Privilege Underwriters Reciprocal Exchange (PURE), a specialty property and casualty (P&C) insurer based in the US, has launched operations in Canada.
This marks the first international foray for PURE, which focuses on high-net-worth clients.
The reciprocal insurer, owned by its policyholders, aims to provide competitive pricing and is initially available through select brokers in Ontario.
PURE’s homeowners policy includes automatic water damage coverage, addressing common concerns such as basement flooding.
This feature is designed to close potential coverage gaps and streamline the claims process.
Additionally, PURE says it is focused on prevention through its PURE360 home risk assessment, which aims to reduce the frequency of claims.
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By GlobalDataWhen claims do occur, PURE claims to have offered a 95% customer satisfaction rating among US members who have filed claims.
The company’s other offerings include customisable coverage for art, automobiles, cyber fraud, flood, fraud, jewellery, personal liability and watercraft.
Experiencing annual growth of at least 15%, PURE currently provides coverage across all 50 US states to more than 100,000 members.
PURE Canada branch head Chris Sevdalis said: “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. PURE’s unique model, which puts members first instead of shareholders, leads us to build a very different service experience, and we are excited to introduce our fresh approach to high-net-worth Canadians.”
PURE Insurance CEO Martin Leitch said: “With this expansion, we are able to offer coverage solutions to existing Canadian PURE members who have trusted us to protect their US interests and to reach new members who have not yet experienced what it means to be a PURE member.”
Last month, the company teamed up with VIP Software for improved claim expense management using advanced analytics.
In March, PURE Specialty Exchange, PURE’s specialty surplus lines carrier, expanded its High-Value Homeowners coverage to six additional states, offering up to $50m (C$67.9m) in coverage for properties that face coastal and wildfire risks and may not qualify with an admitted insurer.
