PURE is a reciprocal exchange, which means its policyholders are also its owners: members contribute surplus during their first five years, and $118 million has been allocated to member Subscriber Savings Accounts to date. Founded in 2006 and based in White Plains, New York, it insures more than 100,000 high net worth individuals and families and writes over $2 billion in annual premium. Coverage spans high-value homeowners, condo and co-op, automobile, watercraft, flood, jewelry, art and collections, home systems protection, fraud and cyber fraud, and personal excess liability. Selective underwriting is the operating principle, and PURE will non-renew homes that no longer meet its criteria, a discipline that has kept the membership stable through major catastrophe years. AM Best rates PURE A (Excellent), and the exchange draws additional balance sheet strength from Tokio Marine Holdings, which acquired parent company Privilege Underwriters, Inc. in 2020.
