PURE Insurance returns $50 million to members as reciprocal structure buffers record catastrophe loss

Members of the Privilege Underwriters Reciprocal Exchange (PURE) can now access a portion of the insurer's surplus growth through Subscriber Savings Accounts (SSAs). PURE will allocate $50 million to these accounts in 2025, bringing total allocations since inception to nearly $170 million.

This capital return is enabled by PURE's reciprocal structure, where policyholders are subscribers who contribute to the exchange's capital. This model reduces the need for outside equity and supports more stable pricing. In 2025, PURE reported a net combined ratio of 98.8%, maintaining profitability despite its largest-ever catastrophe loss resulting from California wildfires in early 2025.

Under the subscribers' agreement, members generally become senior members after 10 years of continuous membership. These senior members can access their SSA balances upon leaving the exchange.

Policyholder surplus increased by $171 million in 2025, with membership growing to more than 120,000 households across the US and Canada and total premium under management exceeding $3 billion.