Mr. Clements spoke during a joint meeting of the Association of Professional Insurance Women and the New York Chapter of the Chartered Property Casualty Underwriters Society here.

The Integro executive said consolidation of insurance brokerage firms within the past few decades has not been for the better. The mega-brokers, said Mr. Clements, created an environment where they were doing too much with too many products and too many customers, which was not in the best interest of their clients.

“Integro is about dealing with one segment,” said Mr. Clements. “We are dealing in the high-end risk management field. These clients have a different set of needs. These clients need a broker to deal with their narrow needs.”

Integro was formed, he said, to take advantage of growing insurer and customer dissatisfaction and revelations of impropriety among major brokers.

“There was evidence that insurers were yearning for additional distribution; that clients were looking for more choice; and clear evidence that the capital markets sensed a great opportunity,” said Mr. Clements.

“Most importantly,” he said, “many individual brokers became frustrated in their career situations due to the fallout from the New York attorney general's investigation into unprecedented compensation practices and bid-rigging.”

According to Mr. Clements, “Most brokers were unaware of the activities alleged to be committed by their firms. And this has become a source of distress, embarrassment and, in general, the diminution of professional practice.”

Mr. Clements told the audience that the capital markets' interest in funding his operation was spurred by the attorney general's investigation.

He told National Underwriter later that Integro would have been created without the investigations, but Mr. Spitzer's work helped accelerate creation of the firm.

Mr. Clements said Integro is unique in that it was created through funding from capital investors and not insurers or brokers looking for markets. He said investors have recognized the value of creating an organization free of legacy issues and versatile in its management structure.

“Insurance brokerage is a terrific calling in its own right, and we are creating a home for brokers and their clients to come to,” Mr. Clements remarked.

He added that the firm is “not necessarily” looking to become the largest broker but to, within five years, at least become one of the most influential brokers in the industry.