Hub International Limited insurance brokerage reported its net income in the third quarter dropped 165 percent compared to last year on a $7.6 million payout to employees from a brokerage service acquired last year.

For the third quarter of this year, net income declined about $1.9 million, going from $1.15 million, or 4 cents a share in 2004, to a loss of $741,000, or 2 cents a share. Revenues increased 7 percent, or $6.3 million, to $98 million from $92 million last year.

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