WHITE PLAINS, NY – August 24, 2010 – 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 comprehensive, customized property and casualty insurance coverage to responsible owners of well-built, high-value homes in Georgia. Through its multiple policy lines (home, automobile, jewelry, art, personal liability and watercraft), PURE expects to offer comprehensive insurance solutions to successful individuals and families.
As a specialist 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. In Georgia, 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. Standard insurers, as well as other specialist companies, provide $1,000 to $5,000 of coverage, which is often insufficient for owners of high-value homes. The member-owned company aligns its interests with its members (policyholders) more so than with outside shareholders. This alignment often results in lower annual premiums, a significant advantage in markets that have been impacted by rising insurance rates. Since PURE began writing policies in 2007, members have reported average annual savings of more than $3,200 on their insurance premiums.
“In the current economic climate, insurance rates nationwide have continued to increase, and Georgia is no exception. PURE is excited to enter the Georgia market and offer a new cost-effective option for homeowners seeking high-quality, customized insurance coverage,” said Buchmueller, who founded AIG Private Client Group and served as its president until 2006 when he and his partners established PURE. “We also believe owners of high-value homes in Georgia will appreciate the exceptional claims and risk-management services that PURE provides. We have a reputation for settling claims in a professional, timely manner, and we are dedicated to helping our members reduce the cost and likelihood of future claims. PURE is committed to identifying the underlying causes of significant losses, sharing our findings with our membership, and contributing to the cost of preventing these losses from recurring.”
PURE offers members who have suffered most major home losses a $2,500 credit to cover loss-mitigation measures. For example, in recent storms throughout the Northeast, dozens of PURE members suffered losses due to failed sump pumps, backed up sewers and drains, and fallen trees. Many of them took advantage of PURE’s Loss Prevention Coverage to install back-up generators to prevent future sump pump failures. Others hired arborists to examine and remove trees likely to fall and contribute to damage in future storms.
In addition to Georgia, PURE serves members in New York, New Jersey, Connecticut, Rhode Island, Florida, South Carolina, Texas, Maryland and Washington, D.C.; and is rapidly obtaining licenses in new states as it continues its expansion.
“We are proud to have partnered with PURE to serve the insurance needs of the Georgia market,” said Jim Bethea of Bethea Insurance Group in Atlanta. “PURE’s exceptional claims service, along with the loss prevention and risk management advice that the company provides its members, are welcome benefits for Georgia homeowners.”
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 Georgia Department of Insurance.
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.