Two major insurance brokerage firms said yesterday that they would pay quarterly dividends to shareholders.
New York-based Marsh & McLennan Companies Inc., the parent company of insurance broker Marsh and reinsurance broker Guy Carpenter, said it would pay a quarterly dividend of 20 cents per share on outstanding common stock on Feb. 17 to shareholders of record as of Jan. 30.
Daytona Beach, Fla.-based Brown & Brown Inc. said it would pay a regular quarterly cash dividend of 7.5 cents per share on Feb. 18 to shareholders of record as of Feb. 4.
Neither company has reported its fourth-quarter earnings.
For the third quarter, MMC reported an income loss of $8 billion, or loss per share of 2 cents compared with net income of $1.95 billion, or $3.60 a share in 2007. Revenues increased 4.5 percent, or $122 million, to $2.84 billion in the period.
For the nine months, income has dropped 106 percent, or $2.54 billion, from net income last year of $2.39 billion, or $4.39 a share, to income loss of $153 million, or loss per share of 30 cents. Revenues for the nine-month period rose 8 percent, or $663 million, to $8.93 billion.
Brown & Brown reported third-quarter net income was down $5.6 million to $40.6 million. The loss in net income did not affect revenue which increased 4 percent, or $9.7 million, to $247 million.
Net income for the first nine months of this year compared to last year was down 16 percent, or $25 million, to $133 million. Revenues were down less than 1 percent, or $3 million, to $745 million.
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