TBE, in regard to the peak voltage versus RMS, wiring ratings are RMS values, so I don;t believe that is an issue.
Waross, if each individual wire is rate at 600v between the inner conductor and (in this case) the out SST armor (i.e. ground), then having 2 cables next to each other (i.e. the 690v) has 2 layers of said insulation. The problem comes in that this is specialty wire that is not available in 1kV rated. Is my thinking way off here?