WHITE PLAINS, NY - March 14, 2011, Ross Buchmueller, president and chief executive officer with PURE Risk Management LLC, today announced the expansion of Privilege Underwriters Reciprocal Exchange (PURE), a member-owned reciprocal insurer, to offer high-quality, customized property and casualty insurance coverage to responsible owners of well built, high value homes in Alabama. Through its multiple policy lines (home, automobile, jewelry, art, personal liability and watercraft), PURE expects to provide affordable, comprehensive insurance solutions to successful individuals and families.
“We fully expect owners of high value homes in Alabama to become an important part of the PURE membership,” said Buchmueller, who founded AIG Private Client Group and served as its president until 2006 when he and his partners established PURE.
Since PURE began writing policies in 2007, members have reported average annual savings of more than $3,200 on their insurance premiums. As a specialty insurer, PURE tailors its policies and products to serve the unique needs of responsible, successful high net worth consumers and offers cost-effective flexibility not easily found in today’s market. For example, in Alabama, PURE’s High Value Homeowners policy includes $50,000 of coverage for jewelry that is lost, misplaced or stolen, at up to $25,000 per item, unlike other companies that offer an often insufficient $1,000 to $5,000 of coverage.
In addition to greater savings and broader coverage, PURE is also dedicated to providing superior service to its members. The PURE PromiseTM embodies the company’s commitment to helping members identify potential sources of loss, recommending and implementing risk management solutions, and contributing $2,500 to the cost of loss-mitigation measures in the case of major covered homeowners losses. PURE also promises to share its knowledge and expertise with members to help them make smarter, more informed insurance decisions.
“Comprehensive homeowners insurance coverage in Alabama, particularly along the coast, has become increasingly expensive and difficult to obtain,” said Margaret Ann Pyburn, personal lines manager with Cobbs, Allen & Hall. “Homeowners have long needed a comprehensive and competitively priced insurance solution, and we’re thrilled to be able to offer them PURE’s customized coverage options, savings and personalized service.”
In addition to Alabama, PURE serves members in 14 additional states. As members of a reciprocal insurance exchange, policyholders 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 nearly 10,000 members who enjoy the security of almost $100 million of surplus capital, fueled in part by these contributions.
PURE refers to Privilege Underwriters Reciprocal Exchange, a member insurer of the PURE Group of Insurance Companies. Licensed in 35 markets, 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. 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 http://www.pureinsurance.com/.
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Copies of the A.M Best Company report are available
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.