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    Marsh & McLennan Companies Inc (MMC)

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    Marsh & McLennan Companies, Inc. (MMC) is a global professional services firm that specializes in risk management, insurance broking, reinsurance services, and consulting. The company operates through two main segments: Risk and Insurance Services, and Consulting, offering a range of services from insurance and reinsurance to health, wealth, and career advice, as well as strategic consulting . MMC's diverse offerings cater to a wide array of client needs, positioning it as a leader in both the insurance and consulting industries.

    1. Risk and Insurance Services - Provides comprehensive risk management, insurance broking, and reinsurance services through its subsidiaries, Marsh and Guy Carpenter.

      • Marsh - The world's leading insurance broker and risk advisor, offering a wide range of insurance and risk management solutions.
      • Guy Carpenter - A reinsurance intermediary and advisor, delivering strategic reinsurance and risk management services.
    2. Consulting - Offers health, wealth, and career advice, along with strategic, economic, and brand consulting services through its subsidiaries, Mercer and Oliver Wyman Group.

      • Mercer - Provides consulting services in health, wealth, and career, helping clients improve the health and financial well-being of their employees.
      • Oliver Wyman Group - Delivers strategic, economic, and brand consulting services, assisting clients in navigating complex business challenges.
    NamePositionStart DateShort Bio
    Paul BeswickSenior Vice President and Global Chief Information Officer (CIO)January 2021Paul Beswick manages over 5,000 technologists supporting MMC's global businesses. He was previously a Partner and Global Head of Oliver Wyman Labs and the Digital Practice at Oliver Wyman .
    Katherine J. BrennanSenior Vice President and General CounselMarch 11, 2022Katherine J. Brennan leads MMC's global legal, compliance, and public affairs functions and the company's ESG efforts. She has held several legal and compliance leadership roles at MMC, including General Counsel of Marsh LLC .
    John Q. DoylePresident and Chief Executive OfficerJanuary 1, 2023John Q. Doyle succeeded Daniel Glaser as CEO. He joined MMC in 2016 and has over 35 years of experience in the commercial insurance industry, having previously worked at AIG .
    Martine FerlandChief Executive Officer of Mercer, Vice Chair of Marsh McLennanMarch 2019Martine Ferland joined Mercer in 2011 and has held various leadership roles. She began her career as a pension actuary and consultant at Willis Towers Watson .
    Carmen FernandezSenior Vice President and Chief People OfficerJanuary 2021Carmen Fernandez has held various roles within MMC for 15 years. Before joining MMC, she worked in investment banking at Bank of America and Goldman Sachs .
    John JonesChief Marketing and Communications OfficerJanuary 1, 2023John Jones joined Marsh in 2016 and has over 25 years of marketing experience. He previously served as Chief Marketing and Communications Officer of Marsh from 2018 to 2022 .
    Dean KlisuraPresident and Chief Executive Officer of Guy Carpenter, Vice Chair of MMCJanuary 2022Dean Klisura joined Marsh in 1993 and has held several key global leadership roles, including President of Marsh Global Placement and Advisory Services .
    Mark C. McGivneyChief Financial OfficerJanuary 2016Mark C. McGivney joined MMC in 2007 and has held several senior financial management positions. Prior to MMC, he worked at The Hanover Insurance Group, Merrill Lynch, and PricewaterhouseCoopers .
    Martin SouthPresident and Chief Executive Officer of Marsh, Vice Chair of MMCJanuary 2022Martin South has over 30 years of experience in the insurance industry and initially joined Marsh in 1985. He has held various senior leadership roles, including CEO of Marsh's Asia-Pacific region .
    Nick StuderChief Executive Officer of Oliver Wyman Group, Vice Chair of MMCJuly 2021Nick Studer has over 25 years of consulting experience and has held several senior positions at Oliver Wyman. He was previously the Managing Partner of the Consumer, Industrial and Services Practice Group .
    1. The acquisition of McGriff Insurance Services is expected to be modestly accretive to adjusted EPS, excluding amortization, in year 1 and become more meaningfully accretive in year 2 and beyond ; can you provide more specific guidance on the revenue growth and margin assumptions underpinning this expectation?

