Insurance broker Brown & Brown, Inc. (BRO) will raise its quarterly dividend by 8.8 percent to 9.25 cents per share in 2020. This follows a 6.3 percent dividend hike to $0.085 per share announced by the company in 2019. Brown & Brown has now raised its dividend 27 consecutive years.

The next dividend is payable on November 18, 2020 to shareholders of record on November 4, 2020. The new annual dividend rate of 37 cents per share yields 0.8% at a stock price of $46.72.

In a press release dated October 20, 2020 the company announces the dividend hike and states that the dividend represents an 8.8% increase from the previous regular quarterly cash dividend of $0.085 per share and is the twenty-seventh consecutive annual dividend increase for the Company.

Brown & Brown will now pay an estimated annual dividend of $105 million to shareholders. This compares to a current market cap of $13.2 billion for the company. The last time BRO hiked its dividend by double digits was in 2017, when a 11.1 percent increase was announced.

Brown & Brown, Inc. is an insurance brokerage firm, providing risk management solutions to individuals and businesses. The company markets and sells insurance products and services, in the property, casualty and employee benefits areas. BRO operates through four segments: Retail, National Programs, Wholesale Brokerage and Services.