EXHIBIT 21
SUBSIDIARIES OF
MARSH & McLENNAN COMPANIES, INC.
Jurisdiction of
Name Incorporation
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Marsh & McLennan Real Estate Advisors, Inc. Delaware
Marsh & McLennan Risk Capital Holdings, Ltd Delaware
Marsh & McLennan Risk Capital Corp. Delaware
Marsh & McLennan Risk Capital Holdings (Bermuda) Ltd. Bermuda
Omega Indemnity (Bermuda) Limited Bermuda
Epsilon Insurance Company, Ltd. Cayman Islands
Marsh et McLennan France SA France
Mercer-Faugere & Jutheau SA France
Faugere & Jutheau, S.A. France
Faugere & Jutheau Bermuda Bermuda
Assureurs Conseils Tchadiens (S.A.R.L.) Chad
Assureur Conseil de Djibouti-
Faugere & Jutheau et Cie SARL Djibouti
Ancien Cabinet Pierre de Kerpezdron (S.A.) France
Boistel S.A. France
Eyssautier Flepp Malatier & Pages S.A. France
Boistel Eyssautier S.A. France
Omnium d'Assurances Maritimes France
Astramar S.A. France
Cires SARL France
Sogescor SARL France
Gatier S.A. Switzerland
Assurances Maritimes Eyssautier Malatier
Inter SARL France
Socodel-Paris S.A. France
Union Francaise de Reassurances (S.A.) France
Agencia General de Reaseguros (S.A.) Spain
William M. Mercer-Faugere & Jutheau (S.A.R.L.) France
Marsh & McLennan, Incorporated Delaware
Marsh & McLennan of Arkansas, Inc. Arkansas
M & M Insurance Management Services, Inc. Delaware
Triad Services, Inc. Delaware
Marsh & McLennan Agency, Incorporated District of Columbia
Marsh & McLennan, Incorporated Illinois
Marsh & McLennan, Incorporated Indiana
Marsh & McLennan, Incorporated Kentucky
Marsh & McLennan of Louisiana, Inc. Louisiana
Marmac Agency, Inc. Louisiana
Marsh & McLennan, Inc. Massachusetts
Marsh & McLennan Michigan
Marsh & McLennan, Inc. of Nevada Nevada
Bowring North America, Inc. New York
Bowring (Bermuda) Ltd. Bermuda
Bowring North America, Inc. Connecticut
Bowring North America, Inc. Illinois
Bowring North America, Inc. Missouri
Bowring North America, Inc. New Jersey
Marsh & McLennan Intermediaries, Inc. New York
Bowring North America, Inc. Texas
Marsh & McLennan, Incorporated Ohio
Marsh & McLennan, Inc. Oklahoma
Marsh & McLennan of Puerto Rico, Inc. Puerto Rico
Marsh & McLennan, Incorporated Rhode Island
Marsh & McLennan, Inc. Texas
Marsh & McLennan of Texas, Inc. Texas
Marsh & McLennan, Incorporated Virginia
Marsh & McLennan Holdings, Inc. Delaware
Marsh & McLennan (Korea) Ltd. Korea
Marsh & McLennan (Malaysia) SDN BHD Malaysia
Marsh & McLennan Argentina SA Asesores de Seguros Argentina
Marsh & McLennan Argentina SA Corredores de Reaseguros Argentina
Marsh & McLennan Argentina SA Risk Management
Consultants Argentina
Marsh & McLennan Pty. Ltd. Australia
Marsh & McLennan (PNG) Pty. Ltd. Papua New Guinea
Kila Bowring Insurances Pty. Ltd. Papua New Guinea
Fenchurch Insurance Brokers Pty. Limited Australia
Marsh & McLennan (WA) Pty. Ltd. Australia
Marsh & McLennan (WA Division) Pty. Ltd. Australia
Marsh & McLennan (South Australia) Pty. Ltd. Australia
Marsh & McLennan (SA Division) Australia
Marsh & McLennan Captive Management Services
Pty. Ltd. Australia
Asia Pacific Insurance Wholesalers Pty. Ltd. Australia
Marsh & McLennan Versicherungs-Service GmbH Austria
Marsh & McLennan Management Services (Barbados), Ltd. Barbados
Henrijean, S.A. Belgium
Marsh & McLennan Management Services (Bermuda) Limited Bermuda
Transglobe Management (Bermuda) Ltd. Bermuda
Marsh & McLennan (Cayman Islands) Ltd. Cayman Islands
