PURE Allocates $22 Million To Subscriber Savings Accounts and, For The First Time, Makes A Cash Distribution To Its Most Loyal Members
WHITE PLAINS, N.Y. — July 23, 2020 — Privilege Underwriters Reciprocal Exchange (PURE), the policyholder-owned property and casualty insurer designed for responsible high net worth individuals and families, announced today the allocation of $22 million of policyholder surplus back to members in the form of Subscriber Savings Accounts (SSAs). This is the eighth consecutive year PURE has made an allocation to SSAs for a total of more than $100 million.
This allocation is accompanied by the launch of PURE Gold, a loyalty program through which members who have been with PURE for 10 years or more may receive annual cash distributions.
PURE Gold reflects the insurer's appreciation for member loyalty. "With the backing of Tokio Marine, one of the largest and most respected insurers in the world, PURE is strongly positioned to recognize the important contribution of those members who joined a decade or more ago and whose enthusiastic support of PURE has fueled our growth," said Ross Buchmueller, President and CEO of the PURE Group. "Programs like PURE Gold should help ensure that the referrals from existing PURE members continue to be our greatest source of new members."
Based on input from PURE's Subscribers' Advisory Committee, PURE Gold members will be given the option of receiving their payment as a check for their 2019 distribution or donating it to Feeding America. More than 2,500 members will qualify for this distribution.
About The PURE Group
Privilege Underwriters Inc. (PUI), a member of the Tokio Marine Group of Companies, was founded in 2006 and is the holding company for the PURE Group and related entities. PUI and its subsidiaries provide capital support and operational services to the policyholder-owned entity, PURE.
PURE is dedicated to creating an exceptional experience for responsible high net worth families, providing customizable coverage for high-value homes, automobiles, jewelry, art, personal liability, watercraft, flood, fraud and cyber fraud. In return for a fee, PURE Risk Management LLC, a wholly-owned subsidiary of PUI, serves as Attorney-in-Fact for PURE. The PURE Group'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 Company, Inc. Today, PURE's membership includes more than 95,000 families from across the U.S.