Rough Notes - 06/01/07
By Michael J. Moody, ARM, MBA
March 6, 2007, saw the launch of a new insurance company known as Privilege Underwriters Reciprocal Exchange (PURE). In and of itself, that may not sound too newsworthy. In fact, subsequent to the active hurricane seasons of 2004 and 2005, new capacity in one form or another has been heading to the insurance industry in record numbers. Whether through more traditional insurance company formations, captive and risk retention group start-ups, or direct investments from the capital markets, the insurance industry has attracted significant amounts of capital over the past few years.