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.
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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.
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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.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Carmen Fernandez Executive | Senior Vice President and Chief People Officer | None | Joined MMC around 2006; became Chief People Officer in January 2021. Previously held HR leadership roles at Mercer and Guy Carpenter. | |
John Jones Executive | Chief Marketing and Communications Officer | None | Joined MMC in 2016; became Chief Marketing and Communications Officer in 2018. Over 25 years of experience in marketing and communications. | |
John Q. Doyle Executive | President and Chief Executive Officer | Member of the Board of the New York Police and Fire Widows’ and Children’s Benefit Fund, Trustee of the Inner-City Scholarship Fund, Member of the Board of Overseers of the Maurice R. Greenberg School of Risk Management, Chairman of the U.S. Federal Advisory Committee on Insurance | Joined MMC in 2016 as President of Marsh; became CEO in 2022. Over 35 years of management experience in the industry. | View Report → |
Katherine J. Brennan Executive | Senior Vice President and General Counsel | Board Member, Red Cross of Greater New York | Joined MMC in 2017; became General Counsel in March 2022. Leads global legal, compliance, and public affairs functions. | |
Mark C. McGivney Executive | Chief Financial Officer | None | Joined MMC in 2007; became CFO in January 2016. Previously held senior financial leadership roles at Marsh and Mercer. | |
Paul Beswick Executive | Senior Vice President and Global Chief Information and Operations Officer | None | Joined MMC in 2021 as CIO; promoted to CIOO in January 2025. Previously led Oliver Wyman Labs and the Digital Practice. | |
Stacy M. Mills Executive | Vice President & Controller (Chief Accounting Officer) | None | No detailed bio available; listed as Vice President & Controller as of February 2025. | |
Anthony K. Anderson Board | Director | Director at AAR Corp. and Exelon Corporation | Director since 2016. Former Vice Chair and Midwest Area Managing Partner of Ernst & Young LLP. | |
Deborah C. Hopkins Board | Director | Director at Union Pacific Corporation, Bridge Investment Group, Compass Digital Acquisition Corporation, Deep Instinct | Director since 2017. Former CEO of Citi Ventures and Citigroup's first Chief Innovation Officer. | |
H. Edward Hanway Board | Independent Chair of the Board of Directors | Board of Trustees of Drexel Neumann Academy, Delaware County Community Foundation | Director since 2010. Former Chairman and CEO of CIGNA Corporation. | |
Jan Siegmund Board | Director | Board Member at Western Union | Director since 2024. Former CFO at Cognizant Technology Solutions and ADP. | |
Jane H. Lute Board | Director | Board Member at Union Pacific Corporation and Shell plc, Strategic Director at SICPA North America | Director since 2020. Former Deputy Secretary of Homeland Security and CEO of the Center for Internet Security. | |
Judith Hartmann Board | Director | Board Member at Unilever PLC, Operating Partner at Sandbrook Capital | Director since 2023. Former Deputy CEO and CFO of ENGIE S.A.. | |
Lloyd M. Yates Board | Director | President and CEO of NiSource Inc., Board Member at NiSource Inc. | Director since 2011. Over 35 years of experience in the energy industry. | |
Morton O. Schapiro Board | Director | Executive Vice President and Senior Advisor of TWG Global | Director since 2002. President Emeritus of Northwestern University. | |
Oscar Fanjul Board | Director | Vice Chairman of Omega Capital, Director of Ferrovial | Director since 2001. Extensive experience in international markets and governance. | |
Tamara Ingram Board | Director | Board Member at Intertek plc, Marks & Spencer plc, Reckitt Benckiser Group plc, Trustee of Save the Children International (UK) | Director since 2019. Former Global Chairman of Wunderman Thompson and held multiple leadership roles at WPP plc. |
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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?
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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?
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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?
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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?
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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?
Research analysts who have asked questions during MARSH & MCLENNAN COMPANIES earnings calls.
