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Milestones of Marsh & McLennan Companies (MMC)
- A Time Line from 1871 - present
- Marsh & McLennan Companies' progenitor, Dan H. Bomar Company, is founded in Chicago after the Great Chicago Fire.
- Henry W. Marsh leaves Harvard University and joins the Robert A. Waller agency.
- Nine years later in 1894, Donald R. McLennan begins his insurance career at Stryker, Manley & Buck in Duluth, Minn.
- Henry Marsh introduces concept of a broker acting as a buyer of insurance representing the client, rather than as a seller of insurance.
- Henry Marsh helps pioneer concept of risk management, setting forth his ideas on a comprehensive risk management plan for U.S. Steel.
- Two years later in 1903, Donald McLennan establishes a standard for thorough research in assessing risk. He spends 30 consecutive nights on a sleeper, traveling coast to coast across the United States, to inspect the operations of two railroad lines.
- Burrows, Marsh & McLennan is formed in Chicago, becoming the world's largest insurance agency with annual premiums of $3 million. Renamed Marsh & McLennan in 1906.
- Guy Carpenter & Company is acquired a year after its founding by Guy Carpenter. The firm revolutionizes reinsurance coverage.
- Henry Marsh becomes chairman upon Marsh & McLennan's incorporation.
- Donald McLennan succeeds Henry Marsh as chairman.
- Putnam is founded by George Putnam, Sr. with the establishment of The George Putnam Fund of Boston, a balanced mutual fund offering a flexible portfolio of stocks and bonds.
- The Social Security Act of 1937 prompts employers to seek advice on retirement programs.
- Marsh & McLennan expands consulting services in pension field; hires first two actuaries in 1938.
- Charles Ward Seabury becomes chairman.
- Laurence S. Kennedy succeeds Charles Seabury as chairman but dies shortly thereafter; William D. Maus is named chairman. Hermon D. Smith becomes president and CEO, and in 1963, chairman.
- Cosgrove & Company, the West Coast's largest regional broker, merges with Marsh & McLennan; expansion in the United States continues throughout the '60s.
- William M. Mercer Limited, founded by Bill Mercer (pictured, center, with board of directors including from left, Kenneth O. Macgowan, Robert White, Laurence Coward and William D. Welsford) in Vancouver in 1945 to provide independent employee benefits consulting in Canada, is acquired.
- Marsh & McLennan becomes a public company, reporting revenue of $52 million and net income of $5 million.
- Correspondent relationships with leading brokers are established in Europe throughout the '60s.
- Albert A. Morey succeeds Hermon Smith as chairman; William F. Souder, Jr. becomes president, and in 1967, CEO.
- Marsh & McLennan Companies (MMC) is formed as the parent company, reinforcing the firm's strategy of developing and expanding its professional services.
- Victor O. Schinnerer is acquired; developed first national program of professional liability insurance for architects and engineers.
- Putnam is acquired. Assets under management are nearly $2 billion. The previous year Putnam formed a company to handle investment management for large institutional investors.
- Henry W. Otis becomes chairman; he is succeeded in 1971 by William F. Souder, Jr.
- M&M Protection Consultants is formed.
- John M. Regan, Jr. becomes president. In 1973 he is named CEO, and in 1976, chairman.
- Equity affiliation established with Faugère & Jutheau in France.

- William M. Mercer, Incorporated is created as a separate employee benefits consulting subsidiary. Sets the stage for the exponential growth of the Company's consulting business.
- MMC acquires equity interests in Henrijean (Belgium) and
Gradmann & Holler (Germany).

- C.T. Bowring & Co. Ltd. is acquired, enabling Marsh & McLennan to become a Lloyd's broker. Paves way for wholly owned-and-operated offices in the major global marketplaces. (Pictured at signing of merger, from left, Robert J. Newhouse, Jr., then president, MMC, Gilbert A. Cooke, then managing director, C.T. Bowring, John M. Regan, Jr., then chairman, MMC and Peter Bowring, then chairman, C.T Bowring.)

- MMC consolidates its insurance program management business in Marsh & McLennan Group Associates; company is renamed Seabury & Smith, Inc. in 1990 after two former chairmen, Charles W. Seabury and Hermon D. Smith.
- Henrijean becomes a subsidiary.
- National Economic Research Associates, Inc. is acquired.
- Putnam opens offices in London and Tokyo to meet global investment needs of clients.

- MMC revenue exceeds $1 billion.
- Mercer completes merger with Meidinger, Inc. and with MPA (Holdings) Limited in the U.K. setting the stage for rapid domestic and international expansion.
- To create new capacity in the excess liability market, MMC helps form ACE Insurance Company, Ltd. and, in 1986, X.L. Insurance Company, Ltd. Robert Clements, then president of Marsh & McLennan, spearheads the formation of these companies.
- ENCON, a specialty insurance program manager in Canada, is acquired.
- Mercer-MPA merges with Duncan C. Fraser & Co. to form William M. Mercer-Fraser Limited, strengthening pension/actuarial services to U.K. employers.
- Frank J. Tasco becomes chairman. (Pictured, center, with A.J.C. Smith, then president, left, and John M. Regan, Jr., retiring chairman.)
- MMC revenue surpasses $2 billion.
- Mercer-Meidinger and A.S. Hansen merge, creating largest employee benefit and compensation consulting firm in the United States.
- Temple, Barker & Sloane is acquired, expanding consulting services to include management consulting.
- MMC develops Centre Reinsurance Holdings Limited.
- MMC purchases 56 percent interest of 1166 Avenue of the Americas in New York City, which becomes corporate headquarters.
- Strategic Planning Associates, Inc. is merged with Temple, Barker & Sloane; renamed Mercer Management Consulting in 1992.
- Gradmann & Holler acquisition is completed.
- Putnam has $43 billion under management.
- Marsh & McLennan Europe is formed after acquisition of Faugère & Jutheau. MMI creates distinct Risk Management and Insurance Brokerage practices. Global broking technology initiatives transform the way business will be placed throughout the world.
- A.J.C. Smith becomes chairman and CEO.
- Mercer Consulting Group is formed.
- Marsh & McLennan Risk Capital Corp. is formed.
- MMC helps form Mid Ocean Reinsurance.
- MMC acquires The Frizzell Group, Limited.
- MMC revenue reaches $3 billion.
- An International Advisory Board, with members from 11 nations, is formed to advise MMC on global strategy and the development of its international business.
- Marsh & McLennan Risk Capital Corp. organizes Trident Partnership with $667 million in capital.
- Marsh & McLennan and Mercer expand in Latin America.
- Putnam opens state-of-the-art investor services facility in Franklin, Mass.
- Consulting services revenue exceeds $1 billion.
- For the sixth straight year, Putnam receives DALBAR award for excellence in shareholder service; assets under management exceed $125 billion, almost triple the level in 1990.
- Marsh & McLennan Risk Capital Corp. organizes Risk Capital Reinsurance Company.
- MMC completes sale of The Frizzell Group Limited.
- Putnam Investments' assets under management soar to $173 billion at year-end 1996.

- MMC stock reaches $114 per share, an all-time high.
- Revenue surpasses $4.1 billion.
- Marsh & McLennan expands operations in Latin America, China and Eastern Europe.
- Marsh & McLennan Companies and Johnson & Higgins complete strategic business combination. The merger strengthens MMC's foundation in risk and insurance services.
- Marsh & McLennan Companies acquires CECAR, the second largest insurance broker in France; agrees to acquire Brockman y Schuh Group, Mexico's leading insurance and reinsurance broker and employee benefits consultant.
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