Both Willis and Marsh & McLennan Companies declined to comment on a report out of London that Willis unsuccessfully approached MMC this summer about purchasing the firm.

Representatives from both insurance brokerages in New York said they would not comment on the Sunday Times of London story that representatives from Willis were prepared to make a cash-and-shares offer.

“We do not comment on marketplace rumors,” said a Willis spokesman in an e-mail.

“That is just a rumor, and we don't comment on rumor,” said an MMC representative.

The Sunday Times said it received the information from banking sources. Financing of the deal would reportedly have been lined up by Willis' former owner–Kohlberg, Kravis and Roberts, which is a major private equity group.

Willis was owned by KKR along with six insurers for a period of time–from 1998 to 2002, when the equity firm began selling off its interest.

The Sunday Times said the two firms–with Marsh being the world's biggest insurance brokerage, and Willis the third-largest (Aon is number two)–would have a combined market value of $21 billion.

The deal was proposed two months ago, but rebuffed by MMC, the report said.

Special Reports /

Willis, MMC Decline To Comment On Report Of Merger Proposal

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