Preferred Concepts to Acquire Assets of Metro Insurance Services and Steven Gross to Join Leadership Team

NEW YORK--(BUSINESS WIRE)--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.

“We’re pleased to add Metro’s products and people to the Preferred family”

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 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.