Daytona Beach, Fla.-based insurance broker Brown & Brown Inc. said it increased its quarterly cash dividend payment to 6 cents per share from the previous 5 cents.
Payment of the new dividend rate will be made on Nov. 22 to shareholders of record as of Nov. 8.
Earlier this week, Brown & Brown reported net income increased $5.5 million, from $35 million, or 25 cents a share, to $40 million, or 29 cents a share. Revenues in the quarter increased 11 percent, or $21 million, from $191 million to $212 million.
For the first nine months of this year, net income is up 17 percent, or $20 million, from $115 million, or 82 cents a share, to $135 million, or 96 cents a share. Revenues rose 13 percent, or $74 million, from $589 million to $663 million.
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