NEW YORK (Bloomberg) - Marsh & McLennan Cos., the world's largest insurance brokerage, said Peter Garvey resigned as co- president of the company's brokerage unit four months after taking the position.

William Malloy, who previously was co-president with Garvey, was promoted to president, the company said in a statement. Garvey, 49, left for personal reasons, New York-based Marsh said.

Marsh appointed Garvey and Malloy, 45, co-presidents in November after demanding the resignation of their predecessor, Roger Egan, in the wake of bid-rigging accusations by New York Attorney General Eliot Spitzer. Garvey's departure adds to executive turnover at Marsh, which lost brokers and clients as it settled Spitzer's allegations in January for $850 million.

“Pete made this decision after careful consideration, and we wish him well,” Marsh chief executive Michael Cherkasky said in the statement.

Cherkasky took control of Marsh 11 days after Spitzer sued on October 14 with accusations it rigged insurance quotes and steered business to insurers that paid hidden fees.

Marsh spokeswoman Barbara Perlmutter declined to comment on Garvey's reasons to resign or his future plans.

A message left with a person who answered Garvey's phone was not immediately returned.

Philip Moyles, 40, and an executive vice president of Marsh, was promoted to head of Marsh's North America region, a position Garvey also previously held.

Aspen prices secondary offering

SAN FRANCISCO (Reuters) - Aspen Insurance Holdings Ltd. said on Tuesday a secondary offering of about 6.45 million of its shares by certain shareholders was priced at $25 a share.

The Bermuda-based insurance company said shareholders also granted underwriters an option to purchase an additional 870,000 shares to cover over-allotments.

Aspen said it will not receive any proceeds from the offering.