Marsh & McLennan, the world's largest insurance broker, said today its third-quarter profits fell 40 per cent as it paid out benefits for employees who were killed in the September 11th attacks on the World Trade Center and incurred costs laying off staff in its consulting unit.
The company, which owns the mutual fund firm Putnam Investments and Mercer Consulting, lost 295 employees in its offices in the World Trade Center in the attack. Its worldwide work force totals 57,000.
Marsh & McLennan said third-quarter net income fell to $168 million, or 58 cents per share, from $282 million, or 97 cents per share, in the year-ago quarter.
Excluding all September 11th related charges, earnings were 96 cents per share. That matched Wall Street's consensus forecast, with estimates ranging from 93 cents to $1 per share, according to market research firm Thomson Financial/First Call.