MMC: New Group President Position Will Bring New Level of Focus

Marsh & McLennan Cos. has created a new senior position to "bring a new level of focus to the operating companies," a spokeswoman said.

Daniel S. Glaser has been appointed to the newly created position of group president and chief operating officer of Marsh & McLennan Cos. Glaser was chairman and chief executive officer of Marsh, a position he assumed in December 2007.

"The role was created because we felt it was time to bring a new level of focus to the operating companies," said Laura Cora, a spokeswoman for the company. "Dan will be in charge of growth, innovation and how we work together as a company."

Two other executives were also promoted in the wake of Glaser's new position:

Peter Zaffino was named president and CEO of Marsh Inc., succeeding Glaser. Zaffino had been president and CEO of Guy Carpenter, a position he assumed in early 2008.

Alexander Moczarski, was named president and CEO of Guy Carpenter, succeeding Zaffino. Moczarski had been president of the international division of Marsh Inc., responsible for operations in all areas of the world outside the United States and Canada.

In his new role as group president and COO, Glaser will have operational and strategic oversight of Marsh & McLennan's risk and insurance and consulting segments. Also, Glaser will be responsible for the company’s technology, business services, and international and client development functions. He'll continue to report to Brian Duperreault, president and CEO of Marsh & McLennan Cos. (BestWire, April 21, 2011).

The four CEOs of Marsh's four business units -- Zaffino, Moczarski, plus Michele Burns, chairman and CEO of Mercer, and John P. Drzik, president and CEO of Oliver Wyman Group -- will all report to Glaser now, Cora said.

Before joining Marsh in 2007, Glaser had been managing director of AIG Europe (U.K.) Ltd., and a senior vice president of AIG Inc. Glaser joined Marsh in 1982 and spent the first 10 years of his career in the insurance industry as a Marsh broker.

Before being named Guy Carpenter CEO, Zaffino held a number of executive management positions within the firm, including head of U.S. Treaty Operations and head of Global Specialty Practices. He has more than 20 years of experience in the insurance and reinsurance industry.

Moczarski, who has more than 30 years of experience in the insurance industry, joined Marsh in 1993 from AIG, the company said.

In February, Marsh & McLennan Cos. posted improved fourth-quarter net income on revenue gains and acquisitions. Fourth-quarter net income improved to $203 million, from $23 million for the same quarter a year earlier. Revenue jumped 9% to $2.79 billion from $2.56 billion (BestWire, Feb. 16, 2011).

Shares of Marsh & McLennan Cos. (NYSE: MMC) were trading at $29.78 a share on the afternoon of April 21, up 1.29% from the previous close.

Marsh & McLennan Cos. is the No. 1-ranked global insurance broker, with 2009 revenue of $10.5 billion, according to Best's Review.

(By Meg Green, senior associate editor, BestWeek: [email protected])