Marsh & McLennan
Marsh & McLennan Headquarters at 1166 6th Avenue in New York City
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| Public | |
| Traded as | : MMC S&P 500 Component |
| Industry | Insurance brokers, professional services |
| Founded | Chicago, Illinois, U.S. (1905) |
| Headquarters |
1166 Avenue of the Americas, New York City, New York, U.S., United States |
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Key people
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Dan Glaser (President & CEO) |
| Revenue |  $13 billion (2014) |
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$2.3 billion (2014) |
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$1.47 billion (2014) |
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| Total assets |
$17.8 billion (2014) |
| Total equity |
$7.1 billion (2014) |
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Number of employees
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57,000 (2014) |
| Subsidiaries | Marsh, Guy Carpenter, Mercer, Oliver Wyman Group |
| Website | mmc |
Marsh & McLennan Companies, Inc. is a global professional services firm, headquartered in New York City with businesses in insurance brokerage, risk management, reinsurance services, talent management, investment advisory, and management consulting.
Marsh & McLennan Companies was ranked 29th on the 2012 Bloomberg Businessweek 50, the magazine's annual ranking of the S&P 500's top 50 performing companies.
The firm was established in 1905 and is considered the largest insurance broker in the world (2015) by revenue.
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.
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 to provide political risk assessment.
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.
On July 8, 2004, Marsh 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 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." CEO Jeffrey W. Greenberg resigned several weeks later. The suit was ultimately settled out of court.
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Wikipedia