An insurance group that targets wealthy consumers, Privilege Underwriters Reciprocal Exchange (PURE), announced today it has received New York State Insurance Department approval to write homeowners and other personal lines.

The company said it plans to begin writing policies for the owners of high-value homes in downstate New York, including the coastal Long Island region, by early 2009.

PURE said it is a specialty insurer that provides coverage for homes, automobiles, jewelry, art, personal liability and watercraft, tailored to fit “the unique needs of its policyholders (members).”

As a reciprocal insurer, the company is member-owned. Each member or policyholder provides a surplus contribution in addition to their policy.

“For the past several years, the owners of high-value homes in New York have had fewer and fewer insurance choices, and their need for high-quality, reasonably priced coverage has remained largely unmet,” said Ross Buchmueller, president and chief executive officer of PURE Risk Management LLC.

Mr. Buchmueller said the firm is “delighted to welcome successful families in New York as new members to PURE and provide them with the high-quality coverage and personalized service they deserve at significantly lower costs.”

PURE noted that the Professional Insurance Agents of New York recently reported a 50 percent increase from 2006 to 2007 in the use of “nonadmitted” or “excess and surplus” carriers for homeowners insurance placements, and more growth in 2008.

PURE said it filed for approval of its rates and policy forms last month and is awaiting approval prior to launch.

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New Reciprocal Insurer To Open In New York

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