Marsh & McLennan Management Services (L) Ltd. Labuan
Marclen-Corretagem de Seguros Ltda. Brazil
Tudor, Marsh & McLennan Corretores de Seguros S.A. Brazil
Marsh & McLennan, Limited/Limitee' Canada
D.G. Watt & Associates Ltd. Canada
Charbonneau, Dulude & Associes (1985) Limitee/
Charbonneau, Dulude & Associates (1985) Limited Canada
M&M Insurance Management Canada Ltd. British Columbia
Marshcan Insurance Brokers Limited Canada
Irish & Maulson Limited Ontario
Pratte-Morrissette, Inc. Quebec
Schatz Insurance Agencies, Inc. Saskatchewan
Marsh & McLennan (SASK) Ltd. Saskatchewan
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Claro Marsh & McLennan S.A. Corredores De Seguros Chile
Claro Marsh & McLennan Consultores
en Recursos Humanos, Ltda. Chile
Marsh & McLennan Czechoslovakia S.r.o. Czechoslovakia
Marsh & McLennan Denmark A/S Denmark
Marsh & McLennan Sweden AB Sweden
Marsh & McLennan Companies GmbH Germany
Marsh & McLennan Companies
Beteiligungsgesellschaft II GmbH Germany
Gradmann & Holler, K.G. Germany
Erwin Warnecke GmbH Germany
Gradmann & Holler GmbH Germany
RMB-Risk Management Beratungs-GmbH Germany
Wolf & Hasselmann GmbH Germany
Gradmann & Holler-William M. Mercer GmbH Germany
Airport Asserkuranz Vermittlungs GmbH Germany
Gradmann & Holler International GmbH Germany
Gradmann & Holler Kiefhaber GmbH Germany
Gradmann & Holler-Guy Carpenter GmbH Germany
Gradmann & Holler AG Switzerland
Marsh & McLennan-Hellas-L.L.C. Greece
Marsh & McLennan Management Services (Guernsey) Limited Guernsey
Marsh & McLennan Limited Hong Kong
Marsh & McLennan Budapest Insurance Brokers &
Consultants Ltd. Hungary
Bowring (Dublin) Limited Ireland
Marsh & McLennan Management Services (Dublin) Limited Ireland
Marsh & McLennan Italia & Co., S.P.A. Italy
Marsh & McLennan Japan Ltd. Japan
Marsh & McLennan Co. Inc. Liberia
Marsh & McLennan Europe S.A. Luxembourg
Marsh & McLennan Luxembourg, S.A. Luxembourg
Marsh & McLennan Insurance Management Services, S.A. Luxembourg
Marsh & McLennan S.A. de C.V. Mexico
Marsh & McLennan Nederland B.V. Netherlands
Marsh & McLennan Polska Sp.zO.O Poland
Newstead & Porter, Lda. Portugal
Marsh & McLennan Management Services (S) Pte. Ltd. Singapore
Marsh & McLennan Bowring Pte. Ltd. Singapore
Marsh & McLennan Espana, S.A., Correduria de Seguros Spain
Marsh Privat AIE Spain
Marsh & McLennan EWI S.A. Switzerland
Marsh & McLennan Sigorta ve Reasurans Araciligi AS Turkey
C.T. Bowring International Broking Holdings, Ltd. United Kingdom
Marsh & McLennan Bowring Marine & Energy Group Ltd. United Kingdom
Marsh & McLennan Limited United Kingdom
Marsh & McLennan, Incorporated Virgin Islands
Muir Beddall (Zimbabwe) Limited Zimbabwe
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Guy Carpenter & Company, Inc. Delaware
The Carpenter Management Corporation Delaware
Paul Napolitan, Inc. Delaware
Sellon Associates, Inc. New York
Balis & Co., Inc. Pennsylvania
EQECAT, Inc. Delaware
Guy Carpenter & Company, S.A. Belgium
American Overseas Management Corporation (Canada) Canada
Guy Carpenter & Company (Canada) Limited Canada
Guy Carpenter & Company, A/S Denmark
Gradmann & Holler/Guy Carpenter GmbH Germany
Guy Carpenter & Company (Asia) Limited Hong Kong
Guy Carpenter Italia, S.R.L. Italy
Guy Carpenter y Cia (Mexico) S.A. de C.V. Mexico
Guy Carpenter & Cia, S.A. Correduria de Reaseguros Spain
Guy Carpenter & Company (Stockholm) AB Sweden
