Alliant Insurance Services continues expansion of MGA practice, acquires Preferred Concepts
NEWPORT BEACH, CA — Alliant Insurance Services, the nation’s largest specialty insurance brokerage firm, has expanded its managing general agent (MGA) practice through the acquisition of Preferred Concepts, a leading insurance program underwriter and wholesale broker with offices in New York, New Jersey, and Connecticut. This is Alliant’s fourth MGA acquisition of 2015.
“As the MGA business continues to experience growth nationwide, Alliant has made a commitment to expanding its reach through the acquisition of companies with proven industry expertise,” said Tom Corbett, Chairman and CEO of Alliant. “Preferred Concepts has the underwriting discipline and broker-centric service that defines Alliant and solidifies our leadership position in both the real estate and MGA business.”
Founded in 1989, Preferred Concepts provides leading-edge insurance solutions to the real estate industry through its 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 uniquely structured to address all real estate industry product types.
• Preferred Brokerage, a wholesale brokerage providing property and casualty solutions custom designed for complex risks in various industries. The operating unit employs industry specialists dedicated to delivering creative and cost-effective solutions to retail brokers.
• ezumbrella.com, an online platform that enables agents to quote, bind, and issue A++ XV rated 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 subsidiary Alliant Specialty Insurance Services (ASIS), the company’s MGA and program administrator. Under the leadership of Sean McConlogue, ASIS partners with an expansive network of retail agents across the country to distribute its various products to a broad base of middle-market clients.
“For more than 25 years, Preferred Concepts has been dedicated to providing retail brokers with powerful and sophisticated solutions that address the ever-changing risks of the real estate industry,” said Stuart Farber, Chairman and CEO of Preferred Concepts. “Alliant’s national reach and extensive resources are an ideal fit for our service platform and will enable us to continue our commitment to leadership in program business.”
In January 2015, Alliant acquired US Agencies, a family of three specialty-focused MGAs serving the community association, transportation, and earthquake markets. Alliant remains actively committed to pursuing additional acquisitions within the MGA space.
The executive leadership team of Preferred Concepts will continue to operate the company under its existing name and the client services and business development teams of the company will remain in place. Terms of the acquisition were not disclosed.
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