Hilb, Rogal & Hobbs Company reported net income dropped morethan $28 million in the third quarter–a result of soft prices,litigation costs and the elimination of volume-based contingentcommissions.
The Richmond, Va.-based insurance broker reported a net incomeloss of more than $6.8 million for the quarter, or 19 cents ashare, compared to net income of more than $21.3 million, or 58cents a share, for the same period last year, for a 132 percentdrop in net income. Revenues increased 7 percent, or less than $11million, going from $153.7 million to less than $164.5.
For the nine months, net income dropped 45 percent, or $29.4million, going from more than $66 million, or $1.81 a share in2004, to less than 37 million, or $1.01 a share. Revenues increased11 percent, or more than $50 million, from $460 million to $510million.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
