Marsh McLennan Names New Marsh CEO

Marsh & McLennan said Monday that Daniel Glaser will become chairman and chief executive of Marsh, the insurance brokerage's main operating subsidiary, effective Dec. 10.

Glaser is joining Marsh from American International Group, where he is managing director of AIG Europe.

Brian Storms was ousted as Marsh CEO in September after a period of poor financial performance.

"His (Glaser's) perspective as both a broker and an underwriter, coupled with his extensive international experience, make him the ideal candidate to take Marsh forward," said Marsh & McLennan CEO Michael Cherkasky, who has been acting CEO of Marsh Inc since September.

Glaser began his career in the insurance industry as a broker at Marsh in 1982, according to the Marsh & McLennan statement. He worked at Marsh for a decade before moving to rival Willis Group Holdings He joined AIG in 2000.

Glaser, who currently lives in London, will be based at Marsh & McLennan's New York headquarters. He takes over after the company reported "unacceptable" performance at Marsh in the last quarter.

On Nov. 8, Marsh & McLennan said quarterly profit rose as a result of the August sale of its Putnam Investments unit, but operating profit from continuing operations fell short of forecasts.

Marsh & McLennan shares were off 17 cents to $24.95 in early trade on the New York Stock Exchange, down more than 25 percent from a 12-month high of $33.46 in May.

The stock has taken a beating since 2004, when New York's then-Attorney General Eliot Spitzer sued Marsh & McLennan and Marsh for taking "contingent commissions," paid by insurers for steering business their way.