Hub Reports 3Q Gains
NU Online News Service, Nov. 5, 2:25 p.m. EST?Insurance broker Hub International, Ltd. reported net income grew well over 100 percent as it concentrated on servicing middle-market accounts.
The Chicago-based broker reported third-quarter net income increased 167 percent, or $3.4 million, rising from $2 million in 2001 to $5.4 million in 2002.
Earnings per share for the period rose 111 percent, going from 9 cents per share to 19 cents. Revenues increased 14 percent, or $6 million, going from $43.6 million to $49.5 million.
For the nine months, net income was up 199 percent, or $14 million, compared to last year. Net income stood at $21.1 million for 2002 compared to $7.1 million for the nine month period last year. Earnings per share rose 119 percent, or 43 cents, going from 36 cents a share in 2001 to 79 cents. Revenues have increased 55 percent, or $55.3 million, going from $101 million to $156 million.
Martin P. Hughes, chairman and chief executive officer, said in a statement that the results demonstrate the success of the firm's strategy to provide high quality service and attract new middle-market accounts. He said the firm has successfully integrated several acquisitions and would be looking to make more.
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