Reask, the Australian-based climate-tech organisation, has announced a partnership with Kettle that will allow the Bermudian-based managing general agent to expand its climate-related offerings.

Kettle will now be able to offer location-level wind-speed-based parametric hurricane reinsurance in the United States by leveraging Reask’s market-leading hurricane modelling product, Metryc.

The island-based company initially specialised in more accurate pricing, underwriting and reinsuring of wildfire risks in the United States.

Reask and Kettle have released an InsTech podcast. In it they discuss the challenges faced in the parametric space, how using Reask’s high-resolution hazard data has enabled Kettle to go to market quickly, and how Reask’s intensity-based approach differs from what is out in the market.

The data supplied by Reask, the company said, will help Kettle to calculate premiums more accurately as well as enabling it to settle payouts 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.”

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.”

Mr Schmid added: “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.”

Reask said it 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.