EXHIBIT 21
SUBSIDIARIES OF
MARSH & McLENNAN COMPANIES, INC.
(as of 2/28/97)
Where
Name Incorporated
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Marsh & McLennan Real Estate Advisors, Inc. Delaware
Omega Indemnity (Bermuda) Limited Bermuda
Epsilon Insurance Company, Ltd. Cayman Islands
Marsh & McLennan, Incorporated Delaware
Marsh & McLennan of Arkansas, Inc. Arkansas
M & M Insurance Management Services, Inc. Delaware
Marsh & McLennan Financial Markets, Inc. Delaware
Marsh & McLennan GbR Holdings, Inc. Delaware
Marsh & McLennan Pallas Holdings, 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, Incorporated Maine
Marsh & McLennan, Inc. Massachusetts
Marsh & McLennan Michigan
Marsh & McLennan, Inc. of Nevada Nevada
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 Global Broking, Inc. New York
Marsh & McLennan Global Broking (Bermuda) Ltd. Bermuda
Bowring (Bermuda) Investments Ltd. Bermuda
Marsh & McLennan Global Broking, Inc. Connecticut
Marsh & McLennan Global Broking, Inc. Illinois
Marsh & McLennan Global Broking, Inc. Missouri
Marsh & McLennan Global Broking, Inc. New Jersey
Marsh & McLennan Intermediaries, Inc. New York
Marsh & McLennan Global Broking, Inc. Texas
Marsh & McLennan Global Broking (Dublin) Ltd. Ireland
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 Europe 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
Tudor, Marsh & McLennan Corretores de Seguros S.A Brazil
Les Assureurs Conseils Camerounais Faugere & Jutheau & Cie Cameroon
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
Claro Marsh & McLennan S.A. Corredores De Seguros Chile
Claro Marsh & McLennan Consultores en Recursos Humanos, Ltda Chile
Marsh & McLennan Denmark A/S Denmark
Marsh & McLennan Norway A.S Norway
Marsh & McLennan Sweden AB Sweden
Les Assureurs Conseils Gabonais Faugere & Jutheau & Cie Gabon
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
VW-Versicherungsvermittlungs-GmbH Germany
VVG Gradmann & Holler Versicherungs-Vermittlungs -GmbH Germany
Airport Asserkuranz Vermittlungs GmbH Germany
GMFS Versicherungs-Vermittlungs GmbH Germany
Sudzucker Versicherungsvermittlungs GmbH Germany
Senator Assercuranz Contor GmbH Germany
Bau Asserkuranz Vermittlungs GmbH Germany
Westfalia Asserkuranz Versicherungsvermittlungs GmbH Germany
Gradmann & Holler International GmbH Germany
Gradmann & Holler Kiefhaber GmbH Germany
Gradmann & Holler AG Switzerland
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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
Marsh & McLennan Management Services (Dublin) Limited Ireland
Bowring Marsh & McLennan (IOM) Ltd. Isle of Man
Marsh & McLennan Management Services (Isle of Man) Ltd. Isle of Man
Marsh & McLennan Italia & Co., S.P.A Italy
Africaine De Courtage d'Assurances Faugere & Jutheau, S.A Ivory Coast
Les Assureurs Conseils de Cote d'Ivoire Faugere & Jutheau & Cie Ivory Coast
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
S.P.K. Bowring Marsh & McLennan Sdn. Bhd Malaysia
Corredores Internacionales de Reaseguros S.A Mexico
Marsh & McLennan Polska Sp.zO.O Poland
Marsh & McLennan Romania SRL Romania
Marsh & McLennan Management Services (S) Pte. Ltd. Singapore
Marsh & McLennan Bowring Pte. Ltd. Singapore
Marsh & McLennan Slovakia s.r.o Slovakia
Marsh & McLennan Correduria de Reaseguros S.A Spain
Marsh & McLennan Espana, S.A., Correduria de Seguros Spain
Marsh Privat AIE Spain
Marsh & McLennan EWI S.A Switzerland
Marsh & McLennan (Thai) Company Ltd. Thailand
Marsh & McLennan Sigorta ve Reasurans Brokerligi AS Turkey
C.T. Bowring International Broking Holdings, Ltd. United Kingdom
Insurance Brokers of Nigeria Nigeria
Marsh & McLennan Bowring Marine & Energy Group Ltd. United Kingdom
