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Member, Beacon International Group, Ltd.
CHICAGO--Hub International Ltd.'s first-quarter revenues jumped 28% on the strength of acquisitions and organic growth of its standard and contingent commission income, the broker reported.
Chicago-based Hub recorded $171.8 million in revenue for the first three months of this year, compared with $134.1 million for the same period last year. This year's first-quarter figure included $125.5 million in commissions, $41.2 million in contingent commissions and volume overrides, and $5.1 million in other revenue.
Aiding the totals were several first-quarter acquisitions, including those of Hibernia Insurance Agency of Metairie, La., and transportation specialist Coburn Insurance Agency of Colchester, Vt.
Hub also managed an organic growth rate of 7.2% of total revenues despite most of its units operating in "a declining rate environment," the company reported. Organic growth was stronger in contingent and volume override commissions, which expanded 11.5%, than in standard commissions, which grew by 5.3%.
Hub's net earnings for the quarter amounted to $24.8 million, up 14% from the same period in 2006.