PURE offers insurance for HNW individuals, families

By Advisen Ltd. on June 15, 2015

Privilege Underwriters Reciprocal Exchange (PURE), the policyholder-owned P&C insurer of high net worth individuals and families, said it has partnered with leading security firm Concentric Advisors to offer CyberSafe Solutions, first-of-its-kind services and insurance designed to help individuals better assess, prevent, detect and respond to cyber threats.

As cybercrime techniques advance and multiply, criminals hone in on higher-stakes targets, including retail banks, wealth advisories, healthcare companies – and personal data and wealth.

“Research, including the PURE-sponsored CEO Personal Risk Index produced by Chief Executive magazine, shows that high net-worth individuals have a heightened sense of concern about cyber risk, and lack a clear understanding of how to protect themselves,” said Martin Hartley, executive vice president and COO of PURE Insurance. “We are pleased to partner with Concentric Advisors to offer CyberSafe Solutions, empowering our members with leading-edge information, services and coverage to reduce risk and take control in an increasingly connected world.”

“Successful individuals are ill at ease with their personal cyber environments, and deserve more comprehensive knowledge, security, and coverage that address the risk,” said Roderick Jones, CEO of Concentric Advisors. “Together with PURE Insurance, we are proud to provide PURE members with intelligent, unmatched cybersecurity services focused on the needs of the individual, rather than corporation.”

As part of the new offering, PURE will provide:

  • Cyber Knowledge Center on PURE’s Situation Room website. The online resource will provide extensive information about cyber threats, mitigation strategies, a self-assessment tool, and a comprehensive white paper.
  • CyberSafe “Fundamentals Check,” a 10-point cyber-risk assessment conducted by a PURE Risk Manager in a member’s home during a PURE360 Risk Management Consultation.
  • Cyber Security Advice Line led by cyber-risk specialists and available for free to PURE members.
  • Valuable Coverage available in PURE’s High Value Homeowners Policy. In the event of a covered loss, members will benefit from coverage for unauthorized use of credit cards, money in a financial institution and electronic fund transfers resulting from cyber-attacks. Further, PURE’s liability coverage is designed to respond to claims resulting from covered cyber-related injuries (or allegations thereof) such as a hacker using a member’s social profile to commit libel or slander, or the child of a covered member accused of cyber bullying.

For PURE members seeking an even higher level of cybersecurity protection, Concentric’s cybersecurity consultants will recommend and offer preferred pricing on specialized services relevant to their specific needs, including:

  • Home Cyber Security Audit – an assessment of the home IT network and examination of all components affecting information security.
  • Social Engineering Assessment – an assessment that identifies and analyzes references to the member across open information sources such as social networks, media, and blogs to discover vulnerabilities and recommend practical mitigation actions.
  • Home CyberShield – Concentric’s proprietary managed firewall service and comprehensive cyber intrusion detection system with continuous monitoring and Adaptive Security.

For more information on PURE’s CyberSafe Solutions or to download a copy of a new white paper on cyber risk, please visit pureinsurance.com/cyber. About PURE Privilege Underwriters Reciprocal Exchange (PURE) is a policyholder-owned insurer dedicated to creating an exceptional experience for responsible high net worth individuals and families. PURE provides best-in-class, customizable coverage throughout the U.S. for high-value homes, automobiles, jewelry, art, personal liability, watercraft and flood. Inspired by some of the finest policyholder-owned companies in the world, PURE emphasizes alignment of interests and transparency. PURE’s low cost of capital, careful member selection, and proactive risk management all contribute to highly competitive rates. – See more at: http://globenewswire.com/news-release/2015/06/15/744613/10138462/en/PURE-Insurance-Partners-with-Concentric-Advisors-to-Launch-CyberSafe-Solutions.html#sthash.YlO5gkIH.dpuf

Advisen Ltd.

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