A.M. Best Upgrades PURE’s Financial Strength Rating to “A”
September 4, 2018
WHITE PLAINS, N.Y.—September 5, 2018—Privilege Underwriters Reciprocal Exchange (PURE), the policyholder-owned property and casualty insurer designed specifically for the most responsible owners of the finest-built homes, announced today that the A.M. Best Company (A.M. Best) has upgraded the Financial Strength Rating (FSR) for PURE and the PURE Group of Insurance Companies to "A" (Excellent). The rating was accompanied by a "Stable" outlook.
A.M. Best's ratings are based on a detailed evaluation of a company's balance sheet, operating performance, and business profile. The rationale provided for PURE's upgraded rating highlighted PURE’s risk-adjusted capitalization, specifically enhancements to its reinsurance program and the solid growth in policyholder surplus. A.M. Best also cited improved operating performance, including loss ratios that compare favorably with industry averages.
“Over the past twelve years, we have built PURE on a foundation of purpose. We believe that we will thrive if service is our first priority and we commit ourselves to enabling our membership to pursue their passions with greater confidence,” said Ross Buchmueller, President and CEO of the PURE Group of Insurance Companies. “This rating upgrade is an important recognition that will only add to the confidence that our membership and our business partners have in PURE.”
At the end of the second quarter, statutory surplus for the PURE Group of Insurance Companies was $504 million. The growth in statutory surplus also moved the PURE Group into A.M. Best Size Category “X”.
Privilege Underwriters Reciprocal Exchange (PURE) is a member-owned reciprocal insurer dedicated to providing an exceptional insurance experience to successful individuals and families. PURE provides customizable coverage for high-value homes, automobiles, jewelry, art, personal liability, watercraft, flood, fraud and cyber fraud to more than 75,000 members throughout the U.S. Inspired by some of the finest policyholder-owned companies, PURE emphasizes alignment of interests and transparency. PURE's low cost of capital, careful member selection and proactive risk management all contribute to highly competitive rates. In return for a fee, PURE Risk Management, LLC acts as Attorney-in-Fact for PURE. PURE membership is subject to an executed Subscriber's Agreement & Power of Attorney.
For more information or to find a local broker, visit pureinsurance.com. You can follow PURE on Facebook, Twitter, LinkedIn and Instagram.