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PURE Insurance Brings New Solutions to California High Net Worth Insurance Marketplace

San Francisco Office Opened to Support State Launch

White Plains, New York – Oct. 29, 2014 – Privilege Underwriters Reciprocal Exchange (PURE), the policyholder-owned property/casualty insurer that exclusively caters to high net worth individuals and families, today announced that it has begun to accept new members (policyholders) in California. In addition to providing these residents with access to specialty products such as high value homeowners and automobile insurance, PURE is also offering California homeowners a new, flexible earthquake insurance solution that is designed to eliminate several of the barriers that have deterred homeowners from purchasing earthquake coverage in the past.

The California Insurance Department reports that only 10 percent of homeowners in California purchase earthquake insurance. Among the reasons for this low adoption rate are limited coverage and deductible options, and, ultimately, premiums. Since PURE launched in the state it has sold earthquake coverage on 46% of the homes it insures.
“Before our launch, we recruited the finest teams of Risk Managers, Member Advocates and Claims Professionals to ensure that every California member felt the same level of empathy and responsiveness that has defined PURE since our founding more than 8 years ago,” said Ross Buchmueller, President and Chief Executive Officer of PURE Group of Insurance Companies. “While I attribute much of our early success to delivering an exceptional service experience, our commitment to allowing members to tailor their coverage in unique ways has been well received. Californians have faced an ‘all-or-nothing’ approach to earthquake insurance, and far too many homeowners end up choosing nothing, retaining virtually all of the financial burdens of a potential earthquake. We’ve designed new options for our members.”

In partnership with the finest independent brokers, PURE aims to ensure sound advice and proper coverage. Qualifying California homeowners have access to PURE’s “Broad” earthquake coverage option which provides more comprehensive, customizable coverage and greater control of their premiums than standard market options. Notable features include*:

  • An Agreed Value Coverage Option – which eliminates the ‘all or nothing’ standard by allowing members to buy a coverage limit they choose, up to the value of the home;
  • Flexible Deductible Options – from 5% to 25% of the dwelling value – which reward greater risk retention with significantly lower premiums;
  • Generous Coverage for Additional Living Expenses – enabling members to maintain a normal standard of living if their home in uninhabitable as a result of earthquake damage; and,
  • Greater coverage than is traditionally offered (reasonable expenses up to the dwelling limit) to rebuild a home to current building codes.

To support its entry into California, PURE has opened a regional office at 1 Post Street in San Francisco, and also employs 18 underwriting and service professionals to serve the state. Prior to entering California, PURE has sustained at least 40% annual growth in each year since its inception in 2007 and now serves about 35,000 members across the United States.

About PURE

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 best-in-class, customizable coverage throughout the U.S. for high-value homes, automobiles, jewelry, art, personal liability, watercraft and flood. Inspired by some of the finest policyholder-owned companies in the world, 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. As a member of The PURE Group, PURE is rated A- “Excellent” for Financial Strength by A.M. Best. *Policy language is descriptive. Actual coverage is based on policies as issued. 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


Editor's Notes:
Interviews with PURE's executives, brokers and members may be coordinated upon request.

Copies of the A.M Best Company report are available.

This material is descriptive only. The precise coverage offered is subject to the terms and conditions of the policies issued. The rights and responsibilities of members are subject to the Subscriber’s Agreement and Power of Attorney. Coverage may not be available in all jurisdictions.

Contact: Mark Galante
TEL: (914) 992-0013
FAX: (914) 328-3883