Bennich Reinsurance Management AB Sweden
Guy Carpenter & Co. Limited United Kingdom
Mercer Consulting Group, Inc. Delaware
National Economic Research Associates, Inc. California
National Economic Research Associates, Inc. Delaware
Hudson Strategy Group, Inc. Delaware
Mercer Management Consulting, Inc. Delaware
Decision Research Corporation Massachusetts
LAR/Decision Research Corporation New York
Lippincott & Margulies, Inc. New York
Mercer Management Consulting GmbH Germany
UBM Unternehmensberatung Munchen GmbH Germany
UBM Marktforschung GmbH International
Industrial Research Germany
UBM Industrial Market Research Iberica S.L. Germany
UBM Consulting France International
Management Consultants France
UBM Consulting Group, Inc. Illinois
Mercer Management Consulting Limited Switzerland
UBM Iberica Consulting, Sociedad Limitada Spain
Mercer Management Consulting SNC France
Marketing/Innovation/Developpement
Pour l'Industrie-MID S.A. France
MID, Inc. Delaware
INPLAN Pte. Ltd. Singapore
Mercer Consulting Services S.A. Switzerland
Strategic Planning Associates, Straplan S.A. Switzerland
Temple, Barker & Sloane, Ltd. United Kingdom
Mercer Service Company, Inc. Delaware
William M. Mercer Companies, Inc. Delaware
William M. Mercer, Incorporated Delaware
National Medical Audit California
Hansen International Limited Delaware
William M. Mercer Plan Participant Services, Inc Delaware
William M. Mercer of Indiana, Incorporated Indiana
Mercer Investment Consulting, Inc. Kentucky
William M. Mercer of Kentucky, Inc. Kentucky
William M. Mercer, Incorporated Louisiana
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William M. Mercer, Incorporated Massachusetts
William M. Mercer of Michigan, Incorporated Michigan
William M. Mercer, Incorporated Nevada
William M. Mercer, Incorporated Ohio
William M. Mercer, Incorporated Oklahoma
William M. Mercer, Incorporated Puerto Rico
William M. Mercer of Texas, Inc. Texas
William M. Mercer of Virginia, Incorporated Virginia
William M. Mercer Pty. Ltd. Australia
Mercer Roach Financial Planning Pty. Ltd. Australia
MPA Superannuation Services Limited Australia
MPA Superfund Nominees Pty. Limited Australia
Mercer R.H. SARL France
William M. Mercer International S.A. Belgium
William M. Mercer Limited/Limitee' Canada
Mercer Management Consulting Limited Canada
Metcalfe Agencies Limited Quebec
Societe Conseil Mercer Limitee Quebec
William M. Mercer GmbH Germany
William M. Mercer-MPA Limited Hong Kong
William M. Mercer Limited Hong Kong
Pension & Investment Consultants Limited Ireland
William M. Mercer Fraser Limited Ireland
William M. Mercer Fraser (Irish Trustees) Limited Ireland
William M. Mercer Limited Japan
William M. Mercer (Malaysia) Sdn. Bhd. Malaysia
William M. Mercer Zainal Fraser Sdn. Bhd. Malaysia
William M. Mercer Ten Pas B.V. Netherlands
William M. Mercer Services B.V. Netherlands
William M. Mercer Limited New Zealand
William M. Mercer Philippines, Incorporated Philippines
William M. Mercer Pte. Ltd. Singapore
William M. Mercer A.G. Switzerland
William M. Mercer-MPA Limited United Kingdom
William M. Mercer Limited United Kingdom
William M. Mercer Fraser (Irish
Pensioneer Trustees) Limited Ireland
William M. Mercer Srl Italy
DCF Consultants PTE Limited Singapore
Bowring (Trustees) Limited United Kingdom
Duncan C. Fraser & Co. United Kingdom
Fraser Financial Planning Limited United Kingdom
