Marsh Announces Dividend Increase
New York-based Marsh and McLennan Companies announced that its board has voted to raise the companys quarterly cash dividend by 6 percent.
Shareholders will receive 53 cents per share for outstanding common stock–a three-cent increase. Dividends will be paid on Aug. 15 to shareholders of record on July 9.
Brown & Brown Acquires Agencies
Daytona Beach, Fla.-based insurance broker Brown and Brown announced the acquisition of two agencies last month.
The firm announced the acquisition of The Young Agency, Inc. of Syracuse, N.Y., and Parcel Insurance Plan, Inc., of St. Louis, Mo.
The Young Agency deals in commercial insurance in the Greater Central New York region, Brown and Brown said in a press release. The agency specializes in property-casualty, surety bonding, life, health, employee benefits and risk management consulting. The agency reported annual commissions and fees in excess of $11 million, the firm said.
Management and staff would remain in place, the firm said, and would be combined with existing operations in Syracuse.
Parcel Insurance Plan is a small package insurance agency for commercial and private shippers, generally for parcels with insured values of less than $25,000 each. The business will continue to operate from its St. Louis offices as a free-standing Brown & Brown operation under the management of Daniel Daly, vice president of Parcel Insurance Plan, who will join Brown & Brown as part of this transaction.
Terms of both deals were not disclosed.
Reproduced from National Underwriter Property & Casualty/Risk & Benefits Management Edition, June 11, 2001. Copyright 2001 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.
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