Marsh is reviewing whether it will remain in the UK wholesale broking market long-term or instead focus purely on retail.
Marsh UK Retail chief executive Toby Foster said: "Historically we have been heavily involved in the sports and leisure market, but we have totally restructured our business model.
"Wholesale broking is not the way for us and value does not lie in this market. We must focus on the retail market," he added.
His comments came in the week a number of brokers contacted Insurance Times over a Marsh review into the use of third party brokers in its pubs and clubs scheme, and its scheme for licensed traders.
It is understood the schemes are underwritten by Ace and Norwich Union respectively.
Head of Marsh Risk Trading Practice Ron Hayes said: "These two schemes are under review, as we want to look at how we can make our distribution model more efficient. At the moment they are open to third party brokers, but we want to see if this is economical.
"However we are still going to remain in pubs and clubs business," he added.
Foster said the Risk Trading Practice was now supporting Marsh clients and the relationship with Kroll Associates will start to show dividends in 2006. "We have much more leverage on our risk management offering with the skills Kroll brings, particularly on terrorism and issues such as avian flu."
Also the Marsh and Mercer Leeds operations have been merged, a trend that Foster said would continue.
At the moment upper and mid-market clients benefit most from the services, but once the skills are embedded Foster will roll-out the services to the SME market. "I see an opportunity for forensic accounting in this market," he said.
He said the "redundancy programme is over" but admitted staff morale could be better.
"Morale has still some way to go, but it is much better than in April."
Marsh has begun an advertising drive to hire new people this week.
Integration of Eurotrade was 90% complete, said Foster, with the last 10% taking "more time than we thought" but clients were being serviced during the transition by "an outsourcer with a strong London market focus".