Brown & Brown Insurance boosts quarterly dividend by 10 percent, increases stock-buyback authorization

Brown & Brown, Inc. (NYSE: BRO) — the Florida–based parent of Brown & Brown of New York, Inc., which has an office in Syracuse — recently announced that its board of directors has increased its regular quarterly cash dividend by 10 percent. The insurance-brokerage firm will pay a dividend of 16.5 cents per share on Nov. 12, to shareholders of record on Nov. 5. The dividend is up from the 15 cents a share that Brown & Brown paid last quarter. It marks its 32nd straight annual dividend increase, according to the firm’s Oct. 22 announcement. Brown & Brown also reported that its board has authorized the purchase of up to an additional $1.25 billion of the company’s common stock outstanding. With this authorization, Brown & Brown will now have approval to repurchase up to $1.5 billion, in the aggregate, of the company’s shares. The firm said it will buy back the stock from time to time, at the company’s discretion and subject to the availability of shares for purchase, market conditions, the trading price of the stock, and alternative uses for capital. Other factors considered include the company’s financial performance and objectives to reduce dilution from Brown & Brown’s employee equity incentive plans, decrease outstanding shares, or manage other potential factors. Daytona Beach–headquartered Brown & Brown says it is a major insurance-brokerage firm delivering comprehensive and customized insurance products and risk-management services since 1939. It has more than 23,000 employees and over 700 offices worldwide. Brown & Brown makes frequent acquisitions of insurance agencies a major part of its growth strategy. Its stock price has declined about 12 percent year to date and fallen 15 over the last year, as of Oct. 24, according to Yahoo Finance data. But Brown & Brown’s stock is up more than 27 percent over the last two years and up 102 percent over the past five years. Brown & Brown has an office at 500 Plum St. in Syracuse’s Franklin Square area.