Fleming Reinsurance Ltd. (“Fleming Re”) recently completed the novation of the workers compensation deductible layer of Duarte Nursery, Inc. (“Duarte”). The novation provided Duarte with full legal finality and a release of capital.
Duarte Nursery, Inc. is a family owned and operated nursery located near Modesto in the Central Valley of California. Duarte Nursery is the largest permanent crops nursery in the United States, with a history of innovative products and exceptional customer service. Working closely with our TPAs and front companies, Fleming Re will continue to provide the same quality care and coverage.
Fleming Re CEO, Eric Haller, stated, “This transaction is a testament to Fleming Re’s reputation as a trusted run-off provider as this novation was executed with a counterparty that was a captive member in a previous transaction. Given the state of the current economy many companies are looking for sources of capital. Run-off transactions are a great way to access encumbered capital to support companies’ operations. Due to the current market disruption, we are seeing a large increase in demand and will complete several more transactions over the coming months.”
Duarte Nursery commented, “Based on our previous experience with Fleming Re, we were very comfortable that they would provide a solution that achieved our goals. As with any transaction, trust and transparency are important and they were able to provide both.”
About Fleming Reinsurance
Fleming Re is a Bermuda based class 3A insurance company with a track record in providing a full range of reinsurance structures and finality solutions for legacy liabilities, as well as liquidity and risk transfer alternatives to the middle market insurance sector. Fleming Re takes pride in providing sellers with competitive terms on an expedited basis and certainty of closing on time. Fleming Re and its management team have extensive experience acquiring insurance portfolios in run-off in the U.S., Bermuda, Cayman, U.K. and European Union countries. www.flemingreinsurance.com
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