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 nearly 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 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. In line with Preferred’s continued growth and expansion efforts, SeaFire Insurance Services was sold to Victor O. Schinnerer & Company, Inc., a wholly owned affiliate of Marsh & McLennan Companies, in December of 2014.
In the fall of 2014, Preferred celebrated its 25th anniversary as a leading MGA in the insurance industry. With a national footprint and exceptional market and customer relationships, Preferred has continued to grow through Stability, Creativity, and Service. To commemorate our milestone anniversary, Preferred participated in a company-wide Charity Day with the help of Habitat for Humanity. We also took a look back at our accomplishments on our Anniversary Timeline.
In a momentous culmination of Preferred’s milestone 25th year, the organization announced its sale to Alliant Insurance Services, Inc. in August of 2015. Alliant is the nation’s largest specialty insurance brokerage firm with a distinguished history of underwriting excellence and service to brokers. The acquisition represents an exciting opportunity for Preferred to strengthen its long-standing role within the insurance retail space. Preferred will continue to operate under its current trade name.
Preferred Concepts is organized by these operating units: