NU Online News Service, Aug. 20, 10:46 a.m. EDT
High-net worth insurer Privilege Underwriters Reciprocal Exchange (PURE) is expanding to another state on its way to becoming a national carrier.
Domiciled in Fort Lauderdale, Fla, the member-owned reciprocal insurer that began in the Sunshine State in January 2007, said it is now available to qualified homes in Massachusetts – even in coastal areas.
PURE will offer coverage to high-value homes on the Cape and islands, or Barnstable, Dukes and Nantucket counties. These homes would typically be forced to get coverage from the state's last-resort insurer, which is not designed for high-value homes, PURE said.
PURE now serves 10 states and has licenses in Alabama, Mississippi, North Carolina, Arizona, South Dakota and Oklahoma.
The company will look to write 2,000 to 2,500 new policies in the first two years in Massachusetts, making it the third-largest state for PURE behind Florida and New York.
Currently, Commerce Insurance, Liberty Mutual, Travelers, Chubb and Andover companies are the leading writers of homeowners multi-peril insurance in Massachusetts, according to Highline Data (www.highlinedata.com), a part of Summit Business Media.
PURE provides homeowners, automobile, jewelry, art, personal liability and watercraft products for high-net-worth individuals. In Massachusetts, auto coverage will not be available.
The company was founded by Ross Buchmueller, formerly of American International Group Inc.'s Private Client Group.
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