William M. Mercer Fraser Computer
Services Limited United Kingdom
Mercer Management Consulting, Limited United Kingdom
Metropolitan Actuarial Services Limited United Kingdom
Metropolitan Computer Services Limited United Kingdom
Metropolitan Pensions Association
(Trustees) Limited United Kingdom
Metropolitan Statistical Services Limited United Kingdom
MPA (Chichester) Limited United Kingdom
MPA Employee Benefit & Compensation
Consultants Limited United Kingdom
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MPA (Holdings) Limited United Kingdom
MPA (International) Limited United Kingdom
Pension Trustees Limited United Kingdom
Pensioneer Trustees Limited United Kingdom
Pensioneer Trustees (London) Limited United Kingdom
Southampton Place Trustee Co. Ltd. United Kingdom
William M. Mercer-Grant Simmons Limited United Kingdom
William M. Mercer S.A. Argentina
William M. Mercer S.A. Aserores de Seguros Argentina
William M. Mercer Comercio e Servicos Ltda. Brazil
de Montigny Woerner Ltda. Brazil
MW Pesquisas Ltda. Brazil
MW Servicos Ltda. Brazil
MW Saude Ltda. Brazil
Vida Network Ltda. Brazil
William M. Mercer, S.A. Belgium
William M. Mercer Schmidt Worzinger A/S Denmark
William M. Mercer (Korea) Co., Ltd. Korea
Mercer C & B Servicios, S.A. de C.V. Mexico
Mercer C & B S.A. de C.V. Mexico
William M. Mercer Broking (Taiwan) Ltd. Taiwan
William M. Mercer Consulting (Taiwan) Ltd. Taiwan
Seabury & Smith, Inc. Delaware
Seabury & Smith of Arkansas, Inc. Arkansas
Trust Consultants, Inc. California
Appleby & Sterling Agency, Inc. Delaware
Marsh & McLennan National Marketing Corporation Delaware
Marsh & McLennan Securities Corporation Delaware
Smith-Sternau Organization, Inc. Delaware
The Schinnerer Group, Inc. Delaware
Victor O. Schinnerer & Company, Inc. Delaware
Victor O. Schinnerer & Co. (Bermuda), Ltd. Bermuda
Potomac Insurance Managers, Inc. Delaware
Victor O. Schinnerer of Illinois, Inc. Illinois
Victor O. Schinnerer & Company, Inc. Ohio
Encon Holdings, Inc. Texas
Panhandle Insurance Agency, Inc. Texas
Encon Underwriting Agency, Inc. Texas
Encon Holdings, Inc. Ontario
Encon Insurance Managers Inc. Canada
National Program Administrator
Investments, Inc. Canada
Encon Management Services, Inc. Canada
Encon Reinsurance Managers Inc. Canada
Encon Title Insurance Managers Inc. Canada
Rockcliffe Investors, Ltd. Canada
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Victor O. Schinnerer & Company Ltd. United Kingdom
Encon Underwriting Limited United Kingdom
Admiral Holdings Limited United Kingdom
Admiral Underwriting Agencies Limited United Kingdom
Admiral Ireland Limited Ireland
Admiral Underwriting Agencies (Ireland) Ltd. Ireland
Seabury & Smith of Georgia, Inc. Georgia
M. A. Gesner of Illinois, Inc. Illinois
Seabury & Smith of Illinois, Inc. Illinois
Seabury & Smith, Inc. Indiana
Seabury & Smith, Inc. Kentucky
Seabury & Smith, Inc. Louisiana
Seabury & Smith, Inc. Massachusetts
Seabury & Smith, Inc. Michigan
Seabury & Smith, Inc. Nevada
Seabury & Smith Agency, Inc. Ohio
Seabury & Smith, Inc. Oklahoma
Seabury & Smith, Inc. Texas
Seabury & Smith, Inc. Virginia
Seabury & Smith Limited Ontario
G. E. Freeman Insurance Agency Limited Ontario
Seabury & Smith Limited United Kingdom
Putnam Investments, Inc. Massachusetts
Putnam Investment Management, Inc. Massachusetts
Putnam Future Advisors, Inc. Massachusetts
