NEW YORK, Dec. 7, 2021 /PRNewswire/ -- 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").
"We believe this will be revolutionary for the industry..."
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 care.
1
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 Drew Taylor, Managing Director and Head of
Broking 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.
ABOUT 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.
*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. For more information, please
visit www.baldwinriskpartners.com.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain various "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, which represent BRP Group's expectations or
beliefs concerning future events. Forward-looking statements are
statements other than historical facts and may include statements
that address future operating, financial or business performance or
BRP Group's strategies or expectations. In some cases, you can
identify these statements by forward-looking words such as "may",
"might", "will", "should", "expects", "plans", "anticipates",
"believes", "estimates", "predicts", "projects", "potential",
"outlook" or "continue", or the negative of these terms or other
comparable terminology. Forward-looking statements are based on
management's current expectations and beliefs and involve
significant risks and uncertainties that could cause actual
results, developments and business decisions to differ materially
from those contemplated by these statements.
Factors that could cause actual results or performance to differ
from the expectations expressed or implied in such forward-looking
statements include, but are not limited to, those described under
the caption "Risk Factors" in BRP Group's Annual Report on Form
10-K for the year ended December 31,
2020 and in BRP Group's other filings with the SEC, which
are available free of charge on the Securities and Exchange
Commission's website at: www.sec.gov, including those risks and
other factors relevant to BRP Group's business, financial condition
and results of operations of BRP Group and factors related to the
potential effects of the COVID-19 pandemic on BRP Group's business,
financial condition and results of operations. Should one or more
of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those indicated. All forward-looking statements and all
subsequent written and oral forward-looking statements attributable
to BRP Group or to persons acting on behalf of BRP Group are
expressly qualified in their entirety by reference to these risks
and uncertainties. You should not place undue reliance on
forward-looking statements. Forward-looking statements speak only
as of the date they are made, and BRP Group does not undertake any
obligation to update them in light of new information, future
developments or otherwise, except as may be required under
applicable law.
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.
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SOURCE Baldwin Risk Partners