Pure reciprocal exchange downgraded to A by AM Best on cats and reinsurance costs

Published: Mon 5 Jun 2023

Privilege Underwriters Reciprocal Exchange (Pure) has had its financial strength rating downgraded from A+ to A and its long-term issuer credit rating lowered from “aa-“ to “a+” by AM Best, with the agency highlighting the negative impact of cat losses, reinsurance costs and inflation on underwriting results.