(Bloomberg) — Marsh & McLennan Cos., the largest insurance broker by market value, is seeking ways to cut tax obligations as rivals shift to Europe, where rates are lower.

"The search for tax efficiency for us started several years ago," Dan Glaser, chief executive officer of the New York-based company, said Tuesday in a conference call. "Clearly, when we look at our competitors, we are at a disadvantage by being a U.S. multinational company vis-a-vis what tax rate we have."

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