Exhibit 21
SUBSIDIARIES OF
MARSH & MCLENNAN COMPANIES, INC. (DELAWARE)
Where Percent Owned
Name Incorporated by Parent
---- ------------ ---------
Marsh & McLennan Real Estate Advisors, Inc. Delaware 100%
MMC Realty, Inc. New York 100%
Omega Indemnity (Bermuda) Limited Bermuda 100%
Omega II Indemnity Company Limited Ireland 100%
Epsilon Insurance Company, Ltd. Cayman Islands 100%
Marclen Holdings Inc. Delaware 100%
Marclen LLC Delaware 100%
Palamerican Corporation Delaware 100%
Paladin Reinsurance Corporation New York 20%
Syndicate and Corporate Management Services, Inc. Delaware 100%
Americas Insurance Company Louisiana 100%
America Surplus Lines Insurance Company Mississippi 100%
MMC Enterprise Risk, Inc. Delaware 100%
Marsh Inc. Delaware 100%
Marsh USA Inc. Delaware 100%
Marsh USA Inc. Alabama 100%
Marsh USA Inc. Alaska 100%
Marsh USA Inc. Arkansas 100%
Marsh USA Inc. Connecticut 100%
Marsh & McLennan Financial Markets, Inc. Delaware 100%
Marsh & McLennan GbR Holdings, Inc. Delaware 100%
Marsh & McLennan Pallas Holdings, Inc. Delaware 100%
Marsh & McLennan Pallas Holdings GmbH Germany 100%
Gradmann & Holler GbR Germany 98%
Pallas Gradmann & Holler do Brasil Corretores de Seguros Ltda. Brazil 100%
Assivalo Comercial E Representacoes Ltda. Brazil 30%
Triad Services, Inc. Delaware 100%
Marsh & McLennan Agency, Incorporated District of Columbia 100%
Marsh USA Inc. Idaho 100%
Marsh USA Inc. Illinois 100%
Marsh USA Inc. Indiana 100%
Marsh USA Inc. Kentucky 100%
Marsh USA Inc. Louisiana 100%
Marsh USA Risk Services Inc. Maine 100%
Marsh USA Inc. Massachusetts 100%
Marsh USA Inc. Michigan 100%
Marsh USA Inc. Mississippi 100%
Marsh USA Inc. Nevada 100%
Marsh USA Inc. Ohio 100%
Marsh USA Inc. Oklahoma 100%
Marsh USA Inc. Pennsylvania 100%
Marsh USA Inc. Puerto Rico 100%
Marsh USA Inc. Rhode Island 100%
Marsh USA Inc. Texas
Marsh USA Agency Inc. Texas 100%
Marsh USA Benefits Inc. Texas
Marsh USA Inc. Utah 100%
Marsh USA Inc. Virginia 100%
Marsh USA Inc. West Virginia 100%
Marsh Ltd. Wisconsin 100%
MARSH INC. (CONT.)
MARSH USA INC. (CONT.)
Marsh Global Broking, Inc. Illinois 100%
Marsh Global Broking (Bermuda) Ltd. Bermuda 100%
J&H Bowring (Bermuda) Investments Ltd. Bermuda 100%
Marsh Global Broking, Inc. Connecticut 100%
Marsh Global Broking, Inc. Missouri 100%
Marsh Global Broking, Inc. New Jersey 100%
Marsh Intermediaries, Inc. New York 100%
Marsh Global Broking, Inc. Texas 100%
Marsh Global Broking (Dublin) Ltd. Ireland 100%
JHM Holdings, Inc. New York 100%
Marsh & McLennan Properties, Inc. Delaware 100%
Marsh & McLennan Properties (Bermuda) Ltd. Bermuda 100%
Marsh & McLennan Holdings, Inc. Delaware 100%
Marsh Ltd. Korea 100%
Marsh & McLennan (Malaysia) SDN BHD Malaysia 100%
Marsh International Holdings, Inc. Delaware 70%
Marsh International Broking Holdings United Kingdom 100%
Insurance Brokers of Nigeria Nigeria 40%
Marsh Argentina SA Argentina 86%
Ayba SA Argentina 100%
Ayling Marsh SA Argentina 60%
Interco SA Argentina 100%
Mees & Zoonen Argentina SA Argentina 100%
Marsh Risk Consulting SA Argentina 100%
Constantinidi Marsh SA Uruguay 80%
A. Constantinidi & Cia S.C. Uruguay 100%
Insbrokers Ltda. Uruguay 100%
Marsh Pty. Ltd. Australia 100%
Marsh & McLennan Global Broking Pty. Ltd. Australia 100%
Marsh & McLennan (PNG) Pty. Ltd. Papua New Guinea 100%
Kila Marsh & McLennan Limited Papua New Guinea 52%
Fenchurch Insurance Brokers Pty. Limited Australia 100%
Marsh & McLennan (SA) Pty. Ltd. Australia 100%
Marsh & McLennan (WA) Pty. Ltd. Australia 100%
Marsh & McLennan (WA Division) Pty. Ltd. Australia 100%
Marsh & McLennan Agencies Pty. Ltd. Australia 100%
Marsh Asia Pacific Management Pty. Ltd. Australia 100%
Marsh Corretora de Seguros Ltda. Brazil 100%
Johnson & Higgins Mediservice - Administradora De Planos De Saude LtdaBrazil 100%
Llenrup Participacoes S/C Ltda. Brazil 100%
J&H Marsh & McLennan Management (Barbados) Ltd. Barbados 100%
Marsh Canada Limited Canada 100%
Charbonneau, Dulude & Associes (1985) Limitee/Charbonneau,
Dulude & Associates (1985) Limited Canada 100%
M&M Insurance Management Canada Ltd. British Columbia 100%
Marshcan Insurance Brokers Limited Canada 100%
Irish & Maulson Limited Ontario 100%
Pratte-Morrissette, Inc. Quebec 100%
Marsh Claims Management Services (Canada) Limited Canada 100%
Albert Willcox & Co. of Canada Ltd. Canada 100%
Guy Bergeron & Associes Inc. Quebec 100%
Dupuis, Parizeau, Tremblay Inc. Quebec 100%
Lamarre Caty House Ltee. Quebec 100%
- 2 -
MARSH INC. (CONT.)
MARSH USA INC. (CONT.)
MARSH INTERNATIONAL HOLDINGS, INC. (CONT.)
J&H Marsh & McLennan Ltd. Hong Kong 100%
Marsh SpA Italy 100%
Marsh Japan Inc. Japan 100%
Marsh Korea Inc. Korea 100%
Organizacion Brockman y Schuh, S.A. de C.V. Mexico 99%
William M. Mercer S.A. de C.V. Mexico 82%
Servicios Actuariales Guatemala, S.A. Guatemala 50%
Marsh & McLennan Servicios, S.A. de C.V. Mexico 99%
Consultores en Garantias, S.A. de C.V. Mexico 99%
Professional Indemnity Re, Ltd. Bermuda 100%
Border Insurance Services, Inc. California 100%
Travelgold Mexico, S.A. de C.V. Mexico 50%
Grupo Medicos, S.A. de C.V. Mexico 25%
Brockman y Schuh Marsh & McLennan Agente de Seguros y
de Fianzas, S.A. de C.V. Mexico 99%
Inverbys, S.A. de C.V. Mexico 99%
ByS Servicios Especiales, Agente de Seguros, S.A. de C.V. Mexico 44%
Guy Carpenter Reinmex, Intermediario de Reaseguros, S.A. de C.V. Mexico 51%
Reinmex de Colombia Corredores de Reaseguros, Ltda. Mexico 87.5%
Reinmex Florida, Inc. Florida 100%
Administradora de Inmuebles Fin, S.A. de C.V. Mexico 99%
Corredores Internacionales de Reaseguros S.A. Mexico 60%
Marsh Holdings BV Netherlands 100%
Marsh Eurofinance BV Netherlands 100%
Marsh BV Netherlands 100%
Marsh Mees & Zoonen Holdings BV Netherlands 100%
Marsh Mees & Zoonen BV Netherlands 100%
Marsh & McLennan Slovakia s.r.o. Slovakia 100%
Marsh & McLennan Correduria de Reaseguros S.A. Spain 100%
Marsh AG Switzerland 100%
MMc France SA France 100%
Mercer SA France 100%
William M. Mercer S.A. France 100%
Marsh S.A. France 100%
Guy Carpenter & Company S.A. France 100%
Guy Carpenter & Company Spain 81%
Societe Bargheon France 100%
Guy Carpenter Facultatives S.A. France 100%
Marsh Conseil S.A. France 100%
Marsh Courtage S.A. France 100%
Boissarie Martin S.A. France 100%
Marsh Services S.A. France 100%
Consultants en Assurance Prevoyance Assistance (CAPA) SARL France 100%
Ratio SARL France 100%
Europe Transport Service (ETS) SARL France 100%
GIE Elysee Prevoyance Gestion France 100%
Energie Courtage S.A. France 54.92%
- 3 -
MARSH INC. (CONT.)
