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Brown & Brown Scoops Up Greystone Assets

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A national insurance broker has acquired a benefits brokerage operation in Pennsylvania.

Brown & Brown Inc., Daytona Beach, Fla. (NYSE:BRO), is buying the benefits business serviced by Daniel McCormick from Greystone Benefits Inc., Berwyn, Pa.

Joseph Vogt will continue to run Greystone as a separate firm.

McCormick and some other Greystone staffers will move into Brown & Brown’s offices in Plymouth Meeting, Pa.

The companies are not saying how much Brown & Brown is paying for McCormick’s book of business, but they estimate that the book of business generates about $1.2 million in revenue per year from businesses in the Philadelphia area and other parts of eastern Pennsylvania.

- Allison Bell