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%
*Epsilon Insurance Company, Ltd. Cayman Islands 100%
*Marsh Inc. Delaware 100%
*J&H Marsh & McLennan, Inc. Delaware 100%
J&H Marsh & McLennan of Alabama, Inc. Alabama 100%
J&H Marsh & McLennan of Alaska, Inc. Alaska 100%
J&H Marsh & McLennan of Arkansas, Inc. Arkansas 100%
J&H Marsh & McLennan of Connecticut, 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%
J&H Marsh & McLennan of Idaho, Inc. Idaho 100%
J&H Marsh & McLennan of Illinois, Inc. Illinois 100%
J&H Marsh & McLennan of Indiana, Inc. Indiana 100%
J&H Marsh & McLennan of Kentucky, Inc. Kentucky 100%
J&H Marsh & McLennan of Louisiana, Inc. Louisiana 100%
J&H Marsh & McLennan of Maine, Inc. Maine 100%
J&H Marsh & McLennan of Massachusetts, Inc. Massachusetts 100%
J&H Marsh & McLennan of Michigan, Inc. Michigan 100%
J&H Marsh & McLennan of Mississippi, Inc. Mississippi 100%
J&H Marsh & McLennan of Nevada, Inc. Nevada 100%
J&H Marsh & McLennan of Ohio, Inc. Ohio 100%
J&H Marsh & McLennan of Oklahoma, Inc. Oklahoma 100%
J&H Marsh & McLennan of Pennsylvania, Inc. Pennsylvania 100%
Marsh & McLennan of Puerto Rico, Inc. Puerto Rico 100%
J&H Marsh & McLennan of Rhode Island, Inc. Rhode Island 100%
J&H Marsh & McLennan, Inc. Texas
J&H Marsh & McLennan of Texas Inc. Texas 100%
J&H Marsh & McLennan of Utah, Inc. Utah 100%
J&H Marsh & McLennan of Virginia, Inc. Virginia 100%
J&H Marsh & McLennan of West Virginia, Inc. West Virginia 100%
J&H Marsh & McLennan International, Inc. Wisconsin 100%
J&H Marsh & McLennan, Inc. (cont.)
J&H Marsh & McLennan Global Broking, Inc. Illinois 100%
J&H Marsh & McLennan Global Broking (Bermuda) Ltd. Bermuda 100%
J&H Bowring (Bermuda) Investments Ltd. Bermuda 100%
J&H Marsh & McLennan Global Broking, Inc. Connecticut 100%
J&H Marsh & McLennan Global Broking, Inc. Missouri 100%
J&H Marsh & McLennan Global Broking, Inc. New Jersey 100%
J&H Marsh & McLennan Intermediaries, Inc. New York 100%
Marsh & McLennan Global Broking, Inc. Texas 100%
Marsh & McLennan 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 & McLennan (Korea) Ltd. Korea 100%
Marsh & McLennan (Malaysia) SDN BHD Malaysia 100%
Marsh & McLennan Argentina SA Asesores de Seguros Argentina 86%
Ayling & Barrios SA Argentina
Marsh & McLennan Argentina SA Corredores de Reaseguros Argentina 86%
Marsh & McLennan Argentina SA Risk Management Consultants Argentina 100%
J&H Marsh & McLennan 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 & McLennan Captive Management Services Pty. Ltd. Australia 100%
Marsh & McLennan Versicherungs-Service GmbH Austria 100%
Marsh & McLennan Management Services (Barbados), Ltd. Barbados 100%
Henrijean, S.A Belgium 47%
Marsh & McLennan Europe S.A Belgium 100%
Marsh & McLennan Management Services (Bermuda) Limited Bermuda 100%
Transglobe Management (Bermuda) Ltd. Bermuda 100%
Marsh & McLennan (Cayman Islands) Ltd. Cayman Islands 100%
Marsh & McLennan Management Services (L) Ltd. Labuan 100%
Tudor, Marsh & McLennan Corretores de Seguros Ltda Brazil 100%
- 2 -
J&H Marsh & McLennan, Inc. (cont.)
J&H Marsh & McLennan Ltd. Canada 100%
D.G. Watt & Associates Ltd. 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%
Schatz Insurance Agencies, Inc. Saskatchewan 100%
Marsh & McLennan (SASK) Ltd. Saskatchewan 100%
Claro J&H Marsh & McLennan S.A. Corredores De Seguros Chile 100%
Claro Marsh & McLennan Consultores en Recursos Humanos, Ltda Chile 100%
Marsh & McLennan Denmark A/S Denmark 100%
Marsh & McLennan Norway A.S Norway 100%
Marsh & McLennan Sweden AB Sweden 100%
Marsh & McLennan Companies GmbH Germany 100%
Marsh & McLennan Companies Beteiligungsgesellschaft II GmbH Germany 100%
Gradmann & Holler, K.G Germany 100%
Erwin Warnecke GmbH Germany 100%
Gradmann & Holler GmbH Germany 89.1%
RMB-Risk Management Beratungs-GmbH Germany 100%
Wolf & Hasselmann GmbH Germany 100%
Gradmann & Holler-William M. Mercer GmbH Germany 90%
VW-Versicherungsvermittlungs-GmbH Germany 33.3%
VVG Gradmann & Holler Versicherungs-Vermittlungs-GmbH Germany 24%
Airport Asserkuranz Vermittlungs GmbH Germany 50%
GMFS Versicherungs-Vermittlungs GmbH Germany 49%
Sudzucker Versicherungsvermittlungs GmbH Germany 49%
Senator Assercuranz Contor GmbH Germany 49%
Gradman & Holler Kiefhaber GmbH Germany 100%
Gradman & Holler AG Switzerland 100%
Bau Asserkuranz Vermittlungs GmbH Germany 45%
Westfalia Asserkuranz Versicherungsvermittlungs GmbH Germany 33%
Gradmann & Holler Kiefhaber GmbH Germany 100%
Gradmann & Holler AG Switzerland 100%
Marsh & McLennan-Hellas-L.L.C Greece 100%
Marsh & McLennan Limited Hong Kong 100%
J&H Marsh & McLennan Budapest Insurance Brokers & Consultants Ltd. Hungary 100%
Marsh & McLennan Management Services (Dublin) Limited Ireland 100%
J&H Marsh & McLennan Italia, S.P.A Italy 100%
J&H Marsh & McLennan Japan Ltd. Japan 100%
Marsh & McLennan Co. Inc. Liberia 100%
- 3 -
J&H Marsh & McLennan, Inc. (cont.)
