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In Brief / INSURANCE

Marsh to sell off parts of Kroll unit

May 08, 2008|From Times Wire Services

Marsh & McLennan Cos., the world's largest insurance brokerage, plans to sell parts of its Kroll security unit after a $425-million write-down at the subsidiary caused a first-quarter loss.

Kroll's adjusted operating profit, excluding the write-down, fell 31% to $18 million. New York-based Marsh & McLennan reported a net loss of $210 million, or 40 cents a share, compared with profit of $268 million, or 47 cents, a year earlier.

Operating profit, which excludes the write-down, was 46 cents a share, matching the average estimate of 13 analysts surveyed by Bloomberg.

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