NFP, an Aon company and property and casualty (P&C) broker and benefits consultant, has announced the acquisition of the retail cannabis business of Frontier Risk Group, Inc.
As a specialty insurance firm, Frontier Risk offers tailored solutions for the cannabis industry and regulated-products clients.
The company integrates deep industry knowledge, insurance expertise, and risk management advisory services to help clients successfully navigate the operational and regulatory challenges of the cannabis market.
Eric Schneider, senior vice president, Frontier Risk, is to join NFP with the same title, and will be reporting to Scott Foster, Healthcare and Life Sciences practice leader for NFP.
Tom Gillingham, President of Commercial Risk, NFP, commented: “We’re excited to welcome the Frontier Risk team to NFP and begin building on the strong business they have created to serve clients with distinction.
“Cannabis operators face a risk environment shaped by evolving regulations, changing market dynamics and specialized insurance needs. By bringing together Frontier Risk’s deep industry expertise and NFP’s broad risk management capabilities, we’ll be better positioned to deliver value and innovative solutions to clients.”
The acquisition expands NFP’s presence in a highly specialised sector that requires deep regulatory knowledge, tailored risk management strategies and industry-specific insurance expertise.
Its capabilities complement NFP’s existing life sciences platform and the company’s ability to serve clients operating in highly regulated industries.
“Frontier Risk’s cannabis business is a natural fit for our Life Sciences practice,” said Foster. “Their specialized expertise in the cannabis sector expands our ability to serve businesses operating in highly regulated industries. Together, we’ll offer clients deeper industry insight, more specialized risk management guidance and access to the broad resources of NFP’s national platform.”
According to the announcement, Frontier Risk Group will focus on scaling Strata Specialty, its multi-program manager, following the sale of its retail cannabis business.
The program was designed to develop innovative risk transfer and credit support solutions for critical infrastructure and other highly specialised, emergent categories.
“Joining NFP is an exciting next chapter for our team and our clients,” said Schneider. “NFP’s national platform, broad specialty expertise and extensive resources will enhance our capabilities, while allowing us to continue providing the personalized service and deep industry knowledge our clients have come to expect.”
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