Marsh (MRSH)
Market Price (11/3/2026): $206.51 | Market Cap: $98.2 BilSector: Financials | Industry: Insurance Brokers
Marsh (MRSH)
Market Price (11/3/2026): $206.51Market Cap: $98.2 BilSector: FinancialsIndustry: Insurance Brokers
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.0% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%, CFO LTM is 4.5 Bil, FCF LTM is 4.2 Bil Stock buyback supportStock Buyback 3Y Total is 5.2 Bil Low stock price volatilityVol 12M is 26% Megatrend and thematic driversMegatrends include Sustainable Finance, Fintech & Digital Payments, and Cybersecurity. Themes include ESG Investing & Green Bonds, Show more. | Trading close to highsDist 52W High is 0.0% Weak multi-year price returns2Y Excs Rtn is -33%, 3Y Excs Rtn is -67% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 22x Key risksMRSH key risks include [1] significant financial exposure from errors and omissions claims inherent in its professional services business. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.0% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%, CFO LTM is 4.5 Bil, FCF LTM is 4.2 Bil |
| Stock buyback supportStock Buyback 3Y Total is 5.2 Bil |
| Low stock price volatilityVol 12M is 26% |
| Megatrend and thematic driversMegatrends include Sustainable Finance, Fintech & Digital Payments, and Cybersecurity. Themes include ESG Investing & Green Bonds, Show more. |
| Trading close to highsDist 52W High is 0.0% |
| Weak multi-year price returns2Y Excs Rtn is -33%, 3Y Excs Rtn is -67% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 22x |
| Key risksMRSH key risks include [1] significant financial exposure from errors and omissions claims inherent in its professional services business. |
Qualitative Assessment
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Updated on 11/1/2026
Marsh (MRSH) stock has gained about 10% since 7/31/2026 because of the following key factors:
1. Strong Q3 2026 Financial Performance Exceeding Analyst Expectations. Marsh & McLennan (MRSH) reported robust third-quarter 2026 results on October 15, 2026, with adjusted earnings per share (EPS) of $2.03, surpassing the consensus estimate of $1.97 and marking a 10% increase year-over-year. Consolidated revenue also exceeded expectations, reaching $6.86 billion against an anticipated $6.64 billion, representing an 8% year-over-year growth. This significant beat on both the top and bottom lines signaled strong operational execution and contributed positively to investor sentiment.
2. Robust Growth in the Consulting Segment, Driven by AI-Related Work. The Consulting segment was a key driver of growth, with its revenue increasing 9% on a reported basis and 8% on an underlying basis to $2.7 billion in fiscal Q3 2026 (ended September 2026). Within this, Management Consulting experienced a notable 14% growth on both a reported and underlying basis, reaching $1.0 billion in revenue, primarily fueled by strong demand for AI-related transformation work.
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Marsh (MRSH) stock has gained about 10% since 7/31/2026 because of the following key factors:
1. Strong Q3 2026 Financial Performance Exceeding Analyst Expectations. Marsh & McLennan (MRSH) reported robust third-quarter 2026 results on October 15, 2026, with adjusted earnings per share (EPS) of $2.03, surpassing the consensus estimate of $1.97 and marking a 10% increase year-over-year. Consolidated revenue also exceeded expectations, reaching $6.86 billion against an anticipated $6.64 billion, representing an 8% year-over-year growth. This significant beat on both the top and bottom lines signaled strong operational execution and contributed positively to investor sentiment.
2. Robust Growth in the Consulting Segment, Driven by AI-Related Work. The Consulting segment was a key driver of growth, with its revenue increasing 9% on a reported basis and 8% on an underlying basis to $2.7 billion in fiscal Q3 2026 (ended September 2026). Within this, Management Consulting experienced a notable 14% growth on both a reported and underlying basis, reaching $1.0 billion in revenue, primarily fueled by strong demand for AI-related transformation work.
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Updated on 11/1/2026
Marsh (MRSH) stock has gained about 10% since 7/31/2026 because of the following key factors:
1. Strong Q3 2026 Financial Performance Exceeding Analyst Expectations. Marsh & McLennan (MRSH) reported robust third-quarter 2026 results on October 15, 2026, with adjusted earnings per share (EPS) of $2.03, surpassing the consensus estimate of $1.97 and marking a 10% increase year-over-year. Consolidated revenue also exceeded expectations, reaching $6.86 billion against an anticipated $6.64 billion, representing an 8% year-over-year growth. This significant beat on both the top and bottom lines signaled strong operational execution and contributed positively to investor sentiment.
2. Robust Growth in the Consulting Segment, Driven by AI-Related Work. The Consulting segment was a key driver of growth, with its revenue increasing 9% on a reported basis and 8% on an underlying basis to $2.7 billion in fiscal Q3 2026 (ended September 2026). Within this, Management Consulting experienced a notable 14% growth on both a reported and underlying basis, reaching $1.0 billion in revenue, primarily fueled by strong demand for AI-related transformation work.
3. Increased Efficiency Savings Target through the "Thrive" Program. The company demonstrated a commitment to enhancing profitability and funding future investments by raising its "Thrive" efficiency program's cost-savings target from $400 million to $600 million. This upward revision, announced with the Q3 2026 earnings, signals management's confidence in streamlining operations and driving margin expansion, with most actions expected by the end of 2028.
4. Declaration of a 10% Quarterly Dividend Increase. On July 8, 2026, the Board of Directors declared a 10% increase in the quarterly dividend, raising it from $0.900 to $0.990 per share. This dividend, payable on August 14, 2026, to stockholders of record on July 23, 2026, highlights the company's financial stability and its commitment to returning capital to shareholders, making it an attractive investment for income-focused investors.