Marsh & McLennan Limited United Kingdom
Marsh & McLennan, Incorporated Virgin Islands
Muir Beddall (Zimbabwe) Limited Zimbabwe
C.T. Bowring and Associates (Private) Limited Zimbabwe
Guy Carpenter & Company, Inc. Delaware
The Carpenter Management Corporation Delaware
Paul Napolitan, Inc. Delaware
Sellon Associates, Inc. New York
Balis & Co., Inc. Pennsylvania
Philadelphia Insurance Management Company Delaware
EQECAT, Inc. Delaware
Guy Carpenter Advisors, Inc. Delaware
Normandy Reinsurance Company Limited Bermuda
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 & Company (Stockholm) AB Sweden
Bennich Reinsurance Management AB Sweden
Guy Carpenter & Co. Limited United Kingdom
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Marsh & McLennan Risk Capital Holdings, Ltd. Delaware
Marsh & McLennan Risk Capital Corp. Delaware
Terra Nova (Bermuda) Holdings, Ltd. Bermuda
Marsh et McLennan France SA France
Mercer-Faugere & Jutheau SA France
Compagnie Europeenne de Courtage d'Assurances et de Reassurances 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
SNC P. Deleplanque France
Boistel S.A France
Bureau Gogioso Eyssautier 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
Ivoiriennes Assurances Conseil Ivory Coast
Societe Internationale de Courtage d'Assurances
et de Reassurances-F&J (SARL) Burkina Faso
Socodel-Paris S.A France
Union Francaise de Reassurances (S.A.) France
Guy Carpenter & Cia, S.A Spain
William M. Mercer-Faugere & Jutheau (S.A.R.L.) France
Societe d'Etude et de Gestion et de Conseil en Assurance SA Senegal
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, Ltd. Bermuda
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 Consultoria Internacional S/C Ltda Brazil
UBM Consulting France International Management Consultants France
Mercer Management Consulting Limited Switzerland
Mercer Management Consulting S.L Spain
Mercer Management Consulting SNC France
MID, Inc. Delaware
INPLAN Pte. Ltd. Singapore
Mercer Consulting Services S.A Switzerland
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Mercer Service Company, Inc. Delaware
William M. Mercer Companies, Inc. Delaware
William M. Mercer Holdings, Inc. Delaware
William M. Mercer Pty. Ltd. Australia
Superfund Nominees Pty. Ltd. Australia
William M. Mercer International S.A Belgium
William M. Mercer Limited Canada
Hickling -Johnston Ltd. Canada
Mercer Management Consulting Limited Canada
Metcalfe Agencies Limited Quebec
Societe Conseil Mercer Limitee Quebec
Mercer Limited Ireland
P.I.C. Advisory Services Limited Ireland
P.I.C. Management Services Limited Ireland
Mercer Fraser P.I.C. Trustees Limited Ireland
William M. Mercer Limited of Japan Japan
William M. Mercer Limited Hong Kong
William M. Mercer (Malaysia) Sdn. Bhd Malaysia
William M. Mercer Zainal Fraser Sdn. Bhd Malaysia
William M. Mercer Ten Pas B.V Netherlands
Germas B.V Netherlands
Reitmulders & Partners B.V Netherlands
William M. Mercer Services B.V Netherlands
William M. Mercer Limited New Zealand
William M. Mercer, Incorporated Puerto Rico
William M. Mercer, S.A Switzerland
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
William M. Mercer Fraser Pension Fund Trustees Limited United Kingdom
Duncan C. Fraser & Co. United Kingdom
William M. Mercer Fraser Computer Services Limited United Kingdom
Mercer Management Consulting, Limited United Kingdom
MF Trustees Limited United Kingdom
William M. Mercer Fraser Pension Fund Trustees Limited United Kingdom
William M. Mercer (Isle of Man) Limited Isle of Man
Pensioneer Trustees (Leeds) Limited England
William M. Mercer Lda Portugal
William M. Mercer Fraser 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, 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
