• Accenture for corporate risk management, insurance, and HR consulting.
• The Goldman Sachs for how companies manage their biggest risks and their people.
• A professional services firm similar to PwC or Deloitte, but focused on corporate risk, insurance, and HR consulting.

• Risk Management & Insurance Broking: Advises clients on risk identification, assessment, and mitigation, and places insurance coverage with carriers on their behalf.
• Reinsurance Broking: Acts as an intermediary between insurance companies and reinsurance providers to transfer and manage risk.
• Human Capital Consulting: Provides advice and solutions related to employee benefits (health, wealth, retirement) and workforce strategy.
• Management Consulting: Offers strategic advice to businesses across various industries to improve performance, solve complex problems, and drive growth.

Marsh & McLennan Companies (MMC) primarily sells its professional services to other companies and institutions, rather than directly to individuals.

Due to the nature of its business as a global professional services firm specializing in areas such as insurance brokerage, risk management, reinsurance, human capital consulting, and management consulting, MMC serves a vast and highly diversified client base across numerous industries and geographies. Its business model means that no single client, or group of affiliated clients, represents a significant portion of its consolidated revenues (as confirmed in its SEC filings, no client accounted for 10% or more of revenues in recent years). Furthermore, MMC does not publicly disclose the names of its specific corporate clients due to client confidentiality and competitive reasons.

However, MMC's clients generally fall into the following broad categories of organizations:

• Corporations and Businesses of All Sizes: This encompasses a wide range of companies, from small and medium-sized enterprises (SMEs) to large multinational corporations across virtually all industries (e.g., financial services, technology, healthcare, manufacturing, energy, retail, consumer goods). These clients seek services related to risk management, insurance brokerage, human capital consulting (health, wealth, career), and strategic management advice.
• Financial Institutions: This category includes banks, asset managers, private equity firms, hedge funds, and other investment organizations that require specialized consulting services for risk, strategy, organizational design, and complex insurance solutions.
• Insurance Companies and Reinsurers: Other insurance carriers that utilize MMC's Guy Carpenter segment for global risk and reinsurance brokerage services to manage and optimize their own risk portfolios. This also includes institutional investors like pension funds and endowments that leverage Mercer's investment consulting expertise.

John Q. Doyle, President and Chief Executive Officer

John Q. Doyle is the President and Chief Executive Officer of Marsh McLennan, a role he assumed on January 1, 2023. He previously served as Group President and Chief Operating Officer from 2021 to 2022, and as President and CEO of Marsh from 2017 to 2021. Doyle joined Marsh McLennan in 2016 as President of Marsh. Prior to joining Marsh McLennan, he spent 30 years at AIG, where he held various executive positions including CEO of AIG Commercial Insurance, President and CEO of AIG Property and Casualty in the US, President of National Union Fire Insurance Company, and President of American Home Assurance Company.

Mark McGivney, Senior Vice President and Chief Financial Officer

Mark McGivney has served as the Chief Financial Officer of Marsh & McLennan Companies since January 1, 2016. He was also the Senior Vice President of Corporate Finance at Marsh & McLennan from October 2014 to January 2016. His previous roles within the company included Chief Financial Officer of Marsh and Chief Financial Officer and Chief Operating Officer of Mercer. Before joining Marsh McLennan in 2007, McGivney was with The Hanover Insurance Group, where he served as Senior Vice President of Finance, Corporate Treasurer, and Chief Financial Officer for the Property/Casualty business. He also worked in investment banking at Merrill Lynch and Salomon Brothers, and began his career as a Certified Public Accountant with Price Waterhouse.

Martin South, President & Chief Executive Officer, Marsh and Vice Chair, Marsh McLennan Companies

Martin South became President and Chief Executive Officer of Marsh in January 2022 and also serves as Vice Chair of Marsh McLennan. He first joined Marsh in 1985 with Bowring Marsh and rejoined the firm in 2007. His extensive career at Marsh includes serving as CEO of the Asia-Pacific region, CEO of UK and Ireland, CEO of Europe, and President of US and Canada. South also held senior leadership roles at Zurich Financial Services, where he was a member of the Group Management Board and CEO of Zurich's London operations.

Dean Klisura, President & Chief Executive Officer, Guy Carpenter and Vice Chair, Marsh McLennan Companies

Dean Klisura commenced his role as President and Chief Executive Officer of Guy Carpenter in October 2020 and is also Vice Chair of Marsh McLennan. He joined Marsh in 1993 and held various executive positions before moving to Guy Carpenter, including President of Global Placement and Advisory Services, and President of Global Specialties.

Martine Ferland, Former President & Chief Executive Officer, Mercer and Vice Chair, Marsh McLennan Companies

Martine Ferland served as President and Chief Executive Officer of Mercer until April 2024 and was also Vice Chair of Marsh McLennan. She joined Mercer in 2011, holding positions such as Group President and President of Mercer's Europe and Pacific Region. Prior to her time at Mercer, Ferland spent 25 years with Willis Towers Watson, where she held leadership roles in North America and Asia.

