Marsh & McLennan has reported its first-quarter profits showing a 70% fall compared with the corresponding period last year.

While profits fell to $US134 million and total revenues fell to $US3.18 billion, it was the risk and insurance services segment – which includes risk management, insurance and reinsurance brokerage – that took a significant hit, dropping 11% to $US1.75 billion.

In the risk management and insurance brokerage section alone, revenues decreased by 19%.

The company attributed the profit drop to “restructuring and other noteworthy expenses” which presumably included the $US850 million settlement with NY Attorney-General Eliot Spitzer earlier this year.