Marsh & McLennan Posts First-Quarter Loss on Kroll Write-down
One of the world's largest insurance brokerages, Marsh & McLennan Cos posted a first-quarter loss on Wednesday. The company's profits were hit by a $425 million write-down of goodwill for its Kroll risk consulting and technology unit.
The net loss totaled $210 million, or 40 cents per share, and compared with a profit of $268 million, or 47 cents, a year earlier. Excluding the charge, New York-based Marsh said profit declined 20 percent to $215 million, or 41 cents per share. Revenue increased 8 percent to $3.05 billion.
Marsh "generated strong new business results and showed marked improvement in client revenue retention," Chief Executive Brian Duperreault said in a statement. "We continue to evaluate Kroll to identify those businesses that have the greatest growth potential."
Published on May 7, 2008
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