Marsh & McLennan Companies, an insurance brokerage and risk management firm, has named Michael Bischoff as its new chief financial officer, with immediate effect.

Bischoff will report directly to Brian Duperreault, who is the company's president and CEO.

Since March 2012, Bischoff has been serving as interim chief financial officer at Marsh & McLennan and before that he was responsible for leading and directing the company's corporate development, mergers & acquisitions, treasury and investor relations functions.

He joined the firm in 1982, and has held a number of senior financial management positions.

"His extensive experience and demonstrated ability to create shareholder value are important assets as we drive toward our long-term growth objectives," Duperreault added.

Marsh & McLennan Companies is a global team of professional services companies offering clients advice and solutions in the areas of risk, strategy and human capital.