Exhibit 12.1
Marsh & McLennan Companies, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
(In millions, except ratios)




                                                Nine
                                               Months
                                                Ended
                                             September 30,                                    Years Ended December 31,
                                                 2004          -------------------------------------------------------
                                              (Unaudited)      2003         2002         2001       2000       1999

                                                                                               

Earnings
Income before income taxes and minority
     interest*                                  $1,395       $2,335       $2,133       $1,590     $1,955     $1,255

Interest expense                                   153          185          160          196        247        233

Portion of rents representative of
     the interest factor                           122          156          132          122        120        121

Amortization of capitalized interest                 -            -            -            -          -          1
- -------------------------------------------------------------------------------------------------------------------

                                                $1,670       $2,676       $2,425       $1,908     $2,322     $1,610
- -------------------------------------------------------------------------------------------------------------------

Fixed Charges
Interest expense                                  $153       $  185       $  160       $  196     $  247     $  233

Portion of rents representative of
     the interest factor                           122          156          132          122        120        121
- -------------------------------------------------------------------------------------------------------------------
                                                 $ 275       $  341       $  292       $  318      $ 367     $  354
- -------------------------------------------------------------------------------------------------------------------
Ratio of Earnings to Fixed Charges                 6.1          7.8          8.3          6.0        6.3        4.5
- -------------------------------------------------------------------------------------------------------------------


     * Minority interest has been reclassified in 1999 to conform to the current
     year presentation.