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1. McKinsey for corporate risk, insurance, and HR solutions.

2. The Goldman Sachs of global corporate risk, insurance, and talent advisory.

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• Commercial Insurance Brokerage: Provides risk advisory, insurance brokerage, and claims advocacy services to businesses worldwide.
• Reinsurance Brokerage: Offers clients services for managing and transferring risk through the global reinsurance market.
• Risk Consulting: Advises organizations on identifying, assessing, and mitigating a wide range of operational and strategic risks.
• Human Resources Consulting: Delivers advice and solutions in health, wealth, and career, including actuarial services, retirement, investment, and talent strategies.
• Management Consulting: Offers strategic advice to clients across industries on issues related to strategy, operations, organization, and digital transformation.

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Marsh & McLennan (MRSH) is a global professional services firm that primarily sells its services to other companies and large institutions (B2B).

Due to the diversified nature of its business across insurance brokerage, risk management, reinsurance, HR consulting, and management consulting, Marsh & McLennan serves a vast number of clients globally. The company's regulatory filings typically indicate that no single client accounts for a significant portion of its consolidated revenues (e.g., usually less than 1%). Therefore, there are no publicly identifiable "major customers" in the traditional sense that account for a substantial percentage of its revenue.

However, Marsh & McLennan's clientele broadly includes the following categories of organizations:

• Large Corporations and Multinational Organizations: Companies across nearly every industry sector, including financial services, manufacturing, energy, healthcare, technology, retail, and more. These clients utilize services from Marsh (insurance brokerage and risk management), Mercer (HR and benefits consulting), and Oliver Wyman (strategic consulting).
• Insurance Companies: These are primary clients of Guy Carpenter, which provides reinsurance brokerage services, helping insurers manage and transfer risk.
• Financial Institutions: Including banks, asset managers, private equity firms, and investment funds, for whom Oliver Wyman provides management consulting services and other segments provide risk and HR solutions.
• Government Entities and Public Sector Organizations: These clients engage Marsh & McLennan for various services, including risk management, benefits consulting, and strategic advice.

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John Q. Doyle, President and Chief Executive Officer

John Q. Doyle became President and Chief Executive Officer of Marsh McLennan (MRSH) in January 2023, after serving as Group President and Chief Operating Officer from 2021 to 2022. He joined Marsh McLennan in 2016 as President of Marsh Risk, leading it as President and CEO from 2017 to 2021. Doyle has 40 years of leadership experience in professional and financial services, having spent 30 years at AIG in various executive roles, including CEO of AIG Commercial Insurance and President and CEO of AIG Property and Casualty in the US.

Mark McGivney, Senior Vice President & Chief Financial Officer

Mark McGivney has served as Senior Vice President and Chief Financial Officer of Marsh McLennan since January 2016. He joined the firm in 2007, and his previous roles within Marsh McLennan included Senior Vice President, Corporate Finance, where he was responsible for Global Treasury, Investor Relations, and Mergers & Acquisitions. He also held senior positions such as Chief Operating Officer and Chief Financial Officer of Mercer, and Chief Financial Officer of Marsh (now Marsh Risk). Before joining Marsh McLennan, McGivney was the Chief Financial Officer for Property & Casualty at The Hanover Insurance Group and worked in investment banking at Merrill Lynch and Salomon Brothers. He began his career as a Certified Public Accountant with Price Waterhouse.

Katherine J. Brennan, Senior Vice President & General Counsel

Katherine J. Brennan is the Senior Vice President and General Counsel of Marsh McLennan, a role she assumed in March 2022. In this position, she oversees the company's global legal, compliance, and public affairs functions, as well as its sustainability efforts. Brennan has held various leadership roles within Marsh McLennan since joining in 2008, including General Counsel of Marsh LLC and Deputy General Counsel, Corporate Secretary, and Chief Compliance Officer for Marsh McLennan. Earlier in her career, she served as General Counsel of Guy Carpenter, Marsh McLennan's reinsurance broking arm. Prior to Marsh McLennan, she was with the law firm Dewey & LeBoeuf in New York City, focusing on corporate and securities practice.

