Brown & Brown

Brown & Brown is one of the largest insurance brokerages in the United States, arranging property, casualty and employee-benefits coverage for businesses and individuals. As a broker it earns commissions and fees without taking on underwriting risk, a capital-light model that has delivered decades of steady growth through both organic gains and acquisitions. The company has increased its dividend for more than three decades, a testament to the durability of its earnings. The yield is low, reflecting a modest payout ratio that leaves ample room for reinvestment and deal-making. Combined with a very long growth streak and a resilient business, this makes for a strong dividend-growth profile, prized more for reliability and compounding than for headline yield.