PURE (Privilege Underwriters Reciprocal Exchange)

Jan 21, 2016

  1. kstein
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    kstein Guru

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    Does anyone on here have experience with this carrier? I'm thinking of using them for my own insurance and would appreciate any comments or feedback.
     
    kstein, Jan 21, 2016
    #1
  2. robtmccarthy
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    robtmccarthy Super Genius

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    Their pricing beats the pants off Chubb or ACE or what's now the "New Chubb" I personally have never used them. But have seen them insured some high value homes exceptionally cheap. They say the coverage is comparable to a Chubb but I really don't know.

    The pricing model seems entirely unsustainable though. A Multi-Million dollar home shouldn't be insured for $2,000.
     
  3. insurance1822
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    insurance1822 Guru

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    I've been hearing of them lately. The above post is accurate in that they're priced VERY well. I believe their total assets are pretty low (not sure how much that matters..)
     
  4. kstein
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    kstein Guru

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    Thanks for the input.
     
    kstein, Jan 25, 2016
    #4
  5. Texasproducer
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    Texasproducer Super Genius

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    Super aggressively priced, backed by a hedge fund. I am not familiar with their policy coverages but I know they position themselves as comparable to Chubb/ACE, Firemans Fund, Chartis, etc... AM Best rates A- but financial size is $100 million to $250 million. Compare that with Chubb's financial size of $2 billion or greater. I usually bring up that fact to customers by saying "does it make you nervous that you have more assets than your insurance carrier?"
     
  6. insurance1822
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    insurance1822 Guru

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    do you have a direct contract?
     
  7. robtmccarthy
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    robtmccarthy Super Genius

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    Best rebuttal ever! :D
     
  8. kstein
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    kstein Guru

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    I'm not to that point yet but its good to know! Do you know if they are part of the state guaranty associations?
     
    kstein, Jan 26, 2016
    #8
  9. insurance1822
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    insurance1822 Guru

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    Have you worked w/ clients that have assets greater then $250,000,000? My god...how do you even insure that? I would imagine that nobody is writing 250MM umbrellas? Wouldn't they be retaining risk management firms at that point?
     
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