Marsh CEO Brian Storms has denied that the insurance broker and its parent company are for sale. However, Marsh is selling fund management arm Putnam Investments.

In mid-October Sunrise Exchange News reported that Willis and private equity group Kohlberg Kravis Roberts (KKR) were believed to have approached Marsh & McLennan but were rebuffed by the board. This has since been confirmed by KKR.

The Times of London is sticking to the story that Willis, supported by KKR, approached Marsh parent company Marsh & McLennan earlier this year about a leveraged buyout. Under their plan, the company would be split in four.

The newspaper said at least one other private equity firm, which it did not name, had tried to start talks with the company.

In a US interview, Mr Storms said his company is “absolutely not” for sale, and neither is Marsh & McLennan.

“There is no interest on our part in selling the company to anybody – not a strategic or financial buyer.”