WHITE PLAINS, NY - July 12, 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 Ohio. Through its multiple policy lines (home, automobile, jewelry and art, personal liability and watercraft), PURE plans to provide affordable, comprehensive insurance solutions to successful individuals and families throughout the state.
Higher Quality at a Lower Cost
“We believe that the most responsible owners of Ohio’s finest-built homes deserve to pay a lower premium without sacrificing quality. Many of those homeowners are seeking alternatives to their current insurer following a period of unusually brutal weather events and, in some cases, resultant rate increases,” said Buchmueller, who founded AIG Private Client Group and served as its president until 2006 when he and his partners established PURE. “At PURE, we deliver exceptional quality for less by executing on The PURE PromiseSM, our proprietary approach to risk management.”
As a specialty insurer, PURE provides important coverage and service not offered by standard carriers. In Ohio, unique benefits include $50,000 of coverage for jewelry that is lost, misplaced or stolen at $25,000 per item. This surpasses the industry’s standard $1,000 to $5,000 coverage, often inadequate coverage for successful families with significant jewelry collections.
Learn more about the six individual components of The PURE Promise, as well as PURE’s other distinct coverage advantages at www.pureinsurance.com/the_pure_promise.
Alignment with Policyholders
PURE is uniquely aligned with the interest of its members:
- As a policyholder-owned company, PURE seeks to charge the right price for insurance, not the highest price. Since PURE began writing policies in 2007, members have reported average annual savings of more than $3,200 on their insurance premiums.
- In any year when premiums earned by PURE exceed the cost of all policies (including losses, expenses and reinsurance costs), PURE commits to allocate the balance to Subscriber Savings Accounts (SSAs) held in the name of each member. SSAs enable members to participate in the continued success of their insurance company, while actually enhancing the claims-paying ability of PURE through tax-advantaged surplus growth. For more information, go to www.pureinsurance.com/ssa.
- A Member Advocate provides members with customized advice and solutions to remove the administrative hassles associated with a claim, and to help restore claimants to their pre-loss state. PURE reports that 98% of claimants would recommend PURE to a friend, largely in part to the responsiveness and guidance offered by the Member Advocate.
PURE refers to Privilege Underwriters Reciprocal Exchange, a member insurer of the PURE Group of Insurance Companies. PURE and the PURE Group of Insurance Companies serve over 11,000 members who enjoy the security of almost $100 million of surplus capital, $1 million of which is held in Subscriber Savings Accounts. In addition to Ohio, PURE currently serves members in 19 additional markets and continues to execute against its national expansion plans. To see a map of the states where PURE is licensed and actively writing business, visit www.pureinsurance.com/footprint. 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
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.