Preferred Concepts LLC, a program underwriter and specialty insurance broker based in New York City, has entered into an agreement to acquire the assets of Metro Insurance Services in Springfield, N.J.
Metro Insurance Services is a national program administrator focusing on package coverage for multi-family residential properties, including apartments and condominium associations. Metro founder and CEO, Steven Gross, will join the Preferred Concepts leadership team as senior executive vice president and chief program officer.
In his new role, Gross will oversee the firm’s underwriting processes and best practices to ensure consistency across all of Preferred’s program platforms. Additionally, he will spearhead the creation and implementation of new products and programs. Gross will continue to remain responsible for the growth and profitability of the Metro program business.
Preferred Concepts stated that the acquisition of Metro enhances Preferred’s real estate offerings which include umbrella, general liability and property programs as well as specialty brokerage services.
Founded in 1989, Preferred Concepts LLC is an insurance program underwriter and wholesale broker. The company is backed by Stone Point Capital, a global private equity firm with over $9 billion in committed capital.
The company’s operating divisions include Preferred Concepts, the program administrator; Preferred Underwriting, which houses its program underwriting offerings; Preferred Brokerage, which provides property/casualty wholesale brokerage services; Preferred Advantage, which provides professional liability wholesale brokerage services; www.ezumbrella.com, an online umbrella liability platform; and SeaFire Insurance Services, which caters to the property/casualty needs of the auto industry. The company is headquartered in New York City, with additional offices in Connecticut and Kansas.