Brown & Brown, a provider of insurance and reinsurance products services, has entered into an agreement to acquire certain assets of Greystone Benefits.
According to the Brown & Brown, the assets to be acquired include, in particular, the book of business serviced McCormick, principal of Greystone Benefits
The acquired book of business consists primarily of employee benefits products and services offered throughout eastern Pennsylvania and the greater Philadelphia area, with annual revenues of approximately $1.2m.
Following this acquisition, McCormick and his team will relocate to Brown & Brown’s existing operation in Pennsylvania, under the leadership of Rob Heller. Greystone Benefits will continue doing business under the direction of Joseph Vogt.
Thomas Riley, regional president and chief acquisitions officer of Brown & Brown, will also have certain retail operations responsibilities of Brown & Brown in Pennsylvania.