Hilb, Rogal & Hobbs brokerage reported second-quarter net income increased 8 percent despite challenges posed by declining prices.

"We are fighting a very dramatic soft market," commented Martin L. "Mell" Vaughan III, chairman and chief executive officer, during an analyst's conference call today.

The Richmond, Va.-based insurance broker reported net income rose $1.6 million to $22 million in the quarter compared with the same period last year. Earnings per share increased three cents to 60 cents a share. Revenues grew by $22 million, or 12 percent, to $200 million.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • 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
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.