Word: mclennan
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Dates: during 1950-1959
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...height of the Suez crisis, Chicago's Marsh & McLennan Inc., one of the world's biggest and most diversified industrial-insurance brokers, got a hurry-up call from the U.N. Would M. & M. take on the job of placing insurance for the U.N.'s 4,000-man police force in the Middle East against the hazards of war? Though M. & M. had never heard of such insurance being written before by a private company, it lost no time protecting the international force. Within 24 hours it had arranged for Continental Casualty Co. to write...
...special insurance problem was all in a day's work for Marsh & McLennan. "We insure anything," says President Herman Dunlap ("Dutch") Smith. Like Lloyds of London, M. & M. has grown big (2,720 employees, offices in 29 U.S. and foreign cities) by never turning down an acceptable risk, will as gladly work out insurance for a $20,000 cotton shipment as a $2,000,000 offshore oil-drilling rig, or a $20 million pipeline. While M. & M. does not carry the actual fire, casualty, loss, or accident insurance itself, it acts as an expert broker, helping companies place their...
...Ford Motor Co., whose financial operations have always been clouded in secrecy, has long insured itself by setting aside a portion of its earnings to build up a fund against losses. Last week, Ford decided to buy its insurance on the outside. Through Chicago insurance brokers Marsh & McLennan, Inc., the company took out a policy with the Factory Insurance Association, an organization of 99 stock insurance companies. The policy, for $1.6 billion, is believed to be the biggest single block of insurance ever issued. Estimated premium: $1,600,000. Marsh & McLennan's probable cut as brokers...