Company Profile
Preferred Concepts
Company Overview
Founded in 1989, Preferred Concepts, LLC is a leading insurance program administrator and wholesale broker. The company is backed by Stone Point Capital (Trident III, L.P.), a global private equity firm Preferred's program underwriting divisions include Preferred Underwriting , offering insurance solutions for real estate; ezumbrella.com, an online umbrella liability platform, and SeaFire Insurance Services, specializing in P&C solutions for auto dealers and repair shops. Preferred's specialty brokerage divisions include Preferred Brokerage, providing wholesale brokerage for complex property & casualty risks; and Preferred Advantage, offering professional liability solutions for all risks and property & casualty solutions for small business risks; ezumbrella.com, an online umbrella liability platform; and SeaFire Insurance Services, which provides property & casualty solutions through a limited appointment model. The company has offices in New York, NY, Hartford,CT, Westport, CT, Springfield, NJ and Overland Park, Kansas. To learn more, visit www.preferredconcepts.com.
Company History
Preferred Concepts was founded in 1989 by Stuart Farber with the goal of providing retail agents and brokers with quick access to effective and well-priced insurance solutions.
Preferred began its mission by offering proprietary insurance policies through risk purchasing groups (RPG’s), which offer insureds the benefit of group purchasing discounts and tailored insurance coverage. Having identified a need for customized coverage within the real estate and hospitality industries, Preferred tailored Primary GL, Property and High Limit Umbrella Liability policies for these industries. These programs continue their uninterrupted run to this day.
An early adapter of e-commerce, Stuart took the RPG concept digital by creating, a website, www.ezumbrella.com where retail brokers and agents quote multiple umbrella insurance policy limits and bind their choice with ease. ezumbrella.com is available for insureds in over 1,000 industry codes.
In January of 2006, Trident III, a fund managed by Stone Point Capital LLC, acquired a minority interest in Preferred Concepts. Stone Point is a global private equity firm with over $9 Billion in committed capital for investments in the financial services industry.
Preferred’s client offerings were further expanded in 2010 when the company acquired the assets of Mercator Risk Services, a national wholesaler whose specialty brokerage services and expertise in property, casualty, and professional liability insurance now reside within the Preferred Brokerage and Preferred Advantage division of Preferred Concepts.
In 2011, Preferred launched a new business division: SeaFire Insurance Services. Designed by auto industry experts, SeaFire is a managing general underwriting agency with proprietary property & casualty solutions for franchised auto dealers, independent auto dealers, franchised motorcycle dealers and franchised RV dealers, collision repair facilities and mechanical repair facilities.
Most recently, in 2012 Preferred acquired Metro Insurance Services, a national program administrator in Springfield, New Jersey. This augmented Preferred’s real estate suite with a package program designed for the needs of habitational risks.
Notable Products / Brands
ezumbrella.com, Preferred Brokerage, Preferred Underwriting, Preferred Advantage, SeaFire Insurance Services