AM Best downgrades Pure’s financial strength rating to A
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AM Best downgrades Pure’s financial strength rating to A

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AM Best has downgraded the financial strength rating of Privilege Underwriters Reciprocal Exchange, or Pure, to A (excellent) from A+ (superior) and its long-term issuer credit (ICR) rating to “a+” (excellent) from “aa-” (superior).

The ratings agency also revised the company’s operating performance to marginal from adequate, reflecting “the negative impact of macro conditions on underwriting results, including higher than average catastrophe losses, increased reinsurance costs and inflationary pressures”.


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