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Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
McGriff Insurance Services, LLC | 2024 | Acquired by Marsh McLennan Agency for $7.75 billion in cash with an assumed $500 million deferred tax asset, adding over 3,500 employees and boosting capabilities in commercial property & casualty and other lines. |
The Horton Group, Inc. | 2024 | Acquired by Marsh McLennan Agency in August 2024 as part of a larger $1.3 billion risk services spend (with cash and deferred components), contributing significant goodwill and client relationship assets. |
AmeriStar Agency Inc. | 2024 | A Minnesota-based broker focused on high-net-worth individuals and commercial clients, acquired by MMA in July 2024 to strengthen its regional insurance solution offerings. |
Hudson Shore Group | 2024 | A New Jersey-based employee benefits broker specializing in both public and private sector clients, acquired in July 2024 to enhance employee benefits services within MMA’s portfolio. |
Veritas Total Solutions | 2024 | A Texas-based commodity trading advisory firm with expertise in risk, analytics, and AI, acquired by Oliver Wyman in July 2024 to boost end-to-end trading advisory capabilities in the energy sector; deal terms were not disclosed. |
AC Risk Management | 2024 | A New York-based commercial lines broker with a focus on the construction industry, acquired in May 2024 to enhance MMA’s property and casualty insurance offerings. |
Perkins Insurance Agencies LLC | 2024 | A Texas-based broker offering commercial property & casualty and personal lines, with specialized expertise in oil and gas, trucking, farm/ranch, and restaurants, acquired in May 2024. |
Fisher Brown Bottrell Insurance, Inc. (FBBI) | 2024 | A Mississippi-based broker delivering commercial insurance, surety, and employee benefits services, acquired in Q2 2024 as part of MMA’s strategic expansion in the Southeast U.S. market. |
Querbes & Nelson (Q&N) | 2024 | A Louisiana-based broker providing business insurance, employee benefits, and alternative risk financing consulting across energy, commercial contractor, and transportation sectors, acquired in March 2024. |
Louisiana Companies | 2024 | A Louisiana-based insurer offering business and personal lines across industries like construction, manufacturing, healthcare, and hospitality, acquired in March 2024 to further MMA’s Risk and Insurance Services segment. |
Vanguard’s Institutional Advisory Services business unit | 2024 | A Pennsylvania-based OCIO business providing investment management services, acquired by Mercer in March 2024 as part of a total $716 million acquisition spend that drove a 6% revenue growth in Q1 2024. |
The Talent Enterprise | 2024 | A UAE-based provider of psychometric and talent assessment technology acquired by Mercer to enhance its Career business and expand HR technology and career transformation solutions. |
Innopay NL B.V. | 2024 | A Netherlands-based consultancy specializing in digital payments, open finance, digital identity, and data sharing, acquired by Oliver Wyman in March 2024 to strengthen its digital strategy capabilities. |
SeaTec Consulting Inc. | 2024 | A Georgia-based firm offering consulting, engineering, and digital expertise in aviation, aerospace, defense, and transportation, acquired in February 2024 and integrated into Oliver Wyman Vector as part of broader technical consulting enhancements. |
NOSCO Insurance Service Company Ltd. | 2024 | A Japan-based insurance broker providing affinity schemes alongside corporate and personal lines, acquired in January 2024 to expand Marsh’s Risk and Insurance Services offerings. |
Blue Water Insurance LLC | 2023 | A Kentucky-based employee health and benefits broker acquired in September 2023 by MMA to broaden regional service offerings. |
Integrity HR, Inc. | 2023 | A Kentucky-based human resources consulting firm acquired by MMA in July 2023 to strengthen consulting capabilities, with no specific financial details disclosed. |
Trideo Systems | 2023 | An Illinois-based provider of risk management information systems for healthcare organizations, acquired in July 2023 to enhance MMA’s healthcare risk management solutions. |
Asprose Corredora de Seguros | 2023 | A Costa Rica-based insurance broker offering brokerage and risk advisory services to commercial organizations, acquired in July 2023 to expand geographic reach and service expertise. |
