Marsh Inc. insurance brokerage announced that it has completed the sale of Crump Group Inc., its U.S.-based wholesale broking operation, to an affiliate of J.C. Flowers & Co. LLC, a New York-based private equity firm.
The transaction completes the agreement announced by the firms in September.
Marsh and Willis brokerage have moved to divest themselves of their wholesale outlets after concerns emerged about conflicts of interest over such holdings. Retail brokers, it was argued, could steer wholesale placements toward their in-house units, picking up commission fees there in addition to the retail commissions.
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