LONDON DEPARTURES HIT HILB ROGAL & HOBBS FIGURES

The departure of key staff at HRH Reinsurance Brokers Ltd, a London-based subsidiary of US broker Hilb Rogal & Hobbs (HRH), wiped out nearly all of the Q2 profit at the broker. HRH recorded a non-cash $18.4m intangible asset impairment charge as a result of the departure of “certain key producers” who were “responsible for a significant proportion of the operation’s revenue”. Q2 net income fell to $1.1m for the quarter, down from $22.2m in the same period last year. Revenues rose 5% to $210.6m. For the first half, net income was $16.6m, down from $47.4m in H1 2007. In June this year HRH was the subject of an agreed takeover bid by global broker Willis. The deal is scheduled to close in Q4.