Hilb, Rogal & Hobbs Company reported fourth-quarter net income rose 27 percent despite a challenging year in which it abandoned volume-based contingent commissions and agreed to set up a $30 million injured client reimbursement fund.

Martin L. "Mell" Vaughan III, chairman and chief executive officer for the Richmond, Va.-based insurance brokerage firm, said the results were "not as robust as we had planned."

For the fourth quarter of 2005, net income increased $4.2 million, going from $15.3 million, or 42 cents a share, to $19.5 million, or 54 cents a share. Revenues increased 3 percent, or $4 million, going from $160 million to $164 million.

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