NU Online News Service, Oct. 25, 2:42 p.m.EDT
|Daytona Beach, Fla.-based insurance broker Brown & Brownsaid it has acquired a portion of Greystone Benefits Inc. ofBerwyn, Pa. Financial terms of the transaction were notreleased.
|The firm said it was "in particular" acquiring the book ofbusiness serviced by Daniel C. McCormick, principal ofGreystone.
|The acquired book of business, with annual revenues ofapproximately $1.2 million, consists primarily of employee benefitsproducts and services offered throughout eastern Pennsylvania andthe greater Philadelphia area.
|Mr. McCormick and his team will relocate to Brown & Brown'sexisting operation in Plymouth Meeting, Pa., under the leadershipof Rob Heller.
|Greystone Benefits will continue doing business under thedirection of Joseph Vogt.
|In other news, the broker said it will raise its quarterlydividend by more than 3 percent to 8 cents a share from 7.75 centsa share. The new dividend rate will be paid on Nov. 17 toshareholders of record as of Nov. 3.
|Brown & Brown said that this is the 17th year ofdividend growth for the firm.
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