MARSH USA INC. (CONT.)
MARSH INTERNATIONAL HOLDINGS, INC. (CONT.)
MMC FRANCE SA (CONT.)
MARSH SA (CONT.)
Societe d'Assurances et de Participations Guian (SAPG) S.A France 24%
Cecar Brazil Brazil 71.50%
Marsh-Assureurs Conseils Tchadiens SARL Chad 83%
Cecar Deutschland Deutschland 100%
Cecar Austria Austria 100%
Assurconseils Cecar & Jutheau Senegal 35%
SAFCAR Cecar & Jutheau Mali 35%
Marsh Tunisia Tunisia 49%
Societe Internationale de Courtage d'Assurances
et de Reassurances Cecar & Jutheau Burkina Fasso 30%
Marsh International Holdings II Inc. Delaware 100%
Mearbridge LLC Delaware 70%
Marsh & McLennan Companies UK Limited United Kingdom 100%
William M. Mercer Limited United Kingdom 100%
William M. Mercer Fraser (Irish Pensioneer Trustees) Limited Ireland 100%
William M. Mercer Srl Italy 100%
Duncan C. Fraser & Co. United Kingdom 100%
William M. Mercer Fraser Computer Services Limited United Kingdom 100%
Mercer Management Consulting, Limited United Kingdom 100%
MF Trustees Limited United Kingdom 100%
William M. Mercer Fraser Pension Fund Trustees Limited United Kingdom 100%
William M. Mercer (Isle of Man) Limited Isle of Man 100%
Pensioneer Trustees (Leeds) Limited England 100%
William M. Mercer Lda. Portugal 100%
William M. Mercer Fraser Limited United Kingdom 100%
MPA (International) Limited United Kingdom 100%
Pension Trustees Limited United Kingdom 100%
Pensioneer Trustees Limited United Kingdom 100%
Pensioneer Trustees (London) Limited United Kingdom 100%
Southampton Place Trustee Co. Ltd. United Kingdom 100%
William M. Mercer Kft. Hungary 100%
William M. Mercer (Properties) Ltd. United Kingdom 100%
Marsh Mercer Investment Trustee Ltd United Kingdom 100%
Marsh International Ltd United Kingdom 100%
Sedgwick Group Plc United Kingdom 100%
Crown Court Trust Limited United Kingdom 100%
Sedgwick Lamda Limited United Kingdom 100%
Sedgwick Europe Risk Services Limited United Kingdom 100%
Americas Insurance Services Limited United Kingdom 100%
Sedgwick Theta Limited United Kingdom 100%
Sedgwick Group Nominees Limited United Kingdom 100%
Sedgwick Group Development Limited United Kingdom 100%
Blackwood, Scott & Company Limited United Kingdom 100%
Bland Welch & Company Limited United Kingdom 100%
Sedgwick Lark Limited United Kingdom 100%
Ross Collins Holdings Limited United Kingdom 100%
Hobson, Allfrey & Wheeler Limited United Kingdom 100%
JWP Overseas Holdings Limited United Kingdom 100%
Sedgwick Consulting Group Limited United Kingdom 100%
Sedgwick Overseas Limited United Kingdom 100%
Sedgwick Noble Lowndes (Europe) Limited United Kingdom 100%
Sedgwick Financial Services (Deutschland) GmbH Germany 25%
- 4 -
MARSH INC. (CONT.)
MARSH USA INC. (CONT.)
MARSH INTERNATIONAL HOLDINGS, INC. (CONT.)
MARSH INTERNATIONAL HOLDINGS, INC. (CONT.)
MEARBRIDE LLC (CONT.)
MARSH & MCLENNAN COMPANIES UK LTD. (CONT.)
MARSH INTERNATIONAL LTD. (CONT.)
SEDGWICK GROUP PLC (CONT.)
CROWN COURT TRUST LIMITED (CONT.)
Sedgwick Investment Services Limited United Kingdom 100%
Sedgwick Wiggmoore Communications Limited United Kingdom 100%
The International Employer Limited United Kingdom 100%
TIE Systems Limited United Kingdom 100%
Chancery Eastcheap Limited United Kingdom 100%
Employee Advantage Limited United Kingdom 100%
Sedgwick Outsourcing Services Limited United Kingdom 100%
Sedgwick Noble Lowndes Actuarial
Services Limited United Kingdom 100%
Advantage Independent Limited United Kingdom 100%
Advantage Insurance Services UK Limited United Kingdom 100%
Flexifund Limited United Kingdom 100%
Noble Lowndes Pensions Limited United Kingdom 100%
Noble Lowndes Personal Financial
Services Limited United Kingdom 100%
Marsh Treasury Services Limited United Kingdom 100%
Sedgwick Management Services (London) Limited United Kingdom 100%
Sedgwick Management Services (Guernsey) Ltd Guernsey 100%
Sedgwick Management Services (Singapore) 100%
Pte Limited Singapore 100%
Sedgwick Omega Limited United Kingdom 100%
Sedgwick Epsilon Limited United Kingdom 100%
Sedgwick Eta Limited United Kingdom 100%
Lloyd George Insurance Services Limited United Kingdom 95%
Sedgwick Delta Limited United Kingdom 100%
Sedgwick Far East Limited United Kingdom 100%
Sedgwick Kazakhstan Limited United Kingdom 100%
Marsh Ukraine Limited United Kingdom 100%
Sedgwick Japan Limited United Kingdom 100%
B.K. Thomas & Partners Limited United Kingdom 100%
B.K. Thomas & Partners (General) Limited United Kingdom 100%
Sedgwick Turkey Limited United Kingdom 100%
Sedgwick OS Limited United Kingdom 100%
Sedgwick Corporate Services Limited United Kingdom 100%
Marsh Properties & Services Limited United Kingdom 100%
Avongrove Limited United Kingdom 99.6%
Sedgwick Centre Limited United Kingdom 100%
Matchgrange Holdings Limited United Kingdom 100%
Matchgrange Limited United Kingdom 100%
Sedgwick Alpha Limited United Kingdom 100%
- 5 -
MARSH INC. (CONT.)
MARSH USA INC. (CONT.)
MARSH INTERNATIONAL HOLDINGS, INC. (CONT.)
MARSH INTERNATIONAL HOLDINGS, INC. (CONT.)
MEARBRIDE LLC (CONT.)
MARSH & MCLENNAN COMPANIES UK LTD. (CONT.)
MARSH INTERNATIONAL LTD. (CONT.)
SEDGWICK GROUP PLC (CONT.)
Sedgwick Noble Lowndes Group Limited United Kingdom 100%
Sedgwick Noble Lowndes (UK) Limited United Kingdom 100%
Sedgwick Financial Services Limited United Kingdom 100%
SIMS Nominees Limtied United Kingdom 100%
Sedgwick Trustees Limited United Kingdom 100%
Sedgwick Affinity Group Services Limited United Kingdom 100%
Sedgwick Noble Lowndes Limited United Kingdom 100%
English Pension Trustees Limited United Kingdom 100%
Sedgwick Noble Lowndes Trust
Corporation Limited United Kingdom 100%
Sedgwick Northern Ireland Limited United Kingdom 100%
Noble Lowndes Settlement Trustees Ltd United Kingdom 100%
Sedgwick Ulster Pension Trustees Ltd Northern Ireland 100%
Lowndes (N.I.) Limited Northern Ireland 100%
Scotttish Pension Trustees Limited United Kingdom 100%
Settlement Trustees Limited United Kingdom 100%
Combined Actuarial Performance
Services Limited United Kingdom 25%
Seabury & Smith Group Limited United Kingdom 100%
Price Forbes Limited United Kingdom 100%
Medisure, Seabury & Smith Limited United Kingdom 100%
Medisure Corporate Services Limited United Kingdom 100%
Medisure Marketing and Management
Limited United Kingdom 100%
Medisure Affinity Services Limited United Kingdom 100%
Allied Medical Assurance Services Ltd United Kingdom 100%
Healthcare Agencies Limited United Kingdom 100%
Sedgwick Group Pension Scheme Trustee Limited United Kingdom 100%
Sedgwick Global Reinsurance Services Limited United Kingdom 100%
Incorporated Names Advisers Limited United Kingdom 100%
E.W. Payne (UK) Limited United Kingdom 100%
Marsh & McLennan Securities Group Limited United Kingdom 100%
Marsh & McLennan Securities Limited United Kingdom 100%
Euings (London) Limited United Kingdom 100%
Sedgwick Reinsurance Brokers Limited United Kingdom 100%
Aldgate US Investments United Kingdom 100%
Digitsuper Limited United Kingdom 100%
Cruiselook Limited United Kingdom 100%
Overseas Reinsurance Corporation Limited Bermuda 100%
Sedgwick Overseas Investments Limited United Kingdom 100%
Sedgwick Overseas Group Limited United Kingdom 100%
Sedgwick Asia Pacific Limited Australia 100%
Sedgwick Internationaal BV Netherlands 100%
Sedgwick Management Services (Antigua)
Limited Antigua 100%
Sedgwick Group (Australia) Pty Limited Australia 100%
- 6 -
MARSH INC. (CONT.)
