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Marsh & McLennan, the second-largest global insurance brokerage by assets, posted a third-quarter loss, compared with a large profit a year earlier, when it got a boost from the sale of Putnam Investments.
Marsh & McLennan, which competes with Aon, said on Wednesday that its net loss came to $8 million, or 2 cents a share, compared with a year-earlier profit of $1.9 billion, or $3.60 a share.
Included in the quarter was an increase in the company's professional-liability reserves by $33 million, or 4 cents a share.
On an adjusted basis, the company earned 21 cents per share, missing the analysts' average forecast of 32 cents, according to Reuters Estimates.
New York-based Marsh & McLennan [MMC
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] , which helps companies find commercial insurance coverage, said consolidated revenue rose 5 percent to $2.8 billion, compared with the average analysts' estimate of $2.87 billion.
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