Richmond, Va.-based insurance broker Hilb Rogal & Hobbs Company reported third-quarter net income more than tripled over the same period last year, but the performance did not meet the company's expectations, the chief executive said.
In the third quarter net income increased more than 300 percent, or $26 million, from a loss of $7 million, or 19 cents a share, to $19 million, or 53 cents a share. Revenues were up 5 percent, or $9 million, from $164 million to $173 million.
During the third quarter last year, HRH posted a $26.3 million charge related to its regulatory settlement with the Connecticut attorney general over accusations of steering accounts to insurers paying profitable, volume-based contingent commissions.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
