LIVERMORE, Calif., May 22, 2017 (GLOBE NEWSWIRE) -- Reterro, Inc., the only fully vertically integrated Brownfield redevelopment company able to eliminate distressed property liabilities safely and sustainably, and Munich Re (Group), one of the world’s leading reinsurance companies, have partnered to provide the industry’s first process substitute performance cover for Reterro’s soil remediation projects. Financial Technology Leverage, a Menlo Park financial services firm, facilitated the creation of the partnership.
A video accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/17dd287e-2b34-468c-9667-678211d32eaa
Reterro provides owners of distressed Brownfield properties with advanced soil remediation technology to make contaminated land useable again. The substitute performance cover, offered by a primary insurance carrier of the Munich Re (Group), supports Reterro’s process by paying the additional costs for using the next best remediation method, if needed, at no additional cost to the client. The partnership addresses financial uncertainty and restores the value of distressed properties, without exposing property owners to new or residual risks.
While there are many alternatives for site remediation, Reterro’s state-of-the-art soil treatment is like no other on the market today. As a patented, excavation-based approach, Reterro Evaporative Desorption Technology™ (EDT) offers the most advanced process to address Brownfield remediation issues. Non-excavating approaches cannot offer the same remedial certainty.
“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,” said Jeffrey Sirr, Head of North America for Corporate Insurance Partners, a division of Munich Re. “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.”
“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,” said Reterro CEO Tom Doyle. “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.”
About Reterro
Reterro, Inc., is the only fully vertically integrated Brownfield redevelopment company that completely eliminates distressed property liabilities safely and sustainably. Reterro is unsurpassed in mobility, cost-effectiveness and speed-to-completion, with a record of 100 percent certainty of efficacy. The Evaporative Desorption Technology™ based approach is especially effective in urban, populated and space-constrained environments in which health and safety restrictions prohibit other alternatives. For more information, please visit www.reterro.com.