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.
H/T Barry Ritholtz
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.
Masters In Business: Ross Buchmueller, AIG & PURE Insurance
Next week we speak with Louis G. Navellier, Chairman and Founder of Navellier & Associates, managing $2.5 billion in assets.