Rough Notes - March 2011
The spring of 2007 saw the entrance of a new player into the Florida property insurance market: Privilege Underwriters Reciprocal Exchange (PURE). As the name implies, the company positions itself as marketing to high net worth individual homeowners. During its initial year, PURE confined its writing to Florida.
Ross Buchmueller, president and CEO of PURE Risk Management,LLC, and his management team, know what the high net worth market was looking for. Buchmueller, who had previously headed up AIG’s Private Client Group, was very familiar with the needs of this group and set out to develop a product specifically designed for this group of buyers. And following active hurricane seasons in 2004 and 2005, the Florida property market was eager to see new participants.
Building on the success within the Florida market, PURE expanded into South Carolina in 2008. Development over the next two years was significant. Currently, PURE is licensed in 33 states and active in 15 of those. According to Buchmueller, “We are just finishing the rate and rule process in those states in which we are licensed, but not yet active.”
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