NU Online News Service, Oct. 25, 2:42 p.m. EDT
Daytona Beach, Fla.-based insurance broker Brown & Brown said it has acquired a portion of Greystone Benefits Inc. of Berwyn, Pa. Financial terms of the transaction were not released.
The firm said it was "in particular" acquiring the book of business serviced by Daniel C. McCormick, principal of Greystone.
The acquired book of business, with annual revenues of approximately $1.2 million, consists primarily of employee benefits products and services offered throughout eastern Pennsylvania and the greater Philadelphia area.
Mr. McCormick and his team will relocate to Brown & Brown's existing operation in Plymouth Meeting, Pa., under the leadership of Rob Heller.
Greystone Benefits will continue doing business under the direction of Joseph Vogt.
In other news, the broker said it will raise its quarterly dividend by more than 3 percent to 8 cents a share from 7.75 cents a share. The new dividend rate will be paid on Nov. 17 to shareholders of record as of Nov. 3.
Brown & Brown said that this is the 17th year of dividend growth for the firm.
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