Morning Briefing: Cannabis Insurance Specialists launches

Cannabis Insurance Specialists launches… Pensions insurer pushes back IPO over regulatory uncertainty… Major insurer top takes aim at legal costs…

Risk Management News

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Cannabis Insurance Specialists launches
A new firm has launched to offer specialist insurance services to the burgeoning cannabis industry. Cannabis Insurance Specialists (CIS) is a joint venture between Texas-based Blue Diamond Ventures and independent insurance brokerage DSC Risk Services. CIS offers risk management solutions and overall protection against loss to the legal cannabis industry. The company works with top rated carriers both national and international and is offering its services to those in the marijuana industry including growers, event coordinators, dispensary operators, caregivers, cooperative managers, edibles manufacturers, product manufacturers and retailers.
 
Pensions insurer pushes back IPO over regulatory uncertainty
Rothesay Life, the annuities specialist backed by Goldman Sachs, has postponed its planned launch on the stock exchange in London amid concerns over new financial regulations. The Financial Times reports that the firm, which counts General Motors and Panasonic among the firms whose pension schemes it insures, says that concern over the European Solvency II had dissipated. The article says that the insurance sector in the region is in a state of uncertainty ahead of the regulatory changes. The cost of bulk annuities are expected to rise along with capital requirements for life insurers which makes early 2016 a less attractive time for Rothesay to launch an IPO.
 
Major insurer top takes aim at legal costs
One of the world’s largest insurance companies is to enter the legal services space in 2016 with a business aiming at the cost of lawyers. AIG, which has more than 88 million customers in 130 countries, will launch The Legal Operations Company in January to provide data-driven legal consultancy to company’s in-house legal teams to help them achieve more competitive pricing and become more efficient. It will use its own data and 80 legal specialists across its global business. Bloomberg reports that the new firm will share analytics based on its own annual U$2 billion legal spend which it spreads across 1,500 law firms. 
 

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