PURE Insurance Expands into Canada, Offering New Choices
PURE Insurance Expands into Canada, Offering New Choices
Company's membership model incentivizes excellent service and helps keep premiums fair
Privilege Underwriters Reciprocal Exchange ("PURE"), a property and casualty insurer created for successful and responsible homeowners, has announced its first international expansion into Canada. This major move allows high net worth individuals in Canada to explore a different approach to insurance, starting with the province of Ontario. With its member-focused model, PURE aims to deliver superior service and fair pricing that directly benefit its policyholders.
“Our goal is to provide owners of Canada’s finest homes with an innovative insurance option,” said Chris Sevdalis, Head of PURE's Canadian branch. “Our unique approach prioritizes member interests over shareholders, fostering a distinct service experience. We're thrilled to introduce this innovative insurance model to high net worth Canadians.”
A Model That Aligns Interests
Many insurance companies struggle to balance the needs of their shareholders while providing comprehensive solutions for their clients. However, PURE's reciprocal model effectively aligns these interests, as the company is owned by its policyholders—who are also referred to as members. This structure encourages PURE to offer just pricing without inflating premiums. Members benefit from exceptional service tailored to their specific needs.
As part of their membership, individuals can also access Subscriber Savings Accounts, allowing them to receive annual contributions, which serve as another incentive to become part of the PURE family.
Coverages and Services Designed Specifically for Successful Families
PURE prides itself on enhancing the member experience through tailored coverage aimed at high net worth families. The company provides comprehensive policies that include many coverages that other insurers might consider optional. For instance, their Homeowners policy integrates coverage for water damage due to flooding without requiring additional selections, simplifying claims and ensuring peace of mind for members.
Believing that prevention is superior to restoration, PURE membership kicks off with a thorough home risk assessment known as PURE360®. This is designed to equip members with additional resources that can minimize the potential for claims in the future. In the event of a claim, members experience compassionate service and can count on a high level of customer satisfaction, reflected in their impressive 95% customer satisfaction rating among U.S. members who have filed claims.
New to Canada with a Rich History of Satisfied Members
Although PURE is a newcomer to Canada, the company boasts nearly two decades of experience serving high net worth individuals in the U.S. “With our expansion into Canada, we are able to provide coverage solutions to existing Canadian members who have relied on us for their U.S. interests and reach new clients who have yet to experience the benefits of being a PURE member,” stated Martin Leitch, CEO of PURE Insurance.
Having maintained consistent growth of at least 15% annually, PURE is recognized as a leader in the high net worth insurance space in the U.S. They offer a diverse range of coverages supporting high-value homes, automobiles, collections, and more, ensuring peace of mind for over 100,000 members.
PURE Insurance is currently available in Ontario through a select group of brokers, with plans to launch automobile coverage in Ontario and further expand its services to additional provinces in the future.
About PURE Insurance
Privilege Underwriters Reciprocal Exchange (PURE Insurance) focuses on providing exceptional service to high net worth families, offering customizable solutions for high-value homes, automobiles, jewelry, art, liability, watercraft, and more. Their prudent member selection and proactive risk management approach contributes to a fair pricing model, achieving a Financial Strength Rating of "A (Excellent)" from AM Best. With consistent growth over its operations, PURE caters to over 100,000 members across the U.S. and now has expanded into Canada.
Frequently Asked Questions
What services does PURE Insurance provide in Canada?
PURE Insurance offers customizable coverage for high-value homes and automobiles, focusing on high net worth families in Canada.
How does the reciprocal model benefit members?
The reciprocal model aligns the interests of members and provides pricing that reflects their needs, ensuring they are prioritized over shareholders.
What is the PURE360® home assessment?
PURE360® is a risk assessment tool designed to identify home vulnerabilities and help reduce claim incidents by offering actionable resources.
What coverage options does PURE Insurance offer?
The company offers extensive coverage including homeowners, automobiles, personal liability, and protection against various types of fraud and natural disasters.
How can potential members contact PURE Insurance?
Interested individuals can reach out to selected brokers to explore coverage options and learn more about becoming a member of PURE Insurance.
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