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 ezumbrella.com a website 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.
Seeking to further client offerings, Preferred acquired the assets of Mercator Risk Services in the summer of 2010. Founded by Christopher M. Treanor, Michael Ryan and J.C. Sparling, Mercator Risk Services was 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.
To further complement the entity’s underwriting solutions and specialty brokerage operations, Preferred launched a new business division in 2011 titled 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 2011 the company underwent a reorganization of its divisions in order to better align corporate structure with client needs. As a total solutions provider, Preferred Concepts now is organized by these operating units:
Throughout its history, Preferred Concepts has considered clients the cornerstone of business and the company is proud to continue its longstanding tradition of client service.