WHITE PLAINS, NY - Oct. 15, 2008 - Privilege Underwriters Reciprocal Exchange (PURE) today announced it has received approval from the New York State Insurance Department authorizing the company to provide homeowners and other personal lines of insurance in New York. The company plans to begin writing policies for the owners of high-value homes in downstate New York including Long Island by early 2009.
The specialty insurer provides homeowners, automobile, jewelry, art, personal liability and watercraft insurance coverage tailored to fit the unique needs of its policyholders (members). The company is rated A- (Excellent) by A.M. Best.
"For the past several years, the owners of high-value homes in New
York have had fewer and fewer insurance choices, and their need for high-quality, reasonably priced coverage has remained largely unmet," said Ross Buchmueller, president and chief executive officer of PURE Risk Management LLC. "We are delighted to welcome successful families in New York as new members to PURE and provide them with the high-quality coverage and personalized service they deserve at significantly lower costs."
Professional Insurance Agents of New York (PIANY) recently reported a 50-percent increase from 2006 to 2007 in the use of "non-admitted" or "excess and surplus" carriers for homeowners insurance placements, and more growth in 2008. PURE is an admitted insurance company whose products and prices will be regulated by the New York State Insurance Department.
"We are excited for the opportunity to introduce PURE's unique
solutions to families on the East End and believe our clients will love the idea of an insurer with excellent financial strength that manages its business for the benefit of its policyholders" said Chris McDonald, a principal with Amaden Gay Agencies in East Hampton, N.Y., an independent insurance agency that specializes in personal insurance for high-net-worth individuals and families.
PURE filed for approval of its rates and policy forms in September and is awaiting approval prior to launch.
PURE refers to Privilege Underwriters Reciprocal Exchange, a member insurer of the PURE Group of Insurance Companies.
PURE provides coverage for high valued homes, automobiles, jewelry, art, personal liability and watercraft to successful individuals and families. PURE is a member-owned reciprocal insurer and has been 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.