Putnam Fiduciary Trust Company Massachusetts
Putnam Investor Services, Inc. Massachusetts
Putnam Mutual Funds Corp. Massachusetts
Putnam Insurance Agency, Inc. Massachusetts
The Putnam Advisory Company, Inc. Massachusetts
Putnam Europe Ltd. United Kingdom
The Putnam Corporation Massachusetts
Putnam Rhumbline Corporation Massachusetts
Primary Funds Service Corp. Delaware
Putnam Overseas Institutional Management Company
Limited Bahamas
Putnam International Distributors Ltd. Cayman Islands
Putnam Advisory Deutschland GmbH Germany
Putnam International Advisory Company, S.A. Luxembourg
NKK-Putnam Management, S.A. Luxembourg
Putnam International Growth Management S.A. Luxembourg
Putnam Luxembourg S.A. Luxembourg
C.T. Bowring & Co. Limited United Kingdom
Importbest Ltd. England
Marsh & McLennan Services Ltd. England
Marsh & McLennan Holdings Ltd. England
The Frizzell Group Ltd. England
Frizzell Financial Services Ltd. England
Frizzell Life & Financial Planning Ltd. England
C.R. Hills Insurance Ltd. England
Frizzell Banking Services Ltd. England
Frizzell Credit Services Ltd. England
Shawlands Leasing Ltd. England
Shawlands Securities Ltd. England
Frizzell Property Loans England
Frizzell Westbourne Developments Ltd. England
Teachers Motoring Associations Ltd. England
Tower Brokers Guernsey
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Frizzell B.V. Holland
Frizzell Foundation England
Marsh & McLennan Nederland B.V. Netherlands
Marsh & McLennan Lda Portugal
Carpenter Bowring (UK) Ltd. England
Carpenter Bowring Ltd. England
Marsh Re Correduria de Reaseguros S.A. Spain
Bowring Reinsurance Brokers Ltd. England
C.T. Bowring & Co. (Insurance) Ltd. England
Bowring Worldwide Services Ltd. England
Marsh & McLennan Global Broking Ltd. England
Bowring Aviation Ltd. England
Bowring Financial & Professional Insurance
Brokers Ltd. England
Aviation Risk Management Services Ltd. England
C.T. Bowring Space Projects Ltd. England
Aviation Insurance Advisory Services Ltd. England
Bowring Aviation Advisory Services Ltd. England
Bowring Marine Ltd. England
Bowring Marsh & McLennan Ltd. England
Bowring Professional Indemnity Scotland Ltd. Scotland
Marsh & McLennan Management Services (Guernsey) Ltd. Guernsey
Ulster Insurance Services Ltd. N. Ireland
RIAS Insurance Services Ltd. N. Ireland
Bowring Financial Services Ltd. England
Bowring Marsh & McLennan (IOM) Ltd. I.O.M.
Marsh & McLennan Management Services (Isle of Man) Ltd. I.O.M.
RIC Management Services Ltd. Eire
Insurance Management Services Ltd. Eire
R.I.C.S. Insurance Services Ltd. England
Bowring Services Ltd. England
C.T. Bowring (Underwriting Agencies) Ltd. England
C.T. Bowring Trading (Holdings) Ltd. England
Baffin Trading Company Ltd. Canada
Bowring In The Community Ltd. England
C.T. Bowring (Insurance) Holdings Ltd. England
Insurance Brokers West Indies Ltd. Trinidad
C.T. Bowring Japan Ltd. Japan
Marsh & McLennan Ireland Ltd. Eire
C.T. Bowring (Ireland) Ltd. Eire
Mathews Mulcahy & Sutherland Ltd. Eire
Carpenter Bowring Australia Pty. Ltd. Australia
Carpenter Bowring New Zealand Ltd. N. Zealand
Australian World Underwriters Pty. Ltd. Australia
Marsh & McLennan Holdings Ltd. N. Zealand
Marsh & McLennan Ltd. N. Zealand
Reinsurances New Zealand Ltd. N. Zealand
Risk Management Ltd. N. Zealand
Marsh & McLennan Ltd. FIJI
Reinsurances (Pacific) Ltd. FIJI
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