Marsh & McLennan Luxembourg, S.A Luxembourg 100%
Marsh & McLennan Insurance Management Services, S.A Luxembourg 100%
S.P.K. Bowring Marsh & McLennan Sdn. Bhd Malaysia 30%
Organizacion Brockman y Schuh, S.A. de C.V Mexico 20%
Servicios Actuariales, S.A. de C.V Mexico 82%
Compensacion Tecnica Consultores, S.A. de C.V Mexico 50%
Servicios Actuariales Guatemala, S.A Guatemalan 50%
Bysap Servicios Administrativos, S.A. de C.V Mexico 99%
Professional Indemnity Re, Ltd. Bermuda 100%
Consultores en Garantias, S.A. de C.V Mexico 99%
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 20%
Inverbys, S.A. de C.V Mexico 1%
Administradora de Inmuebles Fin, S.A. de C.V Mexico 20%
ByS Servicios Especiales, Agente de Seguros, S.A. de C.V Mexico 45.5%
Reinmex, Intermediario de Reaseguros, S.A. de C.V Mexico 51%
Guy Carpenter Reinmex Corredores de Reaseguros Limitada Columbian 87.5%
Reinmex Florida, Inc. Florida 100%
Corredores Internacionales de Reaseguros S.A Mexico 60%
Marsh & McLennan Polska Sp.zO.O Poland 100%
Marsh & McLennan Romania SRL Romania 100%
Marsh & McLennan Management Services (S) Pte. Ltd. Singapore 100%
Marsh & McLennan Bowring Pte. Ltd. Singapore 100%
Marsh & McLennan Slovakia s.r.o Slovakia 100%
Marsh & McLennan Correduria de Reaseguros S.A Spain 100%
Marsh & McLennan Espana, S.A., Correduria de Seguros Spain 60%
Marsh Privat AIE Spain 50%
J&H Marsh & McLennan AG Switzerland 100%
Marsh & McLennan (Thai) Company Ltd. Thailand 49%
San J&H Marsh & McLennan Turkey 100%
J&H Marsh & McLennan International Broking Holdings, Limited United Kingdom 100%
Insurance Brokers of Nigeria Ltd. Nigeria 40%
- 4 -
J&H Marsh & McLennan, Inc. (cont.)
Marsh & McLennan Bowring Marine & Energy Group Ltd. United Kingdom 100%
Marsh & McLennan Limited United Kingdom 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%
Jay R. Corp. New York 100%
Casualty Insurance Company Services, Inc. California 100%
Johnson & Higgins Agency of Korea, Ltd. Korea 100%
J&H Marsh & McLennan (Colombia) Ltda Colombia 100%
Johnson & Higgins Securities, Inc. Montana 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%
J&H Marsh & McLennan 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 New York 100%
Henry Ward Johnson & Company Insurance Services, Inc. California 100%
Johnson & Higgins/Kirke-Van Orsdel, Inc. Delaware 100%
Johnson & Higgins Willis Faber Holdings, Inc. New York 50%
J&H Marsh & McLennan Management, 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 **
AM-Grip, Inc. Texas **
Johnson & Higgins W.F. Ltd. Canada 100%
Worldwide Energy Insurance Services, Inc. 100%
Transbrasil Ltda Brazil 50%
Johnson & Higgins Holdings B.V Netherlands 100%
J&H Unison Holdings B.V Netherlands 50%
Max Mattheissen Holdings A.B Sweden 100%
Unison Belgium Belgium 100%
Mees & Zoonen Marsh & McLennan B.V Netherlands 100%
R. Mees & Zoonen Assurante B.V Netherlands 100%
- 5 -
J&H Marsh & McLennan, Inc. (cont.)
Unison Management (Scandinavia) AB Scandinavia 50%
Albert Willcox & Co. De Venezuela, CA Venezuela 100%
Foster Higgins (Far East) Limited Hong Kong 100%
Intercontinental De Reaseguros, S.A
Inversiones Orquidea, S.A Colombia 82%
J&H Aviation Plc United Kingdom 100%
Johnson & Higgins Aviation Pty. Ltd. Australia 100%
J&H Marsh & McLennan Managment (Barbados) Limited Barbados 100%
J&H Intermediaries (Barbados) Limited Barbados 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%
Johnson & Higgins Mediservice - Administradora De Planos De Saude Ltda Brazil 80%
Albert Willcox & Co. of Canada Ltd. Canada 100%
Dupuis, Parizeau, Tremblay, Inc. Canada 100%
Les Conseillers Dpt. Inc. Canada 100%
Johnson & Higgins Corretores De Seguros Ltda Brazil 100%
Johnson & Higgins (H.K.) Limited Hong Kong 100%
Johnson & Higgins (Peru) S.A. Corredores De Seguro Peru 100%
J&H Marsh & McLennan Pte 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%
Mednorte Internacional - Sociedade Mediadora De Seguros, Limitada 100%
Johnson & HIggins Sociadad Anonima 100%
Johnson & Higgins (Uruguay) Inc. Uruguay 100%
Llenrup Participaues S.C. Ltda Brazil 100%
Sersur Brazil 100%
Unison Management Luxembourg, S.A Luxembourg 23%
Willcox Phillippines Inc. Phillippines 40%
Johnson & Higgins Managment Services, Ltd. Bermuda 100%
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. Phillippines 70%
JHINDAH (Asia) Limited Indonesia 50%
- 6 -
J&H Marsh & McLennan, Inc. (cont.)