Martine Ferland, President & CEO, Mercer, and Vice Chair of Marsh McLennan

Martine Ferland serves as the President and Chief Executive Officer of Mercer, a global consulting leader and a wholly owned subsidiary of Marsh McLennan, and is also a Vice Chair of Marsh McLennan. She assumed the CEO role at Mercer in March 2019. With over 40 years of experience in human resources consulting, Ferland has held several key positions at Mercer since joining in 2011, including Group President and President of the Europe and Pacific Region. Before her tenure at Mercer, she spent 25 years with Towers Watson (now part of Willis Towers Watson), where she held various leadership roles across North America and Asia.

Carmen Fernandez, Senior Vice President & Chief People Officer

Carmen Fernandez is the Senior Vice President and Chief People Officer of Marsh McLennan, a role she has held since 2021. Prior to this, she held various positions at Guy Carpenter, including Chief Human Resources Officer and Deputy Chief Human Resources Officer. Her experience also includes working with Mercer, Bank of America, PricewaterhouseCoopers, and Goldman Sachs.

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The key risks to Marsh & McLennan (MRSH) involve broad macroeconomic and geopolitical uncertainties, extensive legal and regulatory compliance challenges, and the ever-present threat of cybersecurity incidents.

1. Macroeconomic and Geopolitical Factors: Marsh & McLennan faces significant risks from global macroeconomic and geopolitical developments. These include slower economic growth, fluctuating interest rates, and volatility in capital markets, all of which can directly impact the company's revenue and profitability. Ongoing geopolitical tensions, such as state-based armed conflicts and geoeconomic confrontations, further contribute to market uncertainty and can affect demand for their services.
2. Legal and Regulatory Risks, including Errors and Omissions Claims: The company operates within a complex and evolving global regulatory landscape, exposing it to legal and regulatory compliance risks across numerous jurisdictions. This includes the need to comply with trade sanctions and anti-corruption laws. Specifically, errors and omissions claims, inherent in professional services, pose a risk that, if resolved adversely in a significant manner, could materially affect the company's financial performance. Additionally, increasing scrutiny of Environmental, Social, and Governance (ESG) practices means that failure to meet evolving standards could result in legal actions and reputational harm.
3. Cybersecurity, Data Protection, and Technology Risks: As a global professional services firm that handles confidential and sensitive information, Marsh & McLennan is exposed to substantial cybersecurity threats and incidents. Despite robust risk management programs, the possibility of an undetected cybersecurity event or a successful attack remains, which could disrupt business operations, compromise data, and lead to reputational and financial damage. Risks also extend to third-party vendors, as any failure by these partners to maintain service standards or protect data could negatively impact Marsh & McLennan's operations and reputation.

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The rapid advancement and adoption of Artificial Intelligence (AI) and automation tools across professional services.

For Marsh & McLennan's consulting segments (Mercer, Oliver Wyman), AI-powered platforms are increasingly capable of automating data analysis, market research, report generation, and even some strategic recommendations. This could reduce the demand for human consultants, particularly at junior and mid-levels, leading to pricing pressure, margin erosion, and a fundamental shift in how consulting services are delivered and valued. Clients may leverage AI-driven solutions or enhance their own internal capabilities, reducing reliance on external consulting firms for certain types of engagements.

In Risk & Insurance Services (Marsh, Guy Carpenter), while the human advisory role for complex global risks remains crucial, AI and advanced analytics are improving insurers' direct risk assessment capabilities and automating aspects of underwriting and claims processing. This could lead to increased direct placements, disintermediating brokers for less complex risks, or reducing the need for traditional brokerage services in certain areas by increasing transparency and efficiency in the insurance market.

