Climate analytics and technology driven risk modelling firm Reask, has entered into a partnership with InsurTech MGA Kettle, which will allow Kettle to offer location-level, wind speed-based parametric hurricane reinsurance in the US.
According to the announcement, this new partnership will allow Kettle to expand its climate-related offering to include parametric hurricane reinsurance by leveraging Reask’s market-leading hurricane modelling product Metryc.
As a result, the data supplied by Reask will help Kettle to calculate premiums more accurately, enabling it to settle pay-outs quickly and efficiently within 24 hours of an event.
In addition, Reask provides proven global tropical cyclone models to market-leading clients such as Swiss Re, AXA, parametric insurer Descartes, and ILS firms Securis and Twelve Capital.
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, added: “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,” Schmid added.
Meanwhile, Reask recently raised a total of $6.55 million in investment funding, with its most recent seed round reaching $4.6 million.
