USI Holdings Corp. management said the brokerage's second-quarter net income fell 72 percent, driven down by acquisition expenses and the soft market, but it sees positive signs ahead
Net income dropped to $1.6 million (3 cents a share) compared with $5.76 million (12 cents a share) in the comparable period last year. Revenues increased 25 percent, largely on acquisitions, up $24.6 million to $122.6 million.
The insurance industry is firmly entrenched in a soft market, which impacted second-quarter revenue, said David L. Eslick, chairman, president and chief executive officer of the Briarcliff Manor, N.Y.-based insurance brokerage firm.
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