MARSH USA INC. (CONT.)
MARSH INTERNATIONAL HOLDINGS INC. (CONT.)
MARSH INTERNATIONAL HOLDINGS II INC. (CONT.)
MEARBRIDGE LLC (CONT.)
MARSH & MCLENNAN COMPANIES UK LTD. (CONT.)
MARSH INTERNATIONAL LTD. (CONT.)
SEDGWICK GROUP PLC (CONT.)
SEDGWICK OVERSEAS INVESTMENTS LIMITED (CONT.)
SEDGWICK INTERNATIONAAL BV (CONT.)
Sedgwick (Holdings) Pty Limited Australia 100%
Bland Payne (South Aust.) Pty Limited Australia 100%
Sedgwick Limited Australia 100%
Sedgwick Insurance Agencies
Pty Limited Australia 100%
Sedgwick Re Asia Pacific Limited Australia 100%
Sedgwick Corporate and Employee
Benefits Limited Australia 100%
Price Forbes Australia Limited Australia 100%
Technical Insurance Management
Services Pty Limited Australia 100%
Sedgwick Superannuation Pty Limited Australia 100%
Sedgwick Noble Lowndes Asia Pacific
Limited Australia 100%
Mercer Australia Limited Australia 100%
Sedgwick Noble Lowndes
Actuarial Limited Australia 100%
William M. Mercer (Aust) Ltd Australia 100%
Noble Lowndes (PNG)
Limited Papua New Guinea 100%
William M. Mercer Cullen
Egan Dell Limited Australia 100%
William M. Mercer
Tax Agents Pty
Limited Australia 100%
Sedgwick Noble Lowndes
Financial Planning Ltd. Australia 100%
Sedgwick Noble Lowndes
Trusteeship Services Ltd. Australia 100%
Sedgwick Versicherungsmakler GmbH Austria 100%
MVM Versicherungsberatungs GmbH Austria 100%
Sedgwick Group Canada 1997 Inc. Canada 100%
Sedgwick (Deutschland) GmbH Germany 100%
Sedgwick Noble Lowndes GmbH Germany 100%
Sedgwick Financial Services
(Deutschland) GmbH Germany 75%
Neuburger Noble Lowndes GmbH Germany 50%
Sedgwick Verwaltungs-GmbH Germany 100%
Sedgwick Consulting GmbH Germany 100%
Sedgwick International Broking
Services GmbH Germany 100%
Sedgwick GmbH & Co Germany 100%
Buir-Bliesheimer Versicherungsservice
GmbH Germany 49%
MVM Versicherungsmakler AG Switzerland 49%
- 7 -
MARSH INC. (CONT.)
MARSH USA INC. (CONT.)
MARSH INTERNATIONAL HOLDINGS INC. (CONT.)
MARSH INTERNATIONAL HOLDINGS II INC. (CONT.)
MEARBRIDGE LLC (CONT.)
MARSH & MCLENNAN COMPANIES UK LTD. (CONT.)
MARSH INTERNATIONAL LTD. (CONT.)
SEDGWICK GROUP PLC (CONT.)
SEDGWICK OVERSEAS INVESTMENTS LIMITED (CONT.)
SEDGWICK INTERNATIONAAL BV (CONT.)
Sedgwick (Continental) SA Switzerland 100%
Sedgwick (Isle of Man) Limited Isle of Man 100%
Sedgwick Corporate Services Limited Isle of Man 100%
Friedrich Limited Isle of Man 100%
Heinrich Limited Isle of Man 100%
Sedgwick New Company Limited Isle of Man 100%
Sedgwick Management Services
(Isle of Man) Limited Isle of Man 100%
Sedgwick Management Services
(Jersey) Limted Jersey 100%
Thilly Reinsurance Services SA Belgium 100%
Sedgwick Europe Benefit Consultants BV Netherlands 100%
Shariffuddin-Sedgwick (B) Sendiran Berhad Brunei 45%
Sedgwick Holdings (Netherlands) BV Netherlands 100%
Sedgwick Management Services
(Curacao) N.V. N. Antilles 100%
Sedgwick Nederland BV Netherlands 100%
P.T. Sedgwick Dharmala Indonesia 55%
Verenigde Reassurantie
Makelaars BV Netherlands 100%
Sedgwick BV Netherlands 100%
Singel Reinsurance
Underwriting BV Netherlands 100%
NV Algemene Verzekering
Maatschappij "De Zee" Netherlands 100%
Pontier & Karreman BV Netherlands 100%
Sedgwick European Risk
Services BV Netherlands 100%
Sedgwick Financial Services BV Netherlands 100%
Sedgwick Noble Lowndes B.V Netherlands 100%
Sedgwick Noble Lowndes Insurance
Division BV Netherlands 100%
Sedgwick Financial Services
Consulting Division BV Netherlands 100%
Sedgwick Group (Netherlands) BV Netherlands 100%
Cullen Egan Dell (NZ) Limited New Zealand 100%
Sedgwick Bergvall Holdings AS Norway 100%
Marsh Marine & Energy AS Norway 100%
Marsh Norway AS Norway 100%
Dextra AS Norway 100%
Marsh Marine & Energy AB Norway 100%
Sedgwick Bergvall Inc. USA 100%
Sedgwick (PNG) Pty Limited Papua New Guinea 100%
Sedgwick Kassman Pty Limited Papua New Guinea 100%
- 8 -
MARSH INC. (CONT.)
MARSH USA INC. (CONT.)
MARSH INTERNATIONAL HOLDINGS INC. (CONT.)
MARSH INTERNATIONAL HOLDINGS II INC. (CONT.)
MEARBRIDGE LLC (CONT.)
MARSH & MCLENNAN COMPANIES UK LTD. (CONT.)
MARSH INTERNATIONAL LTD. (CONT.)
SEDGWICK GROUP PLC (CONT.)
SEDGWICK OVERSEAS INVESTMENTS LIMITED (CONT.)
SEDGWICK INTERNATIONAAL BV (CONT.)
Sedgwick Africa Holdings (Pty) Limited South Africa 100%
Professional Risk Services (Pty) Limited South Africa 100%
RAS Administration Services (Pty) Ltd South Africa 50%
Professional Risk Consultants (Pty) Ltd South Africa 100%
Sedgwick Holdings (Namibia) (Pty) Limited Namibia 100%
Sedgwick Sweden AB Sweden 100%
Sedgwick Risk Services AB Sweden 100%
Sedgwick Dineen Group Limited Ireland 100%
Sedgwick Dineen Ireland Limited Ireland 100%
Sedgwick Dineen Trustees Limited Ireland 100%
Sedgwick Dineen Consulting
Group Limited Ireland 100%
Sedgwick Dineen Employee
Benefits Limited Ireland 100%
Sedgwick Dineen Personal Financial
Management Limited Ireland 100%
M.B. Fitzpatrick Limited Ireland 100%
Irish Pensions Trust Limited Ireland 100%
Payment Protection Services Ltd Ireland 100%
IPT Actuarial Services Limited Ireland 100%
Sedgwick Noble Lowndes Limited Ireland 100%
Irish Pension Trustees Limited Ireland 100%
Combined Performance Measurement
Services Limited Ireland 50%
Sedgwick Dineen Limited Ireland 100%
Sedgwick Zeta Limited United Kingdom 100%
Sedgwick Claims Management
Services Limited Ireland 100%
Sedgwick Risk Consulting Ltd Ireland 100%
Legal & Commercial Insurances
Limited Ireland 100%
Gaelarachas Teoranta Ireland 50%
Sedgwick Management Services
(Ireland) Limited Ireland 100%
All Asia Sedgwick Insurance Brokers
Corporation Philippines 51%
Sedgwick Insurance and Risk Management
Consultants (China) Limited China 100%
Sedgwick Polska sp. z o.o Poland 100%
Sedgwick a.s Czech Republic 100%
Sedgwick Slovakia a.s Slovakia 80%
Sedgwick Holding A/S Denmark 100%
Sedgwick Oy Finland 100%
- 9 -
MARSH INC. (CONT.)
