WHITE PLAINS, NY - Feb. 18, 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 Rhode Island. PURE will also offer automobile, jewelry, art, personal liability and watercraft insurance to qualified individuals and families.
By providing customized coverage options without imposing mandatory hurricane deductibles, PURE offers cost-effective flexibility not easily found in today's market. Along with significant savings, PURE plans to help its members (policyholders) develop sound practices to protect their homes and valuable property, as it has done in the other states it serves.
"We are excited to demonstrate our expertise to the Rhode Island market. We fully expect our proven approach to providing broader coverage and customized service will be enthusiastically welcomed," said Buchmueller, who founded AIG Private Client Group and served as its president until 2006 when he and his partners established PURE. "And because many owners of high value homes along Rhode Island's coast from Watch Hill to Newport have seen their premiums go up and their choices diminish, PURE's entry should bring valuable stability to Washington and Newport counties."
In addition to Rhode Island, PURE currently serves members in New York, New Jersey, Connecticut, Florida and South Carolina, and has obtained licenses in Texas, Alabama, North Carolina and Georgia. Since PURE began writing policies in 2007, PURE's members have reported average savings of more than $3,200 on their annual insurance costs. PURE also provides significant insurance benefits not offered by other providers by tailoring its policies and products to specifically meet the needs of the high net worth market. PURE's High Value Homeowners policy includes $50,000 of coverage for jewelry that is lost, misplaced or stolen at $25,000 per item, unlike the industry's standard $1,000 to $5,000, which is often inadequate coverage for high value homeowners.
PURE has partnered with two independent Rhode Island agencies with offices throughout the state. Starkweather & Shepley Insurance Brokerage, Inc., based in East Providence, has served Rhode Island for more than 130 years, and is the 36th largest privately owned insurance agency in the United States. PURE also has partnered with Middletown-based Carey Richmond & Viking, one of Southern New England's leading agencies. "We believe these two exclusive firms offer our Rhode Island members the greatest level of expertise, advice and
service," said Martin Hartley, executive vice president of PURE Risk Management, LLC. "They are well-equipped to support the launch of PURE
and, more importantly, the needs of successful families in Rhode
Don Curran, senior vice president of Starkweather & Shepley, said: "We welcome PURE to Rhode Island and look forward to the opportunity to work with a specialty provider committed exclusively to the high net worth market. We are confident the owners of high value homes in Rhode Island will appreciate the significant savings, customized coverage and superior service PURE provides."
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 5,000 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 Rhode Island Department of Business Regulation.
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 at /about/financial_strength/am_best/index
Average annual savings on homeowners insurance for 900 members reporting prior carrier premium through 2/26/2009. 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.