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Hilb, Rogal & Hobbs Company reported net income dropped more than $28 million in the third quarter–a result of soft prices, litigation costs and the elimination of volume-based contingent commissions.

The Richmond, Va.-based insurance broker reported a net income loss of more than $6.8 million for the quarter, or 19 cents a share, compared to net income of more than $21.3 million, or 58 cents a share, for the same period last year, for a 132 percent drop in net income. Revenues increased 7 percent, or less than $11 million, going from $153.7 million to less than $164.5.

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