Up in Smoke: Lloyd's Exits Cannabis Market

In late May, a memo came out from Lloyds of London that sent shock waves through the nascent medical marijuana insurance industry. Lloyds had the lion's share of the market, with over 50% of all policies in the industry placed through their syndicates. But the memo from the head of Lloyd's of London to its syndicates advised all underwriters that, effective immediately, no new marijuana-related business was to be written and none was to be renewed. The reason: Lloyd's no longer wants to write this business until cannabis has been legalized at the federal level. With Lloyd's on the sidelines of a market they once dominated, new carriers may decide to enter the industry. The Russell Agency has access to multiple markets for your medical marijuana business. If you are affected by Lloyds pulling out of the market or are just interested in an alternative quote for your business, please contact Tim Russell at 888.926.3564.

 

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