    2. With your plan to change how you report adjusted EPS by excluding the impact of acquisition-related amortization starting next year , how do you address potential concerns about transparency and the comparability of your results to prior periods and peers?

    3. Given that the Marsh Global Insurance Market Index was down 1% in the third quarter , and that approximately half of your business at Marsh is sensitive to P&C pricing through commission , how do you anticipate the continued softening of the market impacting your organic growth?

    4. As business continues to flow to the non-admitted market , what strategies are you implementing to mitigate potential loss of share in this area, and does the McGriff acquisition provide any capabilities to help you in the non-admitted market?

    5. Considering the rising frequency and severity of extreme weather events like Hurricanes Helene and Milton and the associated protection gap between economic and insured losses , how is Marsh McLennan positioning itself to address this gap and what specific measures are being taken to develop alternative solutions such as community-based parametric products?

    Program DetailsProgram 1
    Approval DateN/A
    End Date/DurationN/A
    Total additional amountN/A
    Remaining authorization amount$2.3 billion
    DetailsAuthorized to repurchase shares with no time limit

    Competitors mentioned in the company's latest 10K filing.

    • Insurance and reinsurance brokerage firms: Compete on a global, regional, national, or local scale in every geography in which the company operates .
    • Insurance and reinsurance companies: Market, distribute, and service their products without the assistance of brokers .
    • Commercial and investment banks, accounting firms, consultants, and online platforms: Provide risk-related services and products or alternatives to traditional insurance brokerage services .
    • Third-party capital providers: Entered the insurance and reinsurance risk transfer market offering products and capital directly to the company’s clients .
    • Managing general agents, affinity programs, and private client services providers: Compete with the company's offerings .
    • Independent consulting, broking, and outsourcing firms: Compete in the consulting business .
    • Consulting, broking, and outsourcing operations affiliated with larger accounting, information systems, technology, and financial services firms .
    • Insurers and non-traditional competitors: Compete in the health benefits space, including payroll firms, large consumer businesses, and digitally oriented consultancies .
    • Investment consulting firms, investment management firms, and other financial institutions: Compete with Mercer's investments business .
    NameStart DateEnd DateReason for Change
    Deloitte & Touche LLP1989 PresentCurrent auditor

    Recent developments and announcements about MMC.

    Financial Reporting

      Earnings Report

      ·
      6 days ago

      Marsh McLennan (MMC) has released its earnings results for the fourth quarter and full year of 2024. Key highlights include:

      • Full-Year Revenue: $24.5 billion, marking an 8% increase compared to 2023, with a 7% growth on an underlying basis.
      • Fourth Quarter Revenue: $6.1 billion, a 9% increase from the same period in 2023, or 7% on an underlying basis.
      • Operating Income: For the full year, operating income was $5.8 billion, with adjusted operating income rising 11% to $6.2 billion.
      • Net Income: The net income attributable to the company for the full year was $4.1 billion.
      • Earnings Per Share (EPS): Full-year GAAP EPS was $8.18, with adjusted EPS increasing by 10% to $8.80. Fourth quarter GAAP EPS was $1.59, with adjusted EPS increasing by 11% to $1.87.
      • Risk & Insurance Services: Fourth quarter revenue was $3.6 billion, an 11% increase, or 8% on an underlying basis. For the year, revenue was $15.4 billion, a 9% increase.
      • Consulting: Fourth quarter revenue was $2.4 billion, a 6% increase. For the year, revenue was $9.1 billion, a 5% increase.

      The company also highlighted its strategic achievements, including the largest year of acquisitions in its history, and expressed confidence in its positioning for 2025.