Preferred Mutual
Preferred Mutual is a 125-year-old, policyholder-owned mutual property-and-casualty insurer offering personal and commercial coverage through 941 independent agents across New York, New Jersey, New Hampshire, and Massachusetts.
- Company typePrivate
- Founded1896
- HeadquartersNew Berlin, United States
- Headcount251–500
- GTM typeB2B and B2C
- OfferingServices
What Preferred Mutual does
Preferred Mutual Insurance Company is a policyholder-owned mutual property-and-casualty insurer founded in 1896 and headquartered in New Berlin, New York. Operating exclusively through a network of 941 independent agents across New York, New Jersey, New Hampshire, and Massachusetts, the company underwrites personal lines (homeowners, auto, renters, seasonal, mobile home, condo, and specialty coverages including umbrella, valuable possessions, and short-term rental) and commercial lines (Business Owner's Policy, contractor, office, wholesale/distributor, building owner, food service, religious institution, retail, services/hospitality, commercial auto, and commercial umbrella) covering 125+ business types. The company markets the PINNACLE high-value home program as a premium sub-brand and offers policyholder self-service through the MYPreferred web portal and iOS/Android mobile app.
The business model is subscription-style recurring premium revenue with quote-based pricing that varies by coverage, risk, and geography, supported by multi-policy bundling discounts and flexible installment payment plans (EFT, account billing, e-Check, credit/debit card). FY2025 direct written premium totaled $436,000,000, and the company carries an A.M. Best A (Excellent) Financial Strength Rating and A+ Issuer Credit Rating. Underlying technology includes a core insurance underwriting and claims processing platform augmented by the Adjusto AI-powered contents claims partnership (deployed February 2026) and a Safelite-integrated auto glass claims service. Customer segments are horizontal — distributed individual/family policyholders and SMB owners — with no disclosed enterprise concentration, and the mutual structure (New York-domiciled advanced premium co-operative) means the company is owned by policyholders rather than external shareholders.
Preferred Mutual firmographics
Firmographics- Name
- Preferred Mutual
- Legal name
- Preferred Mutual Insurance Company
- Website
- https://preferredmutual.com
- Company type
- Private
- Founded year
- 1896
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Preferred Mutual is a 125-year-old, policyholder-owned mutual property-and-casualty insurer offering personal and commercial coverage through 941 independent agents across New York, New Jersey, New Hampshire, and Massachusetts.
- Ownership category
- akta.pro rank
Where Preferred Mutual is headquartered
LocationHeadquarters
- HQ city
- New Berlin
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Preferred Mutual business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Insurance Premiums: Preferred Mutual generates revenue through insurance premiums collected from policyholders. As a policyholder-centric mutual insurer, the company has been operating since 1896 and collects premiums across personal insurance (homeowners, auto, renters) and business insurance (contractors, office, retail, food service, religious institutions, and 125+ business types). Premiums are collected through various payment plans including quarterly, 10-payment, 12-payment, and annual options.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Multiple payment options including EFT, account billing, e-Checks, credit/debit cards |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels6 records
Preferred Mutual product offering
Product offeringCore offering
Preferred Mutual Insurance Company underwrites and sells personal property and casualty insurance (homeowners, auto, renters, condo, mobile home, seasonal/secondary home, landlord, umbrella, valuable possessions) and commercial insurance (Business Owner's Policy, contractor, office, wholesale/distributor, building owner, food service, religious institution, retail shop, services/hospitality, commercial auto, commercial umbrella) covering 125+ business types. All products are distributed exclusively through a network of 941 independent agents across New York, New Jersey, New Hampshire, and Massachusetts, with policy self-service enabled through the MYPreferred mobile app and web portal.
Product overview
Preferred Mutual is a policyholder-centric mutual insurer offering a comprehensive insurance portfolio through independent agents. The product lineup consists of Personal Insurance products (homeowners, auto, and specialty coverage) and Business Insurance products (contractor, office, retail, food service, and commercial lines). Key products include the PINNACLE Program for high-value homes and the MYPreferred Mobile app for policy management. The company also offers add-on coverage modules (Equipment Breakdown, Personal Umbrella, Valuable Possessions) that extend base policies. Claims services include the Adjusto AI-powered platform for contents claims and Safelite partnership for glass claims. The company operates exclusively through independent agents across New York, New Jersey, New Hampshire, and Massachusetts.
