Integro Launched Following Successful $300 Million Private Placement New Company to be Led by Three Well-Known Industry ExecutivesMay 06 - 2005
Integro, a newly formed global, independent insurance brokerage firm, announced today the successful completion of a private securities placement that raised in excess of a planned $300 million. ‘Integro’ is a Latin word that translates to “make well, make better.” The company will be led by 3 well-known insurance executives, Bob Clements as Chairman, Roger Egan as Chief Executive Officer, and Peter Garvey as President.
Integro will be a full-service insurance firm providing dedicated brokerage and risk management services to commercial clients on a global basis. With executive offices in New York and offices in San Francisco, Integro intends to be licensed in all fifty states, and will be opening offices in Toronto, London, Bermuda, and other major U.S. cities in the coming weeks.
In the current environment, risk managers, corporate executives and directors alike are increasingly concerned with the alignment of interests with their advisors and trading partners. Mr. Clements observed, “Over the last 8 years large users of insurance watched helplessly as their competitive choice for brokers narrowed from seven serious contenders to less than three. We don’t think that’s a healthy condition, and furthermore, we don’t think this is a zero sum game.”
The launch of Integro introduces a fresh business model for the insurance brokerage industry, which has been plagued recently by numerous regulatory investigations. Integro will focus exclusively on the business of assessing risk and securing competitive insurance programs for commercial and institutional enterprises that have large and/or complex risks with specialized insurance needs.
Integro will offer corporate clients a choice for obtaining optimal insurance solutions, free from conflict of interest perceptions. Clients first, transparent business practices and dedicated, quality brokerage services are Integro’s guiding business principles.
Integro’s executive leadership is committed to attracting seasoned, expert insurance brokers who will benefit from the opportunities unique to a well-capitalized business start up, unburdened by traditional processes and technology. Integro is also committed to the proposition that professional service firms work best when they are free-standing, responsible directly to clients and to shareholders rather than through holding companies subject to the conflicting demands of unrelated businesses. Clements said, “We think insurance broking is a terrific profession in its own right, one that clients value greatly when they find a talented broker who cares tremendously about them and their business. We’re creating a home for those brokers and their clients.”
Integro Insurance Brokers is an insurance brokerage and risk management firm dedicated and designed to serve the insurance and risk management needs of organizations with complex risks.
About The Beekman Group
The Beekman Group is a leading private equity firm dedicated to bringing financial and operational resources to small middle-market companies. TBG’s team consists of experienced private equity and operating professionals, as well as a select group of Industry Partners who are leading executives in our targeted industry segments. This Industry Partner approach to investing is the cornerstone of our investment strategy – creating value through partnership with small middle-market management teams.
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