Exhibit 12.1

Marsh & McLennan Companies, Inc. and Subsidiaries

Ratio of Earnings to Fixed Charges

(In millions, except ratios)

	Years Ended December 31,
	2008			2007		2006		2005		2004
Earnings
Income before income taxes and minority interest	$	619	(a)	$	847	$	912	$	302	$	283
Interest expense		220			267		303		332		219
Portion of rents representative of the interest factor		156			170		170		149		153
	$	995		$	1,284	$	1,385	$	783	$	655
Fixed Charges
Interest expense	$	220		$	267	$	303	$	332	$	219
Portion of rents representative of the interest factor		156			170		170		149		153
	$	376		$	437	$	473	$	481	$	372
Ratio of Earnings to Fixed Charges		2.6			2.9		2.9		1.6		1.8

(a) Excludes the non-cash goodwill impairment charge of $540 million recorded in the Risk Consulting & Technology segment in 2008.