MARSH & MCLENNAN COMPANIES, INC. (MRSH)

Marsh & McLennan Companies, Inc. is the world's leading professional services firm specializing in risk, strategy, and people, generating approximately $23 billion in annual revenue and employing more than 85,000 colleagues across over 130 countries. The Company operates through two segments: Risk and Insurance Services and Consulting. The Risk and Insurance Services segment, comprising approximately 62% of 2023 revenue and 49,300 employees, includes Marsh, the world's leading insurance broker and risk advisor (51% of revenue), offering insurance broking, risk advisory, and specialty services through units like Marsh McLennan Agency, Victor Insurance Managers, Marsh Advisory, and Bowring Marsh, serving clients from large multinationals to small businesses and high-net-worth individuals.

This segment also includes Guy Carpenter (11% of revenue), a reinsurance intermediary providing treaty and facultative reinsurance broking, strategic advisory, and capital markets solutions through GC Securities. The Consulting segment, representing 38% of 2023 revenue and 31,300 employees, includes Mercer (24% of revenue), which delivers health, wealth, and career advisory services—including benefits consulting, retirement and investment consulting with approximately $420 billion in assets under management, and HR/organizational advice—and Oliver Wyman Group (14% of revenue), comprising Oliver Wyman, Lippincott, and NERA Economic Consulting, which provide management consulting, brand strategy, and economic consulting services across numerous industries and functional specialties. The Company earns revenue through commissions, fees, and other compensation from clients and insurers, and its operations are subject to extensive licensing and regulatory requirements globally, including oversight from bodies such as the SEC, FINRA, and the UK's FCA, as well as data privacy, cybersecurity, and financial crime regulations.

Marsh McLennan faces significant competition across both segments from global, regional, and niche firms, alternative capital providers, and internal client capabilities. The Company maintains a long-standing ESG framework addressing environmental sustainability, human capital management, and governance, with a diverse global workforce spanning multiple regions and a focus on talent development and inclusion initiatives overseen by its Chief People Officer and Chief Diversity & Social Impact Officer.