5. Positive Revisions in Analyst Price Targets. Several analysts adjusted their price targets upwards for MRSH following the positive earnings report and other company announcements. For example, UBS Group raised its price target on Marsh & McLennan Companies from $216.00 to $222.00 on October 6, 2026, while maintaining a "buy" rating. These upward revisions by key financial institutions signal increasing confidence in the stock's future performance and contribute to a positive market perception.
Show less
Marsh (MRSH) stock has gained about 10% since 7/31/2026 because of the following key factors:
1. Strong Q3 2026 Financial Performance Exceeding Analyst Expectations. Marsh & McLennan (MRSH) reported robust third-quarter 2026 results on October 15, 2026, with adjusted earnings per share (EPS) of $2.03, surpassing the consensus estimate of $1.97 and marking a 10% increase year-over-year. Consolidated revenue also exceeded expectations, reaching $6.86 billion against an anticipated $6.64 billion, representing an 8% year-over-year growth. This significant beat on both the top and bottom lines signaled strong operational execution and contributed positively to investor sentiment.
2. Robust Growth in the Consulting Segment, Driven by AI-Related Work. The Consulting segment was a key driver of growth, with its revenue increasing 9% on a reported basis and 8% on an underlying basis to $2.7 billion in fiscal Q3 2026 (ended September 2026). Within this, Management Consulting experienced a notable 14% growth on both a reported and underlying basis, reaching $1.0 billion in revenue, primarily fueled by strong demand for AI-related transformation work.
3. Increased Efficiency Savings Target through the "Thrive" Program. The company demonstrated a commitment to enhancing profitability and funding future investments by raising its "Thrive" efficiency program's cost-savings target from $400 million to $600 million. This upward revision, announced with the Q3 2026 earnings, signals management's confidence in streamlining operations and driving margin expansion, with most actions expected by the end of 2028.
4. Declaration of a 10% Quarterly Dividend Increase. On July 8, 2026, the Board of Directors declared a 10% increase in the quarterly dividend, raising it from $0.900 to $0.990 per share. This dividend, payable on August 14, 2026, to stockholders of record on July 23, 2026, highlights the company's financial stability and its commitment to returning capital to shareholders, making it an attractive investment for income-focused investors.
5. Positive Revisions in Analyst Price Targets. Several analysts adjusted their price targets upwards for MRSH following the positive earnings report and other company announcements. For example, UBS Group raised its price target on Marsh & McLennan Companies from $216.00 to $222.00 on October 6, 2026, while maintaining a "buy" rating. These upward revisions by key financial institutions signal increasing confidence in the stock's future performance and contribute to a positive market perception.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 8.9% change in MRSH stock from 7/31/2026 to 11/2/2026 was primarily driven by a 6.4% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 188.59 | 205.38 | 8.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 27,947 | 28,459 | 1.8% |
| Net Income Margin (%) | 14.2% | 14.2% | -0.3% |
| P/E Multiple | 22.7 | 24.2 | 6.4% |
| Shares Outstanding (Mil) | 480 | 476 | 0.8% |
| Cumulative Contribution | 8.9% |
Market Drivers
7/31/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| MRSH | 8.9% | |
| Market (SPY) | 0.7% | -21.9% |
| Sector (XLF) | 1.1% | 56.5% |
Fundamental Drivers
The 23.9% change in MRSH stock from 4/30/2026 to 11/2/2026 was primarily driven by a 18.3% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 165.80 | 205.38 | 23.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 27,517 | 28,459 | 3.4% |
| Net Income Margin (%) | 14.3% | 14.2% | -0.5% |
| P/E Multiple | 20.4 | 24.2 | 18.3% |
| Shares Outstanding (Mil) | 484 | 476 | 1.7% |
| Cumulative Contribution | 23.9% |
Market Drivers
4/30/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| MRSH | 23.9% | |
| Market (SPY) | 4.9% | -36.4% |
| Sector (XLF) | 10.8% | 43.5% |
Fundamental Drivers
The 17.8% change in MRSH stock from 10/31/2025 to 11/2/2026 was primarily driven by a 16.6% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 174.33 | 205.38 | 17.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26,453 | 28,459 | 7.6% |
| Net Income Margin (%) | 15.6% | 14.2% | -9.0% |
| P/E Multiple | 20.7 | 24.2 | 16.6% |
| Shares Outstanding (Mil) | 491 | 476 | 3.2% |
| Cumulative Contribution | 17.8% |
Market Drivers
10/31/2025 to 11/2/2026| Return | Correlation | |
|---|---|---|
| MRSH | 17.8% | |
| Market (SPY) | 11.2% | -20.4% |
| Sector (XLF) | 11.3% | 39.9% |
Fundamental Drivers
The 14.1% change in MRSH stock from 10/31/2023 to 11/2/2026 was primarily driven by a 28.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 180.04 | 205.38 | 14.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 22,204 | 28,459 | 28.2% |
| Net Income Margin (%) | 15.6% | 14.2% | -9.0% |
| P/E Multiple | 25.7 | 24.2 | -5.7% |
| Shares Outstanding (Mil) | 494 | 476 | 3.8% |
| Cumulative Contribution | 14.1% |
Market Drivers
10/31/2023 to 11/2/2026| Return | Correlation | |
|---|---|---|
| MRSH | 14.1% | |
| Market (SPY) | 86.0% | 12.2% |
| Sector (XLF) | 85.7% | 44.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MRSH Return | 51% | -3% | 16% | 14% | -11% | 13% | 93% |
| Peers Return | 39% | 0% | 10% | 36% | -9% | -3% | 83% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| MRSH Win Rate | 75% | 42% | 67% | 67% | 58% | 55% | |
| Peers Win Rate | 73% | 43% | 50% | 73% | 52% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| MRSH Max Drawdown | -8% | -19% | -12% | -10% | -27% | -17% | |
| Peers Max Drawdown | -14% | -25% | -17% | -13% | -27% | -32% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AON, AJG, WTW, BRO, RYAN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/2/2026 (YTD)
How Low Can It Go
| Event | MRSH | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.4% | -6.7% |
| % Gain to Breakeven | 12.9% | 7.1% |
| Time to Breakeven | 33 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -13.1% | -24.5% |
| % Gain to Breakeven | 15.1% | 32.4% |
| Time to Breakeven | 50 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -35.3% | -33.7% |
| % Gain to Breakeven | 54.5% | 50.9% |
| Time to Breakeven | 134 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -11.6% | -12.2% |
| % Gain to Breakeven | 13.1% | 13.9% |
| Time to Breakeven | 150 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -13.7% | -17.9% |
| % Gain to Breakeven | 15.9% | 21.8% |
| Time to Breakeven | 18 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -16.8% | -15.4% |
| % Gain to Breakeven | 20.2% | 18.2% |
| Time to Breakeven | 88 days | 125 days |
In The Past
Marsh's stock fell -7.9% during the 2025 US Tariff Shock. Such a loss loss requires a 8.6% gain to breakeven.