Key Risks to Marsh & McLennan Companies (MMC)

Cybersecurity and Data Protection Risks

Regulatory and Compliance Risks

Intensifying Competition and Technological Disruption

Clear emerging threats to Marsh & McLennan Companies (MMC) include:

• Digital Disintermediation in Risk & Insurance Services: The rapid advancement and adoption of insurtech platforms leveraging artificial intelligence, big data analytics, and blockchain technology pose a threat to traditional insurance and reinsurance brokerage models. These platforms are increasingly capable of automating underwriting, claims processing, and policy management, potentially allowing clients (especially for simpler or standardized risks) to bypass human brokers for direct digital engagement with carriers or capital providers. This trend, similar to how Netflix disintermediated Blockbuster, could erode commission-based revenue and shift value towards technology-driven risk solutions.

• AI-powered Automation in Consulting Services: The accelerating development and integration of generative AI and advanced analytical platforms threaten to automate or significantly streamline tasks traditionally performed by human consultants within Mercer and Oliver Wyman. These tools can efficiently handle data analysis, market research, report generation, and even some strategy formulation, potentially reducing the need for expensive human consulting hours for certain types of engagements. This could lead to fee compression, commoditization of lower-value consulting work, and empower clients to perform more analytical and strategic tasks in-house, akin to how new digital platforms have challenged traditional service providers in other industries.

Insurance Brokerage and Risk Management (Marsh)

• The global insurance brokerage market size is projected to be USD 328.47 billion in 2025.
• North America holds a significant share of this market, with the U.S. insurance brokerage market alone valued at USD 80.07 billion in 2024, anticipated to reach approximately USD 197.39 billion by 2034. North America accounted for 37.8% of the global insurance brokerage market in 2024.

Reinsurance Services (Guy Carpenter)

• The global reinsurance market was valued at USD 711.75 billion in 2024 and is projected to reach USD 2000.08 billion by 2034.
• North America is a major contributor, accounting for more than 44% of the revenue share in the global reinsurance market in 2024. Asia-Pacific is noted as a rapidly growing and emerging market.

Health, Wealth, and Career Consulting (Mercer)

• The global Human Resources (HR) advisory services market, which encompasses health, wealth, and career consulting, was valued at USD 162.76 billion in 2025.
• The global human resources consulting services market is projected to reach USD 68.18 billion by 2035, growing from USD 44.56 billion in 2025.
• North America holds a significant share, accounting for 33.19% of the global Human Resources Consulting Services market revenue in 2025.

Management Consulting (Oliver Wyman)

• Oliver Wyman provides consulting services in strategy, operations, and risk.
• The global risk management consulting services market was estimated at USD 139.78 billion in 2025 and is expected to reach USD 231.82 billion by 2032.
• North America holds a significant share of the risk management consulting market.

Marsh & McLennan Companies (MMC) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Consistent Organic Growth Across Diversified Segments: Marsh & McLennan anticipates delivering mid-single-digit underlying revenue growth. This growth is expected to stem from its core businesses, including Marsh, Guy Carpenter, Mercer, and Oliver Wyman, which have consistently demonstrated underlying growth despite varying market conditions.
2. Strategic Acquisitions and Integration: Acquisitions are a significant component of MMC's growth strategy. The company had its largest acquisition year in 2024, completing 290 deals. The ongoing integration of these acquisitions, such as McGriff, is expected to contribute to future revenue expansion.
3. Investment in Technology, Automation, and AI: Marsh & McLennan is focused on leveraging technology and automation to enhance efficiency and productivity. Initiatives like the "Thrive" program aim to generate gross savings, a portion of which will be reinvested to foster growth and develop AI capabilities and talent, indirectly supporting revenue generation.
4. Expansion of Client Solutions and Adapting to Client Demand: The company focuses on providing enduring value to clients and helping them navigate complex market conditions. Continued client demand for its services across its diverse offerings, including specific growth in areas like Mercer's Health segment, is expected to drive revenue.

1. Share Repurchases
   • In March 2022, Marsh & McLennan's Board of Directors authorized an additional $5 billion for share repurchases, increasing the total authorization to approximately $6.3 billion, which included about $1.3 billion remaining from a prior program as of December 31, 2021.
   • The company completed $1.9 billion in share repurchases in 2022, marking its largest annual amount of buybacks in history.
   • For the first nine months of 2025, Marsh & McLennan had $1 billion in share buybacks, and anticipates deploying approximately $4.5 billion of capital across dividends, acquisitions, and share repurchases for the full year 2025.
2. Share Issuance
   • Marsh & McLennan issued shares valued at $560 million in 2022, $278 million in 2021, and $290 million in 2020, in connection with the Company's non-option equity awards.
3. Outbound Investments
   • In 2024, Marsh & McLennan committed nearly $10 billion to acquisitions, notably including the proposed $7.75 billion acquisition of McGriff Insurance Services LLC, which closed in November 2024. This acquisition is expected to add approximately $1.3 billion in annual revenue and 3,500 employees, expanding Marsh McLennan Agency's reach in the middle-market segment.
   • The company completed 20 acquisitions and two investments in 2022, with Marsh McLennan Agency exceeding 100 acquisitions since its inception.
   • For 2025 year-to-date, Marsh & McLennan has completed three acquisitions, including Robins Insurance in September 2025, Olympic Insurance in August 2025, and Arthurhall in April 2025.
4. Capital Expenditures
   • Marsh & McLennan's capital expenditures were $348 million in 2020, $406 million in 2021, $470 million in 2022, $416 million in 2023, and $316 million in 2024.
   • For the first nine months of 2025, capital expenditures totaled $186 million, with a full-year forecast of $318 million.
   • The primary focus of capital expenditures in 2022 was on computer equipment purchases, the refurbishing and modernizing of office facilities, and software development costs.