An insurance unit of Germany-based reinsurance giant Munich Re has entered into a new partnership with Reterro, Inc. to develop and offer process substitute performance insurance protection for soil remediation projects.
Reterro is a vertically integrated brownfield redevelopment firm that provides comprehensive soil remediation technology for owners of distressed brownfield properties.
In a recently announced partnership with a primary insurance carrier within the Munich Re Group, one of the world’s largest reinsurance company’s, Reterro clients can now utilise substitute performance insurance protection in order to reduce financial uncertainty.
Specifically, the new substitute performance cover pays any additional costs for utilising “the next best” remediation method, where necessary to do so, at no extra costs to clients. As a result, financial stability is improved and financial uncertainty is alleviated, which, also helps to restore the value of distressed properties without creating additional or new residual risks for property owners.
Jeffrey Sirr, Head of North America for Corporate Insurance Partners, the Munich Re subsidiary that participated in the agreement, said; “By developing a unique insurance solution for Reterro we can help further its business development while supporting a more thoughtful and safe method to deal with contaminated soil and Brownfields.
“The substitute performance cover offers remedial certainty to Reterro’s clients and demonstrates Munich Re’s innovative approach to helping our customers further grow their business.”
Reterro Chief Executive Officer (CEO), Tom Doyle, added; “We are very excited about the value that this partnership with Munich Re brings to our remediation clients. The substitute performance cover assures that remediation can be completed to agreed-upon standards at agreed-upon costs.
“While Reterro has always stood behind its excellent performance, the support of one of the world’s largest reinsurers makes it a truly compelling benefit.”
According to Reterro, its patented, excavation-based approach to soil treatment and site remediation, which utilises Reterro Evaporative Desorption Technology™ (EDT), is one of the most advanced processes for brownfield remediation issues in the industry.