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%
Balis & Co., Inc. Pennsylvania 100%
Philadelphia Insurance Management Company Delaware 100%
Guy Carpenter Broking, Inc. Delaware 100%
Market Street Underwriters, Inc. Delaware 100%
MMSC Holdings, Inc. Delaware 100%
Marsh & McLennan Securities Corporation Delaware 100%
Intermediary Systems Limited Delaware 100%
Triad Underwriting Management Agency, Inc. Delaware 100%
Guy Carpenter Advisors, Inc. Delaware 100%
Inter-Americas Insurance Services, Inc. California 51%
Guy Carpenter & Company, S.A Argentina 100%
Normandy Reinsurance Company Limited Bermuda 100%
Guy Carpenter & Company, S.A Belgium 100%
American Overseas Management Corporation (Canada) Canada 100%
Guy Carpenter & Company (Canada) Limited Canada 100%
Guy Carpenter & Company, A/S Denmark 100%
Guy Carpenter & Company GmbH Germany 60%
Guy Carpenter & Company (Asia) Limited Hong Kong 100%
Guy Carpenter Italia, S.R.L Italy 100%
Guy Carpenter y Cia (Mexico) S.A. de C.V Mexico 100%
Guy Carpenter & Company (S) Pte. Ltd. Singapore 100%
Guy Carpenter & Company (Stockholm) AB Sweden 100%
Bennich Reinsurance Management AB Sweden 100%
Guy Carpenter (U.K.) Ltd. United Kingdom 100%
Intermediary Systems Ltd. United Kingdom
Geological Information Services United Kingdom
Marsh & McLennan Risk Capital Holdings, Ltd. Delaware 100%
Marsh & McLennan Capital, Inc. Delaware 100%
Marsh & McLennan GPI, Inc. Delaware 100%
Marsh & McLennan LP II, Inc. Delaware 100%
MMRCH LLC Delaware 30%
MMRC LLC Delaware 30%
The ARC Group LLC Delaware 33%
Terra Nova (Bermuda) Holdings Ltd. Bermuda 9.9%
VIC Corporation Maine 51%
- 7 -
J&H Marsh & McLennan, Inc. (cont.)
J&H Marsh & McLennan (Holdings) Ltd. United Kingdom 100%
Marsh & McLennan Management Services (Guernsey) Limited Guernsey 100%
J&H Marsh & McLennan (IOM) Ltd. Isle of Man 100%
Marsh & McLennan Management Services (Isle of Man) Ltd. Isle of Man 100%
J&H Marsh & McLennan Financial Services Ltd. United Kingdom 100%
J&H Marsh & McLennan (UK) Limited United Kingdom 100%
Marsh & McLennan Services Ltd. United Kingdom 100%
Marsh & McLennan Holdings Ltd. United Kingdom 100%
Marsh & McLennan Nederland B.V Netherlands 100%
Marsh & McLennan s.r.o Czech Republic 100%
Marsh & McLennan Lda Portugal 100%
Marsh & McLennan Bowring Ltd. United Kingdom 100%
Bowring Risk Management Ltd. United Kingdom 100%
Bowring Professional Indemnity Scotland Ltd. Scotland 100%
Microsafe Ltd. United Kingdom 100%
Ulster Insurance Services Ltd. N. Ireland 100%
RIAS Insurance Services Ltd. Scotland 100%
Bowring Limited United Kingdom 100%
RIC Management Services Ltd. Ireland 100%
Insurance Management Services Ltd. Ireland 100%
Marsh & McLennan Ireland Ltd. Ireland 100%
C. T. Bowring Ireland Ltd. Ireland 100%
Mathews Mulcahy & Sutherland Ltd. Ireland 100%
Surveyors Insurance Brokers Ltd. United Kingdom 50%
Marsh & McLennan Ltd. New Zealand 100%
Reinsurances New Zealand Ltd. New Zealand 100%
Risk Management Ltd. New Zealand 100%
Marsh & McLennan Ltd. Fiji 90%
Reinsurances (Pacific) Ltd. Fiji 100%
Marsh & McLennan France SA France 100%
Mercer-Faugere & Jutheau SA France 100%
Compagnie Europeenne De Courtage d'Assurances et de Reassurances France 100%
Franchelli & Louvet S.A France 100%
Franchelli & Louvet Services France 100%
Cecar Reassurances France 100%
Cecar PRB France 95%
Consultants en Assurance, Prevoyance, Assistance France 80%
Ratio France 100%
Prevoyance Retraite International Management France 56%
Office des Assures France 55%
Energie Courtage France 55%
Societe d'Assurance et de Participation Guian S.A France 24%
Societe d'Assistance a la Gestion et a L'Ingeniere des Risques France 100%
Societe Bargheon France 100%
Elysees Prevoyance Gestion France 80%
Cecar Assurances & Finances France 50%
- 8 -
Marsh & McLennan France SA (cont'd)
Compagnie Europeenne De Courtage d'Assurances et de Reassurances (cont'd)
Cecar Deutschland Deutschland 100%
Cecar Belgium Belgium 100%
Ibercecar Spain 82.5%
AB-Ibercecar Spain 64%
Sasia Spain 100%
Comesa Spain 100%
Cecar Portugal Portugal 70%
Cecar Austria Austria 52%
Cecar Hungaria Hungarian 100%
Risiko Services (Czech Republic) Czech Republic 100%
Italcecar Italy 51.4%
Cecar Turkiye Turkey 51%
Cecar Argentina Argentina 100%
Cecar Brasil Brazil 71.5%
Cecar Inchcape Asia Hong Kong 50%
Cecar Tunisie Tunisia 49%
Cecar & Jutheau, S.A France 100%
Faugere & Jutheau Bermuda Bermuda 100%
Assureurs Conseils Tchadiens (S.A.R.L.) Chad 83%
Assureur Conseil de Djibouti- Faugere & Jutheau et Cie SARL Djibouti 75%
Ancien Cabinet Pierre de Kerpezdron (S.A.) France 100%
SNC P. Deleplanque France 100%
Boistel S.A France 100%
