WHITE PLAINS, N.Y., Oct. 24, 2017 — The PURE Group of Insurance Companies, which includes Privilege Underwriters Reciprocal Exchange (PURE), the policyholder-owned property and casualty reciprocal insurer designed for high net worth individuals and families, today announced the launch of PURE StarlingTM. As criminals continue to find new ways to target high net worth families and their assets, the offering provides coverage for members who suffer financial losses resulting from fraud and cyber fraud.
"At PURE we recognize that the threat of fraud and cybercrime is greater today than its ever been, and as high net worth individuals, our members are targets because their home networks are typically less secure than corporate networks and they have substantial balances on their financial accounts," said Martin Hartley, Chief Operating Officer at the PURE Group of Insurance Companies. "While we provide advice and services to help our members become safer and more secure, this new offering will also provide them with the peace of mind that they are covered should they suffer a loss due to fraud or cyber attack."
To help high net worth individuals respond to these growing risks, PURE Starling is an optional endorsement to PURE's Homeowners policy designed to provide broad coverage for fraud and cybercrime, including coverage for financial loss resulting from online and offline fraud, services to help assess and respond to cyber extortion threats and coverage to remove malware and reinstall software after an attack. Coverage limits of $100,000 and $250,000 are available. And, recognizing that high net worth individuals may require higher coverage limits to protect their family's significant assets, PURE will also make available a $1 millon coverage limit for PURE members who take steps to reduce their risk by subscribing to a cyber monitoring service that actively monitors their home network and devices. Limits may be subject to underwriting requirements.
Highlights of PURE Starling include:
In developing this coverage, PURE identified Rubica's active cyber monitoring service as a risk management measure that gives PURE the confidence to offer a $1 million limit of coverage. Their solution, which is designed to address evolving cyber threats that high net worth individuals face today, helps prevent cyber fraud losses from happening in the first place.
By subscribing to Rubica and downloading the app on all of their devices, PURE members will join Rubica's secure private network which is continually monitored by cyber experts to protect them from both known and unknown threats. Their concierge is also available to help educate members on cyber security best practices and answer questions or concerns. Rubica's services are available to members and their family for an annual or monthly fee.
"Most individuals are not secure from typical attacks that can result in information and financial loss, which often ranges from $75,000 to $1 million and up. Rubica offers individuals and families a secure private network, a dedicated team of cyber security experts, and 24/7 concierge service to address cyber security concerns," said Joe Levy, Rubica's chief revenue officer. "We're thrilled to partner with PURE on this offering, which is unique in the market and provides a complete end-to-end solution for consumers."
PURE Starling is currently available in Arizona, Colorado, Connecticut, New Jersey, South Carolina, Tennessee and Wyoming. Coverage will be introduced to additional states throughout 2017 and 2018.
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. Today PURE insures more than 65,000 responsible, high net worth families and has earned a world-class NPS of 67.4. 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. In return for a fee, PURE Risk Management, LLC acts as Attorney-in-Fact for PURE. Whether or to what extent a particular loss is covered depends on the facts and circumstances of the loss and the actual coverage of the policy as issued. For more information or to find a local broker, visit pureinsurance.com. You can follow PURE on Facebook, Twitter and LinkedIn.
About Rubica Rubica offers the highest level of cyber security to protect individuals, their families and business networks. Rubica was born from Concentric Advisors, a consultancy that provides physical and digital security for some of the world's most prominent individuals. Rubica's cyber security experts bring experience from top organizations like NSA, US Navy and Scotland Yard and analyze data and custom build machine-learning tools to protect and secure Rubica clients. Rubica is based in San Francisco and Seattle. To learn more, visit www.rubica.com.