Cleveland and Denver-based Cannasure Insurance Services, a cannabis insurance brokerage, has secured an undisclosed amount of equity funding. The investor was The Krauter Group, the parent company of Krauter & Company, a commercial insurance brokerage that specializes in private equity firms.
New York, December 1, 2017 – The Krauter Group (“Krauter”), the parent company of Krauter & Company a leading U.S. commercial insurance brokerage specializing in private equity firms, announces its equity investment in Cannasure Insurance Services (“Cannasure”). The terms of the agreement allow for the possibility of a larger equity investment by Krauter in the future.
Cannasure, with offices in Cleveland, Ohio and Denver Colorado, is one of the leading cannabis insurance brokerages in the industry. The company, headed by CEO Patrick C. McManamon, has been on the front end of developing relationships with underwriting markets and becoming subject matter experts in this emerging and evolving industry.
Neil C. Krauter, CEO and Chairman of Krauter stated, “We are very excited to enter into a partnership with Patrick and Cannasure, I believe the synergies of our two firms creates the opportunity to both develop and grow this underserved market sector and provide insurance solutions that will enable this sector to grow and prosper”.
“Krauter’s investment brings an opportunity to expand our product portfolio and client base as well as tap into Neil and his staff’s breadth of knowledge and experience. We look forward to our complementary talents creating opportunities for both firms” said Mr. McManamon.
About The Krauter Group
The Krauter Group is the sole owner of Krauter & Company, a full-service global insurance and benefits broker that has reengineered the brokerage model, enabling it to deliver the best individually tailored risk-management and human-resources solutions possible. The firm’s roots and core focus is centered on private equity and other principal investment clients and their respective portfolio companies/holdings. Incorporated in 2004, Krauter & Company has seen rapid growth throughout the United States with offices in New York, Boston, St. Louis, Dallas, Houston, Avenel, Chicago, Naples, San Francisco, and Los Angeles. The firm’s founder, Neil C. Krauter, pioneered Mergers & Acquisitions/Private Equity insurance brokerage, creating the first dedicated groups at Marsh and Aon. Krauter & Company’s capabilities span domestic and international property & casualty, executive liability, employee benefits and personal lines.
About Cannasure Insurance Services, LLC
Since 2010 Cannasure has been a leading provider of insurance and risk management services in the cannabis industry. Cannasure (www.cannasure.com) is a full-service insurance group providing leading-edge solutions to cannabis business owners in the U.S., including cultivators, dispensaries, processors and products manufacturers, testing laboratories, landlords and ancillary businesses for retail insurance agents and brokers.
Located in Cleveland, Ohio, Cannasure is licensed in all states where cannabis is legal (medicinal & adult use) and provides a broad range of solutions, including, but not limited to, General Liability, Product Liability, Auto (Primary/Excess), All Risk Property, Inland Marine, Stock Throughput, Professional and Management Liability, Umbrella and Workers’ Compensation.