NFP, an Aon company, has acquired the retail cannabis insurance operations of Frontier Risk Group, a specialty insurer serving the cannabis industry and regulated-products clients.
Eric Schneider, senior vice president at Frontier Risk, moves to NFP in the same position, reporting to Scott Foster, who leads NFP’s Healthcare and Life Sciences practice.
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“NFP’s national platform, broad specialty expertise and extensive resources will enhance our capabilities, while allowing us to continue providing the personalised service and deep industry knowledge our clients have come to expect”, said Schneider.
The deal brings specialised underwriting and risk management expertise into NFP’s life sciences platform, extending its reach into a sector the company regards as among the most tightly regulated and fast-changing in insurance.
Frontier Risk’s business brings together insurance expertise, risk management advisory work and cannabis-sector knowledge, helping clients “navigate the operational and regulatory challenges”.
With the sale completed, Frontier Risk Group will turn its attention to growing Strata Specialty, its multi-programme manager, which builds risk transfer and credit support solutions for critical infrastructure and other specialised, emerging sectors.
NFP has a presence across the US, Canada, UK and Ireland, with its capabilities bolstered through Aon’s ownership.
The firm offers property and casualty insurance, employee benefits, life insurance, executive benefits, wealth management and retirement plan advisory services.
NFP commercial risk president Tom Gillingham added: “By bringing together Frontier Risk’s deep industry expertise and NFP’s broad risk management capabilities, we will be better positioned to deliver value and innovative solutions to clients.”
The acquisition follows NFP’s purchase in June of certain assets belonging to Signature Personal Insurance (SPI), an independent agency based in Greater Kansas City, US, that serves high-net-worth personal lines clients.
SPI, established in 2004 by Roper DeGarmo, offers insurance cover for wealthy individuals and families with complex risk profiles, including luxury properties, fine art and rare vehicles.