MARSH USA INC. (CONT.)
MARSH INTERNATIONAL HOLDINGS INC. (CONT.)
MARSH INTERNATIONAL HOLDINGS II INC. (CONT.)
MEARBRIDGE LLC (CONT.)
MARSH & MCLENNAN COMPANIES UK LTD. (CONT.)
MARSH INTERNATIONAL LTD. (CONT.)
SEDGWICK GROUP PLC (CONT.)
SEDGWICK OVERSEAS INVESTMENTS LIMITED (CONT.)
SEDGWICK INTERNATIONAAL BV (CONT.)
Sedgwick Holding France SA France 100%
Sedgwick SA France 99.96%
Societe Francaise de Courtage
d'Assurance de Risques Petroliers
et d'Energie SA France 100%
Cofast SA France 100%
PRIESTIM SCI France 100%
Medisur SA France 100%
Sedgwick Noble Lowndes
Conseil SA France 100%
Cabinet Billet et Cie SA France 100%
ARC Sud-Ouest SA France 64.50%
Sedgwick Noble Lowndes Data
Consulting Limited Hungary 100%
Lynch Insurance Brokers Limited Barbados 30%
Sedgwick Management Services (Barbados) Ltd Barbados 33.33%
Media Reinsurance Corporation Barbados 25%
James Wigham Poland International Limited United Kingdom 100%
Wigham Poland Australia Pty Limited Australia 100%
Wigham Poland (Hellas) Limited Greece 100%
Wigham Poland Reinsurance Brokers
Hellas Limited Greece 100%
Sepakat James Insurance Brokers
Sdn Bhd Malaysia 30%
Sedgwick Gamma Limited United Kingdom 100%
Sedgwick Group (Bermuda) Limited Bermuda 100%
Sedgwick (Bermuda) Limited Bermuda 100%
Sedgwick Noble Lowndes Limited Hong Kong 100%
Cumberland Brokerage Limited Bermuda 100%
Monalsa Assessoria Economico
Financiera Ltda. Brazil 100%
SCIB (Bermuda) Limited Bermuda 100%
Sedgwick Limited Hong Kong 100%
Sedgwick Hung Kai Insurance & Risk
Management Consultants Limited Hong Kong 50%
Sedgwick Construction Asia Limited Hong Kong 100%
Antah Sedgwick Insurance Brokers Sdn Bhd Malaysia 30%
Sedgwick Private Limited Singapore 100%
Sedgwick Re Asia Pacific (Consultants)
Pte Limited Singapore 100%
- 10 -
MARSH INC. (CONT.)
MARSH USA INC. (CONT.)
MARSH INTERNATIONAL HOLDINGS INC. (CONT.)
MARSH INTERNATIONAL HOLDINGS II INC. (CONT.)
MEARBRIDGE LLC (CONT.)
MARSH & MCLENNAN COMPANIES UK LTD. (CONT.)
MARSH INTERNATIONAL LTD. (CONT.)
SEDGWICK GROUP PLC (CONT.)
SEDGWICK OVERSEAS INVESTMENTS LIMITED (CONT.)
Aldgate Investments Limited Bermuda 100%
Yarmouth Insurance Limited Bermuda 100%
Sedgwick Management Services
(Bermuda) Limited Bermuda 100%
Sedgwick Management Services
(Cayman) Limited Cayman Isles 100%
ACE Holding Inc. British Virgin Isles 32.63%
Reinsurance and Insurance Management
Services Limited Bermuda 100%
Sedgwick Forbes Middle East Ltd Bermuda 100%
Sedgwick Forbes Middle East Ltd Jersey 100%
Sedgwick Bahrain WLL Bahrain 49%
International Insurance Brokers Inc. Liberia 100%
ACE (Hellas) LLC Greece 100%
ACE (Liberia) Inc. Liberia 100%
Insurance Brokering
Services (USA) USA 100%
ACE Europe (Insurance
Brokers) Ltd Jersey 100%
Arab Commercial
Enterprises SAL Lebanon 98.67%
Marsh (Pty) Limited Botswana 95%
Penguin Investments (Pty) Limited Botswana 100%
Sedgwick Brimex (Guernsey) Limited Guernsey 100%
Sedgwick Brimex Romania SRL Romania 51.03%
Sedgwick Kenya Insurance Brokers Limited Kenya 40%
SEDFEMA Insurance Brokers Inc. Philippines 100%
Sedgwick Korea Limited South Korea 100%
Sedgwick Venezuela Corredores de
Reaseguros, CA Venezuela 100%
Sedgwick Group (Zimbabwe) Limited Zimbabwe 100%
Sedgwick Holdings (Private) Limited Zimbabwe 50%
Sedgwick Insurance Brokers
(Private) Ltd Zimbabwe 100%
Sedgwick Management Services
(Private) Limited Zimbabwe 100%
Sedgwick Risk Management and
Consultancy (Private) Limited Zimbabwe 100%
- 11 -
MARSH INC. (CONT.)
MARSH USA INC. (CONT.)
MARSH INTERNATIONAL HOLDINGS INC. (CONT.)
MARSH INTERNATIONAL HOLDINGS II INC. (CONT.)
MEARBRIDGE LLC (CONT.)
MARSH & MCLENNAN COMPANIES UK LTD. (CONT.)
Marsh UK Group Ltd United Kingdom 100%
Marsh, SA Mediadores de Seguros (Spain) Spain 28.8%
Marsh Ltd United Kingdom 100%
Aviation Risk Management Services Ltd United Kingdom 100%
Bowring Aviation Advisory Services Ltd United Kingdom 100%
Bowring Marine Ltd United Kingdom 100%
Bowring Reinsurance Brokers Ltd United Kingdom 100%
Marsh UK Ltd United Kingdom 100%
Carpenter Bowring (UK) Ltd United Kingdom 100%
Fuji International Insurance Company Ltd United Kingdom 0.4%
Intermediary Systems Ltd United Kingdom 100%
White Kennett Ltd United Kingdom 100%
Winchester Bowring Ltd United Kingdom 100%
CBH Ltd United Kingdom 100%
C.T. Bowring & Co. (Insurance) Ltd United Kingdom 100%
Marsh & McLennan FINPRO Ltd United Kingdom 100%
Guy Carpenter & Company Ltd United Kingdom 100%
Guy Carpenter & Company Ltd, Eire United Kingdom 100%
Marsh Insurance Brokers Ltd United Kingdom 100%
Marsh Marine & Energy Ltd United Kingdom 100%
Marsh Space Projects Ltd United Kingdom 100%
Stevton (No.140) Ltd United Kingdom 100%
Microsafe Ltd United Kingdom 100%
Geological Information Systems Ltd United Kingdom 100%
Marsh Link Ltd United Kingdom 100%
Unison Insurance Services Ltd United Kingdom 100%
Willcox J&H Reinsurance Brokers Ltd United Kingdom 100%
Sedgwick Ltd United Kingdom 100%
Sedgwick International Broking Services Ltd United Kingdom 100%
Sedgwick Global Ltd United Kingdom 100%
Sedgwick Computer & Network Service
Company Ltd United Kingdom 100%
Sedgwick Credit Ltd United Kingdom 100%
Sedgwick Europe Risk Solutions Ltd United Kingdom 100%
Sedgwick Energy Ltd United Kingdom 100%
Aldgate Insurance Brokers (Marine) Ltd United Kingdom 100%
Sedgwick Bankrisk Ltd United Kingdom 100%
Sedgwick Aviation Ltd United Kingdom 100%
Sedgwick Energy & Marine Ltd United Kingdom 100%
Sedgwick Special Risks Ltd United Kingdom 100%
Reclaim Ltd United Kingdom 100%
SG Services Ltd United Kingdom 100%
Sedgwick Northern Ireland Risk Services Ltd United Kingdom 100%
Sedgwick Agency Services Ltd United Kingdom 100%
- 12 -
MARSH INC. (CONT.)
