Leading ClimateTech firm Reask has announced its partnership with the innovative InsurTech MGA Kettle.
Reask, renowned for its expertise in natural hazard modelling, is recognised globally for offering sophisticated tropical cyclone models. On the other hand, Kettle, a part of the MGA InsurTech space, initially rose to prominence through its precise underwriting and reinsurance of wildfire risks in the US.
The partnership aims to enable Kettle to diversify its climate-related offerings, specifically by introducing location-based, wind speed parametric hurricane reinsurance in the US market. This new addition to Kettle’s portfolio comes courtesy of Reask’s exceptional hurricane modelling product, Metryc.
Reask is a titan in the ClimateTech sector, providing meticulously crafted global tropical cycline models to industry leaders such as Swiss Re, AXA, Descartes, Securis, and Twelve Capital. In contrast, Kettle built its reputation in the InsurTech sphere by accurately pricing, underwriting, and reinsuring wildfire risks within the United States.
Through this partnership, Kettle will now harness Reask’s Metryc technology to calculate premiums more accurately for hurricane reinsurance. Additionally, this collaboration will facilitate swift and efficient payouts within 24 hours of an event.
The partnership is a momentous achievement, marking a considerable expansion in Kettle’s offerings. By incorporating Reask’s hurricane hazard data, Kettle has demonstrated remarkable agility in innovating and accessing the market.
Commenting on the promising alliance, Reask’s Head of Parametric Products, David Schmid, noted, “This collaboration marks the beginning of a new era in which Reask will contribute significantly to the advancement from first-generation distance-based parametric covers to more accurate and cost-effective intensity-based parametric products.”
Kettle’s Chief Underwriting Officer, Brian Espie, also shared his optimism about the partnership: “Kettle and Reask share a mutual vision that AI and machine learning allow for better prediction of risk in a changing climate. The seamlessness of this partnership provides Kettle with the ability to accelerate our product innovation and provide bespoke coverage solutions for customers in the greatest areas of need.”
The partnership benefits both parties significantly. Schmid adds, “Our partnership with Kettle is a win-win situation; we supported them in significantly shortening their go-to-market period, while they facilitated our expansion in the US market.”
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