HRH Quarterly Income Up 78 Percent

NU Online News Service, Oct. 30, 1:07 p.m. EST?Insurance broker Hilb, Rogal and Hamilton Co. reported its net income for the third quarter rose 78 percent on a 47 percent increase in revenues.

For the three months ending Sept. 30, Richmond, Va.-based HRH said income increased $7.6 million over 2001, going from $9.68 million to $17.25 million. Reported net income per share rose 22 cents for the quarter, going from 31 cents in 2001 to 53 cents.

Revenues for the quarter rose $40.88 million. For 2001, the firm reported revenues of $87.61 million that went to $128.5 million this year.

For the nine months, income rose 94 percent, or $24 million, from $25.25 million to $48.88 million. Reported earnings per share rose 82 percent, or 69 cents, going from 84 cents in 2001 to $1.53.

Revenues for the period have risen 33 percent, or $80.75 million, going from $243 million in 2001 to $324.1 million.

The firm said the figures reflected the acquisition of Hobbs Group, LLC, new business, and "a continued strong rate environment."

Andrew L. Rogal, chairman and chief executive officer, said in a statement that the acquisition of Hobbs has given the firm a "running start" on its new five-year plan and "the confidence to raise our long-term earnings growth goal to 15-to-20 percent."

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HRH Quarterly Income Up 78 Percent

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