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Asset Allocation
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| Event | MRSH | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -35.3% | -33.7% |
| % Gain to Breakeven | 54.5% | 50.9% |
| Time to Breakeven | 134 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -30.4% | -53.4% |
| % Gain to Breakeven | 43.6% | 114.4% |
| Time to Breakeven | 220 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -21.2% | -8.6% |
| % Gain to Breakeven | 26.8% | 9.5% |
| Time to Breakeven | 326 days | 47 days |
In The Past
Marsh's stock fell -7.9% during the 2025 US Tariff Shock. Such a loss loss requires a 8.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Marsh (MRSH)
Marsh & McLennan Companies, Inc. (MRSH) is a global professional services firm that provides essential advice and solutions to clients across the world. The company operates through two main segments: Risk and Insurance Services, and Consulting. Essentially, MRSH helps organizations and individuals navigate complex challenges related to risk, business strategy, and human capital.
The Risk and Insurance Services segment is a cornerstone of MRSH's business, where it acts as a crucial intermediary and advisor. This segment offers comprehensive risk management services, including advice on identifying and mitigating risks, transferring risks through insurance and reinsurance broking, and providing catastrophe modeling and related advisory services. Its primary customers include a wide array of entities such as businesses, public entities, insurance companies, associations, professional services organizations, and private clients.
Complementing its risk expertise, MRSH's Consulting segment delivers specialized advisory services focused on people and strategy. This includes consulting on health, wealth, and career matters, helping organizations optimize their human capital. Additionally, this segment provides specialized management, economic, and brand consulting services, assisting clients with strategic decision-making and enhancing their market position. The services from both segments are designed to empower clients to thrive in a dynamic global environment.
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Analogy 1: Goldman Sachs for corporate risk and HR solutions.
Analogy 2: Deloitte for managing business risks and people strategy.
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- Risk Management Services: Provides advice and solutions for identifying, assessing, and mitigating various business risks.
- Insurance and Reinsurance Broking: Facilitates the placement of insurance and reinsurance coverage with carriers for clients worldwide.
- Risk Advisory and Analytics: Offers specialized advisory services, including catastrophe and financial modeling, to help clients understand and manage exposures.
- Health, Wealth, and Career Consulting: Delivers consulting services focused on employee benefits, retirement, talent, and organizational transformation.
- Specialized Management Consulting: Provides strategic, economic, and brand consulting services to help organizations improve performance and value.
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Marsh & McLennan Companies, Inc. (MRSH) sells primarily to other companies and organizations rather than to individual consumers. Given the nature of its professional services, the company does not typically disclose the names of specific client companies. Instead, its major customers can be categorized as:
- Businesses and Corporations: A wide range of companies across various industries that seek risk management advice, insurance and reinsurance broking, and consulting services related to health, wealth, career, management, economics, and brand strategy.
- Public Entities and Institutions: This includes government agencies, municipalities, and other public sector organizations requiring risk solutions and consulting services.
- Insurance and Reinsurance Companies: Other insurance and reinsurance firms that utilize Marsh's expertise for reinsurance broking, catastrophe modeling, and related advisory services.
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John Q. Doyle, President and Chief Executive Officer
John Q. Doyle became President and Chief Executive Officer of Marsh McLennan in January 2023. Prior to this, he served as Group President and Chief Operating Officer from January 2022, and as President and CEO of Marsh, the company's risk advisory and insurance solutions business, from 2017 to 2021. He has over 40 years of leadership experience in professional and financial services. He began his career at AIG in 1986, holding several executive positions including Chief Executive Officer of AIG Commercial Insurance, President and CEO of AIG Property and Casualty in the US, and President of National Union and American Home Assurance Company.
Mark C. McGivney, Executive Vice President, Chief Operating Officer & Chief Financial Officer
Mark C. McGivney was appointed Executive Vice President, Chief Operating Officer & Chief Financial Officer of Marsh McLennan, effective April 2026. He has served as Chief Financial Officer since January 2016. McGivney joined Marsh McLennan in 2007, and his prior senior roles include Senior Vice President of Corporate Finance, Chief Financial Officer and Chief Operating Officer of Mercer, and Chief Financial Officer of Marsh. Before joining Marsh McLennan, he spent 10 years at The Hanover Insurance Group, where he was Senior Vice President of Finance, Corporate Treasurer, and Chief Financial Officer for Property/Casualty business, and also served as Vice President of Mergers & Acquisitions. He also has experience in investment banking with Merrill Lynch and Salomon Brothers, and was a Certified Public Accountant with Price Waterhouse.
