This new partnership will enable Kettle to offer location-level wind speed based parametric hurricane reinsurance in the US
Reask delivers proven global tropical cyclone models to market-leading clients such as Swiss Re, AXA, parametric insurer Descartes, and ILS firms Securis and Twelve Capital. Kettle initially specialised in more accurate pricing, underwriting, and reinsuring of wildfire risks in the United States.
Reask and Kettle released an InsTech podcast with Kettle earlier this week. In it, they discuss the challenges faced in the parametric space today, how using Reask’s high resolution hazard data has enabled Kettle to go-to-market quickly, and how Reask’s intensity based approach differs to what is out in the market today.
This new partnership allows Kettle to expand its climate-related offering to include parametric hurricane reinsurance by leveraging Reask’s market-leading hurricane modelling product, Metryc. The data supplied by Reask will help Kettle to calculate premiums more accurately, as well as enabling it to settle pay-outs swiftly and efficiently within 24 hours of an event.
David Schmid, Head of Parametric Products at Reask, said: “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.”
Commenting on the new partnership, Brian Espie, Chief Underwriting Officer at Kettle, said: “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.”
“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” David Schmid added.
Previously, Kettle had been known for its wildfire-focused solutions. Now, by integrating Reask’s hurricane hazard data, they’ve been able to innovate and navigate market access remarkably quickly.