Privilege Underwriters Reciprocal Exchange (PURE) said it is now offering coverage for high-value homes in Massachusetts.
PURE — which is structured as a policyholder-owned firm — already writes coverage in a number of Northeast states, including Rhode Island, Connecticut, New York, New Jersey, Maryland and Washington, D.C.
“We view Massachusetts as the single-greatest opportunity for our company to continue its diversification and national expansion,” said Ross Buchmueller, PURE president and chief executive officer. “The affluent market has been extremely profitable for insurers, but coverage has been limited and inadequate for homeowners. While there are certainly risks to be concerned about on the Cape and Islands, we expect to seek the right price to reflect the risks – not the highest prices to reward shareholders.”
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