Carmen Fernandez, Senior Vice President and Chief People Officer
Carmen Fernandez has served as Senior Vice President and Chief People Officer of Marsh McLennan since 2021. Her previous roles include Deputy Chief Human Resources Officer and Chief Human Resources Officer of Guy Carpenter, and various HR leadership positions at Mercer. She also previously worked in investment banking at Goldman Sachs and Bank of America.
John Jones, Senior Vice President and Chief Marketing and Communications Officer
John Jones has been the Chief Marketing and Communications Officer of Marsh McLennan since July 2022. He previously held similar roles at Marsh Risk and senior marketing positions at AIG, bringing over 25 years of experience to his current role.
Dean Klisura, President and Chief Executive Officer of Guy Carpenter and Vice Chair of Marsh
Dean Klisura is the President and Chief Executive Officer of Guy Carpenter and Vice Chair of Marsh. He has held leadership roles at Marsh Risk and Guy Carpenter since 1993.
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Here are the key risks to Marsh & McLennan Companies, Inc. (MRSH):
- Higher Leverage and Financial Health Concerns: Marsh & McLennan Companies, Inc. exhibits higher leverage compared to many of its industry peers, which could increase its vulnerability to elevated financing costs and reduce its financial flexibility. Specific concerns include a current ratio near 1.1, which is lower than larger diversified brokers, potentially limiting its cushion against working-capital shocks, and days sales outstanding above 116 days, suggesting slower cash collection than competitors.
- Legal, Regulatory, and Professional Liability Risks: As a provider of professional services, including insurance brokerage and consulting, Marsh & McLennan is exposed to significant uninsured liabilities arising from errors and omissions, breach of fiduciary duty, and other claims. Such claims can lead to substantial monetary damages, including punitive damages, negative publicity, and reputational harm, while also diverting essential personnel and management resources. The company also faces ongoing regulatory changes and compliance requirements across various global jurisdictions, which could impact its operations and increase costs.
- Slower Organic Revenue Growth and Valuation Concerns: While Marsh & McLennan demonstrates strong profitability, its revenue growth has been noted as trailing some industry benchmarks, with expectations for future revenue growth to remain below certain thresholds. This slower organic growth, coupled with a valuation that is considered expensive relative to industry peers, suggests that sustained growth is crucial to justify its market premium.
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The clear emerging threat for Marsh & McLennan (MRSH) is the rapid advancement and proliferation of AI and machine learning-powered platforms and specialized technology companies within the risk management, insurance broking, and consulting sectors.
These emerging entities and technologies pose a threat by:
- Enabling highly automated and sophisticated risk assessment, predictive analytics, and underwriting capabilities, potentially streamlining or disintermediating traditional human-intensive advisory and broking roles.
- Developing digital-first commercial insurance marketplaces and direct-to-client platforms that could challenge established broking processes, introduce new agile competitors, and put pressure on traditional fee structures.
- Offering specialized, data-driven consulting solutions in areas like health, wealth, and career, which provide tech-centric and scalable alternatives to human-intensive consulting services.
This technological shift represents a fundamental challenge to the traditional, relationship-based, and often human-intensive models that have historically characterized Marsh & McLennan's core businesses.
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Marsh & McLennan Companies, Inc. operates in two primary segments: Risk and Insurance Services, and Consulting. The addressable markets for their main products and services on a global scale are significant, with varying estimates across different research sources.
Risk and Insurance Services Segment:
- Insurance Brokerage: The global insurance brokerage market size was valued at approximately USD 314.53 billion in 2024, with projections to reach around USD 758.37 billion by 2034, growing at a compound annual growth rate (CAGR) of roughly 9.2% between 2025 and 2034. Another estimate places the market at USD 335.9 billion in 2025, anticipated to grow to USD 695.0 billion by 2033 at a CAGR of 9.6% from 2026 to 2033. A broader "Global Insurance Brokers & Agencies" market was valued at USD 641.8 billion in 2025.
- Reinsurance Brokerage: The global reinsurance market size was valued at approximately USD 472.3 billion in 2025, with an expectation to reach USD 1 trillion by 2035, exhibiting a CAGR of 8.2% from 2026 to 2035. Another source indicates the global reinsurance market size was USD 789.33 billion in 2025, projected to reach approximately USD 2,163.69 billion by 2035, growing at a CAGR of 10.61% from 2026 to 2035. The broker segment is noted to dominate the reinsurance market, holding around a 72% share in 2025.
- Risk Management Consulting: The global market for Risk Management Consulting Services was valued at USD 156.05 billion in 2024, expected to reach USD 169 billion by 2025, and is projected to expand to USD 251.78 billion by 2030, registering a CAGR of 8.3% from 2025 to 2030. Other estimates for "Risk Management and Compliance Consulting Services" show a market size of USD 41.1 billion in 2025, growing to USD 64.61 billion by 2032. Similarly, the "Risk and Compliance Consulting Market" was estimated at USD 41.97 billion in 2026, with a projection to reach USD 95.92 billion by 2035.
Consulting Segment:
- Human Resources (HR) Consulting (including Health, Wealth, and Career Consulting): The global HR consulting market size was valued at USD 45.2 billion in 2022 and is projected to reach USD 68.7 billion by 2030, growing at a CAGR of 5.4%. Another report states the market was USD 79.03 billion in 2025, expected to grow to USD 118.76 billion by 2031 at a 7.02% CAGR over 2026-2031. The broader "Human Resource Professional Services Market" is projected to grow from USD 104.21 billion in 2026 to USD 181.04 billion by 2034.
