The president of Hilb, Rogal & Hobbs Company has resigned after the company discovered that one of its employees arranged for improper payments in exchange for insurance placements.

The Richmond, Va.-based insurance broker, in a letter to employees on Wednesday, said that Robert B. Lockhart, president and chief operating officer of the firm, resigned. A second employee was terminated and a third suspended pending the outcome of a company investigation into improper contingent fee arrangements.

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