Privilege Underwriters Reciprocal Exchange PURE Launches National Expansion Plan
July 23, 2010
MIAMI, FL & WHITE PLAINS, NY – August 24, 2010 – Ross Buchmueller, president and chief executive officer with PURE Risk Management LLC, today announced that Privilege Underwriters Reciprocal Exchange (PURE), a member-owned reciprocal insurer currently licensed in 17 markets, has filed an application to expand to all remaining domestic states. PURE plans to offer comprehensive, customized personal property and casualty insurance coverage to responsible, successful individuals and families throughout the United States.
PURE, a specialty insurer that began writing policies in Florida in 2007, provides comprehensive coverage for high-value homes, automobiles, jewelry, art, personal liability and watercraft. More than half of PURE’s membership is now outside of Florida, and its member have reported average annual insurance savings of more than $3,200. In addition to offering attractive savings and personalized service, PURE provides policies and products tailored for the high-net-worth market and coverage enhancements not usually provided by most standard insurers. For example, PURE’s High Value Homeowners policy typically includes $50,000 of coverage for lost, misplaced or stolen jewelry at up to $25,000 per item.
“We believe that successful families and their insurance agents have been increasingly drawn to the high limits, flexible coverage and new service offerings of specialist high net worth carriers,“ said Buchmueller, who founded AIG Private Client Group and served as its president until 2006 when he and his partners established PURE.
“But there is no denying the longstanding preference for mutual insurers. By combining the newest ideas in coverage and service with the oldest ideals of policyholder-owned insurers, we can create a compelling new alternative to the specialist insurers who are attracted to this niche because they hope to reap massive profits, and the standard carriers whose products have not kept up with the unique needs of the high net worth market.”
Jeff Rubin, president and founder with HUB International Private Client Advisors, a leading insurance brokerage that provides property and casualty products and services through offices located throughout North America, added: “PURE has already done a terrific job delighting our high-net-worth clients throughout the East Coast with the customized insurance coverage and personalized service the company is known for providing. PURE’s expansion will be exciting for our Hub colleagues across the United States and a huge selling point for prospective members with multiple homes who will qualify for PURE membership.”
In addition to Florida, PURE currently offers coverage in New York, New Jersey, Connecticut, Rhode Island, Texas, South Carolina, Maryland, Washington, D.C. and Georgia. The company has also obtained licenses in Alabama, Mississippi, North Carolina, Massachusetts, South Dakota, Arizona and Oklahoma. As a reciprocal insurance exchange, PURE is member-owned. Members pay a surplus contribution of 10% of their high-value homeowners and watercraft premiums and 4% of their premium for all other policies for each of the first five years of membership. PURE and the PURE Group of Insurance Companies serve more than 7,000 members who enjoy the security of approximately $100 million of surplus capital, fueled in part by these contributions. PURE is an admitted insurance company whose products and prices are regulated by the individual states’ insurance regulators.
PURE refers to Privilege Underwriters Reciprocal Exchange, a member insurer of the PURE Group of Insurance Companies. PURE provides coverage for high-value homes, automobiles, jewelry, art, personal liability and watercraft to successful individuals and families. PURE is a member-owned reciprocal insurer and is rated “A-” (Excellent) by A.M. Best Company. PURE is committed to helping its members reduce the price of insurance today while controlling the long-term cost of risk. PURE Risk Management LLC serves as the attorney-in-fact for PURE. For more information, visit www.pureinsurance.com.
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Interviews with PURE’s executives, agents and members may be coordinated
Copies of the A.M Best Company report are available
Average annual savings on homeowners’ insurance for 900 members reporting prior carrier premium through Feb. 26, 2009. This material is descriptive only. The precise coverage offered is subject to the terms and conditions of the policies issued. The rights and responsibilities of members are subject to the Subscriber’s Agreement and Power of Attorney. Coverage may not be available in all jurisdictions. Actual savings, if any, will vary.