May 10, 2022
On March 2, 2022, Privilege Underwriters, Inc. (PUI), a member of Tokio Marine Group, and its subsidiary PURE Specialty Risk Management, LLC announced the formation of PURE Specialty Exchange (PSE), an Arizona-domiciled Domestic Surplus Lines insurer dedicated to helping PURE members and other responsible high net worth families with higher-risk, complex exposures that fall outside of the admitted market.
“PURE Programs, a managing general underwriter (MGU), was created to provide a solution to PURE members and other high net worth families with hard-to-place exposures that don’t fit the narrow underwriting guidelines or rate and form constraints of an ultra-preferred admitted exchange,” said Mark Galante, President of PURE Specialty Risk Management, LLC and PURE Programs, LLC.
“PSE will allow us to create an abundance of additional solutions that will complement those manufactured in our MGU while leveraging the tremendous benefits of the reciprocal structure.”
Mark Galante, President of PURE Specialty Risk Management
On May 5, 2022, AM Best assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a” (Excellent) to PSE. The outlook assigned to these Credit Ratings (ratings) is stable.