26 June 2023News

Kettle partners with climatetech Reask on hurricane risk

ClimateTech Reask, a science and technology company focusing on natural hazard modelling, has agreed a partnership with InsurTech MGA Kettle, formed in Bermuda in 2020, that will enable Kettle to offer location-level, wind speed-based parametric hurricane reinsurance in the US.

Reask has developed global tropical cyclone models to clients such as Swiss Re, AXA, parametric insurer Descartes, and ILS firms Securis and Twelve Capital. Kettle initially specialised in pricing, underwriting, and reinsuring of wildfire risks in the US.

This new partnership allows Kettle to expand its climate-related offering to include parametric hurricane reinsurance by leveraging Reask’s hurricane modelling product Metryc. The data supplied by Reask will help Kettle to calculate premiums, as well as enabling it to settle pay-outs swiftly and efficiently.

David Schmid (pictured), 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.”

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.”