A.M. Best Affirms the PURE Group's Financial Strength Rating of "A-" (Excellent)
The High Net Worth Insurers Rating is Again Accompanied by a Positive Outlook.
WHITE PLAINS, N.Y., July 18, 2016 /PRNewswire/ -- Privilege Underwriters Reciprocal Exchange (PURE), the policyholder-owned property and casualty insurer designed for high net worth individuals and families, announced today that the A.M. Best Company (A.M. Best) has again affirmed the Financial Strength Rating (FSR) of "A-" (Excellent) for PURE and the PURE Group of Insurance Companies. The rating was accompanied by a "Positive" outlook for the second year in a row.
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 rating highlights PURE's strong risk-adjusted capitalization, its comprehensive reinsurance program, and the added financial flexibility afforded through the parent company with its multiple investor sources as well as the growing positive impact of surplus contributions made by PURE members.
In 2015, member surplus contributions alone exceeded $30 million, which fueled statutory surplus growth of 23% for the year and enabled PURE to make its fifth allocation in six years to members'Subscriber Savings Accounts (SSA).
PURE currently insures more than 55,000 high net worth families throughout the country. For more information about PURE's operational performance, see their 2015 Annual Report to Members at2015.pureinsurance.com. You can also follow PURE on Twitter and LinkedIn.
Privilege Underwriters Reciprocal Exchange (PURE) is a policyholder-owned insurer dedicated to creating an exceptional experience for responsible high net worth individuals and families. PURE provides best-in-class, customizable coverage throughout the U.S. for high-value homes, automobiles, jewelry, art, personal liability, watercraft and flood. Inspired by some of the finest policyholder-owned companies in the world, 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. For more information or to find a local broker, visit pureinsurance.com.