Marsh is planning to rebrand and reposition itself as a risk consultancy from April, according to sources close to the company.
Sources said that although broking accounts for 80%-90% of the company's income currently, the shrinking broking market and the rise in popularity of risk consultancy has led Marsh to hedge its bets and "move into the risk adviser space".
Brian Storms, chairman and chief executive of Marsh, is thought to be the driving force behind the transform-ation.
He admitted in a recent interview that the company planned to spend "tens of millions of dollars" this year on retraining key staff and hiring more than 100 specialist risk consultants.
"Our clients are now looking at risk in a much broader way than they did before," Storms said in the report.
The broking giant, whose parent Marsh & McLennan reported annual profits of $990m (£513m) last year, is still feeling the effects of the Spitzer investigations.
This resulted in the company being fined $850m (£440m) in 2005 over account placement practices.