PURE (Privilege Underwriters Reciprocal Exchange)

[kstein]

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.

 

[robtmccarthy]

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.

 

[insurance1822]

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..)

 

[kstein]

Thanks for the input.

 

[Texasproducer]

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?"

 

[insurance1822]

do you have a direct contract?

 

[robtmccarthy]

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?"

Best rebuttal ever!

 

[kstein]

I'm not to that point yet but its good to know! Do you know if they are part of the state guaranty associations?

 

[insurance1822]

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?"

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?