PURE partners with FM

Commercial property insurer FM has partnered with high-net-worth insurer PURE Insurance to bring FM’s engineering and loss prevention capabilities to high-value homes.

The long-term partnership will give PURE members access to FM’s research, engineering, and risk mitigation expertise to help improve property resilience and reduce losses. It also includes a reinsurance agreement under which FM will share in PURE’s underwriting results.

The companies said their initial efforts will focus on complex residential risks, including wildfire-exposed properties.

“We chose the PURE team as our partners as we enter this space because they share the belief that the majority of property loss is preventable through stronger understanding of risk and close collaboration with clients. With FM’s engineering expertise, leading research capabilities and nearly two centuries of helping clients mitigate risk and build resilience, we see a unique opportunity to partner with PURE and bring that same approach to its members.” – Malcolm Roberts, chairman and CEO of FM.

“PURE has long believed that helping members identify and mitigate risk is one of the most important services we provide. FM has demonstrated, at scale, that a science- and engineering-led approach can materially reduce risk. We believe these same capabilities can be applied to high-value homes in ways that will lower the cost of risk for PURE members, and give us greater confidence in how we assess and manage risk, which should allow us to responsibly expand the membership over time, including insuring certain risks that we might approach more cautiously today. By combining our strengths, we believe we will make a meaningful difference for families by helping them better protect their homes and prevent loss for years to come.” – Martin Leitch, CEO of PURE Insurance.