Rolling Wrap-up Definition
Referred usually to a CIP (wrap-up) that provides a continuous or Rolling Controlled Insurance Program (ROCIP) for an ongoing construction program covering a number of projects. As they are started and finished, projects are rolled into and out of the program, with the dates varying. Most provide an extended period of Completed Operations coverage.
Marsh Inc. has agreed to sell Crump Group Inc., its wholesale brokerage operation, to J.C. Flowers & Co. L.L.C., a New York-based private equity firm. The deal, for which terms were not disclosed, is subject to normal and customary closing conditions, Marsh said in a statement announcing the definitive agreement.
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Banc of America Securities L.L.C. acted as financial adviser to Marsh, while Lazard Ltd. acted as financial adviser to J.C. Flowers, according to Marsh's statement.
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Marsh announced in May that it was exploring options for Crump, one of the world's largest wholesale brokers. Business Insurance estimates that Crump generated gross revenues of $94.9 million in 2004.
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Willis Group Holdings Ltd. in February said it was selling its wholesale operation, New York-based Stewart Smith Group, to Charlotte, N.C.-based American Wholesale Insurance Group. In addition, Aon Corp. is exploring the sale of wholesaler Swett & Crawford Group.
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