SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Zaffino Salvatore D

(Last)

(First)

(Middle)

GUY CARPENTER & COMPANY, INC.

ONE MADISON AVENUE

(Street)

NEW YORK

10010

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
02/26/2005

3. Issuer Name and Ticker or Trading Symbol
MARSH & MCLENNAN COMPANIES, INC. [ MMC ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chairman and CEO,Guy Carpenter

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	97,827.2677⁽¹⁾	D
Common Stock - SIP	154.5504	I	By 401(k)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Restricted Stk. Units -SISP	⁽³⁾	⁽³⁾	Common Stock	942.2503	⁽²⁾	D
Restricted Stock Units	⁽³⁾	⁽³⁾	Common Stock	47,065	⁽²⁾	D
Stock Options (Right to buy)	⁽⁴⁾	03/19/2013	Common Stock	110,000	$42.99	D
Stock Options (Right to buy)	⁽⁵⁾	03/15/2010	Common Stock	30,000	$43.625	D
Stock Options (Right to buy)	⁽⁶⁾	03/14/2011	Common Stock	70,000	$46.1	D
Stock Options (Right to buy)	⁽⁷⁾	03/16/2014	Common Stock	48,000	$46.14	D
Stock Options (Right to buy)	⁽⁸⁾	03/20/2012	Common Stock	100,000	$56	D

Explanation of Responses:

1. Includes 56,400 shares of Restricted Stock.

2. The security converts to MMC Common Stock on a 1-for-1 basis

3. Not Applicable

4. These options vested in four equal annual installments on March 20th of 2004, 2005, 2006 and 2007.

5. These options vested in four equal annual installments on March 16th of 2001, 2002, 2003 and 2004.

6. These options vested in four equal annual installments on March 15th of 2002, 2003, 2004 and 2005.

7. These options vested in four equal annual installments on March 17th of 2005, 2006, 2007 and 2008.

8. These options vested in four equal annual installments on March 21st of 2003, 2004, 2005 and 2006.

	Salvatore D. Zaffino	03/08/2005
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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