Florida-domiciled property & casualty insurer PURE Insurance (formally Privilege Underwriters Reciprocal Exchange) has entered the Canadian market, marking its first international expansion.
Known for serving affluent homeowners, the company is now offering coverage in Ontario, introducing its reciprocal model to high-net-worth individuals across the province.
“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,” said Canada branch head Chris Sevdalis (pictured).
“PURE’s unique model, which puts members first instead of shareholders, leads us to build a very different service experience, and we’re excited to introduce our fresh approach to high-net-worth Canadians.”
PURE operates as a reciprocal insurer, meaning it is owned by its policyholders, referred to as members, who have a say in the company’s governance through a subscribers’ advisory committee and may also receive annual contributions to their subscriber savings accounts. The approach allows PURE to maintain competitive pricing while offering members high-quality service.
While a newcomer in Canada, PURE has nearly two decades of experience in the US market, consistently growing by 15% or more each year. The insurer provides coverage for high-value assets, including homes, automobiles, and personal liability, serving over 100,000 members across all 50 US states.
Martin Leitch, chief executive at PURE, noted: “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.”
PURE’s coverage is now available in Ontario through certain brokers. PURE plans to introduce automobile insurance and expand to other provinces in the future.
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