MARSH USA INC. (CONT.)
MARSH INTERNATIONAL HOLDINGS INC. (CONT.)
MARSH INTERNATIONAL HOLDINGS II INC. (CONT.)
MEARBRIDGE LLC (CONT.)
MARSH & MCLENNAN COMPANIES UK LTD. (CONT.)
MARSH UK GROUP LTD. (CONT.)
MARSH LTD. (CONT.)
SEDGWICK LTD. (CONT.)
Wigham Poland Ltd United Kingdom 100%
Wigham Poland Aviation Ltd United Kingdom 100%
Wigham Poland Professional Indemnity Ltd United Kingdom 100%
Wigham Poland Reinsurance Brokers Ltd United Kingdom 100%
Wigham Poland Scotland Ltd United Kingdom 100%
Wigham Poland Marine Ltd United Kingdom 100%
Anthony Lumsden & Company Ltd United Kingdom 100%
Anthony Lumsden Group Ltd United Kingdom 100%
Anthony Lumsden & Co (Pte) Ltd Singapore 100%
Sedgwick Reinsurance Services Ltd United Kingdom 100%
Sedgwick Credit Europe Ltd United Kingdom 100%
Marine Risk Management Services Ltd United Kingdom 100%
Sedgwick UK Risk Services Ltd United Kingdom 100%
Roger Lark & Sedgwick (Partnership) United Kingdom 30%
R L & S Ltd United Kingdom 100%
Lark Financial Services Ltd United Kingdom 14%
Racal Insurance Services Ltd United Kingdom 50%
Richard Sparrow Holdings Ltd United Kingdom 100%
Richard Sparrow and Company Ltd United Kingdom 100%
Richard Sparrow and Company (International
Non Marine) Ltd United Kingdom 100%
E W Payne & Co (Marine) Ltd United Kingdom 100%
ReSolutions International Ltd United Kingdom 100%
Marsh Health Ltd United Kingdom 100%
Sedgwick Noble Lowndes Occupational Health
(Midlands) Ltd United Kingdom 100%
Affinity Groups Advantage Ltd United Kingdom 100%
Sedgwick Affinity Groups Advantage Ltd United Kingdom 100%
Marsh & McLennan Securities Structured
Risk Services Ltd United Kingdom 100%
The Financial & Insurance Advice Centre Ltd United Kingdom 100%
J&H Marsh & McLennan (UK) Ltd United Kingdom 100%
Marsh Europe Ltd United Kingdom 100%
Bowring Risk Management Ltd United Kingdom 100%
Corporate Pensions & Financial Services Ltd United Kingdom 100%
C.T. Bowring Ltd United Kingdom 100%
Insurance Management Services Ltd United Kingdom 100%
Marsh Ireland Holdings Ltd Ireland 100%
Marsh Ireland Ltd Ireland 100%
BRW Insurance & Financial
Services Ltd Ireland 100%
BRW Insurance Brokers Ltd Ireland 100%
BRW Pension & Financial
Consultants Ltd Ireland 100%
C.T. Bowring Ireland Ltd Ireland 100%
Mathews, Mulcahy & Sutherland Ltd Ireland 100%
Johnson & Higgins Ireland Ltd Ireland 100%
RIC Management Services Ltd. Ireland 100%
- 13 -
MARSH INC. (CONT.)
MARSH USA INC. (CONT.)
MARSH INTERNATIONAL HOLDINGS INC. (CONT.)
MARSH INTERNATIONAL HOLDINGS II INC. (CONT.)
MEARBRIDGE LLC (CONT.)
MARSH & MCLENNAN COMPANIES UK LTD. (CONT.)
MARSH UK GROUP LTD. (CONT.)
MARSH LTD. (CONT.)
J&H MARSH & MCLENNAN (UK) LTD. (CONT.)
MARSH IRELAND HOLDINGS LTD. (CONT.)
Marsh Financial Services Ltd. Ireland 100%
Marsh Ltd (New Zealand) New Zealand 100%
J&H Marsh & McLennan Ltd Fiji 100%
Reinsurances (Pacific) Ltd Fiji 100%
Sedgwick (Fiji) Ltd Fiji 100%
William M Mercer (NZ) Ltd New Zealand 100%
Marsh & McLennan Holdings Ltd United Kingdom 100%
World Insurance Network Ltd United Kingdom
Marsh & McLennan Lda (Portugal) Portgual 62.5%
Marsh & McLennan Nederland BV Netherlands 100%
Marsh & McLennan Services Ltd United Kingdom 100%
RIAS Insurance Services Ltd United Kingdom 100%
Ulster Insurance Services Ltd United Kingdom 100%
Tower Place Holdings Ltd United Kingdom 100%
Tower Hill Ltd United Kingdom 100%
Tower Hill Holdings BV Holland 100%
Tower Hill BV Holland 100%
Tower Place Developments Ltd United Kingdom 100%
C.T. Bowring Trading (Holdings) Ltd United Kingdom 100%
Baffin Trading Company Ltd Canada 100%
Guy Carpenter & Company Pty Ltd Australia 100%
Australian World Underwriters Pty Ltd Australia 100%
Guy Carpenter & Company Ltd New Zealand 100%
Hovertravel Ltd United Kingdom 5.7%
RIC Management Services Ltd United Kingdom 100%
Tower Hill Property Company Ltd United Kingdom 100%
Marsh (Isle of Man) Ltd United Kingdom 100%
Marsh Management Services Isle of Man Ltd United Kingdom 100%
Marsh & McLennan Management (Guernsey) Ltd Guernsey 100%
Marsh Corporate Services Ltd United Kingdom 100%
Bowring Ltd United Kingdom 100%
Marsh Financial Services Ltd United Kingdom 100%
Marsh Financial Services (Jersey) Ltd Jersey 100%
Johnson & Higgins Holdings Ltd United Kingdom 100%
Corporate Risk Plc United Kingdom 100%
Johnson & Higgins Ltd United Kingdom 100%
Willcox Johnson & Higgins Reinsurance
Brokers Ltd United Kingdom 100%
Willcox Intermediaries Ltd United Kingdom 100%
Johnson & Higgins UK Ltd United Kingdom 100%
J&H Global Risk Management Consultancy Ltd United Kingdom 100%
- 14 -
MARSH INC. (CONT.)
MARSH USA INC. (CONT.)
MARSH INTERNATIONAL HOLDINGS INC. (CONT.)
MARSH INTERNATIONAL HOLDINGS II INC. (CONT.)
MEARBRIDGE LLC (CONT.)
MARSH & MCLENNAN COMPANIES UK LTD. (CONT.)
MARSH UK GROUP LTD. (CONT.)
JOHNSON & HIGGINS HOLDINGS LTD. (CONT.)
Marsh (Insurance Services) Ltd United Kingdom 100%
J&H Marsh & McLennan Kazakstan Liability Ltd Kazakstan 100%
ZAO Johnson & Higgins Moscow 100%
Marsh Georgia Ltd United Kingdom 100%
Grupo Internacional de Reaseguro
Intermediario de Reaseguro,
S.A. de C.V. Mexico 10%
Marsh Azeri Ltd United Kingdom 100%
Sedgwick Russia Ltd United Kingdom 100%
Peter Smart Associates Ltd United Kingdom 100%
Marsh & McLennan Versicherungs-Service GmbH Austria 100%
Henrijean, S.A. Belgium 47%
Marsh S.A. Belgium 100%
Invercol Ltd. Bermuda 100%
Marsh & McLennan Management Services (Bermuda) Limited Bermuda 100%
Transglobe Management (Bermuda) Ltd. Bermuda 100%
J&H Marsh & McLennan (Cayman Islands) Ltd. Cayman Islands 100%
Marsh & McLennan Management Services (L) Ltd. Labuan 100%
Marsh Claro S.A. Corredores De Seguros Chile 100%
Claro Marsh & McLennan Consultores en Recursos Humanos, Ltda. Chile 100%
DeLima Marsh Colombia 51%
Invorsa S.A. Colombia 100%
J&H Marsh & McLennan (Colombia) Ltd. Colombia 100%
Andina de Corretaje de Reaseguros Ltda. Ancor Colombia 100%
DeLima & Cia Ltda. Colombia 100%
Guy Carpenter Reinmex Corredores de Reaseguros Ltda Colombia 100%
Marsh A/S Denmark 100%
Marsh Norway A.S. Norway 100%
Marsh Forsakringsmaklare AB Sweden 100%
Marsh & McLennan Holdings GmbH Germany 100%
Erwin Warnecke GmbH Germany 100%
Marsh GmbH Germany 100%
RMB-Risk Management Beratungs-GmbH Germany 100%
Wolf & Hasselmann GmbH Germany 100%
William M. Mercer GmbH Germany 90%
VW-Versicherungsvermittlungs-GmbH Germany 33.3%
VVG Gradmann & Holler Versicherungs-Vermittlungs-GmbH Germany 24%
Sudzucker Versicherungsvermittlungs GmbH Germany 49%
Senator Asserkuranz Contor GmbH Germany 49%
Gradman & Holler Kiefhaber GmbH Germany 100%
- 15 -
MARSH INC. (CONT.)
