The president of Hilb, Rogal & Hobbs Company has resignedafter the company discovered that one of its employees arranged forimproper payments in exchange for insurance placements.
The Richmond, Va.-based insurance broker, in a letter toemployees on Wednesday, said that Robert B. Lockhart, president andchief operating officer of the firm, resigned. A second employeewas terminated and a third suspended pending the outcome of acompany investigation into improper contingent feearrangements.
The letter was from Martin L. Vaughan III, chairman and chiefexecutive officer, and was part of an 8-K filing on the matter. Itsaid an internal investigation found that in the beginning of 1998an HRH employee in the Hartford, Conn., office "arranged orattempted to arrange for payments" to the firm for the placement ofprofessional liability insurance policies for "three differentorganizations."
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