Farmers Group Inc.’s board increased its quarterly...

Farmers Group Inc.’s board increased its quarterly dividend 20% to 36 cents per share. The 6-cent-per-share increase will cost the Los Angeles-based insurance company an extra $4.13 million per quarter. Farmers has rejected as inadequate an offer of $60 per share, or $4.13 billion, from an American subsidiary of British-based tobacco-retailing-paper conglomerate BAT Industries PLC. BAT has indicated that it would be willing to raise its price, but Farmers had said it wishes to remain independent.