This week on our Masters in Business podcast, we speak with Ross Buchmueller, president and chief executive officer of Privilege Underwriters Reciprocal Exchange, which sells insurance to high net-worth individuals and families.
Buchmueller started at Chubb and later worked at American International Group before he realized that the industry needed a dose of disruption. Too many insurers operate as if they’re a monopoly, which he said provided an opening for an insurer that emphasized transparency via mutual ownership.
Buchmueller left AIG in 2006 to found PURE Insurance (Privilege Underwriters Reciprocal Exchange). Structured as a mutual, it is unique amongst insurers, growing at 40% year over year, and running at over $650 million per year in premiums. PURE was established to be that competition, via the firm’s values are transparency, low cost, alignment of interests with their insured.
Next week we speak with Louis G. Navellier, Chairman and Founder of Navellier & Associates, managing $2.5 billion in assets.