Marsh & McLennan is searching for a new chief executive, after poor performance prompted the insurer to listen to its top shareholders while ignoring analysts' calls to sell off other businesses.

Michael Cherkasky, the interim chief executive, will help look for a replacement. He has led the insurer since 2004 when he replaced Jeffery Greenberg as part of the fallout from a lawsuit filed by then-New York Attorney General Eliot Spitzer accusing the company of bid-rigging and other charges. Marsh & McLennan agreed to pay $850m (€695m) to settle the suit.