Insurance broker USI Holdings Corp. reported net income increased 156 percent in the third quarter of this year, fueled by $5.7 million in acquisition revenue in the quarter.
The Briarcliff Manor, N.Y.-based firm reported net income in the quarter rose $2.95 million, from $1.89 million, or 3 cents a share, to $4.84 million, or 8 cents a share. Revenues increased more than 3 percent, or $4.43 million, from $127 million to $132 million.
For the nine months, net income was up over 300 percent, or $15.35 million, from $4.47 million, or 8 cents a share, to $19.83 million, or 34 cents a share. Revenues were up 8 percent, or $30 million, from $372 million to $402 million.
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