HRH Reports 61% Jump In Income

NU Online News Service, July 24, 10:36 a.m. EST?Insurance broker Hilb, Rogal and Hamilton Co. reported a 61 percent increase in net income and 23 percent increase in revenues for the second quarter.

Richmond, Va.?based HRH said income increased $4.7 million from $7.8 million for the three months ending June 30, 2001, to $12.5 million for the same period this year.

Earnings per share rose 54 percent from 26 cents per-share for the second quarter of 2001 to 40 cents per-share.

Revenues increased $18 million in the second quarter, going from $78 million in 2001 to $96 million.

“Our strong second quarter was again fueled by internal revenue growth, margin improvements and benefits from acquisitions,” said Andrew L. Rogal, HRH chairman and chief executive officer in a statement.

He credited the acquisition of the Hobbs Group of Atlanta, Ga., changes in strategy to reach upper-middle market clients and broaden its risk management expertise, and the addition of specialty lines for the improved results.