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Marsh & McLennan Companies (MMC) is a US-based global professional services firm. In 2001, it had 57,000 employees and annual revenues of $10 billion. MMC is the parent company of Putnam Investments, Marsh Inc., and Mercer, Inc. MMC trades on the New York Stock Exchange under the MMC ticker symbol. 1 Marsh Inc.
Marsh Inc. is a global risk and insurance services firm. It is a subsidiary of MMC. In 2001, Marsh employed 35,000 people, with annual revenues of $4.8 billion.
295 employees working in its World Trade Center offices, which were situated directly in the impact zone, were killed in September 11, 2001 Terrorist Attack. See also: One World Trade Center tenants
On October 11, 2001 Marsh established a crisis consulting practice specializing in terrorism, with Ambassador L. Paul Bremer as Chairman. Marsh also announced a partnership with Control Risks Group LLC to provide political risk assessment.
Marsh operates by collecting advisory fees from its clients --- mainly large corporations but also small and mid-size businesses, municipal governments, school districts and some individuals --- in exchange for purportedly locating appropriate property and casualty insurance coverage for them. At all relevant times, the Company stated that its "guiding principle is to consider (its) clients' best interests in all placements," and that it "(does not) represent the (companies)" and held itself out as a "trusted adviser and advocate, in effect representing their best interests in the market place."
On October 14, 2004 The Office of the New York State Office of Attorney General announced that it had commenced a civil action against Marsh for steering clients to preferred insurers with whom the Company maintained lucrative payoff agreements, and for soliciting rigged bids for insurance contracts from the insurers. The Attorney General announced in a release that two AIG executives pleaded guilty to criminal charges in connection with this illegal course of conduct and stated, "There is simply no responsible argument for a system that rigs bids, stifles competition and cheats customers."
2 Management
Jeffrey W. Greenberg, Chairman and CEO, Marsh & McLennan Companies
Charles A. "Chuck" Davis , Vice Chairman, Marsh & McLennan Companies; Chairman and CEO, MMC Capital
Mathis Cabiallavetta , Vice Chairman, Marsh & McLennan Companies; Chairman, MMC Global Development
William L. Rosoff , Senior Vice President and General Counsel, Marsh & McLennan Companies
Sandra S. Wijnberg , Senior Vice President and Chief Financial Officer, Marsh & McLennan Companies
Francis N. Bonsignore , Senior Vice President, Executive Resouces & Development, Marsh & McLennan Companies
Ray J. Groves , Director, Marsh & McLennan Companies; Senior advisor, Marsh, Inc.
Peter Coster , Director, Marsh & McLennan Companies; President, Mercer, Inc.
A.J.C. Smith , Director, Marsh & McLennan Companies; Chairman, Putnam Investments
Charles E. "Ed" Haldeman , President and CEO, Putnam Investments
Michael G. Cherkasky , Chairman and CEO, Marsh, Inc.
3 External Links
