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PURE Insurance brings new solutions to California HNWI marketplace

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Privilege Underwriters Reciprocal Exchange (PURE), the policyholder-owned property/casualty insurer catering to high net worth individuals and families, has begun to accept new members in California.

In addition to providing these residents with access to specialty products such as high value homeowners and automobile insurance, PURE is also offering California homeowners a new, flexible earthquake insurance solution that is designed to eliminate several of the barriers that have deterred homeowners from purchasing earthquake coverage in the past.
 
The California Insurance Department reports that only 10 per cent of homeowners in California purchase earthquake insurance. Among the reasons for this low adoption rate are limited coverage and deductible options, and, ultimately, premiums. Since PURE launched in the state it has sold earthquake coverage on 46 per cent of the homes it insures.
 
"Before our launch, we recruited the finest teams of risk managers, member advocates and claims professionals to ensure that every California member felt the same level of empathy and responsiveness that has defined PURE since our founding more than eight years ago," says Ross Buchmueller, president and chief executive officer of PURE Group of Insurance Companies. "While I attribute much of our early success to delivering an exceptional service experience, our commitment to allowing members to tailor their coverage in unique ways has been well received. Californians have faced an 'all-or-nothing' approach to earthquake insurance, and far too many homeowners end up choosing nothing, retaining virtually all of the financial burdens of a potential earthquake. We've designed new options for our members."
 
In partnership with the finest independent brokers, PURE aims to ensure sound advice and proper coverage. Qualifying California homeowners have access to PURE's "Broad" earthquake coverage option which provides more comprehensive, customisable coverage and greater control of their premiums than standard market options.
 
To support its entry into California, PURE has opened a regional office at 1 Post Street in San Francisco, and also employs 18 underwriting and service professionals to serve the state. Prior to entering California, PURE has sustained at least 40 per cent annual growth in each year since its inception in 2007 and now serves about 35,000 members across the US.

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