MMC Marsh and McLennan Companies Inc

Marsh & McLennan Cos. (MMC) said its board authorized the repurchase of as much as $2 billion in stock and increased the professional-services firm's quarterly dividend by 12%.

The quarterly payout to shareholders was increased to 28 cents a share, an increase of three cents a share.

The company, which operates insurance and consulting businesses, also said shareholders re-elected its slate of board candidates for one-year terms.

The company recently had a market capitalization of $26.83 billion, according to FactSet Research.

Write to Tess Stynes at tess.stynes@wsj.com

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