Marsh & McLennan Companies
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| Marsh & McLennan Companies | |
| Public | |
| Traded as | NYSE: MMC S&P 500 Component |
| Industry | Insurance brokers Professional services |
| Founded | Chicago, Illinois, U.S. (1905)[1] |
| Headquarters | 1166 Avenue of the Americas, New York City, New York, U.S., United States |
|
Key people
|
Dan Glaser (President & CEO) |
| Revenue |  $13 billion (2014)[2] |
| $2.3 billion (2014)[2] |
|
| $1.47 billion (2014)[2] |
|
| Total assets | $17.8 billion (2014)[2] |
| Total equity | $7.1 billion (2014)[2] |
|
Number of employees
|
57,000 (2014)[2] |
| Subsidiaries | Marsh, Guy Carpenter, Mercer, Oliver Wyman Group |
| Website | mmc |
Marsh & McLennan Companies, Inc. is a global professional services firm with headquarters in New York City.
Marsh & McLennan Companies was also ranked 29th on the 2012 Bloomberg Businessweek 50, the magazine's annual ranking of the S&P 500's top 50 performing companies.[3]
Contents
History
Burroughs, Marsh & McLennan was formed by Henry W. Marsh and Donald R. McLennan in Chicago in 1905. It was renamed as Marsh & McLennan in 1906.
The reinsurance firm Guy Carpenter & Company is acquired in 1923 a year after its founding by Guy Carpenter. In 1975, it acquired the human resources consulting firm Mercer. In 1997, it bought Johnson & Higgins, shortly after, it bought Sedgwick.[4] In 2003, it purchased the consultancy business Oliver, Wyman & Company and merged these with some of the consultancy businesses from previous acquisitions, particularly the Mercer business under the brand name of Oliver Wyman.
In August 2007, Marsh completed the sale of its Putnam Investments division to Great-West Lifeco Inc., a financial services holding company controlled by Canada-based Power Financial Corp. after it settled charges of market timing.[5]
September 11 attacks
At the time of the September 11 attacks in the United States in 2001, the corporation held offices on eight floors of the North Tower of the World Trade Center, from 93 to 100.[6] When American Airlines Flight 11 crashed into the building, their offices spanned the entire impact zone, from floors 93 to 99.[7] Everybody present in the offices at the time of the attack died, and the firm lost 295 employees and 63 contractors.[1]
Subsidiaries
Marsh & McLennan is a diversified risk, insurance and professional services firm composed of:
- Marsh LLC. and Marsh Brokers, insurance broking and risk management consulting through Marsh Risk Consulting. Peter Zaffino has been the president and CEO since 2011;
- Mercer, a collection of consulting and services firms (including Mercer Human Resource Consulting, Mercer HR Services, and Mercer Investment Consulting);
- Guy Carpenter & Company, a reinsurance intermediary;
- Oliver Wyman Group, a collection of management consulting firms (including Oliver Wyman, formerly Mercer Management Consulting, Mercer Oliver Wyman, and Oliver Wyman Delta, as well as Lippincott and NERA Economic Consulting)
Marsh in the news
- On October 11, 2001, Marsh established a crisis consulting practice specializing in terrorism, with Ambassador L. Paul Bremer as Chairman and Andrew R. Daniels as President and COO. Marsh also announced a partnership with Control Risks Group to provide political risk assessment.
- On July 8, 2004, Marsh completed the acquisition of Kroll Inc.[8] Jeffrey W. Greenberg called it an important strategic step. The company had employed terrorism expert John O'Neill, formerly of the Federal Bureau of Investigation.
- 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. The suit was ultimately settled out of court.
- On January 31, 2005, Marsh & Mclennan agreed on an $850-million settlement for its bid-rigging practices.[9]
- In July 2007, Marsh & McLennan Cos. Inc. was ranked first in Business Insurance's world's largest brokers list.[10]
- On September 14, 2007, Brian M. Storms, the CEO of Marsh's insurance brokerage unit, resigned. As Michael G. Cherkasky explained his departure, "we now need a different set of leadership and operational skills".[11]
Marsh & McLennan Companies management
- President, CEO: Dan Glaser (since Jan 1, 2013)
- Chairman: Lord Lang of Monkton (non-executive Chairman, 2010–present)
See Also
References
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- ↑ insurancejournal.com 6 August 2007
- ↑ http://www.tenantwise.com/reports/wtc_relocate.asp
- ↑ Dwyer, Jim and Flynn, Kevin, 102 Minutes: The Untold Story of the Fight to Survive Inside the Twin Towers, Times Books, 2006, p. 19.
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