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Marsh & McLennan (MRSH) operates across several key professional services. The addressable markets for its main products and services are as follows:

• Insurance Brokerage and Risk Management (Marsh): The global commercial insurance market size was valued at approximately USD 922.5 billion in 2025 and is projected to reach USD 1,684.0 billion by 2034. Another estimate placed the global commercial insurance market at USD 776.6 billion in 2024, growing to USD 841.75 billion in 2025. The global risk advisory service market was valued at $124.5 billion in 2024 and is projected to reach $426.5 billion by 2034, growing at a CAGR of 13% from 2025 to 2034.
• Reinsurance Broking (Marsh Re / Guy Carpenter): The global reinsurance market size was valued at USD 574.71 billion in 2024 and is projected to grow to USD 1,154.72 billion by 2032. Other sources reported the global reinsurance market size as USD 711.75 billion in 2024 and USD 581.3 billion in 2024.
• Human Capital and Benefits Consulting (Mercer): The global human resource consulting market is estimated at USD 73.75 billion in 2024 and is expected to reach USD 104.02 billion by 2029. The global human capital management market size was valued at USD 34.12 billion in 2025 and is projected to grow to USD 76.22 billion by 2034.
• Management and Economic Consulting (Oliver Wyman): The global consulting services market size was approximately USD 318.89 billion in 2024 and is predicted to grow to around USD 471.59 billion by 2034.

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Here are 3-5 expected drivers of future revenue growth for Marsh & McLennan (MRSH) over the next 2-3 years:

1. Consistent Underlying Revenue Growth: Marsh & McLennan anticipates mid-single-digit underlying revenue growth across its businesses. Analysts forecast the company to grow revenue by approximately 5% per annum. This organic growth is expected across its Risk and Insurance Services and Consulting segments, including Marsh, Guy Carpenter, Mercer, and Oliver Wyman.
2. Strategic Investments in Technology and Data Analytics: The company is leveraging technology and data analytics to enhance its service offerings across various sectors. Strategic digital investments are a key part of driving operational efficiency and broadening service capabilities.
3. Targeted Acquisitions: Marsh & McLennan's management actively seeks acquisitions, with a preference for smaller to mid-sized deals that align culturally and target markets where the company identifies as underpenetrated. These acquisitions are expected to contribute to overall revenue expansion.
4. Increasing Demand for Risk, Strategy, and People Solutions: Growing risk complexity and evolving regulatory demands globally are driving long-term demand for Marsh & McLennan's advisory, insurance, and consulting services. Clients are increasingly valuing the firm's advice and solutions, particularly in uncertain economic environments.
5. International Market Expansion: The company has demonstrated strong underlying revenue growth in its international operations, including regions such as EMEA, Asia Pacific, and Latin America, indicating continued opportunities for expansion and increased market penetration outside of North America.

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Capital Allocation Decisions (Last 3-5 Years)

1. Share Repurchases

• Marsh & McLennan authorized a new $6 billion share repurchase program in November 2025, which supersedes any prior authorizations.
• In March 2022, an additional $5 billion in share repurchases was authorized, building on an existing $1.3 billion authorization as of December 31, 2021, for a total of approximately $6.3 billion.
• The company repurchased approximately $1.0 billion of stock through the first nine months of 2025, following repurchases of $1.2 billion in 2021.

2. Share Issuance

• Marsh & McLennan recorded net issuance of common stock from treasury shares amounting to $64 million through the first nine months of 2025.
• Net issuance of common stock from treasury shares was $44 million in 2024 and $60 million in 2021.

4. Outbound Investments

• In November 2024, Marsh McLennan acquired McGriff Insurance Services for $7.75 billion.
• The company invested a total of $9.4 billion in acquisitions in 2024 to enhance talent, capabilities, and scale.
• Marsh McLennan completed 5 acquisitions in 2025 and 2 acquisitions in 2024, including Pyramid Insurance and Atlas Insurance Agency in December 2025, and AmeriStar in July 2024.

5. Capital Expenditures

• Capital expenditures were $316 million in fiscal year 2024, a decrease from $416 million in 2023 and a peak of $470 million in 2022.
• Expected capital expenditures for fiscal year 2025 are $318 million, with a forecast of $379 million for 2026.
• Capital expenditures are primarily focused on supporting costs, productivity initiatives, recurring maintenance requirements, and driving value through acquisitions and prior capital investments.