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GLEN ALLEN, Va.--Hilb Rogal & Hobbs Co.'s net income for 2006 rose to $87.0 million, a 54.8% increase from the previous year, the brokerage reported late Wednesday.
Total revenues last year rose 5.5% to $710.8 million, with fees and commissions increasing 5.8% to $696.0 million. Glen Allen, Va.-based HRH noted that its net income for 2005 was affected by a $42.3 million regulatory charge, due primarily to a settlement with Connecticut over allegations that HRH steered clients to insurers paying the highest contingent fees.
In a statement announcing the 2006 results, Chairman and Chief Executive Officer Martin L. Vaughan III noted that HRH "increased market share, improved operating margins and completed a year of outstanding acquisitions." He pointed out that HRH completed four transactions during 2006 with annualized revenues of more than $35 million and thus far in 2007 it has made four acquisitions with annualized revenues of about $52 million.
HRH ranked 10th on Business Insurance's most recent list of the world's largest brokerages (BI, July 17, 2006).