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GLEN ALLEN, Va.--Acquisitions and soft market conditions played key roles in Hilb Rogal & Hobbs Co.'s financial results for the first six months of 2007.
Total revenue grew 10%, to $398.3 million, in the six-month period while net income rose 1.9%, to $47.4 million, the Glen Allen, Va.-based brokerage said late Wednesday.
Acquisitions played a key role in HRH's top-line growth, as organic growth in its core commissions and fees fell 0.3% for the six-month period. HRH has announced eight acquisitions so far this year that have about $80 million in prior-year revenues, it said.
In addition to acquisitions, HRH said growth came from new business and contingent commissions, but was offset by continued declines in property/casualty premium rates and "two client-specific events" that reduced organic growth by about 2% in the second quarter. HRH did not elaborate on the client-specific events.