Bureau Gogioso Eyssautier S.A France 100%
Eyssautier Flepp Malatier & Pages S.A France 100%
Boistel Eyssautier S.A France 100%
Omnium d'Assurances Maritimes France 100%
Astramar S.A France 100%
Cires SARL France 100%
Sogescor SARL France 100%
Gatier S.A Switzerland 100%
Assurances Maritimes Eyssautier Malatier Inter SARL France 100%
Ivoiriennes Assurances Conseil Ivory Coast 100%
Societe Internationale de Courtage d'Assurances
et de Reassurances-F&J (SARL) Burkina Faso 30%
Socodel-Paris S.A France 100%
Union Francaise de Reassurances (S.A.) France 100%
Guy Carpenter & Cia, S.A. - 34 Spain 81.08%
William M. Mercer-Faugere & Jutheau (S.A.R.L.) France 100%
Societe d'Etude et de Gestion et de Conseil en Assurance SA Senegal 39.25%
- 9 -
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%
Corporate Decisions, Inc. 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%
Marketing/Innovation/Development pour l'industrie-MID, S.A France 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%
Mercer Management Consulting Portugal 100%
Mercer Consulting Services S.A Switzerland 100%
Mercer MN 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%
P.I.C. Management Services Limited Ireland 100%
Mercer Fraser P.I.C. 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%
- 10 -
Mercer Consulting Group, Inc. (cont.)
William M. Mercer Companies LLC (cont.)
William M. Mercer Holdings, Inc. (cont.)
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, S.A Switzerland 100%
William M. Mercer Limited United Kingdom 100%
William M. Mercer Fraser (Irish Pensioneer Trustees) Limited Ireland 100%
William M. Mercer Srl Italy 100%
William M. Mercer Fraser Pension Fund Trustees Limited United Kingdom 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, 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%
OCR Ltd. Australia 100%
MPA Superannuation Services Limited Australia 100%
MPA Superfund Nominees Pty. Limited Australia 100%
- 11 -
Mercer Consulting Group, Inc. (cont.)
William M. Mercer Companies LLC (cont.)
William M. Mercer, Incorporated (cont.)
Mercer R.H. SARL France 100%
William M. Mercer-MPA Limited Hong Kong 100%
William M. Mercer Philippines, Incorporated Philippines 100%
William M. Mercer, Incorporated Puerto Rico 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 33.3%
Grupo Assistencial De Economia E Financas Tudor S/C Ltda. Brazil 33%
William M. Mercer, S.A Belgium 100%
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%
Seabury & Smith, Inc. Delaware 100%
Seabury & Smith of Arkansas, Inc. Arkansas 100%
Appleby & Sterling Agency, Inc. Delaware 100%
J&H Marsh & McLennan Private Client Services, Inc. Delaware 100%
J&H Marsh & McLennan Financial Services, Inc. New York 100%
J&H Marsh & McLennan Financial Services, Inc. Indiana 100%
J&H Marsh & McLennan Financial Insurance Services of Massachusetts, Inc. Massachusetts 100%
J&H Marsh & McLennan 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%
- 12 -
Seabury & Smith, Inc. (cont'd)
Seabury & Smith of Georgia, Inc. Georgia 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%
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 Management, Ltd. United Kingdom 50%
Putnam Rhumbline Corporation Massachusetts 100%
Primary Funds Service Corp. Delaware 51%
Putnam Overseas Institutional Management Company Ltd. Bahamas 100%
Putnam International Distributors, Ltd. Cayman Islands 100%
Putnam Deutschland GmbH Germany 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 Luxembourg S.A Luxembourg 100%
Putnam Management (Luxembourg), S.A Luxembourg 100%
- 13 -
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%
Sedgwick Analysis 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 Finance plc United Kingdom 100%
Rivers Group 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%
Sedgwick Management Services (London) Limited United Kingdom 100%
Sedgwick Management Services (Guernsey) Limited Guernsey 100%
Sedgwick Management Services
(Singapore) Pte Limited Singapore 100%
Sedgwick Omega Limited United Kingdom 100%
Sedgwick Epsilon Limited United Kingdom 100%
Sedgwick Eta Limited United Kingdom 100%
Sedgwick Russia 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%
Sedgwick Ukraine Limited United Kingdom 100%
Wigham Poland (Hellas) Limited United Kingdom 5%
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 Azeri Limited United Kingdom 100%
Sedgwick OS Limited United Kingdom 100%
Whitechapel Corporate Services Limited United Kingdom 100%
SG Services Limited United Kingdom 100%
Sedgwick International Broking Services Limited United Kingdom 100%
Sedgwick Global Limited United Kingdom 100%
Sedgwick Computer & Network
