Marsh & McLennan Cos., the nation’s second-largest insurance broker, agreed to sell its Kroll security-consulting operation to a buyout firm for $1.13 billion to focus on its main business of matching insurance buyers and sellers, Bloomberg reported.

Altegrity Inc., led by former Marsh & McLennan CEO Michael Cherkasky, will have about 11,000 employees in 30 countries with the completion of the all-cash transaction, which is expected by the end of September, the companies said in a statement today.

Providence Equity Partners, owner of Altegrity, received financing from Goldman Sachs Group Inc. and Apollo Investment Corp., Bloomberg said.

Marsh & McLennan CEO Brian Duperreault, who replaced Cherkasky in 2008, has cut jobs and acquired regional U.S. brokerages to improve profits at the flagship unit. New York-based Marsh & McLennan also owns consulting firms Oliver Wyman and Mercer. Cherkasky led Kroll from 2001 to 2004 before it was sold to Marsh & McLennan.

“Our long-term strategy is to focus on the risk and insurance services and consulting businesses,” Duperreault said in a press release.

Marsh & McLennan purchased Kroll in 2004 for about $1.93 billion. The company conducts investigations to uncover fraud and locates misappropriated assets. Kuwait hired the unit in the 1990s to investigate Iraqi dictator Saddam Hussein’s financial network.