Artificial intelligence-based insurance and reinsurance underwriter Kettle has partnered with US specialty insurer RLI to launch a new multi-risk commercial property insurance product.
Kettle explained that the non-permit product provides comprehensive protection, including wildfire and all other perils (AOP), to commercial properties in areas where coverage is increasingly difficult to obtain.
The program will focus on the California and Nevada commercial real estate markets and will be offered through a select group of wholesale brokers.
The insurance will be underwritten by RLI’s subsidiary Mt. Hawley Insurance Company, which has an A+ (Superior) rating from AM Best.
At the same time, RLI made a strategic equity investment in Kettle to provide additional capital for the artificial intelligence company’s growth and further enhance its risk modeling and underwriting capabilities.
Isaac Espinoza, CEO of Kettle, commented: “Kettle’s mission is to use data and artificial intelligence to better protect people and businesses from the growing threat of climate change.
“This collaboration combines our advanced artificial intelligence and deep learning models for catastrophic risk with RLI’s financial strength, commercial property insurance expertise and exceptional customer service.”
“Kettle brings a differentiated product to the market through its proprietary risk model, providing an innovative approach to wildfire underwriting that complements RLI’s existing commercial real estate solutions,” said Jen Klobnak, chief operating officer of RLI Corp.
“This distribution partnership and our investment reflects RLI’s confidence in Kettle’s team and technology, as well as our shared commitment to delivering sustainable insurance solutions in underserved markets.”