A new insurance brokerage firm will probably launched by a group of reputable industry executives, to help the insurance business recover from the recent scandals. It was pioneered by the former president of Marsh & McLennan Cos. Robert Clements who was also the founder of ACE Ltd. the preliminary code name for the company is Integro, a Latin word for fresh start. The venture is to be headed by Peter F. Garvey, 49, former co-president of Marsh’s brokerage unit, Marsh Inc.

The new insurance firm will tout its integrity and claim immune to the conflicts of interests plaguing so many other businesses such as Marsh, American International Group Inc. and Aon Corp. The company will hunt for insurance business from corporation, using the connection of former Marsh employees.

While the records of Mr. Clements and Mr. Garvey are more or less clean, one more person who will participate in the new insurer, Roger E. Egan, had to resign from Marsh as president of Marsh Inc. amid the scandal triggered by the New York state’s attorney general investigation of the industry.

"This is not an indication that we have found these people guilty of some crime," Marsh chief Michael Cherkasky said in a conference after the resignation of Mr. Egan.

The group plans to raise at least $300 million in a private placement and start the venture in May, but will not accept investments from insurers, report sources close to the matter.