Managing general underwriter Rainbow said it has launched an admitted restaurant insurance program in California as its sees opportunity in decisions by other carriers to scale back their presence in the market.
Expanding into California makes Rainbow now active in 15 states with its business owners policy, the company said in a statement. The MGU offers customizable restaurant-specific coverage aimed at establishments from small coffee shops to complex fine dining. The company offers premium credits for insureds with affinity memberships and demonstrated risk management practices.
Rainbow said the move comes as other carriers have scaled back operations in California or exited completely. Its bespoke restaurant program and customer service will add capacity in a market in need of it, the company said.
“We hear from agents every day that they love our comprehensive offering: our customizable business insurance that comes with personalized customer service, experienced and responsive underwriting, and our best-in-class digital experience,” Bobby Touran, co-founder and chief executive officer of Rainbow, said in a statement. “We’ve developed so many meaningful partnerships with agencies across the country, and we look forward to doing that throughout the state. Our entire organization is thrilled to be officially open for business in our home state of California.”
Another San Francisco company, Symphony Grow, recently said it has a novel way to get around insurers’ “historical reluctance” to cover businesses in the cannabis industry—forming their own captive insurers.
Known as Symphony Grow Captive, the new program aims to help large and sophisticated business owners in the industry set up bespoke captives to serve their needs, according to a statement.