Arthur J Gallagher & Co (AJG) will raise its quarterly dividend by 6.7 percent to 48 cents per share in 2021. This comes after a 4.7 percent hike to $0.45 per share announced in the first quarter of 2020. This marks the 11th consecutive year of dividend increases by the insurance broker.

The next dividend will be payable on March 19, 2021 to stockholders of record as of March 5, 2021. The new dividend yield for AJG is 1.7% at a stock price of $113 based on the new annualized rate of $1.92 per share.

Arthur J Gallagher will now pay an estimated $369 million in dividends to shareholders annually. This last dividend hike just announced by the company is the biggest in more than a decade.

Arthur J. Gallagher & Co. plans, designs, and administers property/casualty insurance and risk management programs. The company also furnishes a broad range of risk management services including claims and information management, risk control consulting and appraisals to help corporations and institutions reduce their cost of risk. In addition, the company assists clients in all areas of their employee health/welfare and retirement plans, including plan design, funding and administration. Gallagher's initial public offering was on June 20, 1984.