Service Company Limited United Kingdom 100%
Sedgwick Credit Limited United Kingdom 100%
Sedgwick Europe Risk Solutions Limited United Kingdom 100%
ReSolutions International Limited United Kingdom 100%
Sedgwick Energy Limited United Kingdom 100%
Aldgate Insurance Brokers (Marine) Limited United Kingdom 100%
Sedgwick UK Risk Services Limited United Kingdom 100%
Sedgwick Bankrisk Limited United Kingdom 100%
E.W. Payne & Co. (Marine) Limited United Kingdom 100%
Sedgwick Aviation Limited United Kingdom 100%
- 14 -
Sedgwick Energy & Marine Limited United Kingdom 100%
Price Forbes Limited United Kingdom 100%
Sedgwick Georgia Limited United Kingdom 100%
Sedgwick Special Risks Limited United Kingdom 100%
Reclaim Limited United Kingdom 100%
Sedgwick Limited United Kingdom 100%
Sedgwick Northern Ireland Risk Services Limited Northern Ireland 100%
The Sedgwick Information Exchange Limited United Kingdom 100%
Sedgwick Agency Services Limited United Kingdom 100%
Wigham Poland Limited United Kingdom 100%
Wigham Poland Aviation Limited United Kingdom 100%
Wigham Poland Professional
Indemnity Limited United Kingdom 100%
Wigham Poland Reinsurance Brokers Limited United Kingdom 100%
Wigham Poland Scotland Limited United Kingdom 100%
Wigham Poland Marine Limited United Kingdom 100%
Anthony Lumsden & Company Limited United Kingdom 100%
Anthony Lumsden Group Limited United Kingdom 100%
Anthony Lumsden & Co (Pte) Limited Singapore 100%
Sedgwick Reinsurance Services Limited United Kingdom 100%
Sedgwick Credit Europe Limited United Kingdom 100%
Marine Risk Management Services Limited United Kingdom 100%
Sedgwick UK Risk Services Limited United Kingdom 100%
Roger Lark & Sedgwick (Partnership) United Kingdom 30%
RL & S Limited United Kingdom 100%
Roger Lark & Sedgwick Limited United Kingdom 14%
Racal Insurance Services Limited United Kingdom 50%
Richard Sparrow Holdings Limited United Kingdom 100%
Richard Sparrow and Company Limited United Kingdom 100%
Richard Sparrow and Company (International
Non Marine) Limited United Kingdom 100%
Sedgwick Georgia Limited United Kingdom 100%
Grupo Internacional de Reaseguro
Intermediario de Reaseguro, S.A. de C.V Mexico 10%
Sedgwick Group Properties & Services Limited United Kingdom 100%
Avongrove Limited United Kingdom 99.6%
Matchgrange Holdings Limited United Kingdom 100%
Matchgrange Limited United Kingdom 100%
Sedgwick Alpha Limited United Kingdom 100%
Sedgwick Noble Lowndes Group Limited United Kingdom 100%
Sedgwick Noble Lowndes (UK) Limited United Kingdom 100%
Sedgwick Financial Services Limited United Kingdom 100%
Sedgwick Actuarial Services Limited United Kingdom 100%
Sedgwick Trustees Limited United Kingdom 100%
Sedgwick Affinity Group Services Limited United Kingdom 100%
The Financial & Insurance
Advice Centre 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 Noble Lowndes
Actuarial Services Limited United Kingdom 100%
Advantage Independent Limited United Kingdom 100%
Advantage Advisors Services Limited United Kingdom 100%
Flexifund Limited United Kingdom 100%
Sedgwick Northern Ireland Limited Northern Ireland 100%
Noble Lowndes Pensions Limited United Kingdom 100%
Noble Lowndes Personal Financial
Services Limited United Kingdom 100%
- 15 -
Noble Lowndes Settlement
Trustees Limited United Kingdom 100%
Sedgwick Ulster Pension
Trustees Limited 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%
Sedgwick Noble Lowndes (Europe) Limited United Kingdom 100%
Sedgwick Financial Services
(Deutschland) GmbH Germany 25%
Sedgwick Noble Lowndes GmbH Germany 75%
Sedgwick Investment Services Limited United Kingdom 100%
Chancery Eastcheap Limited United Kingdom 100%
Chancery Aldgate Limited United Kingdom 100%
The International Employer Limited United Kingdom 100%
TIE Systems Limited United Kingdom 100%
Health Care Management Limited United Kingdom 100%
Allied Medical Assurance Services Limited United Kingdom 100%
Healthcare Agencies Limited United Kingdom 100%
Sedgwick Wiggmoore Communications Limited United Kingdom 100%
Sedgwick Noble Lowndes Occupational
Health Limited United Kingdom 100%
Sedgwick Noble Lowndes Occupational
Health (Midlands) Limited United Kingdom 100%
Sedgwick Noble Lowndes Healthcare Limited United Kingdom 100%
Medisure Marketing and Management Limited United Kingdom 100%
Affinity Groups Advantage Limited United Kingdom 100%
Sedgwick Oakwood Lloyd's Underwriting Agents Limited United Kingdom 100%
Exford One Limited United Kingdom 100%
Names Taxation Service Limited United Kingdom 100%
Sedgwick Taxation Consultants Limited United Kingdom 100%
Standon Underwriting Management Limited United Kingdom 99.96%
