3rd Quarter & 9 Mths - 'Strong Results

MARSH AND MCLENNAN CO INC
26 October 1999


William Pitt                  Jim Fingeroth
Marsh & McLennan Cos.         Kekst and Company
[phone]                [phone]


       MARSH & McLENNAN COMPANIES REPORTS STRONG THIRD QUARTER
                         AND NINE MONTHS RESULTS

              Earnings Per Share Rises 17 Percent for Quarter

NEW YORK, NEW YORK, October 26, 1999-Marsh & McLennan Companies, Inc. (MMC)
today reported that for the third quarter ended September 30, 1999, revenue
increased 30 percent to $2.2 billion from $1.7 billion in 1998.  Net income
rose 20 percent to $223 million from $186 million, and earnings per share
increased 17 percent to $.81 from $.69 in 1998.

For the nine months ended September 30, 1999, MMC's revenue reached $6.8
billion, up 30 percent from $5.2 billion for the same period last year.  Net
income increased 20 percent to $731 million from $610 million in 1998, and
earnings per share grew 17 percent to $2.66 from $2.28 in 1998, excluding a
special charge taken in the second quarter of this year.

Commenting on the results, A.J.C. Smith, chairman of MMC, said, 'We are very
pleased with the performance of each of our businesses.  Putnam Investments
had another solid quarter, ending with $318 billion in assets under
management at September 30, up from $253 billion for the same period last
year.  Mercer Consulting Group's results were impressive for both the
quarter and nine months, reflecting strong revenue growth and increased
profitability.  Marsh performed well, continuing to manage its business
successfully and integrate Sedgwick into its operations as competitive
market conditions persisted.  We are beginning to see the positive effects
of consolidation savings in our earnings, which should continue to be
realized over the next 18 months.'

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), level of worldwide and national equity and
fixed income markets, premium rate levels in the global property and
casualty insurance markets, regulatory actions or developments, the
uncertainties of litigation, MMC or its significant business partners not
being Year-2000 compliant on a timely basis, 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'
1997 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.


                           Marsh & McLennan Companies, Inc.
                          Consolidated Statements of Income
                      (In millions, except per share figures)
                                   (Unaudited)

                                 Three Months Ended     Nine Months Ended
                                      September 30,         September 30,
                                    _______________       _______________
                                     1999       1998       1999      1998
                                    _____      _____      _____     _____
                                                                         
Revenue:                                                                 
Risk and Insurance Services        $1,055       $764     $3,403    $2,418
Investment Management                 673        568      1,963     1,713
Consulting                            499        387      1,457     1,114
                                    _____      _____     ______    ______
    Total Revenue                   2,227      1,719      6,823     5,245
                                    _____      _____     ______    ______
                                                                         
Expense:                                                                 
Compensation and Benefits           1,118        860      3,413     2,577
Other Operating Expenses              684        524      2,035     1,583
Special Charge                          -          -         84         -
                                   ______      _____     ______    ______
    Total Expense                   1,802      1,384      5,532     4,160
                                   ______      _____     ______    ______
                                                                         
Operating Income                      425        335      1,291     1,085
                                                                         
Interest Income                         6          5         17        17
                                                                         
Interest Expense                     (59)       (33)      (174)      (94)
                                   ______      _____     ______    ______
                                                                         
Income Before Income Taxes            372        307      1,134     1,008
                                                                         
Income Taxes                          149        121        455       398
                                   ______      _____     ______    ______
                                                                         
Net Income                           $223       $186       $679      $610
                                   ======      =====     ======    ======
                                                                         
Basic Net Income Per Share          $0.84      $0.73      $2.60     $2.38
                                   ======      =====     ======    ======
                                                                         
Diluted Net Income Per Share        $0.81      $0.69      $2.47     $2.28
                                   ======      =====     ======    ======
                                                                         
Diluted Net Income Per Share                                             
Excluding Special Charge            $0.81      $0.69      $2.66     $2.28
                                   ======      =====     ======    ======
                                                                         
Average Number of                                                        
Shares Outstanding - Basic            264        256        262       256
                                   ======      =====     ======    ======
                                                                         
Average Number of                                                        
Shares Outstanding - Diluted          273        263        270       264
                                   ======      =====     ======    ======