Marsh & Mclennan Companies, through its subsidiaries, operates as a professional services company. It operates in three segments: Risk and Insurance Services, Investment Management, and Consulting. The Risk and Insurance Services segment provides risk management and insurance broking, reinsurance broking, and insurance program management services for businesses, public entities, insurance companies, associations, professional services organizations, and private clients. It also offers risk consulting and technology services to businesses, governments, and individuals. The Investment Management segment primarily offers securities investment advisory and management services, and administrative services for a group of publicly held investment companies and institutional accounts. The Consulting segment provides advice and services to the managements of organizations primarily in the areas of retirement services, health care, management consulting, organizational change, economic consulting, and corporate identity.
Marsh & Mclennan Companies Inc.
1166 Avenue Of The Americas
New York, NY 10036
Phone: 212-345-5000
Fax: 212-345-4808
US insurance broker Marsh & McLennan is to pay $850m (£451m) to settle charges that it conspired with insurance providers to rig the marketplace.
Under the agreement with New York attorney general Eliot Spitzer, Marsh said it “neither admits nor denies the allegations”.
It will pay the money back over four years to affected policyholders
The US stock market regulator is investigating troubled insurance broker Marsh & McLennan’s shareholder transactions, the firm has said.
The Securities and Exchange Commission has asked for information about transactions involving holders of 5% or more of the firm’s shares.
Marsh has said it is co-operating fully with the SEC investigation
US insurers are in the spotlight after New York attorney general Elliot Spitzer sued Marsh & McLennan, the world’s largest insurance broker.
Mr Spitzer claims that since the late 1990s, Marsh got illegal payments for steering clients to firms such as Ace and American International Group (AIG).
On Wall Street on Friday, Marsh shares fell 14%, with AIG down 4%