Pressures on earnings from the soft market and more than $12 million in charges for regulatory matters and an errors and omissions claim produced marginal third-quarter earnings for insurance broker Hilb, Rogal & Hobbs.
The Richmond, Va.-based broker reported net income increased 3 percent, but its operating net income in the quarter fell 14 percent. Management indicated it still has a big focus on acquisitions.
The net income figures involve charges and write-offs net of taxes. Net operating income came in at $16 million, a reduction of $2.6 million over the same period last year.
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