Differentiator
Problem solved
Functional benefit
Brands
- PINNACLE: High value home insurance program exclusively for higher-valued homes offering flexible policy tailoring and enhanced coverage for valuables such as money, bullion, rare coins, and silverware.
- Condo Complete
Products and services
- Homeowners Insurance Standard homeowners insurance covering structure, personal belongings, and liability protection for primary residences, with customizable coverage options and discounts. Sold to individuals and families.
- PINNACLE Program (High Value Home Insurance) Exclusive high-value homeowners insurance program for higher-valued homes offering flexibility to tailor policies, higher recovery limits, and coverage for valuables such as money, rare coins, silverware, and recreational vehicles.
- Secondary/Seasonal Home Insurance Insurance coverage for vacation homes and lake front properties, providing the same security as primary residence coverage with options for unique needs.
- Mobile Home Insurance Customizable and affordable mobile home insurance policies protecting the mobile home, property, outbuildings, and personal property with additional living expense coverage.
- Condo Complete (Condominium Insurance) Condominium insurance covering property, possessions, living expenses, and personal liability with broad-range protection including gaps in condominium association's master policy.
- Rented to Others Insurance Landlord insurance protecting one- to four-family rental properties against various perils including fire, lightning, wind, water damage, and roof leakage.
- Renters/Tenants Insurance Renter's policy covering personal property, additional living expenses, and personal liability protection for tenants.
- New York Auto Insurance Auto insurance for New York residents including liability, medical payments, collision, comprehensive coverage, and optional Premier Auto Endorsement bundling 15 coverages.
- Massachusetts Auto Insurance Auto insurance for Massachusetts residents with liability, medical payments, collision, comprehensive coverage, and various discount options.
- Contractor Insurance Commercial insurance for contractors including liability protection, portable tools coverage, installation floater coverage, equipment coverage, and crime coverage.
- Office Insurance Commercial insurance for offices including business interruption, property, liability, and crime coverage through Businessowner's Policy or standalone options.
- Wholesale/Distributor Insurance Commercial insurance for wholesalers and distributors covering inventory protection against fire, theft, and other challenges.
- Building Owner/Lessor Insurance Building owner insurance covering building, premises liability, loss of rental income, equipment breakdown, umbrella, ordinance, and sewer backup.
- Food Service Insurance Restaurant and food service business insurance covering cyber, liquor liability, food spoilage, contamination, business income, power interruption, and equipment breakdown.
- Religious Institution Insurance Insurance for religious institutions including coverage for clergy property, employee dishonesty, income loss, stained glass, equipment breakdown, and liability up to $1 million.
- Retail Shop Insurance Commercial insurance for retail shops covering inventory, property, and liability risks for stores including appliances, clothing, electronics, and jewelry.
- Services & Hospitality Insurance Business insurance for service and hospitality businesses including laundromats, photographers, salons, dry cleaning, hotels/motels, and printing services.
- Commercial Auto Insurance Commercial auto insurance protecting business vehicles carrying employees, products, or equipment with optional coverages including hired auto and non-owned auto.
- Business Owner's Program (BOP) Business Owner's Policy bundling business interruption, property insurance, liability, and crime coverage for business owners with customizable options across 125+ business types.
- MYPreferred Mobile App Mobile application for iOS and Android enabling policy management, quick payments, payment history viewing, ID card access, policy document viewing, and claim submission for Preferred Mutual policyholders.
Quantifiable outcome
- A.M. Best A (Excellent) Financial Strength Rating demonstrates strong financial stability and claims-paying ability
Companies that use Preferred Mutual
Customer profileNamed customers3 records
Segments2 records
Ideal customer profiles2 records
Preferred Mutual technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability2 records
Feature1 record
Preferred Mutual partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and minor.
- AdjustocorePreferred Mutual partnered with Adjusto, an AI-powered platform for contents claims handling. The partnership integrates Adjusto's technology into Preferred Mutual's claims operations to enhance speed, accuracy, and consistency for adjusters while preserving human judgment and empathy for policyholders. Adjusto Founder and CEO Michael Balarezo stated the partnership reflects shared philosophy of empowering adjusters and delivering fairer, faster outcomes at scale. The implementation was designed to integrate with existing workflows and has received positive feedback from frontline adjusters.
- SafelitecorePreferred Mutual partnered with Safelite, the #1 auto glass specialist in the country with over 7,200 locations and MobileGlassShops nationwide, to provide auto glass repair and replacement services. Policyholders can submit glass claims through the Safelite portal or by calling 800.333.7642. The partnership provides 24/7 service and faster glass repair/replacement at shops of the policyholder's choice.
