Richmond, Va.-based insurance broker Hilb, Rogal & Hobbs Company reported first its quarter net income dropped 38 percent, blaming the drop on the declining price cycle.

The broker reported net income dropped $9.7 million or 27 cents a share to $15.5 million, or 42-cents a share. Revenues increased four percent, or $8.6 million, to $206.8 million.

HRH said it was able to nudge out an organic growth rate of 1.1 percent despite the soft market challenge.

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