WHITE PLAINS, NY – May 11, 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 Texas. PURE will offer its multiple policy lines (home, automobile, jewelry and art, personal excess liability and watercraft) as a comprehensive coverage solution for qualified individuals and families.
As a specialty insurer, PURE will provide significant insurance benefits not easily found in today’s market. In addition to attractive savings and personalized service, PURE will provide policies and products tailored for the high-net-worth market and coverage enhancements not often provided by standard insurers. For example, in Texas, PURE’s High Value Homeowners policy includes $50,000 of coverage for lost, misplaced or stolen jewelry 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.
“PURE is excited to offer a new option for owners of high-value homes in Texas, many of whom have faced particularly high insurance premiums in recent years due to the frequency and severity of catastrophic events,” said Buchmueller, who founded AIG Private Client Group and served as its president until 2006 when he and his partners established PURE. “Based on our history in other challenging markets, we are confident that responsible, high-net-worth homeowners in Texas will welcome the access to affordable, high quality, customized insurance coverage and personalized service PURE provides.”
Buchmueller added: “PURE members benefit from having one trusted insurer for their homes, valuables, personal liability, watercraft and automobile insurance. The generous companion credits we will offer in Texas will enable us to provide even better coverage and service, easier administration and significant savings for our members.”
Since PURE began writing policies in 2007, members have reported average annual insurance savings of more than $3,200. In addition to providing savings, PURE will work with a select group of appointed agents to help members develop sound practices to protect their homes and valuable property, as it has done in the other states it serves.
“We are proud to have partnered with PURE to serve the insurance needs of the Texas market,” said Steve Waldman, chief executive officer with Waldman Bros in Dallas. “We are confident homeowners will embrace PURE’s high-quality, competitively priced insurance options and personalized service.”
In addition to Texas, PURE recently began offering coverage in Maryland and Washington, D.C. PURE also serves members in New York, New Jersey, Connecticut, Rhode Island, Florida and South Carolina, and has obtained licenses in Alabama, Mississippi, North Carolina and Georgia. 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 6,000 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 Texas Department of Insurance.
PURE refers to Privilege Underwriters Reciprocal Exchange, a member insurer of the PURE Group of Insurance Companies. Licensed in 13 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 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.
# # #
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.