Preferred Concepts, a New York-based insurance program administrator, has signed a definitive agreement for acquisition of the assets of Metro Insurance Services, a national program administrator.

As part of the acquisition, Metro founder and CEO Steven Gross will join the company as senior executive vice president and chief program officer.

The purchase is expected to boost Preferred’s real estate offerings that include umbrella, general liability and property programs, as well as specialty brokerage services.

Gross will be responsible for management of the company’s underwriting processes and best practices ensuring consistency throughout all of Preferred’s program platforms, besides leading the development and execution of new products and programs.

Additional responsibilities include supervision of the growth and profitability of the Metro program business.

Preferred CEO Stuart Farber said, ”Metro’s products complement our current Chubb offerings and add to our tenured relationship.”

Based in Springfield, Metro Insurance is a provider of package coverage for multifamily residential properties, such as apartments and condominium associations.