EXHIBIT 99.1



                            NOTICE OF BLACKOUT PERIOD
                       TO DIRECTORS AND EXECUTIVE OFFICERS
                       OF MARSH & MCLENNAN COMPANIES, INC.



                     Special Trading Restrictions Related to
     the MMC Stock Investment Plan Blackout Period Beginning March 24, 2005

February 28, 2005

Background
The Marsh & McLennan Companies Stock Investment Plan (the "SIP") will be subject
to a blackout period beginning on March 24, 2005, 5:00 p.m. Eastern Time, and
ending during the week of April 3, 2005 (the "Blackout Period") that will
temporarily prevent participants in the SIP from engaging in transactions in
Marsh & McLennan Companies, Inc. ("MMC") common stock in their individual
accounts. During the Blackout Period, participants in the SIP generally will be
unable to direct or diversify investments in their individual accounts, change
elections regarding future contributions, change contribution rates or obtain a
loan, distribution or withdrawal from the SIP. The Blackout Period is necessary
to make a transition to a new recordkeeper, Mercer HR Services, and trustee,
Northern Trust Corporation.

Special Trading Restrictions
This notice is provided to you pursuant to Rule 104 of Regulation BTR
promulgated under the Securities Exchange Act of 1934 and Section 306 of the
Sarbanes-Oxley Act of 2002. Pursuant to these rules, each director and executive
officer of MMC is prohibited from, directly or indirectly, purchasing, selling
or otherwise acquiring or transferring any equity or derivative security of MMC
during the Blackout Period (the "Special Trading Restrictions"). Although the
Special Trading Restrictions are subject to certain exceptions, given the
complexity of the rules and the short time period involved, you should not
engage in any transaction in MMC common stock during the Blackout Period.
Accordingly, during the Blackout Period, you may not purchase, sell or otherwise
transfer or acquire any shares of MMC common stock or exercise any stock options
(cashless or otherwise). It is important to note that, although the Blackout
Period arises in connection with the SIP, the Special Trading Restrictions bar
directors and executive officers from trading any shares of MMC common stock
whether or not they were acquired through the SIP.

The Special Trading Restrictions are in addition to the restriction on trading
activity under MMC's insider trading policy. You should continue to direct
questions about, and requests for pre-clearance of, your transactions in MMC
common stock to Bart Schwartz, Deputy General Counsel, at (212) 345-5522.

Questions?
If you have any questions concerning the Blackout Period, including whether the
Blackout Period has ended, you should contact Leon J. Lichter, Vice President,
Benefits & Compensation





Counsel, Marsh & McLennan Companies, Inc., 1166 Avenue of the Americas, New
York, New York 10036, telephone (212) 345-9729. You will receive notice if the
Blackout Period changes for any reason.





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