Marsh & McLennan Cos. completed the sale of its risk consulting business, Kroll Inc., to Altegrity Inc., a firm led by former Marsh CEO Michael Cherkasky, for $1.13 billion in cash, less than the amount the insurance broker paid for it six years ago, according to reports.

New York-based Kroll employs 3,000 people and focuses on investigative, intelligence, financial, security and technology services.

The deal was announced in June. Marsh & McLennan competes openly with Aon, which agreed to purchase consulting firm Hewitt Associates. Marsh & McLennan has maintained that the sale allows the firm to stay true to its long-term strategy, developing its risk and insurance services and consulting businesses.

For Marsh—MMC's main insurance business—revenue rose 9% to $1.2 billion.

Altegrity, based in Falls Church, Va., is an international screening and security solutions company owned by global private equity firm Providence Equity Partners.

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