(DENVER – June 14, 2021) Cornerstone Risk Solutions LLC, a Denver-based subsidiary of IMA, Inc. that offers group insurance program management, announced that it has acquired CLIC Management NV, LLC, a managing general agent of group-based insurance programs for the legalized cannabis industry. The transaction was effective April 15, 2021.
CLIC Management has offices in San Diego and serves as the managing general agency for CLIC Risk Retention Group, Inc., the first cannabis-industry-owned insurance carrier.
“The cannabis industry is currently valued near $20 billion and expected to double over the next three years,” said CLIC founder Chris Payne, “yet growing companies in the industry have few options for insurance. By joining forces with Cornerstone, we are creating the first risk retention group owned by licensed cannabis companies, with risk management and loss control services that meet their specialized needs.”
With offices in Denver, IMA has witnessed the booming cannabis and hemp industry for nearly a decade and built a specialty division to provide its insurance and risk management solutions. The Cornerstone/CLIC partnership reinforces IMA’s forward-thinking approach in the emerging vertical and expands its alternative risk portfolio, including cannabis general and product liability.
“The combination of CLIC’s first-mover product, Cornerstone’s management experience and the backing and support of IMA create a game-changer for the industry,” said IMA Vice President and National Cannabis Practice Leader Michael Hennessey. “This will move the needle for all cannabis-related organizations, particularly those generating more than $50 million in revenue, and furthers our expertise and offerings in cannabis risk management.”
Today’s announcement marks the 13th acquisition in the past 18 months by IMA Financial Group, Inc., the parent company of IMA, Inc. The sixth-largest independent insurance brokerage company in the U.S., IMA Financial Group actively seeks out partnerships with independent organizations that align on cultures and values, such as CLIC.
“This is the right partnership at the right time,” said Tris Felix, Managing Director of Cornerstone. “CLIC’s initial success served as a proof of concept and established risk retention groups as an option for the cannabis vertical. With Cornerstone’s deep bench of experts and resources, we can grow coverage opportunities for the industry and support a broader range of clients.”
ABOUT IMA FINANCIAL GROUP
IMA Financial Group is a North American insurance brokerage firm specializing in risk management, insurance, employee benefits and wealth management. The sixth-largest independent, employee-owned brokerage in the U.S., IMA employs nearly 1,200 associates, with anchor offices in California, Colorado, Kansas, Michigan, Oregon, Pennsylvania and Texas. The company’s mission is to protect assets and make a difference for its clients, associates and communities.
View this story in media outlets:
Insurance Journal: “Cornerstone Acquires Cannabis Specialist CLIC in California”
The Insurer: “IMA’s Cornerstone strengthens cannabis capabilities with CLIC acquisition”
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