MARSH & MCLENNAN COMPANIES, INC. (MRSH)

Marsh & McLennan Companies, Inc. (renamed its brand to Marsh effective January 14, 2026) is a global professional services firm providing advice and solutions in risk, reinsurance and capital, people and investments, and management consulting. It advises clients in 130 countries, reports annual revenue of about $27 billion, and has more than 95,000 colleagues.

The company operates through two segments. Risk and Insurance Services, about 64% of 2025 revenue and roughly 55,700 colleagues, comprises Marsh Risk and Guy Carpenter. Marsh Risk (about 54% of revenue) is an insurance broker and risk advisor offering risk management, insurance broking, program management, risk consulting, analytical modeling and alternative risk financing. It includes Marsh McLennan Agency for mid-market business insurance, employee health and benefits, and retirement and wealth; Victor Insurance Managers for specialty underwriting programs; Affinity programs; and private client services. Guy Carpenter (about 10% of revenue) is a reinsurance intermediary offering treaty and facultative broking, strategic advisory, actuarial services and analytics, plus insurance-linked securities and corporate finance advice through GC Securities and GC Capital & Advisory. The Consulting segment, about 36% of revenue and roughly 29,100 colleagues, includes Mercer (about 23%), which provides health, wealth and career services and managed approximately $692 billion in assets at December 31, 2025. It also includes Marsh Management Consulting (about 13%), made up of Oliver Wyman, Lippincott (brand strategy and design) and NERA Economic Consulting.

Customers include businesses, government entities, professional service organizations, individuals, high-net-worth individuals and family offices, insurers and reinsurers, and employers and retirement plan sponsors. Marsh Risk and Guy Carpenter earn commissions and fees, along with other insurer compensation and interest on fiduciary funds. Marsh Management Consulting is paid mainly through client fees. Mercer earns fees, commissions, and charges based on assets or members.

The company is subject to extensive licensing and regulation, including insurance intermediary licensing, FCA oversight in the U.K., securities and investment adviser rules, pension law, and data privacy, cybersecurity, AI and financial crime laws. It faces intense competition from global, regional and local insurance and reinsurance brokers, insurers selling directly, self-insurance, banks, online platforms, consulting, outsourcing and asset management firms, and new AI-enabled entrants. The business is led by CEO John Q. Doyle.