In a statement, the White Plains, New York-based carrier said the offering through its PURE Programs division would include extended replacement cost coverage for high value homeowners.
PURE Programs writes on behalf of third-party E&S insurers with AM Best ratings of A and above.
The PURE Group is backed by insurance-focused private equity firm Stone Point, which launched the carrier in 2006 with a management team led by CEO Ross Buchmueller.
The expanded coverage provides up to 200 percent of the insured limit for non-wildfire related losses and up to 125 percent of the insured limit for wildfire-related losses – limit that can be upsized to 150 percent – in the event that rebuild costs exceed insured limit on the original policy.
It includes a waiver of the all other peril deductible in the event of a large loss and a loss prevention allowance, while PURE Programs also offers coverage for quake, excess flood, jewelry, fine art and other collectibles by endorsement in the Golden State, as well as well as builders risk.
PURE, which includes Privilege Underwriters Reciprocal Exchange, has been expanding its PURE Programs platform in catastrophe-exposed states in the last couple of years.
PURE Programs was launched at the start of 2017 to provide an E&S homeowners solution for individuals with higher risk homes insured for $1mn or more, initially targeting Florida before expanding to other wind and cat-exposed states.
The group’s core reciprocal exchange platform is a policyholder-owned vehicle which includes benefits to members such as subscriber savings accounts.
The reciprocal exchange and PURE Group of insurance companies were upgraded from A- to A by AM Best in September this year.
At the end of the second quarter, statutory surplus for the PURE Group was $504mn, with the ratings agency also highlighting enhancements to the insurer’s reinsurance programme and operating performance that included loss ratios that compared favourably with the wider industry.