Winsford One Limited United Kingdom 100%
Sedgwick Corporate Capital Services 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%
Sedgwick Insurance Strategy Group Limited United Kingdom 100%
Sedgwick Insurance Strategy Limited United Kingdom 100%
Aldgate Actuarial Services 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%
Sedgwick Guernsey Limited Guernsey100%
Sedgwick Group Inc. USA 100%
Sedgwick, Inc. (Delaware) USA 100%
Regency International Limited Bermuda 100%
Sedgwick James of Puerto Rico, Inc. Puerto Rico 100%
Stephen F. Beard, Inc. Puerto Rico 100%
Sedgwick Limited Taiwan 100%
Sedgwick Asia Pacific Private Limited Singapore 100%
Sedgwick of the Carolinas, Inc. USA 100%
Sedgwick International Risk Management, Inc. USA 100%
Sedgwick U.S. Holdings, Inc. USA 100%
Mariners Insurance Agency, Inc. USA 100%
- 16 -
Maritime Adjusters, Inc. USA 100%
Sedgwick of Mississippi, Inc. Mississippi 100%
Sedgwick, Inc. USA 100%
Sedgwick Energy (Insurance Services) Inc. USA 100%
Members Insurance Club Agency, Inc. USA 100%
Sedgwick Investments, Inc. USA 100%
Sedgwick of New Jersey, Inc. New Jersey 100%
Sedgwick of New Mexico, Inc. New Mexico 100%
Sedgwick of Wisconsin, Inc. Wisconsin 100%
Sedgwick Benefits, Inc. USA 100%
Unused Subsidiary, Inc. USA 100%
Sedgwick of Tennessee, Inc. Tennessee 100%
Sedgwick of Tennessee Agency, Inc. Tennessee 100%
Countryside, Inc. USA 50.38%
Sedgwick Louisiana Holdings, Inc. Louisiana 100%
Sedgwick of New Orleans, Inc. New Orleans 100%
Members Insurance Club Agency, Inc. USA 100%
Sedgwick of Alabama, Inc. Alabama 100%
Sedgwick of Alabama Agency, Inc. Alabama 100%
Sedgwick of Pennsylvania, Inc. Pennsylvania 100%
Route 413 Associates, Inc. USA 100%
Sedgwick U.S. Holdings, Inc. USA 100%
Sedgwick of Arizona, Inc. Arizona 100%
Sedgwick of Arkansas, Inc. Arkansas 100%
Sedgwick of Colorado, Inc. Colorado 100%
Sedgwick of Florida, Inc. Florida 100%
Sedgwick of Georgia, Inc. Georgia 100%
Sedgwick of Idaho, Inc. Kansas 100%
Sedgwick of Kentucky, Inc. Kentucky 100%
Sedgwick Risk Services of Maine, Inc. Maine 100%
Sedgwick of Maryland, Inc. Maryland 100%
Sedgwick of Michigan, Inc. Michigan 100%
Sedgwick of Minnesota, Inc. Minnesota 100%
Sedgwick of Missouri, Inc. Missouri 100%
Sedgwick of Montana, Inc. Montana 100%
Sedgwick of Nebraska, Inc. Nebraska 100%
Sedgwick of New England, Inc. New England 100%
Sedgwick of New Hampshire, Inc. New Hampshire 100%
Sedgwick of Oklahoma, Inc. Oklahoma 100%
Sedgwick of Oregon, Inc. Oregon 100%
Sedgwick of Texas, Inc. Texas 100%
Sedgwick of Utah, Inc. Utah 100%
Sedgwick Management Services
(U.S.) Limited USA 100%
Sedgwick of Virginia, Inc. Virginia 100%
Sedgwick of Washington, Inc. Washington 100%
Sedgwick Managing General
Agency, Inc. USA 100%
Sedgwick Noble Lowndes North
America, Inc. USA 100%
Galbraith & Green, Inc. of Ohio USA 100%
Paladin Reinsurance Corporation USA 20%
S.J. Petrakis Insurance Services, Inc. USA 100%
Sedgwick of California, Inc. California 100%
APRIMAN, Inc. USA 100%
Sedgwick of Connecticut, Inc. Connecticut 100%
Sedgwick of Illinois, Inc. Illinois 100%
Sedgwick Claims Management
Services, Inc. USA 100%
SCMS Administrative
- 17 -
Services, Inc. USA 100%
Sedgwick of New York, Inc. New York 100%
Sedgwick of Nevada, Inc. Nevada 100%
CVA Consultants, Inc. USA 100%
Don A. Harris & Associates, Inc. USA 100%
Sedgwick of Ohio, Inc. Ohio 100%
Sedgwick Life and Benefits, Inc. USA 100%
Southern Marine & Aviation Underwriters, Inc. USA 100%
Americas Insurance Company USA 100%
Americas Surplus Lines Insurance Company USA 100%
Southern Marine and Aviation, Inc. USA 100%
Sedgwick International Marketing Services Inc. USA 100%
Unused Subsidiary, Inc. USA 100%
Syndicate and Corporate Management Services, Inc. USA 100%
Crump Group, Inc. USA 100%
Crump Insurance Services of Houston, Inc. Texas 100%
Crump E & S of California Insurance
Services, Inc. California 100%
Crump Insurance Services Northwest, Inc. USA 100%
Crump E & S of Sacramento Insurance
Services, Inc. California 100%
Crump Insurance Services of Atlanta, Inc. Georgia 100%
Crump of New York, Inc. New York 90%
Crump Insurance Services of Texas, Inc. Texas 100%
Crump Insurance Services of Illinois, Inc.I llinois 100%
Crump E & S of San Francisco
Insurance Services, Inc. California 100%
Crump Insurance Services of Boston, Inc. Massachusetts 100%
Crump Insurance Services of Florida, Inc. Florida 100%
Crump Insurance Services of
Memphis, Inc. Tennessee 100%
Crump Financial Services, Inc. USA 100%
Crump Insurance Services, Inc. USA 100%
Crump Insurance Services of
Colorado, Inc. Colorado 100%
Sedgwick Financial Services Inc. USA 100%
Sedgwick Re Holdings, Inc. USA 100%
