NU Online News Service, Jan. 20, 12:21 p.m.EST

Brown & Brown will pay its ex-chief acquisition officer aseverance package of more than $800,000 after the announcement thathe left the company earlier this month.

In a filing with the Securities and ExchangeCommission, the Daytona Beach, Fla.-based insurance broker said itreached an agreement with Thomas E. Riley on a separation agreementand release where it will make a one-time payment of $400,000 and asecond payment of $400,000 in four installments. In addition hewill receive $22,756 to cover continuation of health insurancebenefits for Mr. Riley and his family for the year.

Mr. Riley was named chief acquisition officer in March 2010 withresponsibility for all M&A activity and supervision overindividuals working on the transactions. He also had regionaloversight of operations in south Florida and the northeasternUnited States.

When the company announced Mr. Riley’s departure, it announced a companywide management shake-up thatincluded the naming of J. Scott Penney as Mr. Riley’sreplacement.

In its announcement, the firm did not reveal the reason for Mr.Riley’s departure. Brown & Brown did not return an earlierrequest for comment.

In other news, Brown & Brown said it will pay a quarterlycash dividend of 8 cents a share. The payment will be payable onFeb. 16 to shareholders of record as of Feb. 2.