polo s restaurant greenwood sc Westlake’s Cannasure finds new director of underwriting in Kieran O’Rourke
Northeast Ohio’s niche insurance business serving the marijuana sector, Cannasure Insurance Services, has named a director of underwriting as the small company looks toward its next phase of growth.
Kieran O’Rourke will lead Westlake based Cannasure’s managing general agent (MGA) underwriting platform.
“After an exhaustive search to find the right person for the job, we are pleased to welcome Kieran to the Cannasure team,” said Cannasure CEO Patrick McManamon in a statement. “With more than 20 years of underwriting and senior management experience in P he is a talented and respected leader in the insurance industry. Kieran’s depth of underwriting knowledge and experience will be instrumental as we continue to expand our development of proprietary programs that support the cannabis and hemp industry while maintaining a commitment to underwriting discipline and profit fundamentals.”
Prior to Cannasure, O’Rourke served AmTrust Financial Services in Cleveland as assistant vice president of property underwriting for about a year and a half. Prior to that, he was assistant vice president of research and development at Energi Insurance Services Inc. in Peabody,
“Cannasure has always been forward thinking with respect to focused methods that meet today’s customer expectations and requirements,” O’Rourke said. “I am excited to join Cannasure to help advance their MGA efforts and work with product, risk and distribution partners to continue to develop innovative underwriting strategies and product solutions for the cannabis industry.”
Cannasure’s formative stages came between 2009 and 2010 when McManamon was essentially running the firm himself after branching out from his father’s business, McManamon Insurance. The firm has been working as a MGA and wholesale broker and was working on getting its own program going with assistance from Lloyd’s of London, but they faced a lot of challenges along the way, as McManamon recently explained in a feature in Crain’s.
Cannasure recently sold its first policy out of its own program through which McManamon said he projects Cannasure to write more than $1 million in premiums per month through 2018.
McManamon declined to share his finances but told Crain’s Cannasure saw revenues grow 60% in 2017. They’ve grown 350% since 2014. And McManamon said he now targets at least 40% growth annually “for the next several years, and that would be conservative.”