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Insurance Agents Cheech & Chong Out Making Cold Calls

Cheech & Chong, in their best dreams of years gone by, would have never thought possible mainstream insurance brokerage would ever promote a canabis benefits captive. Their idea of “captive” was that it was really bad and something to avoid.

HUB launches cannabis benefits captive

by Ryan Smith 28 Jul 2021

Global insurance broker HUB International has launched a new captive for cannabis benefits.

HUB Cannabis Benefits Captive is a medical stop-loss offering for cannabis organizations, according to a report by Captive International. HUB said the new captive offers an alternative to traditional employee benefits programs, better reflecting the profile of a company’s employees and offering greater control of healthcare costs.

The program is designed for cannabis employers with more than 50 insured employees, stable claims experience and predictable cash flow, Captive International reported. It was built in collaboration with Berkley Life and Health Insurance Company.

Read next: Driving a rocky road: the opportunities and obstacles of cannabis transport insurance

“The captive is for clients who desire greater control of their employee health benefits,” said Jay Virdi, chief sales officer for HUB’s cannabis practice. “If clients are looking for more flexibility, transparency, claims cost control, reduced fixed costs on health benefits, renewal stability and/or to gain market leverage, this captive strategy is right for them.”

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