Jetty Announces New Deal with Farmers Insurance Group®

Farmers Insurance® to become exclusive reinsurance provider for all new Jetty policies

News provided by

Jun 24, 2020, 08:04 ET

NEW YORK, June 24, 2020 /PRNewswire/ -- Jetty, the fintech company on a mission to make renting a home more affordable and effortless for everyone, today 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.

"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."

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"Jetty is one of the first companies to shake up the outdated deposit alternative insurance market, and they have a truly compelling vision for the future, similar to Farmers and Toggle," said Stephanie Lloyd, Head of New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."

Jetty works with top property managers across the country to increase lease conversion rates, reduce bad debt, and streamline operations—thereby increasing net operating income. Partners include Greystar, LivCor, Related, Pinnacle, MG Properties, Cortland, Trammell Crow, Griffis Residential, and many more, representing more than one million units nationwide. Jetty's products are written on 'A' rated paper, and are admitted in 49 U.S. states and D.C.

ABOUT JETTY
Jetty is on a mission to make renting a home more affordable and effortless for everyone. As a fintech company, Jetty's solution helps property managers increase lease conversion, reduce bad debt, and streamline operations. For the renter, Jetty lowers the barrier to entry, saving residents thousands of dollars on move-in costs. Jetty is available nationwide and is headquartered in New York. To learn more about how Jetty can benefit your property, visit www.jetty.com.

ABOUT FARMERS INSURANCE
"Farmers Insurance Group®," "Farmers Insurance®" and "Farmers®" are tradenames for a group of insurers providing insurance for automobiles, homes and small businesses and a wide range of other insurance and financial services products. Farmers Insurance is proud to serve more than 5 million households with over 15 million individual policies nationally, through the efforts of more than 45,000 exclusive and independent agents and approximately 19,000 employees. Farmers Insurance Exchange, the largest of the three primary insurers that make up Farmers Insurance, is recognized as one of the largest U.S. companies on the 2020 Fortune 500 list.

For more information about Farmers Insurance, visit Farmers.com, Twitter and Instagram, @WeAreFarmers, or Facebook.com/FarmersInsurance.

ABOUT TOGGLE
Toggle® is the brand for innovative insurance products and services underwritten by Toggle Insurance Company (formerly known as 21st Century Assurance Company) or 21st Century Premier Insurance Company, part of the Farmers Insurance Group®. Toggle provides coverage to consumers in Arizona, Arkansas, California, Colorado, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Minnesota, Michigan, Mississippi, Missouri, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia and Wisconsin, with plans to expand coverage to more states. For more information about Toggle, visit www.gettoggle.com, Instagram, @gettoggle, or facebook.com/gettoggle.