Florida-based Privilege Underwriters Reciprocal Exchange (PURE) plans to expand into the Florida Panhandle, according to Ross Buchmueller, president and chief executive officer, PURE Risk Management LLC .
PURE will offer homeowners insurance coverage including windstorm coverage for owners of well-built, high-value homes in the region. In addition to homeowners’ insurance, PURE will also offer Panhandle residents automobile, jewelry & art and excess liability coverage
Following its March 2007 launch, PURE has focused on providing high net worth insurance solutions for members (policyholders) across the state. PURE currently provides coverage to 1,700 members in Florida and has issued more than 3,000 policies.
PURE offers windstorm deductibles, with corresponding credits, that range from 2 percent to 25 percent of dwelling rebuilding cost
PURE is owned by its members (policyholders). Members pay a surplus contribution of 10 percent of their high-value homeowners’ premium and 4 percent of their premium for all other policies, for each of the first five years of membership.
PURE has more than $50 million of policyholder surplus, fueled in part by these contributions. PURE also was awarded $17 million from the Florida State Board of Administration as part of the Insurance Capital Build-up Incentive Plan. The reciprocal exchange has been awarded a Financial Stability Rating of “A.” PURE issues non-assessable policies, so its members’ liabilities will be limited to the costs of their respective policies.
Source: PURE Risk Management LLC
Topics Florida Underwriting Property Homeowners
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