Oct 5, 2012 – Preferred Concepts to acquire Metro Insurance Services

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Preferred Concepts To Acquire Assets of Metro Insurance Services
and Steven Gross To Join Leadership Team
New York, NY (October 5, 2012) – Preferred Concepts, LLC, www.preferredconcepts.com, a
leading national insurance program underwriter and specialty broker, has entered into a
definitive agreement to acquire the assets of Metro Insurance Services. Metro is a national
program administrator focusing on package coverage for multi-family residential properties
including apartments and condominium associations. Metro founder and CEO, Steven Gross,
will join the Preferred Concepts leadership team as Senior Executive Vice President, Chief
Program Officer.
In his new role, Gross will oversee the firm’s underwriting processes and best practices to ensure
consistency across all of Preferred’s program platforms. Additionally, he will spearhead the
creation and implementation of new products and programs. Gross will continue to remain
responsible for the growth and profitability of the Metro program business.
“We’re pleased to add Metro’s products and people to the Preferred family,” said Preferred CEO
Stuart Farber. “Steven Gross is an industry leader who has built a great business over the last 30
years. Metro’s products complement our current Chubb offerings and add to our tenured
relationship.”
Steven Gross added ,“I am thrilled to associate with a progressive firm such as Preferred
Concepts whose underwriting integrity coupled with their strong ethical business practices and
forward vision will allow us to perpetuate Metro’s similar philosophy. Our ability to grow the
program along with the opportunity to create new products brings new found energy and
excitement to the entire Metro team.”
The acquisition of Metro enhances Preferred’s real estate offerings which include umbrella,
general liability and property programs as well as specialty brokerage services.
About Preferred Concepts
Founded in 1989, Preferred Concepts, LLC is a leading insurance program underwriter and
wholesale broker. The company is backed by Stone Point Capital (Trident III, L.P.), a global
private equity firm with over $9 billion in committed capital. The company’s operating divisions
include Preferred Concepts, the program administrator; Preferred Underwriting, which houses its
program underwriting offerings; Preferred Brokerage, which provides property & casualty
wholesale brokerage solutions; Preferred Advantage, which professional liability wholesale
brokerage solutions; www.ezumbrella.com, an online umbrella liability platform; and SeaFire
Insurance Services, which caters to the property and casualty needs of the auto industry. The
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company has offices in New York, Hartford CT, Westport CT , and Overland Park, Kansas. To
learn more, visit www.preferredconcepts.com.
About Metro:
Metro Insurance Services is a national program administrator with offices in Springfield, New
Jersey, specializing in package coverage for multi-family residential properties including
apartments and condominium associations. In addition to underwriting services, the firm offers
loss control techniques to help mitigate loss experience and support long term price and coverage
stability. To learn more, visit www.metroins.com.
Mystic Capital Advisors Group, LLC provided transaction advisory services to Metro Insurance
Services.