Tokio Marine Agrees to Acquire PURE Affiliated Group of Specialty Companies
Dear Fellow PURE Member,
I am pleased to share the news that Privilege Underwriters, Inc., the parent company of the Attorney-in-Fact for PURE, has agreed to become a member of Tokio Marine Group, one of the largest and most respected insurance organizations in the world. Here you will find the recent press announcement.
Tokio Marine is a large, global insurance group with a history of more than 140 years and over $200 billion in total assets and nearly $50 billion of total revenues. Tokio Marine has had repeated and sustained success in the United States with member companies including Delphi Financial, Philadelphia Consolidated and HCC Insurance Holdings. We are proud to join such a prestigious group of insurers.
We have been particularly impressed with Tokio Marine’s commitment to a purpose-driven culture and long-term focus. Their guiding principles are to be a “Good Company” and to achieve that by looking beyond profit and to act with integrity for the benefit of their customers, business partners, and society. As described above, they have a history of acquiring and supporting entrepreneurial companies like ours. They aim to empower their people and inspire engagement and passion in all of their employees. Lastly, their philosophy stresses the importance of delivering on their commitments to all stakeholders. I believe there is strong alignment with the culture of PURE.
I led the formation of our company in 2006, along with Jeff Paraschac and Martin Hartley. The three of us are excited to continue to serve as leaders of the PURE Group into the future; and we expect to maintain the entrepreneurial spirit and empathetic culture that has guided the first fourteen years of our existence. Today, we are blessed to work alongside 800 of the most talented, passionate and hard-working professionals in the industry. We anticipate continuing the growth and development opportunities for our team.
One of the greatest benefits for policyholders and employees is to have the confidence that, in the future, Tokio Marine will stand behind the PURE Group of Insurance Companies. Tokio Marine’s major subsidiaries have financial strength ratings of “A++ (Superior)” from A.M. Best. Following the announcement of the acquisition, A.M. Best released this press release, placing the PURE Group of Insurance Companies rating under review, with positive implications. The transaction, which is subject to regulatory approvals and other customary closing conditions, is expected to close in the first quarter of 2020.
The PURE membership will remain the center of our attention. We expect to have more resources to serve you, more and better products and services, and most certainly, greater financial strength. I very much appreciate your support of PURE and look forward to serving you for many years to come.
Ross J. Buchmueller
President & CEO
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