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GLEN ALLEN, Va.Revenues at Hilb, Rogal & Hobbs Co. grew nearly 8% during the first quarter compared with the prior-year period, but net income slid marginally during the same period for the world's 10th-largest broker.
HRH's first-quarter revenues increased to nearly $198.2 million from about $183.8 million during the same period in 2006. The Glen Allen, Va.-based broker said acquisitions and new business primarily accounted the increase in revenue, though it noted that softening property/casualty insurance rates and reduced contingent commissions slowed that growth.
Meanwhile, the broker's net income fell 2.7% during the first quarter to $25.2 million. Besides the softening market, earnings growth was hurt by the impact of recent acquisitions, the recording of contingent commissions obtained in those purchases as a reduction in purchase price and not as income, and the other reductions in contingent commission revenue, according to HRH.