Marsh & McLennan Companies (MMC) has agreed to sell risk consulting firm Kroll in order to focus on its risk and insurance businesses.

US security company Altegrity signed a definitive agreement last week to acquire Kroll in a $US1.13 billion ($1.38 billion) all-cash transaction. Pending regulatory approval, the sale is expected to close in late September.

MMC President and CEO Brian Duperreault says the group has determined its long-term strategy “is to focus on the risk and insurance services and consulting businesses”.

MMC acquired Kroll for about $US1.9 billion ($2.3 billion) in mid-2004 as it tried to expand its risk management services.