WHITE PLAINS, NY - January 19, 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 comprehensive, customized property and casualty insurance coverage to responsible owners of well-built, high value homes in Massachusetts.
“We view Massachusetts as the single-greatest opportunity for our company to continue its diversification and national expansion,” said Buchmueller, who founded AIG Private Client Group and served as its president until 2006 when he and his partners established PURE. “The affluent market has been extremely profitable for insurers. While there are certainly risks to be concerned about on the Cape and Islands, we expect to seek the right price to reflect the risks – not the highest prices to reward shareholders. We plan to offer great coverage and significant savings for the most responsible owners of the finest-built homes,” Buchmueller added.
PURE is a policyholder-owned company and is managed for the benefit of its members (policyholders). PURE has made a commitment to credit all net underwriting profits to the membership at the end of each year. The model of using “Subscriber Savings Accounts” has played a significant role in the success of other policyholder-owned insurers, including USAA.
“Four years ago, I had the privilege of introducing PURE to some of my agency’s best clients in Palm Beach, Florida,” said Charles A. Kilvert, III, president and agency principal of Nantucket Insurance Agency. “As I have returned to my home in Massachusetts, I am thrilled to share the exciting concept of a specialist, member-owned company with the families we serve in Concord, Nantucket and throughout the Northeast.”
As a specialist insurer, PURE tailors its policies and products to serve the unique needs of the high net worth market and offers features and flexibility not easily found in today’s market. For example, PURE’s High Value Homeowners policy includes up to $50,000 of coverage for jewelry that is lost, misplaced or stolen. After a significant property loss, PURE also offers a contribution of up to $2500 to help prevent the loss from re-occurring.
In addition to Massachusetts, PURE serves almost 10,000 members in Rhode Island, Connecticut, New York, New Jersey, Georgia, Florida, North Carolina, South Carolina, Alabama, Texas, Maryland, Illinois, Arizona and Washington, D.C.
PURE refers to Privilege Underwriters Reciprocal Exchange, a member insurer of the PURE Group of Insurance Companies. Licensed in 33 states, 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 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.