An insurance group that targets wealthy consumers, PrivilegeUnderwriters Reciprocal Exchange (PURE), announced today it hasreceived New York State Insurance Department approval to writehomeowners and other personal lines.

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

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

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

“For the past several years, the owners of high-value homes inNew York have had fewer and fewer insurance choices, and their needfor high-quality, reasonably priced coverage has remained largelyunmet,” said Ross Buchmueller, president and chief executiveofficer of PURE Risk Management LLC.

Mr. Buchmueller said the firm is “delighted to welcomesuccessful families in New York as new members to PURE and providethem with the high-quality coverage and personalized service theydeserve at significantly lower costs.”

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

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