Start-up broker Integro Ltd., which marks its first anniversary in business on May 6, is hiring an average of a person a day, its president said on Sunday.

Peter Garvey said the New York-based insurance brokerage started the year with 200 staff and expects to end with more than 500 employees. It expects to ramp that up to 1,000 staff by the end of 2007.

Five of Integro?s employees are based in Bermuda, where the company recently established permanent office space in the Maxwell Roberts building on Par-la-Ville Road.

Integro hasn?t yet done any business with Bermuda?s newest insurers but does count a few of the Island?s established players as clients.

?We have several placements in the Bermuda market,? said Mr. Garvey, in an interview from the Risk and Insurance Management Society Inc. annual conference, being held this week in Honolulu, Hawaii.

Mr. Garvey and chief executive Roger Egan are in Hawaii this week to meet with clients, and have erected a large booth in the RIMS exhibit hall next to rival Willis.

Accompanying them are 36 brokers from across Integro?s growing network of offices in North America, Bermuda and London. Head of the Bermuda office Michael Fisher is amongst them.

?The Bermuda market is a mature market, particularly for large, complex risks so it is a good market for those risks and as we build our book of business we?ll go to Bermuda,? said Mr. Egan.

The company, which specialises in finding insurance for clients with large and complex risk management concerns, is backed by $300 million in private investments.

As a privately-held company, Integro doesn?t disclose financial information.

Mr. Egan said the focus on building the business right now, not turning a profit.

The company formed in the wake of a regulatory probe of illegal bid rigging practices amongst brokers placing their clients? business with certain insurers.

The three largest brokers, New York-based Marsh, Chicago-based Aon, and London-based Willis Group Holdings Ltd. together paid close to $1.1 billion last year to settle the charges.

Integro, which is pronounced with an emphasis on the second syllable, said its business plan is designed to avoid any conflicts, or perception of conflicts, by giving clients a high level of disclosure.

The company is largely staffed by brokers that have come from its rivals. Chairman Robert Clements, is a former Marsh executive as are Mr. Egan and Mr. Garvey.

A suit lodged by Aon Corp, after several of its property brokers quit to join Integro has been settled, said Mr. Egan said on on Sunday.

He didn?t disclose terms, and Aon spokesman Al Orendorff confirmed the settlment and did not disclose details except to say it was "to the satisfaction of both parties".