NEW YORK (Bloomberg) — Marsh & McLennan Cos., the world’s largest insurance broker, raised its quarterly dividend for the first time since a state probe of sales practices wiped out almost half its market value in 2004.The company’s board boosted the dividend to 19 cents from 17 cents, New York-based Marsh & McLennan said in a statement today. Chief executive officer Michael Cherkasky said last month that he would recommend such an increase. It’s payable on February 15 to shareholders of record on January 24.

Marsh & McLennan cut its pay-out in half in March 2005 as part of cost-cutting initiatives triggered by an $850 million settlement with then-New York Attorney General Eliot Spitzer. A 2004 lawsuit from Spitzer alleged the brokerage colluded with insurers and rigged bids to stifle competition.

Shares of Marsh & McLennan fell 45 cents to $30.89 by the end of the day in New York Stock Exchange composite trading. The company’s market value fell $11.7 billion, or 48 percent, in the days following Spitzer’s October 14, 2004, lawsuit. The stock is still down 33 percent.