Important Update - AM Best Carrier Downgrades
There have been three major carrier AM Best downgrades specific to the cannabis insurance space within the last couple of months.
- Trisura went from A- with a stable outlook to a negative outlook (Quadscore)
- Topa and Dorchester Insurance was downgraded from A- to B++ (Cannasure)
- Hallmark was downgraded to C++.
Fortunately, the first two MGAs have additional underwriting paper that they are moving all of their clients to at renewal if not before. Our team has developed additional strategies for addressing the Hallmark situation.
The biggest concern for our clients is around contractual requirements as many contracts have a minimum rating requirement of A-. We anticipate this trend of carrier downgrades to continue as claims costs rise and investment profits are down.
Please reach out to your Lockton team with any questions or concerns.