Exhibit 12.1

Marsh & McLennan Companies, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
(In millions, except ratios)

	Six
	Months
	Ended
	June 30,
	2005		Years Ended December 31,
	(unaudited)		2004		2003		2002		2001		2000
Earnings
Income before income taxes and minority interest	$	456	$	450	$	2,335	$	2,133	$	1,590	$	1,955
Interest expense		142		219		185		160		196		247
Portion of rents representative of the interest factor		90		168		156		132		122		120
	$	688	$	837	$	2,676	$	2,425	$	1,908	$	2,322
Fixed Charges
Interest expense	$	142	$	219	$	185	$	160	$	196	$	247
Portion of rents representative of the interest factor		90		168		156		132		122		120
	$	232	$	387	$	341	$	292	$	318	$	367
Ratio of Earnings to Fixed Charges		3.0		2.2		7.8		8.3		6.0		6.3