UPDATE 4-Marsh & McLennan results disappoint, shares drop

* CEO says credit mkt woes hamper divestitures

* Analysts see longer road for MMC turnaround

* Adjusted profit $O.21/shr, misses Wall Street view

* Shares fall as much as 13 percent (Adds analyst comment)

By Lilla Zuill

NEW YORK, Nov 5 (Reuters) - U.S. insurance broker Marsh & McLennan Cos Inc (MMC.N) posted third-quarter results that missed Wall Street expectations, as it lost money on investments and increased its liability reserves, sending its shares down as much as 13 percent.

Investors had hoped for a repeat of the better-than-expected results reported a quarter ago, a bright spot for Marsh & McLennan after several years of flagging profitability.

"There were a lot of moving parts, and it was a bit messy," said Chief Executive Brian Duperreault, installed earlier this year to improve the company's fortunes. But he pointed to the strength of the firm's underlying earnings.

"The investment swing was significant, and somewhat out of our control. Strip that out, and other one-time notables, and income was up significantly," Duperreault said in an interview.