Farmers Insurance to become exclusive reinsurance provider for all new Jetty policies
Jetty, the fintech company on a mission to make renting a home more affordable and effortless for everyone, announced a new deal with Farmers Insurance. Under the terms of the deal, Toggle Insurance Company, a Farmers Insurance company, will become the exclusive reinsurance provider for all new policies written under Jetty’s core products: Jetty Deposit and Jetty Renters Insurance.
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“This is an important and really exciting new collaboration for Jetty, and is a major vote of confidence in the strength of our products and the depth and quality of our real estate distribution channel,” said Mike Rudoy, Co-Founder of Jetty. “In addition to its brand equity and robust balance sheet, a key factor in our working with Farmers® was our shared vision around innovation and disruption in the financial services space, as evidenced by their startup brand, Toggle. Working together, we’ll be able to quickly deliver even more value to our real estate partners, as well as to the renters who are the ultimate consumers of our products.”
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The companies comprising the Farmers Insurance Group have an ‘A’ (Excellent) rating from AM Best, a U.S.-based credit rating agency focused on the insurance industry, helping provide Jetty’s real estate partners the confidence to promote Jetty products to renters across the country.
“Jetty is one of the first companies to shake up the outdated deposit alternative insurance market, and they have a truly compelling vision for the future, similar to Farmers and Toggle,” said Stephanie Lloyd, Head of New Ventures for Farmers and President of the Toggle brand. “We share Jetty’s passion and excitement for the real estate market and renter financial ecosystem, and we believe our existing products and collaborations can help accelerate the overall vision and deliver real mutual value.”
