AI-enabled insurance and reinsurance underwriter Kettle has partnered with RLI, a U.S.-based specialty insurer, to launch a new multi-peril commercial property insurance product.
Kettle explained that the non-admitted product provides comprehensive protection, including wildfire and all other perils (AOP), for commercial properties in regions where coverage has become increasingly difficult to obtain.
The program will focus on the California and Nevada commercial property markets and will be available through a select group of wholesale brokers.
Coverage will be underwritten by Mt. Hawley Insurance Company, a subsidiary of RLI, which holds an A+ (Superior) rating from AM Best.
At the same time, RLI has made a strategic equity investment in Kettle, providing additional capital to accelerate the AI-enabled firm’s growth and further advance its risk modelling and underwriting capabilities.
Isaac Espinoza, CEO of Kettle, commented, “Kettle’s mission is to leverage data and artificial intelligence to better protect people and businesses from the growing threat of climate change.
“This partnership combines our advanced AI and deep learning models for catastrophic risk with RLI’s financial strength, commercial property insurance expertise, and superior customer service.”
RLI Corp. Chief Operating Officer, Jen Klobnak, said, “Kettle brings a differentiated offering to the market through its proprietary risk modelling, offering an innovative approach to wildfire underwriting that complements RLI’s existing commercial property solutions.
“This distribution partnership, along with our investment, reflects RLI’s confidence in Kettle’s team and technology, and our shared commitment to delivering sustainable insurance solutions in underserved markets.”
