MMC Refinances Over Commissions Loss

NU Online News Service, Dec. 16, 2:57 p.m.EST?Marsh & McLennan Companies Inc. said it hascompleted a $3 billion refinancing after revenue problems linked toits difficulties over suspect commission charges.[@@]

According to the company, the new credit arrangement becamenecessary when New York-based MMC said it would eliminatecontroversial Market Service Arrangements, a form of contingentcommission, amounting to more than $800 million in revenue. Theloss in revenue resulted in the layoff of more than 3,000employees.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.