- Management Consulting (including Specialized Management, Economic, and Brand Consulting): The global management consulting services market was valued at USD 491.68 billion in 2025, with projections to grow from USD 520.47 billion in 2026 to USD 796.38 billion by 2034, at a CAGR of 5.50%. Another estimate places the global management consulting market at USD 303.10 billion in 2024, expected to reach USD 457.12 billion by 2032 with a CAGR of 5.27% from 2025 to 2032. The overall global consulting market is estimated to be valued at USD 291.89 billion in 2026, increasing to USD 467.03 billion by 2035.
- Economic Consulting Services: The global Economics Consulting Services market size was US$ 41.57 billion in 2025 and is forecast to reach US$ 56.70 billion by 2032, with a CAGR of 4.6% during the forecast period 2026-2032.
- Brand Consulting Services: The global brand consulting services market was valued at USD 8.4 billion in 2025 and is projected to expand to USD 15.6 billion by 2034, registering a CAGR of 7.1% from 2026 to 2034. Other data indicates the global brand consulting services market size was USD 40.5 billion in 2024 and is projected to reach USD 94.2 billion by 2032, growing at a CAGR of 11.3% from 2026 to 2032.
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Marsh & McLennan Companies, Inc. (MRSH) is expected to drive future revenue growth over the next 2-3 years through several key areas:
- High Demand for Management Consulting Services, especially AI-Related Transformation: Marsh's Management Consulting segment demonstrated significant growth, with a 14% increase in underlying revenue in Q3 2026. This growth is largely attributed to the high demand for AI-related transformation services, indicating a strong future trend.
- Expansion and Integration of AI Tools and Products: The company is actively embedding AI tools into its operations and client work, launching new products such as Marsh Risk Companion and Broker WorkBench. This focus on AI-driven offerings is expected to generate new revenue streams.
- Continued Growth in Risk and Insurance Services: Despite some softness in the reinsurance sector, the overall Risk and Insurance Services segment continues to exhibit underlying growth. The company sees strong demand for its expertise and capabilities in risk management, suggesting ongoing revenue contributions from this core area.
- Growth in People and Investments Segment: The People and Investments segment, which includes Investments and Retirement and Health and Benefits, showed a 5% underlying revenue growth in Q3 2026, with Investments and Retirement growing 8% and Health and Benefits growing 5%. This sustained demand for health, wealth, and career consulting services will contribute to future revenue.
- Strategic Acquisitions: Marsh & McLennan has a consistent strategy of deploying capital for acquisitions in key growth areas, including geographic expansion and specialty investment capabilities. The company allocated a significant portion of its capital deployment to acquisitions in 2026, indicating this will continue to be a driver for expanding its market presence and service offerings.
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Share Repurchases
- In November 2025, Marsh McLennan authorized a new share repurchase program for up to $6 billion, superseding any prior authorizations.
- The company repurchased approximately $2.0 billion of its common stock in 2025.
- In 2024, annual share buybacks totaled $900 million.
Share Issuance
- Marsh & McLennan's shares outstanding have generally declined over the last few years, from approximately 507 million in 2021 to 491 million in 2025, primarily due to share repurchase programs.
Outbound Investments
- In 2024, Marsh McLennan invested $9.4 billion in acquisitions to enhance its talent, capabilities, and scale, marking its largest year for acquisitions.
- Notable acquisitions include McGriff Insurance Services in November 2024, which expanded Marsh McLennan Agency's middle-market presence.
- Marsh McLennan Agency also entered into agreements to acquire TriBridge Partners in May 2026 and Accel Holdings, Inc. in August 2026, further strengthening its advisory services and geographic footprint.
Capital Expenditures
- Marsh McLennan's capital expenditures were $406 million in 2021, $470 million in 2022, $416 million in 2023, $316 million in 2024, and $291 million in 2025.
- Forecasted capital expenditures are approximately $353.5 million for 2026 and $386.8 million for 2027.
Peer Outperformance in Insurance Brokers
MRSH has outperformed 57% of its 14 Insurance Brokers peers over 5Y. Insurance Brokers ranks 10th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Insurance Brokers constituents that MRSH has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
75%
of 16 industry peers · 17.8% return
3Y
50%
of 14 industry peers · 11.6% return
5Y
57%
of 14 industry peers · 35.6% return
No Insurance Brokers peer with a comparable growth profile has beaten MRSH by more than 20pp over 5Y.