Claims, Inc. USA 100%
Sedgwick Re Inc. of Dallas Texas 100%
Sedgwick Diversified Programs, Inc. USA 100%
Sedgwick Re, Inc. USA 100%
Sedgwick Re Insurance Strategy, Inc. USA 100%
Reinsurance Solutions International, L.L.C.USA 50%
Sedgwick Lane Financial L.L.C USA 80%
Syndicate & Corporate Management Services Limited Bermuda 100%
Overseas Reinsurance Corporation Limited Bermuda 100%
Alcombe One Limited United Kingdom 100%
Oakwood Underwriting Agencies Limited United Kingdom 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%
Sedgwick (Holdings) Pty Limited Australia 100%
Bland Payne (South Aust.) Pty Limited Australia 100%
Sedgwick Limited Australia 100%
Adam and Adam (Aust.) Pty Limited Australia 100%
Sedgwick Insurance Agencies Pty Limited Australia 100%
Sedgwick Re Asia Pacific Limited Australia 100%
- 18 -
Sedgwick Corporate and Employee
Benefits Limited Australia 100%
Price Forbes Australia Limited Australia 100%
Australian Commercial Insurance
Agencies 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%
Sedgwick Noble Lowndes Limited Australia 100%
Sedgwick Noble Lowndes
Actuarial Limited Australia 100%
Sedgwick Noble Lowndes
Group Limited Australia 100%
Noble Lowndes (PNG) Limited Papua New Guinea 100%
Cullen Egan Dell Limited Australia 100%
Sedgwick Noble Lowndes
Accounting Pty Limited Australia 100%
McPhee Andrewartha
CED Pty Limited Australia 50%
Sedgwick Noble Lowndes
Financial Planning Limited Australia 100%
Sedgwick Noble Lowndes
Trusteeship Services Limited Australia 100%
Sedgwick Noble Lowndes
Superannuation Services Limited Australia 51%
Sedgwick Versicherungsmakler Gesellschaft m.b.H Austria 100%
MVM Versicherungsberatungs Gesellschaft m.b.H. Austria 100%
Sedgwick Argentina SA Argentina 49%
Marinaro Dundas SA Uruguay 49%
Marinaro Dundas SA Argentina 100%
Admiseg SA Asesora y Productora
de Seguros Argentina 100%
Sedgwick (Deutschland) GmbH Germany 100%
Sedgwick Noble Lowndes GmbH Germany 100%
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%
Hamm Versicherungsmakler GmbH Germany 100%
MVM Versicherungsmakler AG Switzerland 49%
Sedgwick (Continental) SA Switzerland 100%
Sedgwick AG Switzerland 100%
Sedgwick (Isle of Man) Limited Isle of Man 100%
Sedgwick Management Services
(Isle of Man) Limited Isle of Man 100%
Whitechapel Corporate Services Limited Isle of Man 100%
Whitechapel Insurance Services
Limited Isle of Man 100%
Whitechapel New Company Limited Isle of Man 100%
Whitechapel Financial Services Limited Isle of Man 100%
Sedgwick Management Services (Jersey) Limited Jersey 100%
Sedgwick S.A.-N.V Belgium 99.6%
Sedgwick S.A Luxembourg 100%
Sedgwick Management Services
(Luxembourg) SA Luxembourg 100%
- 19 -
Thilly Van Eessel NV-SA Belgium 100%
Continental Insurance & Reinsurance
Agency SA Belgium 100%
Thilly Van Eessel L.-C. SA Belgium 100%
Cecode SA Belgium 100%
European Professional Indemnity Mutual Belgium 100%
Thilly Reinsurance Services SA Belgium 100%
Sedgwick Europe Benefit Consultants BV Netherlands 100%
Sedgwick Noble Lowndes S.A.-N.V Belgium 100%
Sedgwick Noble Lowndes S.A Spain 100%
Portominas-Administracao e Corretagem de Seguros Ltda Brazil 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%
Schlencker BV Netherlands 100%
Sedgwick BV Netherlands 100%
"Praevenio" Technische Verzekeringen BV Netherlands 100%
O.W.J. Schlencker Assuradeuren 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 Noble Lowndes B.V Netherlands 100%
Sedgwick Noble Lowndes Insurance
Division BV Netherlands 100%
Sedgwick Financial Services Consulting
Division BV Netherlands 100%
Nikols Sedgwick B.V Netherlands 100%
Sedgwick Group (Netherlands) BV Netherlands 100%
Cullen Egan Dell (NZ) Limited New Zealand 100%
Sedgwick Bergvall Holdings AS Norway 100%
Sedgwick Energy A/S Norway 100%
Sedgwick Bergvall AS Norway 100%
Sedgwick Norge AS Norway 100%
Sedgwick Bergvall AB Sweden 100%
Sedgwick Bergvall Inc. USA 100%
Sedgwick (PNG) Pty Limited Papua New Guinea 100%
Sedgwick Kassman Pty Limited Papua New Guinea 49%
Sedgwick Corretores de Seguros, Ltda Portugal 60%
Sedgwick - Resseguros e Consultores de Seguros, Ltda Portugal 60%
Sedgwick Correduria de Seguros, SA Spain 100%
Sedgwick Holdings (S.A.) (Proprietary) Limited South Africa 100%
Ginsburg Malan & Carsons Consultants and
Actuaries (Pty) Limited South Africa 50%
Superflex Limited South Africa 100%
Ginsburg Malan & Carsons Consultants and
Actuaries (Pretoria) Pty) Limited South Africa 100%
Ginsburg Malan & Carsons Consultants and
Actuaries (Durban) (Pty) Limited South Africa 100%
Ginsburg Malan & Carsons Consultants and
Actuaries (Cape) (Pty) Limited South Africa 100%
