Preferred Concepts, a New York-based insurance program administrator, has formed a new automotive industry underwriting unit SeaFire Insurance Services.

Initially, SeaFire Insurance division will specialize in franchise auto dealers, independent auto dealers, mechanical repair and collision repair facilities.

SeaFire will provide retail agents with insurance products from the Chubb Group of Insurance Companies that address the challenges of automotive industry customers countrywide.

According to the Preferred Concepts, the SeaFire will adopt a targeted and limited distribution model with focus on retail insurance agents with scale, brand, resources and auto dealer expertise.

SeaFire president Dennis Kane said that many dealers recognize the reputation, financial strength and peace of mind Chubb brings to the table, and SeaFire is excited to partner with them.

"We seek to provide a stable, long-term option to meet the demanding and unique needs of auto dealers and provide them with competent underwriting and competitive alternatives. Our expert underwriting team knows how to insure auto dealers, evaluate the exposures and price the accounts," Kane said.