NU Online News Service, Jan. 20, 12:21 p.m. EST
Brown & Brown will pay its ex-chief acquisition officer a severance package of more than $800,000 after the announcement that he left the company earlier this month.
In a filing with the Securities and Exchange Commission, the Daytona Beach, Fla.-based insurance broker said it reached an agreement with Thomas E. Riley on a separation agreement and release where it will make a one-time payment of $400,000 and a second payment of $400,000 in four installments. In addition he will receive $22,756 to cover continuation of health insurance benefits for Mr. Riley and his family for the year.
Mr. Riley was named chief acquisition officer in March 2010 with responsibility for all M&A activity and supervision over individuals working on the transactions. He also had regional oversight of operations in south Florida and the northeastern United States.
When the company announced Mr. Riley’s departure, it announced a companywide management shake-up that included the naming of J. Scott Penney as Mr. Riley’s replacement.
In its announcement, the firm did not reveal the reason for Mr. Riley’s departure. Brown & Brown did not return an earlier request for comment.
In other news, Brown & Brown said it will pay a quarterly cash dividend of 8 cents a share. The payment will be payable on Feb. 16 to shareholders of record as of Feb. 2.
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