WHITE PLAINS, N.Y.—July 22, 2019—Privilege Underwriters Reciprocal Exchange (PURE), the policyholder-owned property and casualty insurer designed for financially successful individuals and families, announced today that $21.5 million of policyholder surplus has been allocated back to the PURE membership for the 2018 year in the form of Subscriber Savings Accounts (SSAs). This brings the cumulative SSA allocation to $81 million since the company's inception in 2007.
"SSAs are an important component of PURE's long-term capital management strategy and provide benefits to PURE and its membership," said Jeff Paraschac, executive vice president and CFO of the PURE Group of Insurance Companies. "Our consistent track record of allocating funds to these accounts is a reflection of our strong operating performance and our commitment to an alignment of interests."
For more information about PURE's reciprocal (member-owned) structure, including the usage of SSAs, please visit www.pureinsurance.com/ssa.
Privilege Underwriters Reciprocal Exchange (PURE) is a policyholder-owned insurer dedicated to creating an exceptional experience for responsible high net worth individuals and families. PURE provides customizable coverage for high-value homes, automobiles, jewelry, art, personal liability, watercraft, flood, fraud and cyber fraud to nearly 90,000 responsible, high net worth families throughout the U.S. Inspired by some of the finest policyholder-owned companies, PURE emphasizes alignment of interests and transparency. PURE's low cost of capital, careful member selection and proactive risk management all contribute to highly competitive rates and a Financial Strength Rating of "A" (Excellent) from A.M. Best. In return for a fee, PURE Risk Management, LLC acts as Attorney-in-Fact for PURE.
For more information or to find a local broker, visit pureinsurance.com. You can follow PURE on Facebook, Twitter, LinkedIn and Instagram.