Specialty insurance brokerage Alliant Insurance Services announced today it has expanded its managing general agent (MGA) practice through the acquisition of Preferred Concepts, an insurance program underwriter and wholesale broker based in New York with additional offices in New Jersey and Connecticut. Terms of the acquisition were not disclosed.
Founded in 1989, Preferred Concepts offers insurance services to the real estate industry through the following three operating units:
- Preferred Underwriting, a program underwriter offering proprietary policies, including primary general liability, property, package, and high-limit umbrella liability. Preferred Underwriting’s programs are available nationally and are structured to address real estate industry product types.
- Preferred Brokerage, a wholesale brokerage providing property/casualty products for complex risks in various industries.
- ezumbrella.com, an online platform that enables agents to quote, bind, and issue umbrella liability insurance. The program offers limits up to $25 million for the real estate, manufacturing, retail, wholesale, service, hospitality, and restaurant industries.
Preferred Concepts will join Alliant’s MGA and program administrator subsidiary, Alliant Specialty Insurance Services (ASIS). Under the leadership of Sean McConlogue, ASIS partners with a network of retail agents across the country to distribute various products to middle-market clients.
Alliant said the executive leadership team of Preferred Concepts will continue to operate the firm under its existing name and that Preferred Concepts’ client services and business development teams will remain in place.
In January 2015, Alliant had acquired US Agencies, a family of three specialty-focused MGAs serving the community association, transportation, and earthquake markets. Alliant said it remains actively committed to pursuing additional acquisitions within the MGA space.
Headquartered in Newport Beach, California, Alliant Insurance Services provides property/casualty, workers’ compensation, employee benefits, surety, and financial products and services to more than 26,000 clients nationwide, including public entities, tribal nations, healthcare, energy, law firms, real estate, construction, and other industry groups.
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