Following the collapse of the twin towers of the World Trade Centre, 313 of Mr Joe Grogan's colleagues are missing, presumed dead. Two more are known to be dead - one of them was in one of the hijacked planes that bombed the building.

The man who has just taken over as chief executive of Marsh Ireland Holdings is sure he must know some of those still missing, but the company has yet to release a list of names. Mr Grogan has returned to the Republic after seven-and-a-half years in London, where he ran the global risk management division of Marsh - the world's largest risk and insurance group - and more recently the corporate UK retail division. He also chaired the financial services operation.

Marsh had some of its IT and financial back-up operations in the two towers of the World Trade Centre. In total, on the day of the attacks, there were 1,900 employees or clients visiting Marsh offices.

"There is a lot of collegiate spirit in the company," he says. "We travel over and back a lot. A family support centre has been set up and we're doing everything we can to help the families of those missing.

"I have been in regular contact with my colleagues in the US and in our other offices around the globe to see if there is anything we can do here in Dublin to help ease the burden on our colleagues in New York."

He attended a memorial service organised for colleagues in the UK, who, because of the larger size of the operation, had more direct contact with the New York offices. " We are also organising our own service in Dublin which will be held shortly in Westland Row. At this service, we will be praying for our colleagues who are still missing and our thoughts are with their families, relatives and friends at this difficult time."

All the Irish employees are contributing to a global fund for the families of those who are missing.

"Being the largest broker globally, we had lots of clients in that building. We spend a lot of time and energy ensuring we support them and their businesses, and rise above our own pain and challenge to deliver for them.

"It's been a monumental effort. We had Lotus Notes capability the next day and within the week we were back up working with our colleagues in North America. It's been a really phenomenal effort from a business point of view."

The World Trade Centre wasn't Marsh's main IT centre and the headquarters in mid-town Manhattan were not affected. "We have rediverted operations in New York and redirected the systems to Putnams centre in Massachusetts (its fund management investment company) and also additional facilities in New York and Iowa.

"Effectively, we're back up and running in terms of information. We lost less than a day's information. All of our businesses have back-up data and business continuity plans. The disaster would have been a lot worse without continuity planning," he explains.

Mr Grogan says that "there are as many opinions as people giving opinions" on the impact of the atrocities in the United States on world economies. "They range from optimistic to Armageddon. I am more on the optimistic side. It will take some time - but it will come back."

He says that, before the attacks, one of the key issues for the insurance business was consolidation. This led to a contraction in the availability of markets, so capacity is an issue. "And pricing has become an issue. After the consolidations you have seen here and in the UK, it has led to fewer carriers. That contraction has affected capacity.

"Insurances have been focused on profitability. As a result, they have been adjusting their rates - become more selective about the business they take. There has been a change in the marketplace in any event. How this will contribute to it is difficult to say. It can't help capacity problems. It will make it more difficult. It will affect issues of pricing.

Marsh employs 57,000 people in 400 offices in 100 cities. Marsh Ireland is comprised of the risk insurance and consultancy company and Marsh Financial Services, which covers investment, employee benefits and provides programme administration for affinity groups. It employs around 400 people. Its sister company, Mercer, employs 500 and provides employee benefits, actuarial consulting and administration of pension plans.

Mr Grogan has noticed a more pronounced slowdown in the economy on his return to the Republic than he had seen previously.

"There is a general slowdown which affects our clients, which affects what they spend. Airlines are laying off staff. There is less cover required. I think the fundamentals are good. In our own business, the fundamentals are good. I believe our business will continue to grow and recover. But the question is, how long will it take?"

Mr Grogan had worked with a number of companies, including Matthews Mulcahy and Sutherland - which became Marsh in Ireland - before he set up Johnson & Higgins in Dublin 10 years ago. He then went on to become chief executive of Johnson & Higgins in the UK, which Marsh acquired four years ago.

But insurance was not Mr Grogan's first calling. Born in Finglas, Dublin and brought up in Glasnevin, he was educated at St Kevin's College and then spent two years in the Dominican Order in Tallaght. Studying theology and philosophy must have been good preparation for the world of insurance, seeing as it has taken him to the top job in Marsh in Ireland at the age of 44.

Insurance in the early days was "a paper-pushing exercise", he says. "I made a conscious decision early on to progress my career. You choose to put yourself through challenges. You can't live in your comfort zone."

Moving to London was "phenomenal", he says. "Working in a much bigger environment like London, apart from being probably very satisfying, it was also 'stretching' and it gave you access to so much global experience."

Leaving London does not mean he has severed his connection with the bigger operation, as he remains deputy chief executive of the British company and sits on Marsh's European board.

There is, he says, "effectively a global mandate" to grow the company in double-digit figures each year through organic growth - by growing the client base and bolting on companies that fit with its business. In Ireland, new offices have been opened in Sligo and Strabane, while the Furbo operation in Connemara will effectively become the processing and administration centre for Britain and the Republic.

Ireland is part of a European team, which provides its clients with the services of industry specialists for sectors such as entertainment and leisure, power, construction, motor fleet and logistics.

Marsh also intends to bring the resources of sister companies such as Mercer - with employee benefit services, for example - to its risk insurance clients and vice versa, "effectively educating our people to bring all their resources to the clients".

Mr Grogan says insurance is a great industry to work in but concedes it does have profile problems. Graduates coming into the business should realise they have the same standing as accountants, for example, and an even more varied career.

"The breadth of jobs - the range - is immense, starting from consultancy to actuarial to engineering, health and safety. If you're a 'people person', you can get great satisfaction doing people work."

An added bonus of returning to the Republic is that he and his wife Phil can have their children, Sarah (14) and Conor (seven) educated here. "The UK is a great country in many respects. However, in terms of schooling, it's much more regimented than here. My children like the freedom of being back in Dublin, in addition to having ready access to family. It's easier still to let your children walk around Dublin than in London. The education system here is fantastic. I'm not sure people understand how good it is."