Fleming Reinsurance has completed the novation of the workers' compensation deductible layer of Duarte Nursery.
The novation provided Duarte with full legal finality and a release of capital.
Duarte is a family-owned and operated nursery located near Modesto in the Central Valley of California.
Duarte is the largest permanent crops nursery in the US, with a history of innovative products and exceptional customer service.
Working closely with their third party administrators 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.”
