Global insurance and reinsurance broker Marsh & McLennan Cos (MMC) is looking for ways to trim its tax bill.

In a conference call yesterday, Dan Glaser, the New York-based company’s chief executive officer, said: “The search for tax efficiency for us started several years ago.

“Clearly, when we look at our competitors, we are at a disadvantage by being a US multinational company vis-a-vis what tax rate we have.”

His comments came after MMC announced second-quarter profit of $419 million, down from $431 million a year earlier.

MMC is the largest broker in the insurance industry by market capitalisation. Its major competitors are Aon and Willis Group, both headquartered in London.

Towers Watson, a US-based firm that competes against MMC in consulting services, agreed last month to merge with Willis. Executives plan to have the combined business domiciled in Ireland and have a tax rate in the mid-20 percent range. Aon, the second-largest insurance broker, moved its headquarters in 2012 to London from Chicago.

MMC’s effective tax rate has been about 29 percent in recent years. The broker hired Dina Shapiro, a former executive at American Express, as head of tax in March.

MMC said its revenue fell 3 per cent in the second quarter as the stronger dollar continued to weigh on results.

The firm, which has offices in Bermuda operating under the Marsh and Guy Carpenter names, generates more than half of its revenue outside of the US. In 2014, 34 per cent of its top line came from Europe.

Mr Glaser said he was pleased with the performance “given the macro headwinds we are facing”.

In the company’s risk and insurance segment, the larger of its two businesses, revenue fell to $1.75 billion from $1.79 billion. The company’s consulting business posted a revenue decrease to $1.49 billion from $1.52 billion.

Earnings per share were flat at 77 cents.

Revenue fell to $3.23 billion from $3.3 billion the year earlier.

Analysts were looking for 79 cents in earnings per share and $3.35 billion in revenue.

MMC shares were trading down nearly 1 per cent at $57.49 in lunchtime trading in New York.