Brown & Brown Inc. has acquired Malvern, Penn.-based BenefitDevelopment Group Inc.

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Terms of the deal were not released, the Daytona Beach,Fla.-based firm said.

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Benefit Development Group, with annualized revenues ofapproximately $1 million, is engaged in the specialized insurancearena of employee benefit plans and serves commercial clientsthroughout the greater Delaware Valley region.

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Matthew E. Mink and Charles M. "Chas" Pires, principals ofBenefit Development, and their staff will combine their operationwith that of Brown & Brown's Doyle Consulting Group, at itsoffice in Philadelphia.

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The insurance firm also issued a correction to its payment of aquarterly dividend. The firm said it would pay its quarterly cashdividend of 5 cents a share on May 25 to shareholders of record asof May 16.

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