2nd Quarter & Interim Results

MARSH & MCLENNAN COMPANY INCORPORATED
27 July 1999

William Pitt                            Caroline Gentile
Marsh & McLennan Cos.                   Kekst and Company
[phone]                          [phone]


MARSH & McLENNAN COMPANIES REPORTS
EXCELLENT SECOND QUARTER AND SIX MONTHS RESULTS
Earnings Per Share Rises 14 Percent for Quarter
================================================

NEW YORK, NEW YORK, July 27, 1999-Marsh & McLennan Companies, Inc. (MMC) today
reported that for the second quarter ended June 30, 1999, revenue increased 28
percent to $2.2 billion from $1.8 billion in 1998.  Net income rose 18 percent
to $228 million from $193 million, and earnings per share increased 14 percent
to $0.82 from $0.72 in 1998 before a special charge related to MMC's
acquisition of Sedgwick Group plc in November 1998.

For the six months ended June 30, 1999, revenue reached $4.6 billion, up 30
percent from $3.5 billion for the same period last year.  Net income increased
20 percent to $507 million from $424 million in 1998, and earnings per share
grew 16 percent to $1.85 from $1.59 in 1998, excluding the special charge.

A.J.C. Smith, chairman, said, 'Strong results for all of our businesses
through the first half of the year make us optimistic about MMC's prospects
for continued growth.  Putnam Investments delivered solid revenue gains and
increased profitability supported by positive equity markets, new sales and
continuing expense management.  Putnam ended the quarter with $325 billion in
assets under management.  Mercer Consulting Group performed extremely well,
achieving robust revenue growth for both the quarter and six months with
continued margin improvement.  Marsh also performed well, increasing revenues
and earnings as it continues to strengthen its position as the world's leading
provider of risk and insurance services.  We are pleased to report that
Sedgwick's integration into our operating companies has been very successful
and we are meeting our targets for consolidation savings.'

In the second quarter of 1999, MMC recorded a special pretax charge of $84
million, relating primarily to severance payments resulting from the
acquisition of Sedgwick.  Including the special charge, earnings per share was
$0.63 for the quarter and for the six months $1.66.  It is expected that
another charge will be taken in the fourth quarter related to additional
integration efforts.

MMC is a global professional services firm with annual revenues exceeding $7
billion.  It is the parent company of Marsh, the world's leading risk and
insurance services firm; Putnam Investments, one of the largest investment
management companies in the United States; and Mercer Consulting Group, a
major global provider of consulting services. More than 50,000 employees
provide analysis, advice and transactional capabilities to clients in over 100
countries. Its stock (ticker symbol: MMC) is listed on the New York, Chicago,
Pacific and London stock exchanges. MMC's Web site address is www.mmc.com.

This press release contains certain statements relating to future results,
which are forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995.  Such statements may include,
without limitation, discussions concerning revenue and expense growth, cost
savings and efficiencies expected from the integration of Johnson & Higgins
and Sedgwick Group plc, and market and industry conditions. Actual results may
differ from those contemplated as a result of certain risks and uncertainties,
including but not limited to changes in general worldwide and national
economic conditions, competitive conditions and pricing pressures, the failure
to successfully integrate the risk and insurance services and consulting
businesses of Sedgwick Group plc (including the achievement of synergies and
cost reductions) or other adverse consequences from those transactions, level
of worldwide and national equity and fixed income markets, premium rate levels
in the global property and casualty insurance markets, MMC or its significant
business partners not being Year-2000 compliant on a timely basis, tax or
regulatory actions or developments, the uncertainties of litigation, as well
as other risks and uncertainties detailed from time to time in the Company's
Securities and Exchange Commission filings.  Please refer to Marsh & McLennan
Companies' 1998 Annual Report on Form 10-K for 'Information Concerning
Forward-Looking Statements,' its reports on Form 8-K and quarterly reports on
Form 10- Q.

                                 Three Months Ended   Six Months Ended
                                      June 30             June 30
                                    1999     1998     1999       1998
                                                               
                                                     
Revenue:                                                       
Risk and Insurance          
Services                          $1,092  $   784   $2,348     $1,654
Investment Management                661      587    1,290      1,145
Consulting                           492      379      958        727
                                  ______   ______   ______     ______
   Total Revenue                  2,245    1,750    4,596      3,526
                                  ______   ______   ______     ______
                                                               
                                                    
Expense:                                                       
Compensation and Benefits        1,126      866    2,295      1,717
Other Operating  Expenses          688      538    1,351      1,059
Special Charge                      84        -       84          -
                                 ______   ______   ______     ______
                                  1,898    1,404    3,730      2,776
   Total Expense                 ______   ______   ______     ______
                                                               
Operating Income                  347      346       866        750
                                                               
Interest Income                     4        7       11         12
                                                               
Interest Expense                  (55)     (33)     (115)      (61)
                                _____    ______    _____     ______
                                                       
                                            
Income Before Income Taxes        296      320      762        701


Income Taxes                      119      127      306       277
                                _____    _____    _____     ______
                                                               
Net Income                    $  177   $   193    $  456     $  424
                                                               
Basic Net Income Per Share    $ 0.68   $  0.75    $ 1.76     $ 1.65
                                                        
Diluted Net Income Per Share  $ 0.63   $  0.72    $ 1.66     $ 1.59
                                                         
Diluted Net Income Per Share             
Excluding SpecialCharge       $ 0.82   $  0.72    $ 1.85     $ 1.59

Average Number of                                              
Shares Outstanding - Basic      263      257      260        257
                                                        
Average Number of                                              
Shares Outstanding - Diluted    272      265      269        264