William M. Mercer, Incorporated Massachusetts
William M. Mercer of Michigan, Incorporated Michigan
William M. Mercer, Incorporated Nevada
William M. Mercer, Incorporated Ohio
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William M. Mercer, Incorporated Oklahoma
William M. Mercer of Texas, Inc. Texas
William M. Mercer of Virginia, Incorporated Virginia
MPA Superannuation Services Limited Australia
MPA Superfund Nominees Pty. Limited Australia
Mercer R.H. SARL France
William M. Mercer-MPA Limited Hong Kong
William M. Mercer Philippines, Incorporated Philippines
William M. Mercer Pte. Ltd. Singapore
William M. Mercer S.A Argentina
William M. Mercer S.A. Asesores de Seguros Argentina
William M. Mercer Comercio Consultoria e Servicos Ltda Brazil
William M. Mercer Consultoria Ltda Brazil
Grupo Assistencial De Economia E Financas Tudor S/C Ltda Brazil
Mercer MW Ltda Brazil
Mercer MW Pesquisas Ltda Brazil
Mercer MW Servicos Ltda Brazil
Mercer MW Saude Ltda Brazil
Vida Network Ltda Brazil
William M. Mercer, S.A Belgium
William M. Mercer Limitada Chile
William M. Mercer Claro Corredores de Seguros Chile
William M. Mercer A/S Denmark
William M. Mercer A.B Sweden
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, Ltd. Bahamas
Putnam International Distributors, Ltd. Cayman Islands
Putnam 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
The Bowring Group Limited England
C.T.B. Services Ltd. England
C.T. Bowring & Co. Ltd. England
Importbest Ltd. England
Bowring Financial Services Ltd. England
Marsh & McLennan Management Services (Guernsey) Ltd. Guernsey
Bowring Marsh & McLennan (IOM) Ltd. I.O.M.
Marsh & McLennan Management Services (Isle of Man) Ltd. I.O.M.
Carpenter Bowring (UK) Ltd. England
Carpenter Bowring Ltd. England
Marsh Re Correduria de Reaseguros S.A Spain
Bowring Reinsurance Brokers Ltd. England
Tower Insurance Brokers Ltd. England
Winchester Bowring Ltd. England
White Kennett Ltd. England
Marsh Re Correduria de Reaseguros S.A. Spain
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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
Marsh & McLennan Marine & Energy Ltd. England
Bowring Marsh & McLennan Ltd. England
Marsh & McLennan Services Ltd. England
Marsh & McLennan Holdings Ltd. England
Marsh & McLennan Nederland B.V Netherlands
Marsh & McLennan Lda Portugal
Marsh & McLennan Bowring Ltd. England
Bowring Gauntlet Ltd. England
Bowring Risk Management Ltd. England
Bowring Professional Indemnity Scotland Ltd. Scotland
Microsafe Ltd. England
Ulster Insurance Services Ltd. N. Ireland
RIAS Insurance Services Ltd. Scotland
Bowring Camper & Nicholsons Ltd. England
RIC Management Services Ltd. Eire
Insurance Management Services Ltd. Eire
Marsh & McLennan Ireland Ltd. Eire
C.T. Bowring Ireland Ltd. Eire
Mathews Mulcahy & Sutherland Ltd. Eire
Surveyors Insurance Brokers Ltd. England
Surveyors Claim Services Ltd. England
Bowring Information & Communications Systems Ltd. England
Marsh & McLennan Holdings Ltd. New Zealand
Marsh & McLennan Ltd. New Zealand
Reinsurances New Zealand Ltd. New Zealand
Risk Management Ltd. New Zealand
Marsh & McLennan Ltd. Fiji
Reinsurances (Pacific) Ltd. Fiji
Bowring Services Ltd. England
C. T. Bowring (Underwriting Agencies) Ltd. England
C. T. Bowring Trading (Holdings) Ltd. England
Baffin Trading Company Ltd. Canada
C.T.B. Ltd. England
Tower Hill Property Company Ltd. England
Bowring In The Community Ltd. England
C. T. Bowring (Insurance) Holdings Ltd. England
C. T. Bowring Japan Ltd. Japan
Carpenter Bowring Australia Pty. Ltd. Australia
Carpenter Bowring New Zealand Ltd. New Zealand
Australian World Underwriters Pty. Ltd. Australia
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