Exhibit 99.1


News Release


             JEFFREY W. GREENBERG RESIGNS AS CHAIRMAN AND CEO OF MMC

                  MICHAEL G. CHERKASKY NAMED PRESIDENT AND CEO

              BOARD APPOINTS LEAD DIRECTOR AND SPECIAL COMMITTEE TO
                           ADDRESS REGULATORY MATTERS


NEW YORK, NEW YORK, October 25, 2004--The Board of Directors of Marsh & McLennan
Companies, Inc. (MMC) today took a series of actions designed to enable the
company to resolve its legal and regulatory issues while continuing to provide
high-quality service to its clients.

The MMC Board of Directors has accepted the resignation of chairman and chief
executive officer Jeffrey W. Greenberg.

The Board has named Michael G. Cherkasky as president and chief executive
officer of the company and elected him to the Board of Directors. Mr. Cherkasky
will also continue in his current role as chairman and chief executive officer
of the company's risk and insurance services subsidiary Marsh Inc.

The company said it plans to announce tomorrow significant reforms in the
business model of its Marsh Inc. subsidiary which will be rooted in transparency
and under which Marsh will receive compensation for its services from only one
party: its clients.

The Board of Directors said: "Jeff Greenberg has served MMC with dedication as
chairman and chief executive officer for the past four and a half years. He has
led the company through significant challenges, including the tragedy of
September 11. We thank him for his contributions and respect the fact that Jeff
has placed the interests of the company first. It is now time for the company to
move forward to resolve the issues confronting it.




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"Michael Cherkasky is a proven executive with an enormous breadth of experience.
He brings a history of innovation and together with our other senior executives
will restore the confidence of our clients, employees, and shareholders and
reassure the regulatory authorities of our commitment to operate at the highest
legal and ethical standards."

Formerly chief executive officer of Marsh Kroll, MMC's risk consulting
subsidiary, Mr. Cherkasky has a distinguished record as a manager, prosecutor,
investigator, and trial attorney. He joined Kroll in 1994, rising to the
position of president and chief executive officer in 2001. Prior to joining
Kroll, Mr. Cherkasky spent 16 years in the criminal justice system, including
serving as chief of the Investigations Division for the New York County District
Attorney's Office. Mr. Cherkasky is leading MMC's role in the investigation of
the New York State Attorney General's charges being conducted by Davis Polk &
Wardwell.

A special committee of outside directors has been formed to spearhead the
company's activities in resolving its legal and regulatory matters. Robert F.
Erburu, former chairman of The Times Mirror Company, will serve as chairman of
the committee. The other committee members are Lewis W. Bernard, formerly of
Morgan Stanley & Co., Inc.; Zachary W. Carter, a partner at the law firm of
Dorsey & Whitney LLP and a former United States Attorney for the Eastern
District of New York; and Stephen R. Hardis, former chairman of Eaton
Corporation.

Mr. Erburu has also been named lead director of the MMC Board of Directors.

Mr. Cherkasky said: "I am committed to managing the company through this
challenging period. I will be working closely with the leadership and colleagues
of MMC's operating companies and with our Board members to make sure that our
business model and processes provide the best service to our clients. MMC is a
strong company with a proud 130-year history and terrific people. I want to
assure our clients, colleagues, and shareholders that we will resolve our
problems and move forward."


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MMC is a global professional services firm with annual revenues exceeding $11
billion. It is the parent company of Marsh Inc., the world's leading risk and
insurance services firm; Putnam Investments, one of the largest investment
management companies in the United States; and Mercer Inc., a major global
provider of consulting services. More than 63,000 employees provide analysis,
advice, and transactional capabilities to clients in over 100 countries. Its
stock (ticker symbol: MMC) is listed on the New York, Chicago, Pacific, and
London stock exchanges. MMC's website address is www.mmc.com.


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