ISC Strategies Consulting, Inc. | 2023 | A Florida-based life insurance and actuarial consulting firm acquired by Oliver Wyman in July 2023 as part of a broader $711 million Q1 2023 acquisition program, with individual deal terms not separately disclosed. |
Re Solutions | 2023 | An Israel-based reinsurance broker providing actuarial, analytical, and facultative reinsurance solutions, acquired by Guy Carpenter in June 2023 to bolster its Risk and Insurance Services capabilities. |
SOLV Risk Solutions, LLC | 2023 | A Texas-based risk management advisory services firm acquired in June 2023 by MMA to expand its risk advisory portfolio. |
Austral Insurance Brokers Pty Ltd | 2023 | An Australia-based broker offering risk advice and business insurance solutions across sectors such as mining, transport, and retail, acquired in May 2023 to extend Marsh’s global footprint. |
Advance Asset Management (Westpac’s financial advisory business) | 2023 | Completed on April 1, 2023, this acquisition of Westpac’s financial advisory business (including pension fund transfers) was part of a $340 million acquisition spend in H1 2023, significantly boosting MMC’s consulting and financial advisory capabilities in Australia. |
Gorman Actuarial, Inc. | 2023 | A U.S.-based life and health actuarial consulting firm acquired by Oliver Wyman in April 2023 as part of a $340 million acquisition campaign in the first half of 2023, enhancing its actuarial consulting expertise. |
Leapgen LLC | 2023 | A Minnesota-based HR consulting and technology advisory firm focused on digital transformation and workforce solutions, acquired by Mercer in March 2023 as part of a $15 million deal to enhance digital strategy capabilities. |
Steinberg & Associates, Inc. | 2022 | A South Carolina-based insurance broker specializing in employee health benefit services, acquired by MMA in September 2022 to expand group benefits offerings. |
Leykell, Inc. | 2022 | A Texas-based full-service broker focused on trade credit insurance, acquired in September 2022 to enhance MMA’s specialty insurance product portfolio. |
Booz Allen Hamilton’s MENA Strategy Consulting Business | 2022 | Acquired by Oliver Wyman in September 2022, this MENA region-focused strategy consulting business was part of MMC’s $227 million acquisition spending aimed at expanding its consulting footprint in the region. |
Best Insurance Co. Ltd | 2022 | A Japan-based broker offering affinity-type schemes, general, and personal lines insurance, acquired in August 2022 by Marsh to support global expansion within Risk and Insurance Services. |
CS Insurance Strategies, Inc. | 2022 | An Illinois-based full-service broker delivering employee health, business insurance, and risk management consulting services, acquired in July 2022 to strengthen MMA’s service capabilities. |
Suchanek Partners LLC | 2022 | An Ohio-based employee benefits insurance broker acquired in July 2022 by MMA as part of a consolidation strategy within the Risk and Insurance Services segment. |
Clark Insurance | 2022 | A Maine-based independent insurance agency offering business, employee health, and private client services, acquired in June 2022 to broaden MMA’s regional presence and product offerings. |
Regional Treaty Services Corporation | 2022 | A Rhode Island-based managing general underwriter specializing in reinsurance for small to midsize insurers, acquired in April 2022 to reinforce risk management offerings. |
GeFi Assurances | 2022 | A French brokerage and consulting firm focused on collective corporate social protection, acquired by Mercer in March 2022 as part of a $28 million Q1 deal to enhance consulting capabilities. |
Azure Consulting | 2022 | An Australia-based management consulting firm specializing in strategy, organizational design, and operations in industrial sectors, acquired by Oliver Wyman in February 2022 as part of a $28 million purchase consideration. |
Heil & Kay Insurance Agency Inc. | 2022 | An Illinois-based full-service independent agency offering business, employee health, and personal lines insurance, acquired by MMA in January 2022 to support strategic expansion in Risk and Insurance Services. |
Recent press releases and 8-K filings for MMC.
- First gold pour achieved at the Bayan Khundii gold mine on 14 September 2025, marking the project’s transition from greenfield to operational status.
