Greg Peters's questions to MARSH & MCLENNAN COMPANIES (MMC) leadership • Q3 2025
Question
Greg Peters asked about the company's outlook on growth, specifically if the current mid-single-digit underlying revenue growth guidance might trend lower to low to mid-single digits over the next 24-36 months, considering the challenging P&C pricing environment and macro uncertainties like a potential government shutdown. He also inquired about the strategy for MMA's London Wholesale business, asking if it's primarily for internal opportunities or if it might expand to serve other retailers.
Answer
President and CEO John Doyle clarified that the company's current guidance is for mid-single-digit underlying revenue growth in 2025, acknowledging macro and P&C pricing pressures. He expressed confidence in Marsh McLennan's ability to execute across different economic and P&C cycles, highlighting the potential of the Thrive program for future growth. Regarding MMA's London Wholesale, Mr. Doyle stated the company is not building a third-party wholesale business but leveraging internal specialty talent to reduce outsourcing where unnecessary and to capture revenue synergies from McGriff's business, particularly in bringing U.S.-originated risk to the London market.