Hilb, Rogal & Hobbs Co. reported second-quarter net income dropped 95 percent on a more than $18 million impairment charge related to legal expenses and other factors.
The Richmond, Va.-based insurance brokerage firm reported second-quarter net income compared to last year fell $21 million, or 60 cents a share, to more than $1 million. Revenues increased 5 percent, or $11 million, in the period to $211 million.
For the six months, net income dropped 65 percent, or $31 million, to $17 million. Earnings per share were off 83 cents to 46 cents a share. Revenues for the period rose 5 percent, or $19 million, to $417 million.
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