EXHIBIT 12.1

Marsh & McLennan Companies, Inc. and Subsidiaries

Ratio of Earnings to Fixed Charges

(In millions, except ratios)

	Years Ended December 31,
	2009		2008		2007		2006		2005
Earnings
Income before income taxes (a)	$	598	$	604	$	855	$	904	$	296
Interest expense		241		220		267		303		332
Portion of rents representative of the interest factor		142		156		170		170		149
	$	981	$	980	$	1,292	$	1,377	$	777
Fixed Charges
Interest expense		241	$	220	$	267	$	303	$	332
Portion of rents representative of the interest factor		142		156		170		170		149
	$	383	$	376	$	437	$	473	$	481
Ratio of Earnings to Fixed Charges		2.6		2.6		3.0		2.9		1.6

(a) Excludes the non-cash goodwill impairment charge of $315 million and $540 million recorded in the Risk Consulting & Technology segment in 2009 and 2008, respectively.