PLANTATION, FL - June 20, 2007 - Ross Buchmueller, president and chief executive officer with Privilege Underwriters Reciprocal Exchange (PURE), today announced the company received $17 million from the state of Florida through the "Insurance Capital Build-up Incentive Program" administered by the State Board of Administration (SBA). This surplus note increases PURE's policyholder surplus to more than $50 million and enables PURE to increase the number of homeowners policies it offers eligible Floridians.
PURE is a member-owned company that provides homeowners insurance, including windstorm coverage, for well-built homes insured for more than $1 million.
"Our members have committed their own hard-earned capital to form PURE," Buchmueller said. "We are delighted to have received this matching capital from the SBA. Thousands of owners of well-built homes along the Florida coasts - and inland - will benefit from this additional surplus capital."
Buchmueller added: "More than 5,000 homeowners with high-value properties are currently forced to buy their windstorm insurance coverage from Citizens. PURE offers homeowners a new choice, and our greater financial strength should provide some relief for Florida's insurer of last resort."
As part of its commitment to growing its membership, PURE recently launched a television and print advertising campaign. The campaign conveys PURE's concept that well-built homes with lesser risk shouldn't pay higher insurance premiums. Its tagline: "PURE. Now, there's a bright idea."
Full-page ads are slated to appear in the South Florida Sun-Sentinel, Naples Daily News, Vero Beach Press Journal, Palm Beach Post, Miami Herald, Miami Daily Business Review and Aventura News. The television spots began airing June 4 on network and cable television throughout much of South Florida.
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.
Editor's Notes: Copies of the print ads and television spots are available upon request. More information about the Capital Build-up Incentive Plan is available at www.sbafla.com
PURE Media Contacts: Jolie Balido and Jeannie Salameh MediaLine Marketing Communications 305.586.0419