Hilb Rogal & Hobbs Company, an insurance and risk management intermediary, has reported net income of $15.5 million, or $0.42 per share, for the first quarter of 2008, a 38.5% decrease, compared with $25.2 million, or $0.69 per share, for the same period of 2007.

The company reported total revenues of $206.8 million for Q1 2008, a 4.4% increase, compared to $198.2 million for Q1 2007.

Operating net income decreased 35.9% to $15.3 million, or $0.42 per share, compared with $23.8 million, or $0.65 per share, for the first quarter of 2007. The operating margin for the first quarter of 2008 decreased to 20.3% from 26.4% for the first quarter of 2007.

Martin Vaughan, chairman and CEO of Hilb Rogal & Hobbs, said: We began 2008 with a better start than our disappointing financial comparison implies. In addition to the unprecedented rate environment, the quarter was affected by the timing of compensation from certain underwriters, quarter-specific expenses and dilution from an acquisition.