Company's membership model incentivizes excellent service and helps keep premiums fair

TORONTO, Sept. 10, 2024 /PRNewswire/ - Privilege Underwriters Reciprocal Exchange ("PURE"), the policyholder-owned property and casualty insurer designed for successful, responsible homeowners, announces its first international expansion as it opens for business in Canada. This move introduces PURE's unique reciprocal model to high net worth Canadians, starting in Ontario.

"We aim to offer owners of Canada's finest homes a new insurance option, building long-term relationships to make them safer, smarter and more resilient," said Chris Sevdalis, Head of PURE's Canada branch. "PURE's unique model, which puts members first instead of shareholders, leads us to build a very different service experience, and we're excited to introduce our fresh approach to high net worth Canadians."

A MODEL THAT ALIGNS INTERESTS

It can be hard for an insurance company to balance the interests of all stakeholders, but PURE's reciprocal model helps do just that. As a reciprocal insurer, PURE is owned by its policyholders, also known as members. This member-owned model incentivizes PURE to charge the right price, not the highest, and to deliver exceptional solutions and service to members. Members are also eligible to receive annual contributions to their Subscriber Savings Accounts.

COVERAGES AND SERVICES DESIGNED SPECIFICALLY FOR SUCCESSFUL FAMILIES

PURE delivers an exceptional member experience, from broad coverage designed specifically for high net worth families, to services crafted to make their lives safer and easier—plus a claims process focused on getting the member back to normal life as soon as possible. For example, many insurers offer coverage for certain types of water damage, such as basement flooding caused by heavy rain, as an optional add on, which can lead to gaps in coverage and make the claims process difficult. PURE's Homeowners policy automatically includes this coverage, making the claims experience far more straightforward.

Further, PURE believes that prevention beats restoration, which is why membership begins with the PURE360, a thorough home risk assessment, and comes with additional resources to help reduce the likelihood of claims. If a claim does occur, members receive a caring and compassionate service experience—backed by the endorsement of a 95 per cent Customer Satisfaction (CSAT) rating since inception among U.S. members who've experienced claims.

NEW TO CANADA WITH A RICH HISTORY OF SATISFIED MEMBERS

"PURE is new to Canada, but we've been serving high net worth members in the U.S. for almost 20 years," said Martin Leitch, CEO, PURE Insurance. "With this expansion, we are able to offer coverage solutions to existing Canadian PURE members who have trusted us to protect their U.S. interests and to reach new members who have not yet experienced what it means to be a PURE member."

With consistent growth of at least 15 per cent annually and the most awards in its category, PURE is a leading insurer in the high net worth space in the U.S. It offers coverage in all 50 states for high value homes, automobiles, collections, watercrafts, personal excess liability, fraud, cyber and flood to more than 100,000 members.

PURE Insurance is now available in Ontario through select brokers. Future products include automobile coverage in Ontario, with planned expansion to other provinces in the future.

About PURE Insurance
Privilege Underwriters Reciprocal Exchange (PURE Insurance) is dedicated to creating an exceptional experience for responsible high net worth families, providing customizable coverage for high value homes, automobiles, jewelry, art, personal liability, watercraft, flood, fraud and cyber fraud. PURE's low cost of capital, careful member selection and proactive risk management contribute to fair pricing and a Financial Strength Rating of "A (Excellent)" from AM Best. PURE has sustained at least 15% annual growth in each year since its inception and serves more than 100,000 members across the U.S. and now Canada.

SOURCE PURE Insurance