FORT LAUDERDALE, FL - Feb. 25, 2008 - Ross Buchmueller, president and chief executive officer with PURE Risk Management LLC, today announced the expansion of Privilege Underwriters Reciprocal Exchange (PURE) into the Panhandle area of Florida. PURE will offer homeowners insurance coverage including windstorm coverage for owners of well-built, high-value homes in that region. In addition to homeowners' insurance, PURE will also offer Panhandle residents automobile, jewelry & art and excess liability coverage
Following its March 2007 launch, PURE has focused on providing high net worth insurance solutions for members (policyholders) in Northeastern, Central, and South Florida. PURE currently provides coverage to 1,700 members in Florida and has issued more than 3,000 policies. The company will now provide comprehensive property-casualty insurance for high-net-worth individuals and families throughout Florida, including high-value homes, cars, jewelry and art, and personal excess liability coverage.
In its expansion to the Panhandle, PURE has worked closely with the Institute for Business and Home Safety to identify local communities (such as Alys Beach and Watercolor) that meet Florida's building codes as well as PURE's stringent construction criteria.
"PURE greatly appreciates the positive response we have received in Florida, and we are pleased to expand to meet the market's unique insurance needs," said Buchmueller, who served as president of AIG Private Client Group from its inception in 1999 until he founded PURE Risk Management in 2006. "Our analysis has shown that many individuals and families in the Panhandle would enjoy significant benefits from our program, including higher quality coverage and more personalized service at significantly lower costs. Many of our current members previously insured their high-valued homes with Citizens, unregulated surplus lines carriers or insurance companies that do not specialize in the high-net-worth market, and most of them were paying thousands of dollars a year more for insurance than they will pay with PURE."
Other benefits that have attracted policyholders include:
Windstorm deductibles, with corresponding credits, that range from 2% to 25% of dwelling rebuilding cost
Jewelry insurance premiums that can be almost half the cost of other insurance company jewelry premiums
Competitive auto insurance for households that have more cars than drivers
PURE is owned by its members (policyholders). Members pay a surplus contribution of 10% of their high-value homeowners' premium and 4% of their premium for all other policies, for each of the first five years of membership. PURE has more than $50 million of policyholder surplus, fueled in part by these contributions. PURE also was awarded $17 million from the Florida State Board of Administration as part of the Insurance Capital Build-up Incentive Plan. PURE has been awarded a Financial Stability Rating of "A" (exceptional). PURE issues non-assessable policies, so its members' liabilities will be limited to the costs of their respective policies.
PURE Risk Management LLC acts as attorney-in-fact for PURE and provides management services including underwriting, marketing, product management, financial oversight and claims handling.
Privilege Underwriters Reciprocal Exchange (PURE) is the first property-casualty insurance company dedicated exclusively to serving high-net-worth individuals. PURE is a Florida-domiciled reciprocal insurance exchange. PURE provides its members with comprehensive high-value homeowners' insurance policies, including windstorm and optional excess flood coverage, for Florida homes insured for greater than $1 million that are built to the standards of the latest building codes. It also provides private fleet auto insurance, including agreed value settlements for total losses, and insurance for jewelry and art. PURE also offers personal excess liability coverage with limits ranging from $5 million to $10 million. For more information, visit www.pureinsurance.com.