White Plains, New York– July 28, 2014 – Privilege Underwriters Reciprocal Exchange (PURE) has announced the successful completion of a $34,000,000 surplus note issuance to a premier asset manager. Proceeds of this transaction will be used to settle an intra-group surplus note and will effectively increase the policyholder surplus of the PURE Group by $34,000,000.
“This transaction will further enhance PURE’s overall claims paying ability while maintaining its low cost of capital. Growing our surplus base to prudently support continued growth has been an unwavering priority for us,” said Jeffrey Paraschac, Chief Financial Officer. “With the completion of this transaction, we will have grown PURE Group surplus by more than $100,000,000 since the beginning of 2013 through a combination of strong operational results, member contributions and our multi-faceted access to capital markets. PURE’s market opportunities remain exceptionally strong, and this transaction highlights our commitment and ability to maintain conservative leverage as we grow.”
Willis Capital Markets & Advisory acted as exclusive placement agent to PURE in this transaction.
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. In return for a fee, PURE Risk Management, LLC acts as Attorney-in-Fact for PURE. For more information or to find a local agent, visit pureinsurance.com.