Insurance broker Brown & Brown, Inc. (BRO) will raise its quarterly dividend by 10.8 percent to 10.25 cents per share in 2021. This follows a dividend hike of 8.8 percent to 9.25 cents per share in 2020. Dividend hike star Brown & Brown has now raised its dividend 28 consecutive years.
The dividend from BRO is payable on November 17, 2021, to shareholders of record on November 3, 2021. The new annual dividend rate of 41 cents per share yields 0.6% at a stock price of $66.
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. The Retail segment provides a range of insurance products and services to commercial, public, and quasi-public entities. The National Programs segment provides professional liability and related package products for certain professionals, a range of insurance products for individuals, flood coverage, and targeted products and services designated for specific industries. The Wholesale Brokerage segment, markets and sells excess and surplus commercial and personal lines insurance through independent agents and brokers. The Services segment provides insurance-related services, including third-party claims administration and medical utilization management services.