PURE is a high-net-worth personal lines program management and insurance underwriter, founded in 2006 by Trident in partnership with Ross Buchmueller and the PURE senior management team.
Operating as PURE (Privilege Underwriters Reciprocal Exchange), the company provides homeowners, automobile, jewelry, art, personal umbrella liability, flood and watercraft insurance coverage tailored to fit the unique needs of its high-net-worth policyholders. The company was launched as a single-state carrier in Florida and currently has licenses in 49 states.
INDUSTRY KNOWLEDGE & NETWORK
Stone Point facilitated introductions with key constituents including rating agencies, regulators and capital providers which were instrumental to PURE’s launch.
INTRODUCTION TO CLIENTS & PARTNERS
Stone Point introduced PURE to several large insurance carriers at an executive level, resulting in millions of dollars of investment and enhanced distribution through the carriers’ agency networks. Stone Point’s additional capital and sponsorship led to the Company’s A.M. Best rating of “A-“.
BUSINESS & PRODUCT DEVELOPMENT
Stone Point helped develop various structural alternatives (including forming an MGA with the support of a large carrier) for the business which led to formation of a reciprocal exchange, including prior iterations involving a large insurance carrier to assist with the initial launch of the business.
EXECUTIVE RECRUITING & ALIGNMENT
Stone Point identified Ross Buchmueller as an expert in high-net-worth personal lines insurance underwriting and recruited him to launch PURE. Additionally, Stone Point helped to structure management incentives and alignment in the form of an option plan and management investment program.
CAPITAL RAISING & STRUCTURING
Stone Point led several debt recapitalizations and surplus note capital raises for the reciprocal exchange. Stone Point introduced the Company to XL Catlin, as a minority investor and partner.
OPERATIONAL ASSISTANCE & GOVERNANCE
Stone Point works closely with managers to develop optional and sustainable capital structure that at the same time provides significant financing responsibility.
I fondly remember the Sunday nights with the team from Stone Point Capital as we dug into the details of building a new business. Ten years later, I am so grateful for their wisdom and support; and I admire and respect the team more than ever. Marrying my wife and partnering with Stone Point are the two best decisions I have made. They both make me better every day.