Median price return by industry across the Financials sector, ranked by 5Y. Insurance Brokers is MRSH's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 37.5% | 74.0% | 118.3% | SPNT 170% · RGA 148% · RNR 138% |
| Investment Banking & Brokerage | 13 | -1.9% | 90.1% | 92.3% | IBKR 314% · SNEX 159% · HOOD 140% |
| Diversified Banks | 12 | 32.8% | 141.8% | 91.6% | CM 142% · RY 130% · JPM 126% |
| Life & Health Insurance | 20 | 17.2% | 52.4% | 78.2% | JXN 536% · UNM 303% · FG 188% |
| Property & Casualty Insurance | 42 | 21.7% | 72.7% | 65.0% | PGR 176% · TRV 176% · ACGL 166% |
| Multi-line Insurance | 9 | 10.2% | 68.9% | 63.6% | AIZ 100% · GNW 98% · L 97% |
| Multi-Sector Holdings | 3 | 9.8% | 52.4% | 57.5% | BRK-B 93% · VOYA 57% · JEF 35% |
| Regional Banks | 262 | 34.5% | 91.3% | 53.5% | CBC 263% · FCNCA 189% · NIC 146% |
| Financial Exchanges & Data | 15 | 19.8% | 33.8% | 32.6% | CBOE 176% · VIRT 144% · CME 71% |
| Insurance Brokers ← | 15 | 5.3% | 11.6% | 26.0% | LIFE 387% · ARX 89% · AJG 80% |
| Asset Management & Custody Banks | 85 | -6.1% | 21.7% | 8.8% | VCTR 257% · WT 230% · AAMI 191% |
| Consumer Finance | 30 | 5.9% | 72.9% | 5.4% | ENVA 397% · FCFS 137% · AXP 101% |
| Diversified Financial Services | 4 | -5.1% | 18.6% | 3.3% | FRHC 171% · EQH 80% |
| Commercial & Residential Mortgage Finance | 14 | -48.7% | 20.2% | -0.2% | FNMA 448% · FMCC 399% · ACT 167% |
| Specialized Finance | 3 | 8.4% | 31.0% | -20.6% | HASI -21% · CACC -28% |
| Transaction & Payment Processing Services | 17 | 15.8% | 17.6% | -22.2% | V 111% · MA 106% · CPAY 69% |
| Mortgage REITs | 35 | -19.0% | -7.6% | -35.2% | RITM 35% · DX 18% · AGNC 11% |
| Diversified Capital Markets | 20 | -58.1% | 2.5% | -68.4% | LPLA 80% · TW 39% · WULF -60% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Marsh & McLennan stock vs Brown & Brown stock: Which Is A Better Investment? | 08/05/2026 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 241.79 |
| Mkt Cap | 50.7 |
| Rev LTM | 13,014 |
| Op Inc LTM | 2,691 |
| FCF LTM | 2,014 |
| FCF 3Y Avg | 1,817 |
| CFO LTM | 2,216 |
| CFO 3Y Avg | 2,016 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.7% |
| Rev Chg 3Y Avg | 14.3% |
| Rev Chg Q | 7.8% |
| QoQ Delta Rev Chg LTM | 1.8% |
| Op Inc Chg LTM | 7.3% |
| Op Inc Chg 3Y Avg | 11.2% |
| Op Mgn LTM | 23.7% |
| Op Mgn 3Y Avg | 22.9% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 18.4% |
| CFO/Rev 3Y Avg | 19.1% |
| FCF/Rev LTM | 16.2% |
| FCF/Rev 3Y Avg | 17.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Risk and Insurance Services | 17,265 | 15,395 | 14,089 | 12,645 | 12,085 |
| Consulting | 9,794 | 9,133 | 8,709 | 8,139 | 7,789 |
| Corporate/Eliminations | -78 | -70 | -62 | -64 | -54 |
| Total | 26,981 | 24,458 | 22,736 | 20,720 | 19,820 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Risk and Insurance Services | 4,636 | 4,365 | 3,945 | 3,089 | 3,080 |
| Consulting | 1,896 | 1,770 | 1,666 | 1,553 | 1,504 |
| Corporate/Eliminations | -309 | -318 | -329 | -362 | -272 |
| Total | 6,223 | 5,817 | 5,282 | 4,280 | 4,312 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Risk and Insurance Services | 34,449 | 22,776 | 31,233 | 20,612 | 26,098 |
| Consulting | 11,461 | 10,032 | 10,731 | 9,571 | 9,722 |
| Corporate/Eliminations | 2,120 | 646 | 2,046 | 2,866 | -4,463 |
| Total | 48,030 | 33,454 | 44,010 | 33,049 | 31,357 |
Price Behavior
Price Behavior
| Market Price | $205.38 | |
| Market Cap ($ Bil) | 97.8 | |
| First Trading Date | 12/30/1987 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $182.05 | $175.48 |
| DMA Trend | down | indeterminate |
| Distance from DMA | 12.8% | 17.0% |
| 3M | 1YR | |
| Volatility | 22.8% | 25.9% |
| Downside Capture | -43.10 | -43.50 |
| Upside Capture | 1.07 | -18.66 |
| Correlation (S&P 500) | -25.3% | -19.2% |
MRSH Betas & Captures as of 10/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.10 | -0.54 | -0.43 | -0.77 | -0.41 | 0.17 |
| Up Beta | -6.73 | -2.44 | -0.92 | -1.20 | -0.65 | 0.27 |
| Down Beta | -1.02 | -1.30 | -1.16 | -0.78 | -0.22 | 0.24 |
| Up Capture | 61% | 17% | 4% | -27% | -16% | 2% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 16 | 25 | 35 | 67 | 126 | 401 |
| Down Capture | -212% | -35% | -36% | -137% | -87% | 13% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 6 | 18 | 29 | 59 | 125 | 350 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MRSH | |
