Richmond, Va.-based insurance broker Hilb Rogal & Hobbs Company said it will pay a 14 cent quarterly dividend on June 30 to shareholders of record as of June 13, 2008.
HRH said the announcement marks a 7.7 percent increase in the quarterly cash dividend rate. The company has paid cash dividends continuously and increased its dividend annually since 1986.
In the first quarter of this year, the company reported net income dropped 38 percent from a comparable period last year, or $9.7 million, to $15.5 million (see NU Online News Service, April 24). Revenues increased 4 percent, or $8.6 million, to $206.8 million.
Despite the soft market challenges, the firm managed to nudge out an organic growth rate of 1.1 percent.
The company also reported that its earnings results were impacted by a change in contingent commission payments to supplemental commissions, increased professional and claims fees, the impact of acquisition costs, and increases related to employee medical program.
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