Brown & Brown Inc. has acquired Malvern, Penn.-based Benefit Development Group Inc.
Terms of the deal were not released, the Daytona Beach, Fla.-based firm said.
Benefit Development Group, with annualized revenues of approximately $1 million, is engaged in the specialized insurance arena of employee benefit plans and serves commercial clients throughout the greater Delaware Valley region.
Matthew E. Mink and Charles M. "Chas" Pires, principals of Benefit Development, and their staff will combine their operation with that of Brown & Brown's Doyle Consulting Group, at its office in Philadelphia.
The insurance firm also issued a correction to its payment of a quarterly dividend. The firm said it would pay its quarterly cash dividend of 5 cents a share on May 25 to shareholders of record as of May 16.
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