PURE Expands into Panhandle

The Fort Lauderdale-based PURE Risk Management LLC. has announced its plan to expand Privilege Underwriters Reciprocal Exchange into the northwest portion of the state. As part of its expansion in the Panhandle, the insurer worked closely with the Institute for Business and Home Safety to identify communities that meet the statewide building code and PURE's own stringent underwriting guidelines.

Since opening its doors in March 2007, PURE has focused on providing coverage to high-net-worth individuals and families. Among other things, the insurer provides high-value policies to cover homes (valued in excess of $1 million), cars, jewelry, and art. The insurer also offers personal excess liability coverage with limits ranging from $5 million to $10 million.

PURE currently has 1,700 members in the state and has issued 3,000 policies. The company is owned by its subscribers that pay a surplus contribution for the first five years of membership in the form of 10 percent of their high-value homeowner's premium and four percent of the premiums on other policies. PURE was partially funded under the state's Insurance Capital Build-up Incentive Plan, which supplied $17 million in capital. PURE Risk Management handles the entire insurer's administration services including underwriting, marketing, financial oversight, and claims handling.