Hilb, Rogal & Hobbs Company reported second-quarter income dropped 23 percent due to higher legal and claims expenses, loss of contingent commissions, lowered retention rates and investment in new employees.
Second-quarter results for the Richmond, Va.-based insurance broker showed net income decreased $4.7 million, from $20.5 million, or 56 cents a share, in 2004, to $15.8 million, or 44 cents a share. Revenues increase $14.3 million, going from less than $148 million to $162 million.
For the six months ending June 30, net income was down 3 percent, or $1.2 million, going from $44.7 million, or $1.23 a share, to $43.5 million, or $1.20 a share. Revenues were up 13 percent, or more than $39 million, going from less than $306 million to $345 million.
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