WHITE PLAINS, NY - AUG. 6, 2008 - Privilege Underwriters Reciprocal Exchange (PURE) today announced it has received a financial strength rating of A- (Excellent) from A.M. Best Company, a global leading insurance company rating organization. PURE provides coverage for high value homes and other personal insurance needs of successful individuals and families. As a reciprocal insurer, PURE is owned by its policyholders (members).
"We are delighted and proud to receive this prestigious rating, which reaffirms PURE's excellent financial strength," said Ross Buchmueller, president and chief executive officer of PURE Risk Management, LLC. "We appreciate the additional peace of mind the A.M. Best rating provides our members, who choose to put their trust in us and our unique business model."
A.M. Best's ratings are based on a detailed evaluation of a company's balance sheet, operating performance, and business profile. In its report about PURE, Best notes, "The ratings reflect PURE's solid risk-adjusted capitalization, moderate operating leverage measures currently maintained and anticipated in its business plan, prudent reinsurance programs and management's previous successful history in the niche of high net worth personal lines clients. The ratings also contemplate additional financial flexibility afforded through its parent company with multiple investor sources and the growing positive impact of surplus contributions from PURE subscriberss."
PURE currently has about 3,000 members in Florida and South Carolina.
PURE refers to Privilege Underwriters Reciprocal Exchange, a member insurer of the PURE Group of Insurance Companies. PURE is a member-owned reciprocal insurer and has been rated A- (Excellent) by A.M. Best. PURE's members are successful, responsible individuals and families. PURE is committed to helping its members reduce the price of insurance today while controlling the long term cost of risk. PURE provides coverage for high valued homes, automobiles, jewelry & art, personal liability and watercraft. PURE Risk Management LLC serves as the attorney-in-fact for PURE.
About A.M. Best Company
Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.
Interviews with PURE's executives, agents and members may be coordinated.
Copies of the A.M Best report are available upon request.