Ginsburg Malan & Carsons Consultants and
Actuaries (Johannesburg) (Pty) Limited South Africa 100%
Ginsburg Malan & Carsons Actuaries (Pty) Limited South Africa 100%
Ginsburg Malan & Carsons Healthcare
Services (Pty) Limited South Africa 100%
- 20 -
Sedgwick Noble Lowndes & Ginsburg
Systems (SA) (Pty) Limited South Africa 100%
Ginsburg Malan & Carsons Consultants and
Actuaries (Swaziland) (Pty) Limited Swaziland 100%
Ginsburg Malan & Carsons Actuaries
(Namibia) (Pty) Limited Namibia 100%
Puno Employee Benefit Consultants (Pty) Limited South Africa 100%
Ginsburg Malan & Carsons Investment
Services (Pty) Limited South Africa 100%
Pencon Holdings (Pty) Limited Namibia 33.33%
United Pension Administrators of
Namibia (Pty) Limited Namibia 100%
Benchmark Advisors (Pty) Limited South Africa 33.33%
Professional Risk Services (Proprietary) Limited South Africa 70%
Professional Risk Consultants (Proprietary) Limited South Africa 70%
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 Limited 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 Limited Ireland 100%
Legal & Commercial Insurances Limited Ireland 100%
Gaelarachas Teoranta Ireland 50%
Sedgwick Management Services
(Ireland) Limited Ireland 100%
Lowndes Limited Ireland 100%
Sedgwick S.p.A Italy 100%
M.V.M. Italia S.r.l. Broker di Assicurazione Italy 100%
Sedgwick Thai Limited Thailand 50%
All Asia Sedgwick Insurance Brokers Corporation Philippines 51%
Sedgwick Group (Canada) Inc. Canada 100%
Crump Euings, Inc. Canada 100%
Sedgwick Limited Canada 100%
Lamarre, Caty, Houle Ltee Canada 100%
Guy Bergeron & Associes Inc. Canada 100%
Sedgwick Management Services
(Canada) Limited Canada 100%
B.V. Armstrong Consulting Limited Canada 100%
John Phillip Green Insurance Brokers Corp. Canada 100%
PlanDirect Insurance Services Inc. Canada 100%
Sedgwick Reinsurance Intermediaries
(Canada) Limited Canada 100%
- 21 -
Sedgwick Claims Management Services
(Canada) Limited Canada 100%
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 A/S Denmark 100%
E. Dahl-Jorgensen & Co A/S Denmark 100%
Sedgwick Oy Finland 100%
Cofast - EBC SA France 100%
Sedgwick SA France 100%
Societe Francaise de Courtage d'Assurance de Risques
Petroliers et d'Energie SA France 100%
PRIESTIM SCI France 95%
Cabinet Billet et Cie SA France 100%
ARC Sud-Quest SA France 100%
Sedgwick Noble Lowndes Conseil SA France 100%
CEGAM France 100%
Sedgwick Noble Lowndes Data Consulting Limited Hungary 82.56%
Sedgwick Parekh Health Management
(Private) Limited India 80%
Lynch Insurance Brokers Limited Barbados 30%
Sedgwick Management Services (Barbados) Limited Barbados 33.33%
Media Reinsurance Corporation Barbados 25%
Sedgwick Kft Hungary 100%
James Wigham Poland International Limited United Kingdom 100%
Wigham Poland Australia Pty Limited Australia 100%
Wigham Poland (Hellas) Limited Greece 95%
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 Malaysia30%
Sedgwick Private Limited Singapore 100%
Sedgwick Re Asia Pacific (Consultants)
Pte Limited Singapore 100%
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%
Sedgwick Insurance Brokers (Pty) Limited Botswana 95%
Penguin Investments (Pty) Limited Botswana 100%
Sedgwick Comercial Ltda Brazil 100%
Sedgwick Brasil Administradora e Coretora de
Seguros Ltda Brazil 100%
Sedgwick Payne Brasil Resseguros Ltda Brazil 100%
Excess Corredores de Reaseguros S/A Chile 100%
- 22 -
Andueza y Compania Corredores de Seguros SA Chile 80%
Inversiones Andueza y Sedgwick SA Chile 60%
Sedgwick Consulting Group (Chile) SA Chile 100%
Andueza y Sedgwick, Corredores de Seguros SA Chile 100%
Andueza y Sedgwick, Agentes de Mutuos
Hipotecarios SA Chile 100%
Probenefits Sedgwick Noble Lowndes Chile SA Chile 60%
Tattersall Andueza & Sedgwick Corredores
de Seguros Chile 45%
Sedgwick Colombia Holdings S.A Colombia 51%
Sedgwick Centurion Corredores de Seguros Ltda Colombia 100%
Administradora Centurion Ltda Colombia 100%
Salud Centurion Ltda Colombia 100%
Sedgwick Corredores de Reaseguros Ltda Colombia 100%
Artemis Securities Limited Guernsey 100%
Sedgwick Brimex (Guernsey) Limited Guernsey 100%
Sedgwick Brimex Romania SRL Romania 99%
Sedgwick Kenya Insurance Brokers Limited Kenya 40%
Sedgwick Group (NZ) Limited New Zealand 100%
Sedgwick Limited New Zealand 100%
Sedgwick Re Limited New Zealand 100%
Sedgwick (Fiji) Limited Fiji 100%
Sedgwick Noble Lowndes (NZ) Limited New Zealand 100%
Sedgwick Professional Services Limited New Zealand 100%
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) Limited Zimbabwe 100%
Sedgwick Management Services
(Private) Limited Zimbabwe 100%
Sedgwick Risk Management and
Consultancy (Private) Limited Zimbabwe 100%
- 23 -