MARSH USA INC. (CONT.)
MARSH & MCLENNAN HOLDINGS GMBH (CONT.)
MARSH GMBH (CONT.)
Bau Asserkuranz Vermittlungs GmbH Germany 45%
Gradmann & Holler Kiefhaber GmbH Germany 100%
Flughafen Munchen Versicherungsvermittlungs-GmbH Germany 49%
Versicherungs-Vermittlungsgesellschaft fur
dle Energieversorgung Baden-Wurttemberg Germany 49%
Deutsche Post Asserkuranz Vermittlungs-GmbH Germany 49%
Deutsche Verkehrs-Asserkuranz-Vermittlungs-GmbH Germany 15%
Gradmann & Holler AG Switzerland 100%
Marsh & McLennan-Hellas-L.L.C. Greece 100%
J&H Marsh & McLennan Budapest Insurance Brokers & Consultants Ltd. Hungary 100%
Marsh Israel (1999) Ltd. Israel 99%
Marsh Israel (Holdings) Ltd. Israel 100%
Marsh Israel Insurance Agency Ltd. Israel 100%
Gold Line Life Insurance Agency (1997) Ltd. Israel 50%
Forum Loewenthal Elementary Insurance Agency (1997) Ltd. Israel 60%
Amamit Insurance Agency (1995) Ltd. Israel 50%
Colbituach Insurance Agency Israel 49%
Elidov Insurance Agency (1991) Ltd. Israel 9.2%
Marsh Israel Life and Pension Insurance Agency Ltd. Israel 100%
Marsh Israel Consultants Ltd. Israel 100%
Tmura Loewenthal Ltd. Israel 33%
Tamir Insurance Company Ltd. Israel 100%
Rosh Insurance Agency (1990) Ltd. Israel 100%
Marsh Israel International Brokers Ltd. Israel 100%
Confidentia Marine Insurance Agency (1983) Ltd. Israel 80%
Confidentia Life Insurance Agency Ltd. Israel 66%
Marsh Kazakhstan Kazakhstan 100%
Marsh & McLennan Co. Inc. Liberia 100%
Marsh & McLennan Luxembourg, S.A Luxembourg 100%
Marsh & McLennan Insurance Management Services, S.A. Luxembourg 100%
Marsh Peru SA Peru 100%
Marsh & McLennan Polska Sp.zO.O Poland 100%
Marsh Romania s.r.l. Romania 100%
Marsh & McLennan Management Services (S) Pte. Ltd. Singapore 100%
Marsh & McLennan Bowring Pte. Ltd. Singapore 100%
Marsh & McLennan Espana, S.A., Correduria de Seguros Spain 60%
Marsh Privat AIE Spain 50%
Kessler & Co. Inc. Switzerland 25%
Marsh (South Africa) (Pty) Ltd. South Africa 60%
Marsh PB Company Limited Thailand 49%
J&H Marsh & McLennan Sigorta ve Reasurans Brokerligi A.S. Turkey 100%
San J&H Marsh & McLennan Sigorta ve Reasurans Brokerligi A.S. Turkey 100%
Carter Brito Ltd United Kingdom 100%
Marsh (Middle East) Ltd United Kingdom 100%
J&H Marsh & McLennan Management (UK) Ltd United Kingdom 100%
Marsh Venezuela C.A. Venezuela 100%
J&H Marsh & McLennan Management (USVI) Ltd. Virgin Islands 100%
Marsh & McLennan, Incorporated Virgin Islands 100%
Muir Beddall (Zimbabwe) Limited Zimbabwe 100%
C.T. Bowring and Associates (Private) Limited Zimbabwe 28.82%
- 16 -
MARSH INC. (CONT.)
MARSH USA INC. (CONT.)
Jay R. Corp. New York 100%
Casualty Insurance Company Services, Inc. California 100%
Johnson & Higgins Agency of Korea, Ltd. Korea 100%
Retach Corporation Delaware 100%
Shipowners of Claims Bureau, Inc. New York 100%
Caribbean Marine Associates, Inc. Florida 100%
Pacific Marine Associates, Inc. California 100%
Johnson & Higgins (USVI) Ltd. Virgin Islands 100%
Marsh Intermediaries of Washington, Inc. Washington 100%
Healthcare Risk Management Services, Inc. Washington 100%
Espana Uno, Inc. Delaware 100%
Espana Dos, Inc. Delaware 100%
Espana Tres, Inc. Delaware 100%
Espana Cuatro, Inc. Delaware 100%
Espana Cinco, Inc. Delaware 100%
Espana Seis, Inc. Delaware 100%
Espana Siete, Inc. Delaware 100%
Espana Ocho, Inc. Delaware 100%
J&H Interests, Inc. New York 100%
Henry Ward Johnson & Company Insurance Services, Inc. California 100%
Johnson & Higgins Willis Faber Holdings, Inc. New York 50%
Marsh Management Services, Inc. New York 100%
New, S.A. Peru 100%
Willcox, Barringer & Co. (California) Inc. California 100%
Willcox Johnson & Higgins Asia, Pte. Ltd. Singapore 100%
Johnson & Higgins Willis Faber (U.S.A.) Inc. New York 100%
SBI Reinsurance Company, Ltd. Bermuda 100%
Interco, S.A. 100%
Wilson McBride, Inc. Ohio
Johnson & Higgins W.F. Ltd. Canada 100%
Worldwide Energy Insurance Services, Inc. 100%
Transbrasil Ltda. Brazil 50%
Max Mattheissen Holdings A.B. Sweden 100%
Unison Belgium Belgium 100%
Unison Management (Scandinavia) AB Scandinavia 50%
Foster Higgins (Far East) Limited Hong Kong 100%
Marsh Commercial Insurance Agencies Pty Ltd. Australia 100%
Johnson & Higgins (Bermuda) Limited Bermuda 100%
Unison Management (Bermuda) Ltd. Bermuda 100%
Johnson & Higgins of (Cayman Islands) Ltd. Cayman Islands 100%
IMC (Turks & Caicos) Limited Cayman Islands 100%
Johnson & Higgins Intermediaries (Cayman) Ltd. Cayman Islands 100%
Victoria Hall Company Limited Bermuda 20%
Johnson & Higgins of (Chile) Limitada Chile 100%
Albert Willcox & Co. of Canada Ltd. Canada 100%
Dupuis, Parizeau, Tremblay, Inc. Canada 100%
Les Conseillers Dpt. Inc. Canada 100%
Marsh Singapore Pte Ltd. Singapore 100%
Johnson & Higgins PB Co., Ltd. Singapore 40%
Johnson & Higgins Risk Management Services (S) Pte. Ltd. Singapore 100%
Johnson & Higgins Consulting S.r.L. Italy 100%
Unison Consultants Europe Belgium 96%
J&H Employee Benefit S.p.A. Italy 100%
Sersur Brazil 100%
- 17 -
MARSH INC. (CONT.)
MARSH USA INC. (CONT.)
