Hilb, Rogal & Hobbs Company reported second-quarter income dropped 23 percent due to higher legal and claims expenses, loss of contingent commissions, lowered retention rates and investment in new employees.

Second-quarter results for the Richmond, Va.-based insurance broker showed net income decreased $4.7 million, from $20.5 million, or 56 cents a share, in 2004, to $15.8 million, or 44 cents a share. Revenues increase $14.3 million, going from less than $148 million to $162 million.

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