New York–The head of a brokerage formed in the wake of New York Attorney General Eliot Spitzer's probe of the insurance business told an industry meeting yesterday that official scrutiny has left the sector better off.
Robert C. Clements, chairman of New York-based Integro, Ltd., said Mr. Spitzer's investigations of brokers' contingent commissions on commercial insurance placements helped “accelerate” the creation of Integro by tapping dissatisfaction among carriers, clients and individual brokers with the mega-brokers, primarily Marsh and Aon.
Mr. Spitzer's probe led to civil charges, eventually settled out of court, that Marsh and Aon rigged bids in exchange for hidden insurers' commissions.
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