Unison Management Luxembourg, S.A. Luxembourg 23%
Willcox Phillippines Inc. Phillippines 40%
Inter-Ocean Management (Cayman) Limited Cayman Islands 100%
Johnson & Higgins Luxembourg, S.A. Luxembourg 100%
Transglobal (Guernsey) Ltd. Guernsey 100%
Unison Management (Dublin) Limited Ireland 100%
Vista Insurance Company, Ltd. Bermuda 100%
Mactras (Bermuda) Limited Bermuda 100%
Gem Insurance Company Limited Bermuda 100%
Uniservice Insurance Service Limited Bermuda 100%
H.I. Group - Johnson & Higgins Phillippines, Inc. Philippines 70%
JHINDAH (Asia) Limited Indonesia 50%
Sedgwick James of Puerto Rico, Inc. Puerto Rico 100%
Stephen F. Beard, Inc. Puerto Rico 100%
Sedgwick International Risk Management, Inc. Delaware 100%
Sedgwick Limited Taiwan 100%
Sedgwick Asia Pacific Private Limited Singapore 100%
Mariners Insurance Agency, Inc. Massachusetts 100%
Maritime Adjusters, Inc. Massachusetts 100%
Sedgwick Energy (Insurance Services) Inc. Texas 100%
Members Insurance Club Agency, Inc. Ohio 100%
Sedgwick Investments, Inc. Delaware 100%
Sedgwick Benefits, Inc. Utah 100%
Unused Subsidiary, Inc. Texas 100%
Countryside, Inc. Tennessee 50.38%
Members Insurance Club Agency, Inc Louisiana 100%
Route 413 Associates, Inc. Pennsylvania 100%
Sedgwick Management Services (U.S.) Limited Vermont 100%
Sedgwick Managing General Agency, Inc. Texas 100%
Sedgwick Noble Lowndes North America, Inc. Delaware 100%
Galbraith & Green, Inc. of Ohio Ohio 100%
APRIMAN, Inc. California 100%
Sedgwick CMS Holdings, Inc. Delaware 100%
Sedgwick Claims Management Services, Inc. Illinois 100%
SCMS Administrative Services, Inc. Illinois 100%
CVA Consultants, Inc. Nevada 100%
Don A. Harris & Associates, Inc. Nevada 100%
Sedgwick Life and Benefits, Inc. Texas 100%
Sedgwick International Marketing Services Inc. Delaware 100%
Unused Subsidiary, Inc. New York 100%
Sedgwick Financial Services Inc. Delaware 100%
Syndicate & Corporate Management Services Limited Bermuda 100%
Overseas Reinsurance Corporation Limited Bermuda 100%
Guy Carpenter & Company, Inc. Delaware 100%
The Carpenter Management Corporation Delaware 100%
Paul Napolitan, Inc. Delaware 100%
Paul Napolitan Canada, Inc. Canada 100%
Sellon Associates, Inc. New York 100%
Guy Carpenter & Company, Inc. of Pennsylvania Pennsylvania 100%
Philadelphia Insurance Management Company Delaware 100%
Guy Carpenter Broking, Inc. Delaware 100%
Market Street Underwriters, Inc. Delaware 79%
- 18 -
MARSH INC. (CONT.)
MARSH USA INC. (CONT.)
GUY CARPENTER & COMPANY, INC. (CONT.)
MMSC Holdings, Inc. Delaware 100%
Marsh & McLennan Securities Corporation Delaware 100%
MMSC Risk Advisors, Inc. Delaware 100%
MMSC Structured Risk Services, Inc. Delaware 100%
Marsh & McLennan Securities International, Ltd. Bermuda 100%
Resolutions International Limited Delaware 100%
Excess and Treaty Management Corporation New York 100%
Triad Underwriting Management Agency, Inc. Delaware 100%
Guy Carpenter Insurance Strategy, Inc. Delaware 100%
Reinsurance Solutions International, LLC Delaware 50%
Inter-Americas Insurance Services, Inc. California 79%
Claims, Inc. Texas 100%
Guy Carpenter & Company, S.A. Argentina 100%
Normandy Reinsurance Company Limited Bermuda 100%
Guy Carpenter & Company, S.A. Belgium 100%
Guy Carpenter & Company Ltda. Brazil 99%
American Overseas Management Corporation (Canada) Canada 100%
Guy Carpenter & Company Limited Canada 100%
Guy Carpenter & Company GmbH Germany 60%
Guy Carpenter & Company Limited Hong Kong 100%
Guy Carpenter & Company S.r.l. Italy 100%
Guy Carpenter & Co. Labuan Ltd. Malaysia 100%
Guy Carpenter y Cia (Mexico) S.A. de C.V. Mexico 100%
Guy Carpenter & Company (S) Pte. Ltd. Singapore 100%
Guy Carpenter & CIA, S.A. Spain 18.92%
Guy Carpenter & Company AB Sweden 100%
Guy Carpenter (U.K.) Ltd. United Kingdom 100%
Marsh & McLennan Risk Capital Holdings, Ltd. Delaware 100%
Marsh & McLennan Capital, Inc. Delaware 100%
Marsh & McLennan GPI, Inc. Delaware 100%
Marsh & McLennan GP II, Inc. Delaware 100%
MMRCH LLC Delaware 30%
MMRC LLC Delaware 30%
The ARC Group LLC Delaware 33%
M&M Vehicle, L.P. Delaware 100%
Terra Nova (Bermuda) Holdings Ltd. Bermuda 9.9%
VIC Corporation Maine 51%
Rivers Group Limited United Kingdom 100%
Sedgwick Analysis Services Limited United Kingdom 100%
Exmoor Management Company Limited Bermuda 100%
River Thames Insurance Company Limited United Kingdom 98.74%
R.W. Gibbon & Son (Underwriting Agencies) Limited United Kingdom 100%
Regis Agencies Limited United Kingdom 100%
Bevington Vaizey & Foster Limited United Kingdom 100%
Rhone Limited United Kingdom 100%
The Sedgwick Information Exchange Limited United Kingdom 100%
- 19 -
Mercer Consulting Group, Inc. Delaware 100%
National Economic Research Associates, Inc. California 100%
National Economic Research Associates, Inc. Delaware 100%
Mercer Management Consulting, Inc. Delaware 100%
Decision Research Corporation Massachusetts 100%
LAR/Decision Research Corporation New York 100%
Lippincott & Margulies, Inc. New York 100%
Mercer Management Consulting, Ltd. Bermuda 100%
Mercer Management Consulting GmbH Germany 100%
Mercer Consulting Group Verwaltungs GmbH Germany 100%
Dr. Seebauer & Partner GmbH - Management Consulting
Group & Co. KG Germany 100%
UBM Consultoria Internacional S/C Ltda. Brazil 30%
UBM Consulting France International Management Consultants France 100%
Mercer Management Consulting Limited Switzerland 100%
Mercer Management Consulting S.L. Spain 100%
Mercer Management Consulting SNC France 100%
Consulmercer-Consultores de Gestao, Sociedade Unipessoal, Lda. Portugal 100%
Mercer Consulting Services S.A. Switzerland 100%
Mercer MW Ltda. Brazil 100%
Mercer MW Corredore de Seguro Brazil 100%
William M. Mercer Companies LLC Delaware 100%
William M. Mercer Holdings, Inc. Delaware 100%
William M. Mercer Holdings Canada, Inc. Delaware 100%
William M. Mercer Pty. Ltd. Australia 100%
Superfund Nominees Pty. Ltd. Australia 100%
William M. Mercer S.A. Belgium 100%
William M. Mercer Limited Canada 50%
Mercer Management Consulting Limited Canada 100%
Societe Conseil Mercer Limitee Quebec 100%
Mercer Limited Ireland 100%
P.I.C. Advisory Services Limited Ireland 100%
Mercer Trustees Limited Ireland 100%
William M. Mercer Limited of Japan Japan 100%
William M. Mercer (Korea) Co., Ltd. Korea 100%
William M. Mercer Limited Hong Kong 100%
William M. Mercer Pte. Ltd. Singapore 100%
William M. Mercer (Malaysia) Sdn. Bhd. Malaysia 100%
William M. Mercer Zainal Fraser Sdn. Bhd. Malaysia 70%
Mercer C & B Servicios, S.A. de C.V. Mexico 100%
Mercer C & B S.A. de C.V. Mexico 100%
William M. Mercer Agente de Seguros S.A. de C.V. Mexico 100%
Servicos Actuariales S.A. de C.V. Mexico 100%
Compensacion Tecnica Consultores S.A. de C.V. Mexico 100%
William M. Mercer Ten Pas B.V. Netherlands 100%
WMM Haneveld Investment Consulting B.V. Netherlands 100%
Reitmulders & Partners B.V. Netherlands 100%
William M. Mercer Services B.V. Netherlands 100%
William M. Mercer Limited New Zealand 100%
William M. Mercer, Incorporated Puerto Rico 100%
William M. Mercer, S.A. Switzerland 100%
- 20 -
MERCER CONSULTING GROUP, INC. (CONT.)