- Madison County Rural Health CouncilminorPreferred Mutual partnered with Madison County Rural Health Council to implement Adult Mental Health First Aid training for employees, demonstrating commitment to employee wellbeing and mental health support in the workplace.
- American Heart AssociationminorPreferred Mutual collaborated with American Heart Association to provide New Mom Kits to Bassett Healthcare Network, supporting maternal health initiatives in the communities they serve.
Scale indicators6 records
Recent moves6 records
Expansion highlights5 records
Preferred Mutual competitors and assessment
Company assessmentDirect peers
- Auto-Owners Insurance: Mutual P&C insurer writing personal and commercial lines exclusively through independent agents. Comparable mutual structure and agency-channel distribution model.
- Selective Insurance Group: Regional P&C insurer with personal and commercial lines distributed through independent agents in the Northeast and Mid-Atlantic. Comparable product portfolio and agency-led GTM.
- Erie Insurance: Mutual P&C insurer with strong regional concentration across the Mid-Atlantic and Midwest, distributing through independent agents. Closely comparable business model (mutual, agent-channel, personal and small commercial focus) to Preferred Mutual.
- Hanover Insurance Group: Regional P&C insurer with personal and commercial lines distributed through independent agents in the Northeast and Midwest. Similar product mix and agency-led distribution make it a close comparable.
- Cincinnati Financial: Mutual P&C insurer distributing through independent agents with strong regional concentration. Highly comparable mutual structure, agency channel, and personal/commercial line mix.
- Utica National Insurance Group: Mutual P&C carrier headquartered in New York with personal and commercial lines distributed through independent agents. Strong overlap in geography, mutual structure, and product offering with Preferred Mutual.
- NYCM Insurance: New York-based mutual P&C insurer writing personal and commercial lines through independent agents. Direct overlap with Preferred Mutual's NY-anchored footprint and mutual operating model.
- Plymouth Rock: Northeast-focused P&C insurer offering personal auto and homeowners through independent agents in MA, CT, NJ, NH, and NY. Highly comparable regional footprint and product mix.
Broad incumbents
- Travelers: National P&C carrier with broad personal and commercial lines across all 50 states including the Northeast. Larger scale and broader portfolio make it a broad incumbent competitor rather than a like-sized peer.
- Liberty Mutual: Diversified national P&C insurer with personal and commercial lines distributed through employees, agents, and direct channels. Overlaps with Preferred Mutual in Northeast personal and small commercial segments but operates at significantly greater scale.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights7 records
Customer concentration
Preferred Mutual social profiles
Digital presencePreferred Mutual compliance and trust
Trust signalCompliance2 records
Preferred Mutual financial estimates
Financial estimateRevenue estimate
Valuation estimate
Preferred Mutual leadership team
Management profileNumber of profiles
Profiles14 records
Preferred Mutual funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Preferred Mutual M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Preferred Mutual
What does Preferred Mutual do?
Preferred Mutual Insurance Company underwrites and sells personal property and casualty insurance (homeowners, auto, renters, condo, mobile home, seasonal/secondary home, landlord, umbrella, valuable possessions) and commercial insurance (Business Owner's Policy, contractor, office, wholesale/distributor, building owner, food service, religious institution, retail shop, services/hospitality, commercial auto, commercial umbrella) covering 125+ business types. All products are distributed exclusively through a network of 941 independent agents across New York, New Jersey, New Hampshire, and Massachusetts, with policy self-service enabled through the MYPreferred mobile app and web portal.
Is Preferred Mutual a public or private company?
Preferred Mutual is a private company. It is classified as management employee owned and is currently operating.
When was Preferred Mutual founded?
Preferred Mutual was founded in 1896. It employs 251 to 500 people.
Where is Preferred Mutual based?
Preferred Mutual is headquartered in New Berlin, United States, in the North America region.
How does Preferred Mutual make money?
One revenue line is on record: insurance Premiums.
Who are Preferred Mutual's main competitors?
Direct peers on record are Auto-Owners Insurance, Selective Insurance Group, Erie Insurance, Hanover Insurance Group, Cincinnati Financial, Utica National Insurance Group, NYCM Insurance and Plymouth Rock. Broad incumbents are Travelers and Liberty Mutual.
Does Preferred Mutual have an API?
No public API is recorded for Preferred Mutual.