Hilb, Rogal and Hamilton Company today reported financial results for the third quarter and nine months ended September 30, 2000. For the quarter, commissions and fees, before the effect of acquisitions and divestitures, rose 5.2 percent. Net income, excluding non-recurring gains in both periods, rose 25.0 percent to $6.1 million from $4.9 million.
Net income per share, excluding non-recurring gains, was $0.43 compared with $0.35, an increase of 22.9 percent. Including gains, net income was $6.2 million, or $0.43 per share, compared with $5.9 million, or $0.42 per share last year, which included a $1.0 million ($0.07 per share) non-taxable gain from the receipt of life insurance proceeds.
Total revenues for the quarter increased 4.1 percent, to $65.8 million, compared with $63.2 million a year ago. Continuing margin improvement in the third quarter highlighted HRH’s focus on producer productivity and operating efficiencies, as well as continued modest firming in middle-market premium levels.
This is the first quarter in which results for the comparative 1999 period fully reflect the acquisition of American Phoenix Corporation, which closed on May 3, 1999.
During the third quarter, HRH consummated two acquisitions: San Diego-based Red Hawk Insurance Services, a general agency which also specializes in insurance programs for towing services and used car dealers; and Thomas M. Murphy & Associates in Shelton, Connecticut, which specializes in the design and marketing of group employee benefit programs.
In addition, HRH announced the acquisition of Insurance One, a full-service insurance agency in Rockville, Maryland, serving the Washington, D.C. area, which closed on October 1, 2000.
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