- Mine holds 513,700 ounces of gold reserves at an average head grade of 4.0 g/t, with expected annual production of ~85,000 ounces at low quartile all-in sustaining costs.
- MMC invested US$40 million for a 50% equity stake in Erdene Mongol LLC under a Strategic Alliance effective 25 January 2024, completing construction in 22 months.
- Produced gold will be sold to Mongolia’s Central Bank at spot prices, supporting the country’s foreign currency reserves and economic stability.
- Q4 revenue was $719.2 million, up 21% y/y; full-year revenue reached $2,673.1 million, up 23% y/y.
- Annual Recurring Revenue grew 22% y/y to $3,015 million, and Q4 calculated billings rose 32% y/y to $1,202.3 million.
- GAAP net loss was $17.6 million in Q4 (vs. $14.9 million) and $41.5 million for the year (vs. $57.7 million).
- Non-GAAP net income was $146.7 million in Q4 (vs. $115.8 million) and $534.8 million for the year (vs. $414.6 million).
- Fiscal 2026 outlook: ARR of $3.676–3.698 billion, revenue of $3.265–3.284 billion, non-GAAP operating income of $728–736 million, and non-GAAP EPS of $3.64–3.68.
- US commercial insurance pricing eased in Q2, with the Marsh Global Insurance Market Index showing a 4% decline in overall rates, led by property, while global casualty rates rose 4% and US excess casualty surged 18%**.
- Consolidated revenue reached $7 billion (up 12% YoY; 4% underlying) and adjusted EPS was $2.72 (up 11%), alongside a 14% increase in adjusted operating income**.
- Segment performance included underlying growth of 4% in Risk & Insurance Services; Marsh +5%, Guy Carpenter +5%, Mercer +3%, and Oliver Wyman +3%; assets under management totaled $670 billion (up 36% YoY)**.
- Returned capital via a 10% dividend increase to $0.90 per share and $300 million of share repurchases; ended Q2 with $1.7 billion in cash and $19.7 billion of debt, and plans to deploy ~$4.5 billion in capital in 2025**.
- Maintains outlook for mid-single-digit underlying revenue growth, further margin expansion, and solid adjusted EPS growth; McGriff integration to be modestly accretive in 2025 and more so in 2026**.
- German Chancellor Friedrich Merz and US President Donald Trump met at the White House to discuss the ongoing Russia-Ukraine war, with Trump likening it to a fight between children and suggesting delaying US intervention if progress stalls.
- Trump warned the US might punish both Russia and Ukraine if neither side is sincere about peace, emphasizing that “it takes two to tango”.
- Referring to a recent call with Vladimir Putin, Trump recounted that Putin threatened retaliation for Ukrainian strikes on Russian military targets and infrastructure.
- Merz expressed full agreement with Trump’s call for Putin to accept a ceasefire and urged the US to take a firmer stance on Russia, while securing Trump’s acceptance of an invitation to visit Germany.
- The talks also covered transatlantic trade tensions and NATO defense spending, underscoring European efforts to maintain US engagement.
- Annual Meeting held on May 15, 2025 resulted in the election of eleven director nominees with strong shareholder support, reflecting detailed vote counts for each nominee.
- Shareholders approved key proposals including nonbinding executive compensation, ratification of Deloitte as the independent auditor for 2025, and the amended Incentive and Stock Award Plan.
- Consolidated revenue reached $7.1 billion in Q1 2025, marking a 9% increase with underlying revenue growth of 4% .
- Adjusted EPS rose 5% to $3.06, while GAAP EPS was $2.79 .
- Adjusted operating income grew 8% and GAAP operating income increased by 4%, reflecting strong performance across key segments .
- The integration of the McGriff acquisition is on track, expected to be modestly accretive for full year 2025 despite modest EPS dilution this quarter, with acquisition-related costs projected through 2027 .
- The company provided positive guidance with anticipated mid-single-digit underlying revenue growth, margin expansion, and steady EPS growth amid economic uncertainty .
- Capital management actions included a $300 million share repurchase, the repurchase of 1.3 million shares, and a $500 million senior note repayment .