Exhibit 12.1

Marsh & McLennan Companies, Inc. and Subsidiaries

Ratio of Earnings to Fixed Charges

(In millions, except ratios)

	Six Months Ended June 30, 2008 (Unaudited)		Years Ended December 31,
			2007		2006		2005		2004		2003
Earnings
Income before income taxes and minority interest	$545	(a)	$	847	$	912	$	302	$	283	$	1,771
Interest expense	111			267		303		332		219		185
Portion of rents representative of the interest factor	79			170		170		149		153		141
	$735		$	1,284	$	1,385	$	783	$	655	$	2,097
Fixed Charges
Interest expense	$111		$	267	$	303	$	332	$	219	$	185
Portion of rents representative of the interest factor	79			170		170		149		153		141
	$190		$	437	$	473	$	481	$	372	$	326
Ratio of Earnings to Fixed Charges	3.9			2.9		2.9		1.6		1.8		6.4

^(a) Excludes the Kroll non-cash goodwill impairment charge of $540 million recorded in 2008.