Hilb Rogal & Hobbs Company said its board has declared a quarterly dividend of 11.5 cents per share, payable Dec. 30 to shareholders of record as of Dec. 15.
The Richmond, Va.-based insurance brokerage firm said it has paid cash dividends continuously and increased its dividend annually since 1986.
For the third quarter of this year, HRH reported a net income loss of more than $6.8 million for the quarter, or 19 cents a share, compared with net income of more than $21.3 million, or 58 cents a share, for the same period last year, for a 132 percent drop in net income. Revenues increased 7 percent, or less than $11 million, going from $153.7 million to less than $164.5 million.
For the nine months, net income dropped 45 percent, or $29.4 million, going from more than $66 million, or $1.81 a share in 2004, to less than $37 million, or $1.01 a share. Revenues increased 11 percent, or more than $50 million, from $460 million to $510 million.
The third-quarter loss was blamed on the combination of the effects of the soft market, litigation costs, and the elimination of volume-based contingent commissions.
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