|---|---|---|---|---|
| MRSH | 17.5% | 25.9% | 0.58 | - |
| Sector ETF (XLF) | 11.6% | 14.6% | 0.52 | 39.8% |
| Equity (SPY) | 11.6% | 12.8% | 0.57 | -20.4% |
| Gold (GLD) | -2.3% | 28.6% | -0.09 | -16.8% |
| Commodities (DBC) | 43.1% | 20.9% | 1.60 | -4.4% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.50 | 26.8% |
| Bitcoin (BTCUSD) | -28.8% | 43.6% | -0.66 | -7.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MRSH | |
|---|---|---|---|---|
| MRSH | 5.6% | 21.1% | 0.18 | - |
| Sector ETF (XLF) | 9.0% | 18.3% | 0.35 | 56.3% |
| Equity (SPY) | 12.0% | 17.1% | 0.52 | 41.7% |
| Gold (GLD) | 16.5% | 19.0% | 0.69 | -3.3% |
| Commodities (DBC) | 8.4% | 19.6% | 0.31 | 1.7% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 47.8% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 14.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MRSH | |
|---|---|---|---|---|
| MRSH | 14.1% | 21.4% | 0.59 | - |
| Sector ETF (XLF) | 13.4% | 22.1% | 0.55 | 63.0% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 58.1% |
| Gold (GLD) | 11.6% | 16.5% | 0.57 | 1.1% |
| Commodities (DBC) | 7.8% | 18.1% | 0.34 | 15.1% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 55.4% |
| Bitcoin (BTCUSD) | 61.7% | 66.3% | 1.01 | 11.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 10/26/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/15/2026 | 4.6% | 6.8% | |
| 7/21/2026 | -0.3% | 1.2% | 2.9% |
| 4/16/2026 | 4.4% | 0.3% | -8.5% |
| 1/29/2026 | 6.0% | 7.0% | 5.3% |
| 10/16/2025 | -8.5% | -7.1% | -9.8% |
| 7/17/2025 | -0.4% | -1.0% | -1.9% |
| 4/17/2025 | -4.9% | -5.3% | 0.0% |
| 1/30/2025 | 1.1% | 3.2% | 8.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 16 | 18 |
| # Negative | 10 | 9 | 6 |
| Median Positive | 2.5% | 1.9% | 5.0% |
| Median Negative | -2.7% | -1.9% | -7.5% |
| Max Positive | 6.0% | 7.0% | 13.2% |
| Max Negative | -8.5% | -7.1% | -12.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/15/2026 | 4.6% | 6.8% | |
| 7/21/2026 | -0.3% | 1.2% | 2.9% |
| 4/16/2026 | 4.4% | 0.3% | -8.5% |
| 1/29/2026 | 6.0% | 7.0% | 5.3% |
| 10/16/2025 | -8.5% | -7.1% | -9.8% |
| 7/17/2025 | -0.4% | -1.0% | -1.9% |
| 4/17/2025 | -4.9% | -5.3% | 0.0% |
| 1/30/2025 | 1.1% | 3.2% | 8.9% |
| 10/17/2024 | -0.4% | -1.9% | -2.8% |
| 7/18/2024 | -1.5% | -1.4% | 0.6% |
| 4/18/2024 | 2.1% | 1.7% | 5.8% |
| 1/25/2024 | -3.8% | -2.4% | 2.5% |
| 10/19/2023 | 0.7% | -0.4% | 4.6% |
| 7/20/2023 | 1.0% | 2.9% | 1.1% |
| 4/20/2023 | 3.5% | 1.6% | 3.3% |
| 1/26/2023 | 1.4% | 1.3% | -6.5% |
| 10/20/2022 | -1.5% | -1.6% | 5.5% |
| 7/21/2022 | 3.0% | 3.4% | 13.2% |
| 4/21/2022 | 2.5% | -3.4% | -12.9% |
| 1/27/2022 | -4.3% | 0.5% | 1.0% |
| 10/21/2021 | 1.6% | 1.1% | 1.0% |
| 7/22/2021 | 2.5% | 2.1% | 8.5% |
| 4/27/2021 | 3.9% | 6.4% | 7.4% |
| 1/28/2021 | 1.1% | 3.7% | 7.5% |
| 10/29/2020 | -4.3% | 1.4% | 6.4% |
| SUMMARY STATS | |||
| # Positive | 15 | 16 | 18 |
| # Negative | 10 | 9 | 6 |
| Median Positive | 2.5% | 1.9% | 5.0% |
| Median Negative | -2.7% | -1.9% | -7.5% |
| Max Positive | 6.0% | 7.0% | 13.2% |
| Max Negative | -8.5% | -7.1% | -12.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/15/2026 | 10-Q |
| 06/30/2026 | 07/21/2026 | 10-Q |
| 03/31/2026 | 04/16/2026 | 10-Q |
| 12/31/2025 | 02/09/2026 | 10-K |
| 09/30/2025 | 10/16/2025 | 10-Q |
| 06/30/2025 | 07/17/2025 | 10-Q |
| 03/31/2025 | 04/17/2025 | 10-Q |
| 12/31/2024 | 02/10/2025 | 10-K |
| 09/30/2024 | 10/17/2024 | 10-Q |
| 06/30/2024 | 07/18/2024 | 10-Q |
| 03/31/2024 | 04/18/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-K |
| 09/30/2023 | 10/19/2023 | 10-Q |
| 06/30/2023 | 07/20/2023 | 10-Q |
| 03/31/2023 | 04/20/2023 | 10-Q |
| 12/31/2022 | 02/13/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/15/2026 | 10-Q |
| 06/30/2026 | 07/21/2026 | 10-Q |
| 03/31/2026 | 04/16/2026 | 10-Q |
| 12/31/2025 | 02/09/2026 | 10-K |
| 09/30/2025 | 10/16/2025 | 10-Q |
| 06/30/2025 | 07/17/2025 | 10-Q |
| 03/31/2025 | 04/17/2025 | 10-Q |
| 12/31/2024 | 02/10/2025 | 10-K |
| 09/30/2024 | 10/17/2024 | 10-Q |
| 06/30/2024 | 07/18/2024 | 10-Q |
| 03/31/2024 | 04/18/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-K |
| 09/30/2023 | 10/19/2023 | 10-Q |
| 06/30/2023 | 07/20/2023 | 10-Q |
| 03/31/2023 | 04/20/2023 | 10-Q |
| 12/31/2022 | 02/13/2023 | 10-K |
| 09/30/2022 | 10/20/2022 | 10-Q |
| 06/30/2022 | 07/21/2022 | 10-Q |
| 03/31/2022 | 04/21/2022 | 10-Q |
