Member-owned PURE wants to insure some of the state's highest-valued homes. Plantation, Fla.-based Privilege Underwriters Reciprocal Exchange (PURE) is billing itself as the first property-casualty insurance company dedicated exclusively to the high-net-worth market in Florida.

"PURE was established to meet the insurance needs of high net worth individuals," says Ross Buchmueller, president and CEO of PURE Risk Management. "In almost all cases, our members were paying thousands of dollars a year more for home insurance than they will with PURE."

It's mutual

PURE covers luxury homes, cars, jewelry and art, and extends personal excess liability coverage. It also includes windstorm deductibles from 2% to 25% of a home's rebuilding expenses, as well as auto insurance.

The firm expects to sign up about 2,500 policyholders in 2007. PURE will in fact be owned by its policyholders -- or "members" -- who pay a one-time surplus contribution of half of their first-year premiums for their homeowner policies, and 20% of premiums for coverage in other areas.

PURE will deduct losses and expenses from all collected premiums and return savings to policyholders as dividends or savings account credits. "PURE is unique because it will be owned by those it serves," says Buchmueller. "We will allow a select group of Floridians to manage their personal risks with much greater efficiency." -FWR

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