WILLIAM M. MERCER COMPANIES LLC (CONT.)
WILLIAM M. MERCER HOLDINGS, INC. (CONT.)
Corporate Resources Group (Holdings) Ltd. British Virgin Islands 100%
CRG S.A. Switzerland 100%
CRG Sverige AB Sweden 100%
CRG A/S Denmark 100%
CRG (Singapore) PTE Singapore 100%
CRG Ltd. Hong Kong 100%
CRG HR SDN BHD Malaysia 100%
PT C.R.G. Indonesia 100%
CRG (India) Private Ltd. India 100%
CRG (Thailand) Ltd. Thailand 100%
CRG (Thai) Ltd. Thailand 100%
CRG Holdings, Inc. 100%
RG Serv. Philippines Inc. Philippines 100%
CRG Japan Co. Ltd. Japan 60%
CRG Finland OY Finland 60%
CRG (Israel) Ltd. Israel 60%
CRG Argentina SA Argentina 60%
CRG Iberica, SL
William M. Mercer, Incorporated Delaware 100%
WMM Services, Inc. Delaware 100%
William M. Mercer Securities Corp. Delaware 100%
National Medical Audit California 100%
Hansen International Limited Delaware 100%
William M. Mercer of Indiana, Incorporated Indiana 100%
William M. Mercer Investment Consulting, Inc. Kentucky 100%
William M. Mercer of Kentucky, Inc. Kentucky 100%
William M. Mercer, Incorporated Louisiana 100%
William M. Mercer, Incorporated Massachusetts 100%
William M. Mercer of Michigan, Incorporated Michigan 100%
William M. Mercer, Incorporated Nevada 100%
William M. Mercer, Incorporated Ohio 100%
William M. Mercer, Incorporated Oklahoma 100%
William M. Mercer of Texas, Inc. Texas 100%
William M. Mercer of Virginia, Incorporated Virginia 100%
Mercer R.H. SARL France 100%
William M. Mercer-MPA Limited Hong Kong 100%
William M. Mercer Philippines, Incorporated Philippines 100%
William M. Mercer S.A. Argentina 100%
William M. Mercer S.A. Asesores de Seguros Argentina 100%
William M. Mercer Comercio Consultoria e Servicos Ltda. Brazil 100%
William M. Mercer Consultoria Ltda. Brazil 39%
Grupo Assistencial De Economia E Financas Tudor S/C Ltda. Brazil 39%
William M. Mercer Limitada Chile 100%
William M. Mercer Claro Corredores de Seguros Chile 100%
William M. Mercer A/S Denmark 60%
William M. Mercer A.B. Sweden 100%
William M. Mercer Broking (Taiwan) Ltd. Taiwan 100%
William M. Mercer Consulting (Taiwan) Ltd. Taiwan 100%
- 21 -
Seabury & Smith, Inc. Delaware 100%
Seabury & Smith of Arkansas, Inc. Arkansas 100%
Appleby & Sterling Agency, Inc. Delaware 100%
Marsh Insurance & Investments Corp. Delaware 100%
J&H Marsh & McLennan Private Client Services, Inc. Delaware 100%
Johnson & Higgins/Kirke-Van Orsdel, Inc. Delaware 100%
Marsh Financial Services, Inc. New York 100%
J&H Marsh & McLennan Financial Services, Inc. Indiana 100%
Marsh Financial Insurance Services of Massachusetts, Inc. Massachusetts 100%
Marsh Financial Services of Texas, Inc. Texas 100%
Albert H. Wohlers & Co. Illinois 100%
Smith-Sternau Organization, Inc. Delaware 100%
The Schinnerer Group, Inc. Delaware 100%
Victor O. Schinnerer & Company, Inc. Delaware 100%
Victor O. Schinnerer of Illinois, Inc. Illinois 100%
Victor O. Schinnerer & Company, Inc. Ohio 100%
Encon Holdings, Inc. Texas 100%
Panhandle Insurance Agency, Inc. Texas 100%
Encon Underwriting Agency, Inc. Texas 100%
Encon Holdings, Inc. Ontario 100%
Encon Insurance Managers Inc. Canada 100%
Encon Management Services, Inc. Canada 100%
Encon Reinsurance Managers Inc. Canada 100%
Encon Title Insurance Managers Inc. Canada 100%
Victor O. Schinnerer & Company Ltd. United Kingdom 100%
Encon Underwriting Limited United Kingdom 100%
Admiral Holdings Limited United Kingdom 100%
Admiral Underwriting Agencies Limited United Kingdom 100%
Admiral Ireland Limited Ireland 100%
Admiral Underwriting Agencies (Ireland) Ltd. Ireland 100%
Seabury & Smith of Georgia, Inc. Georgia 100%
Seabury & Smith of Idaho, Inc. Idaho 100%
M. A. Gesner of Illinois, Inc. Illinois 100%
Seabury & Smith of Illinois, Inc. Illinois 100%
Seabury & Smith, Inc. Indiana 100%
Seabury & Smith, Inc. Kentucky 100%
Seabury & Smith, Inc. Louisiana 100%
Seabury & Smith, Inc. Massachusetts 100%
Seabury & Smith, Inc. Michigan 100%
Seabury & Smith, Inc. Nevada 100%
Seabury & Smith Agency, Inc. Ohio 100%
Seabury & Smith, Inc. Oklahoma 100%
Seabury & Smith, Inc. Texas 100%
Seabury & Smith, Inc. Virginia 100%
Seabury & Smith Limited Ontario 100%
G. E. Freeman Insurance Agency Limited Ontario 100%
Seabury & Smith Limited United Kingdom 100%
- 22 -
SEABURY & SMITH, INC. (CONT'D)
AmGrip, Inc. Louisiana 100%
AmGrip, Inc. Texas
Johnson & Higgins Securities, Inc. Montana 100%
Crump Group, Inc. Delaware 100%
Crump E & S of California Insurance Services, Inc. California 100%
Crump E & S of Sacramento Insurance Services, Inc. California 100%
Crump E & S of San Francisco Insurance Services, Inc. California 100%
Crump Insurance Services of Colorado, Inc. Colorado 100%
Crump Insurance Services of Florida, Inc. Florida 100%
Crump Insurance Services of Atlanta, Inc. Georgia 100%
Crump Insurance Services of Illinois, Inc. Illinois 100%
Crump Insurance Services of Louisiana, Inc. Louisiana 100%
Crump Insurance Services of Boston, Inc. Massachusetts 100%
Crump Insurance Services of Michigan, Inc. Michigan 100%
Crump of New Jersey, Inc. New Jersey 100%
Crump of New York, Inc. New York 100%
Crump Insurance Services of Memphis, Inc. Tennessee 100%
Crump Financial Services, Inc. Tennessee 100%
Crump Insurance Services, Inc. Texas 100%
Crump Insurance Services of Houston, Inc. Texas 100%
Crump Insurance Services of Texas, Inc. Texas 100%
Crump Insurance Services Northwest, Inc. Washington 100%
S.J. Petrakis Insurance Services, Inc. California 100%
Southern Marine & Aviation Underwriters, Inc. Louisiana 100%
Southern Marine and Aviation, Inc. Louisiana 100%
Putnam Investments, Inc. Massachusetts 100%
Putnam Investment Management, Inc. Massachusetts 100%
Putnam Future Advisors, Inc. Massachusetts 100%
Putnam Fiduciary Trust Company Massachusetts 100%
Putnam Investor Services, Inc. Massachusetts 100%
Putnam Mutual Funds Corp. Massachusetts 100%
Putnam Insurance Agency, Inc. Massachusetts 100%
The Putnam Advisory Company, Inc. Massachusetts 100%
Putnam Europe Ltd. United Kingdom 100%
The Putnam Corporation Massachusetts 100%
Pan Agora Asset Management Delaware 50%
Pan Agora Asset Management, Ltd. United Kingdom 50%
PII Holdings, Inc. Massachusetts 100%
Primary Funds Service Corp. Delaware 51%
Putnam Investments Argentina, S.A. Argentina 100%
Putnam Overseas Institutional Management Company Ltd. Bahamas 100%
Putnam International Distributors, Ltd. Cayman Islands 100%
Putnam International Advisory Company, S.A. Luxembourg 100%
NKK-Putnam Management, S.A. Luxembourg 100%
Putnam International Growth Management S.A. Luxembourg 100%
Putnam Management (Luxembourg), S.A. Luxembourg 100%
- 23 -