| 12/31/2021 | 02/16/2022 | 10-K |
| 09/30/2021 | 10/21/2021 | 10-Q |
| 06/30/2021 | 07/22/2021 | 10-Q |
| 03/31/2021 | 04/27/2021 | 10-Q |
| 12/31/2020 | 02/17/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/01/2020 | 10-Q |
| 12/31/2019 | 02/20/2020 | 10-K |
Insider Activity
Updated 10/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Klisura, Dean Michael | President & CEO, Marsh RE | Direct | Sell | 10262026 | 200.00 | 4,194 | 838,800 | 4,187,096 | Form |
| 2 | Mills, Stacy | Vice President and Controller | Direct | Sell | 10262026 | 200.00 | 1,215 | 243,000 | 541,020 | Form |
| 3 | Brennan, Katherine | SVP and General Counsel | Direct | Sell | 9032026 | 187.90 | 1,197 | 224,915 | 1,377,300 | Form |
| 4 | Doyle, John Q | President and CEO | Direct | Sell | 9032026 | 188.51 | 16,656 | 3,139,823 | 22,020,045 | Form |
| 5 | Jones, John Jude | Chief Marketing Officer | Direct | Sell | 8072026 | 191.96 | 6,500 | 1,247,723 | 283,713 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Klisura, Dean Michael | President & CEO, Marsh RE | Direct | Sell | 10262026 | 200.00 | 4,194 | 838,800 | 4,187,096 | Form |
| 2 | Mills, Stacy | Vice President and Controller | Direct | Sell | 10262026 | 200.00 | 1,215 | 243,000 | 541,020 | Form |
| 3 | Brennan, Katherine | SVP and General Counsel | Direct | Sell | 9032026 | 187.90 | 1,197 | 224,915 | 1,377,300 | Form |
| 4 | Doyle, John Q | President and CEO | Direct | Sell | 9032026 | 188.51 | 16,656 | 3,139,823 | 22,020,045 | Form |
| 5 | Jones, John Jude | Chief Marketing Officer | Direct | Sell | 8072026 | 191.96 | 6,500 | 1,247,723 | 283,713 | Form |
| 6 | Beswick, Paul | SVP, Chief Information Officer | Direct | Sell | 7312026 | 198.00 | 713 | 141,174 | 3,242,448 | Form |
| 7 | South, Martin | Chief Client Officer | Direct | Sell | 7292026 | 189.99 | 7,100 | 1,348,947 | 3,159,900 | Form |
| 8 | Yates, Lloyd M | Direct | Sell | 7242026 | 175.65 | 12,000 | 2,107,800 | 2,107,932 | Form | |
| 9 | Doyle, John Q | President and CEO | Direct | Sell | 6032026 | 161.71 | 16,656 | 2,693,442 | 18,889,510 | Form |
| 10 | Jones, John Jude | Chief Marketing Officer | Direct | Sell | 3122026 | 173.61 | 2,362 | 410,067 | 1,385,061 | Form |
| 11 | Doyle, John Q | President and CEO | Direct | Sell | 3052026 | 183.30 | 16,655 | 3,052,862 | 21,411,460 | Form |
| 12 | Studer, Nicholas Mark | President and CEO of OWG | Direct | Sell | 3042026 | 184.03 | 3,837 | 706,123 | 5,987,597 | Form |
| 13 | Doyle, John Q | President and CEO | Direct | Sell | 12022025 | 182.22 | 21,079 | 3,841,015 | 15,977,236 | Form |
Investor Activity (13F)
Updated Nov 3, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Cryder Capital Partners LLP | $102.2 Mil | 6.7% | 10 | ADD +23.4% | 13F |
| Ycg, LLC | $40.8 Mil | 3.7% | 42 | Hold | 13F |
| L1 Capital International Pty Ltd | $61.2 Mil | 3.6% | 23 | Hold | 13F |
| Walter Public Investments Inc. | $11.9 Mil | 2.8% | 48 | TRIM -35.8% | 13F |
| Longview Partners (Guernsey) LTD | $140.5 Mil | 2.0% | 25 | TRIM -59.8% | 13F |
| Cincinnati Specialty Underwriters Insurance CO | $6.2 Mil | 1.5% | 46 | ADD +176.1% | 13F |
| Kinsale Capital Group, Inc. | $8.6 Mil | 1.4% | 41 | ADD +7.1% | 13F |
| Eminence Capital, LP | $55.6 Mil | 1.3% | 33 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Longview Partners (Guernsey) LTD | $140.5 Mil | 2.0% | 25 | TRIM -59.8% | 13F |
| Cryder Capital Partners LLP | $102.2 Mil | 6.7% | 10 | ADD +23.4% | 13F |
| L1 Capital International Pty Ltd | $61.2 Mil | 3.6% | 23 | Hold | 13F |
| Eminence Capital, LP | $55.6 Mil | 1.3% | 33 | New | 13F |
| Ycg, LLC | $40.8 Mil | 3.7% | 42 | Hold | 13F |
| Walter Public Investments Inc. | $11.9 Mil | 2.8% | 48 | TRIM -35.8% | 13F |
| Kinsale Capital Group, Inc. | $8.6 Mil | 1.4% | 41 | ADD +7.1% | 13F |
| Cincinnati Specialty Underwriters Insurance CO | $6.2 Mil | 1.5% | 46 | ADD +176.1% | 13F |
Marsh — Investor Video Playlist
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Marsh Q1 2026 Results: How AI Strategy and Strategic M&A are Driving Growth
Investor / Analyst
MRSH Stock: $7.6B Revenue — Q1 2026 Earnings Analysis
Products & Services
Marsh McLennan Business Summary
Investor / Analyst
Marsh McLennan (MMC|$109.9B) - 2024 Q4 & Full Year Earnings Analysis
Products & Services
How MARSH MCLENNAN Makes Money! | #shorts
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