Marsh & McLennan Companies

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MMC

Marsh & McLennan Companies (MMC) (NYSE: MMC) is a US-based global professional services and insurance brokerage firm. In 2005, it had over 57,000 employees and annual revenues close to $12 billion. [1]

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[edit] Segments

MMC is the parent company of

[edit] History

Burrows, Marsh & McLennan was formed by Henry W. Marsh and Donald R. McLennan in Chicago in 1905, becoming the world's largest insurance agency with annual premiums of $3 million ($59 million consumer price index adjusted). It was renamed Marsh & McLennan in 1906.

[edit] Marsh Inc.

Marsh Inc. is a global risk and insurance services firm. It is a subsidiary of MMC. In 2003, Marsh employed about 40,000 people, with annual revenues of $6.9 billion, up from $4.8 billion in 2001.

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 locating 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."

[edit] Marsh in the news

  • 295 employees were killed in the 9/11 terrorist attacks; they were working in Marsh's One World Trade Center offices located in the heart of the impact zone.
  • 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.
  • On July 8, 2004 completed the acquisition of Kroll Inc. Jeffrey W. Greenberg called it an important strategic step. The company had employed terrorism expert John O'Neill, formerly of the FBI.
  • On October 14, 2004, New York State Attorney General Eliot Spitzer announced the initiation of a civil action against Marsh, alleging impropriety in the steering of clients to insurers with whom the company maintained payoff agreements, and for soliciting rigged bids for insurance contracts from the insurers. The Attorney General announced 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." Former CEO Jeffrey W. Greenberg resigned several weeks later.

[edit] MMC Management

  • President, CEO: Michael G. Cherkasky
  • Chairman: Stephen R. Hardis (non-executive Chairman of the Board 2006-Present)
  • CFO: M. Michele Burns
  • SVP, Executive Resources and Development: Francis N. Bonsignore

[edit] Former Chairs of the Board

  • Chairman Henry W. Marsh (1923-1935)
  • Chairman Donald R. McLennan (1935-1944)
  • Chairman Charles Ward Seabury (1944-1955)
  • Chairman Laurence S. Kennedy (1955-1955)
  • Chairman William D. Maus (1955-1963)
  • Chairman Hermon D. Smith (1963-1966)
  • Chairman Albert A. Morey (1966-1970)
  • Chairman Henry W. Otis (1970-1971)
  • Chairman William F. Souder, Jr. (1971-1975)
  • Chairman John M. Regan Jr. (1975-1986)
  • Chairman Frank J. Tasco (1986-1992)
  • Chairman A.J.C. Smith (1992-2000)
  • Chairman Jeffrey W. Greenberg (2000-2004)
  • Five MMC management members of the MMC Board of Directors step down from the board
  • Chairman Robert F. Erburu (non-executive Chairman of the Board 2005-2006)

[edit] Former CEO

[edit] External links

[edit] History

[edit] Data

[edit] Articles

[edit] References and footnotes

  1. ^ Marsh & McLennan Website
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