PURE Insurance Shares 2024 Report to Members

• Demonstrates the high net worth insurer's commitment to its membership and service excellence.
• Highlights steady growth in membership size, direct written premiums and surplus.

WHITE PLAINS, N.Y., May 1, 2025 /PRNewswire/ -- Privilege Underwriters Reciprocal Exchange (PURE), the policyholder-owned insurer designed for successful, responsible homeowners, announces the release of its 2024 Report to Members. The report highlights how the insurer is helping its members avoid some of the most frequent and disruptive causes of loss—water and electrical fires; shares a sneak peek into several new flood coverage solutions coming later this year; and details PURE's reaffirmed commitments to its membership.

"Through every interaction, we strive to create a member experience so compelling members never want to leave—we want them to love their insurance," says PURE CEO, Martin Leitch, in his letter to members. "Most people don't think of insurance as something to love, but we believe that when done right, it can be."

Some key highlights from the report:

• Expanded efforts to help members avoid losses. In 2024, PURE launched several loss prevention programs aimed at helping its members avoid certain preventable claims.
  • Preventing electrical fires: PURE partnered with Whisker Labs to provide eligible members with Ting, a smart plug-in sensor that helps detect electrical hazards. Today, more than 30,000 members have Ting installed in their homes and nearly 150 electrical issues that could have resulted in a fire have been detected and mitigated.
    
    
  • Preventing water damage: PURE has introduced several programs aimed at preventing water damage, including providing proven loss prevention technology, like LeakBot and Flume^™ sensors, to members and more recently introducing the PURE Watertight Home Check^™.

Together with the proactive efforts of a highly responsible membership, total claims count was down more than 10% year-over-year with an even greater decline in home fire losses (down 37%) and water damage claims (down 24%).

• Expanded geographic footprint. In September, PURE launched in Ontario and began welcoming new members in Canada, marking its first international expansion. Visit pureinsurance.ca to learn more.
  
  
• Recognition for organizational excellence, service and innovation. PURE received several premier awards across the insurance and wealth management industries, including Best High Net Worth Insurer from both Family Wealth Report and Private Asset Management. In addition, PURE continues to earn the loyalty of its members with a 95.7% retention rate as well as praise for its claims service with a 91% claims satisfaction score.
  
  
• Financial position. Direct written premiums grew by 16% to $2.4 billion, and improved underwriting results contributed to a more favorable net combined ratio of 100%.

Read the full report at purein.com/annual-report.

"I hope members have peace of mind in knowing that our member-owned reciprocal structure means we are acting in the best interests of the membership. We will continue working hard to earn and keep your trust," Leitch also says in his letter.

PURE remains committed to offering smart coverage and exceptional service to its current membership while also welcoming new responsible members throughout the U.S. and Ontario, Canada.

About PURE Insurance
Privilege Underwriters Reciprocal Exchange (PURE) 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 all contribute to highly competitive rates 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 now serves more than 115,000 members across the U.S. and recently launched in Canada.

For more information, visit pureinsurance.com or follow PURE on LinkedIn.

PURE is a Florida domiciled reciprocal insurer. PURE Risk Management, LLC (PRM), a for-profit entity serves as PURE's attorney-in-fact for a fee. PRM is a subsidiary of Privilege Underwriters, Inc., a member of the Tokio Marine Group of Companies. This material is descriptive only. The precise coverage offered is subject to the terms and conditions of the policies issued. Loss prevention programs are available to select members in select states.

Contact:
Kristin Piccini
T: 914-992-0053
E: [email protected]

SOURCE PURE Insurance