Next Wave Insurance Services, LLC
Founded in 2002, Next Wave Insurance Services, LLC “Next Wave” operates as a Managing General Underwriter “MGU” and Program Administrator “PA” in the property and casualty insurance market. With offices in San Diego and Rancho Cordova CA, the firm specializes in designing niche insurance programs in partnership with top rated carrier partners. With our ability to create new programs, coupled with our expertise in technology and strong retail agency distribution, Next Wave is one of the fastest growing wholesale/underwriting firms in the industry.
Cannabis Program Background
Over the past several years, Next Wave has focused on developing and expanding the most comprehensive Cannabis Insurance Program available in the market. The program is backed by four “A” rated insurance carriers and reinsurers offering various lines of coverage. The cannabis program was originally launched in 2005 by MMD Insurance and underwritten by Lloyds of London “Lloyds”. MMD was the pioneer of cannabis insurance in the US. Next Wave acquired MMD Insurance Services in 2014 and merged the operation and brand into Next Wave. The combined MMD/Next Wave management then spent the following year designing enhanced policy coverage with expanded limits. The new program launched in February 2015 with our new carrier partners. With the exit of Lloyds from the cannabis market, Next Wave immediately become the primary market for agents and brokers looking to place cannabis accounts. On September 1, 2017, Next Wave launched a wholly owned subsidiary, CannGen Insurance Services, LLC “CannGen” to act as the newly branded MGU for the Cannabis Insurance Programs.
CannGen offers the most comprehensive all-lines solution for “Seed to Sale” cannabis related businesses including:
- Products Liability
- Product Withdrawal
- General Liability
- Excess Liability
- Equipment Breakdown
- Stock Throughput
The company has also added a new “Cannabis Workers Comp” program to the mix of coverages offered. We write all cannabis related class codes in all legalized marijuana states.
We expect to launch our new “Cannabis Commercial Auto & Cargo” program in late 2017. Next Wave Insurance Canada will open up in Toronto in Q1 2018 to write coverage for the emerging Canadian cannabis market.