The National Cannabis Risk Management Association (NCRMA) and Garnet Casualty Insurance Corporation (Garnet) have announced a partnership that organizers say will bring normalcy to the nation’s cannabis insurance market.
Garnet is being registered, and will be wholly owned by the policy holding constituents of the NCRMA. Garnet will operate separately from the NCRMA and will employ a single managing general underwriter (MGU) and multiple managing general agents (MGAs) to service the growing NCRMA membership.
Appointed brokers, who have been vetted and approved by the NCRMA and Garnet, will work directly with the MGA’s to service the growing NCRMA membership.
“Strong and consistent feedback from our members convinced us that an association owned insurance company was the appropriate solution for our members” said Rocco Petrilli, chairman of the NCRMA. “Through the implementation of our innovative risk management platform, our members will reduce their risks and resulting claims history and fully enjoy the back-end benefits associated with this minimal loss performance.”
Petrilli has been appointed to Garnet’s senior management team along with Brian Nelson J.D., a 20-year veteran of the risk management and insurance industries. The initial charge of this team is to create the inaugural relationships with the MGU as a first step in building the operating team as well as establishing the requisite carrier relationships.
“The association members deserve fair and affordable coverage to protect their investment,” Nelson said. “We are committed to inclusive programs and premiums that reflect the risks of cannabis businesses. This combined dedicated and innovative approach will assure that.”
This development will enhance NCRMA2020, the organization’s meeting to be held March 22-24 in Las Vegas.
“NCRMA2020 will now include an opportunity for owners and brokers alike to interact and learn about the benefits of a product that enhances their business and provides the security of an insurance company,” Petrilli said. “I am personally anxious to greet them and committed to leading this launch.”