruptive technologies outside of cannabis
“Over the past six to 12 months, we’ve seen a number of new entrants try to solve the problem that many private cannabis operators face with management liability insurance—it’s too expensive and the coverage is too restrictive,” says Isaac Bock, Managing Director and Head of Strategy at AlphaRoot. “We feel our Management Liability Program pushes the industry toward a solution that offers flexible coverage with the operator’s budget in mind.”
“We believe this will be revolutionary for the industry and we are excited about this development. Coverage options are generally limited in the cannabis industry so we’re thrilled to be able to present a new program to our clients,” says Eric Schneider, Managing Director and Head of Growth of AlphaRoot.
AlphaRoot is part of a tech-enabled insurance brokerage focused exclusively on the cannabis, hemp, and CBD industries. Our mission is to strengthen and legitimize the cannabis industry as we believe that cannabis, agriculture, and the supporting technology ecosystem are critical parts of American society.
For more information, reach out to the AlphaRoot team at firstname.lastname@example.org
*Millennial Specialty Insurance, LLC dba AlphaRoot is used subject to regulatory approval.
ABOUT BRP GROUP, INC.
BRP Group, Inc. (NASDAQ: BRP) is an independent insurance distribution firm delivering tailored insurance and risk management insights and solutions that give our clients the peace of mind to pursue their purpose, passion and dreams. We are innovating the industry by taking a holistic and tailored approach to risk management, insurance and employee benefits, and support our clients, Colleagues, Insurance Company Partners and communities through the deployment of vanguard resources and capital to drive our growth. BRP Group represents over 700,000 clients across the United States and internationally.
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1 Program availability is subject to underwriting eligibility and may require coverage exclusions and subjectivities. D&O, EPL and Fiduciary Liability policy language and terms are available upon request.