Cannabis businesses can now take control of their own fate, claims and limits, says TJ Frost, President of Symphony Grow
SAN FRANCISCO, CALIF. – Feb. 15, 2024 – Symphony Grow, the specialty business of Symphony Risk Solutions and the premier risk management and insurance advisory firm to the cannabis industry, is launching its bespoke captive insurance program for large and sophisticated cannabis businesses – “Symphony Grow Captive.” With support from the Symphony Grow team, business owners in the cannabis industry can now establish their own insurance company, gaining the power to safeguard themselves against risks by tailoring their own coverage, filling the gaps often left unaddressed in the traditional marketplace.
“The combination of regulatory, data, legal and reputational challenges have been the bane of the insurance sector’s attempts to secure coverage for the cannabis marketplace,” said TJ Frost, President of Symphony Grow. “The challenges that these cannabis companies face are existential, and after ten years of insuring them and facing challenges in obtaining adequate and affordable coverage, we have successfully addressed one of their greatest threats.”
The “Symphony Grow Captive” risk financing tool provides a wide breadth of benefits not commonly afforded to cannabis businesses before now, due to the historical reluctance of most admitted insurers to write coverage. This includes:
- Potential Investment Income: With proper risk and claims management, “Symphony Grow Captive” can generate significant investment returns.
- Cost Savings: Premiums decrease even amid rising commercial insurance rates.
- Focused Risk Management: “Symphony Grow Captive” provides greater control over cannabis-related business risks.
- Tailored Coverage: Policies can be customized to include or exclude non-negotiable or uninsurable losses in the commercial insurance market.
- Claims and Litigation Control: “Symphony Grow Captive” allows control of all aspects of claims management, including: settlement authority, legal expense management and defense counsel panel selection.
“Symphony Grow’s captive insurance program is a critical financial backstop,” said Symphony Risk Solutions Founder and Chief Executive Officer, Michael Marcon. “The team utilized all the unique instruments of their Symphony colleagues to develop the program. Its launch demonstrates Symphony Grow’s capabilities identifying long-standing coverage and risk financing deficiencies. Our unique collaborative operating model allowed for the seamless development of a creative solution.”
More information about Symphony Grow can be found at https://www.symphonyrisk.com/solutions/symphony-grow/.
About Symphony Risk Solutions
Symphony Risk Solutions is the next-generation, full-service insurance, risk management and employee benefits consulting firm advising and serving the risk and human capital needs of middle market and “lower Fortune 500” businesses, private equity firms and alternative asset managers, corporate executives, and high net worth families. Founded in 2020, the company is dedicated to delivering superior results to all involved, offering clients optimal exposure management and lower cost of risk; colleagues, meaningful and rewarding work; and partners, thoughtful and beneficial collaboration. Symphony Risk Solutions has a nationwide presence with offices in San Francisco, Dallas, Chicago, Los Angeles, New York, St. Louis and Seattle. More information is available at https://www.symphonyrisk.com/
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Contact
Wonacott Communications, LLC on behalf of Symphony Risk Solutions
Sean Hocking
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