PMI, PCI Announce Merger

May 10, 2002

Program Managers, Inc. (PMI) and Preferred Concepts, Inc. (PCI), managers of two high limit umbrella programs, have merged. The collective membership base of the Property Managers Risk Purchasing Group (PMRPG) and the Integrated Risk Facilities Purchasing Group (IRFPG) represents one of the nation’s largest groups of real estate and hospitality insurance consumers, according to the firms.

“The synergies are dynamic, the cultures fit and the opportunities and growth potential for this new relationship are enormous,” Stuart Farber, president and CEO of PCI, commented. “We will be launching a new operating entity, Preferred Concepts, LLC, which encompasses all of the programs and services that each of our respective corporations provided, including a specific Umbrella Program Division.”

The new Umbrella Program Division will include the EZ Umbrella products specifically targeting the following classes of business: Construction, Manufacturing, Restaurants, Retail, Service and Wholesale Distributors. The division will be headquartered in Westport, Conn.

Farber added, “By combining our Umbrella Programs we bring our insurance carrier partners the most attractive single source of real estate and hospitality umbrella premium in the country backed by the largest national distribution network of agents for a specialty product line. We are excited to extend our existing and forthcoming products and programs to PMI’s clients and look forward to continuing to bring added value to our collective customer base in this challenging market.”

The general brokerage operations for the new enterprise will continue to operate from PCI’s existing offices in both New York City and Hamden, Conn. with the Property and Liability programs residing specifically in New York City. The Umbrella Program Division will operate from the existing PMI offices in Westport, Conn.

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