GRAND RAPIDS, Mich. (May 30, 2019) – PRESS RELEASE – The Specialty Agriculture Insurance Company of Michigan (SAICM), one of the state’s leading providers of adulterated product liability insurance for cannabis growers and dispensaries, has announced the company has been assigned a Financial Stability Rating (FSR) of A, Exceptional, from Demotech, Inc.
SAICM is now the first product liability insurer for adulterated cannabis in Michigan with an A rating. The A-rated product is available to almost 90 percent of all Independent Agencies in Michigan through broker partners. This allows applicant members and licensees choice of representation from their home town agent to any national broker agent with proper licensing.
“This A-rating represents a significant investment of time, talent and resources that were dedicated to meeting the insurance needs of the cannabis industry in Michigan,” said John Briggs, president of the Specialty Agriculture Insurance Company of Michigan. “We’re very proud of the A-rating from Demotech. We believe it demonstrates our commitment to offering best-in-class cannabis insurance products that satisfy state licensure requirements and protect Michigan businesses and consumers.”
FSRs are a leading indicator of an insurer’s financial stability. FSRs are based upon a series of ratios and other factors which are included in Demotech’s Financial Stability Analysis Model. FSRs are accepted by several government-sponsored enterprises, including Fannie Mae, Freddie Mac and various programs of the United States Department of Housing and Urban Development (HUD). The most current FSRs must be verified by visiting www.demotech.com.
SAICM is run under parent company, Specialty Agriculture Risk and Financial Association (SARFA). SARFA is an organization that is dedicated to be a change agent in insurance and the financial system, creating partnerships, endorsements, and when necessary, creating insurance and financial products. SARFA’s goal is to create business relationships between incoming licensees with professionals involved in the new medical cannabis business.
