Marsh McLennan

Marsh McLennan Companies stands as the world's preeminent professional services organization specializing in risk management, strategic advisory, and human capital solutions, commanding an unrivaled position at the intersection of insurance brokerage, reinsurance, consulting, and talent management. Headquartered in New York City with a global presence spanning more than 130 countries and employing over 90,000 professionals, the company generated $24.5 billion in revenue for 2024, representing 8% growth and solidifying its position as the largest insurance broker worldwide. The company's remarkable journey from its 1905 founding through strategic acquisitions and organic growth has created a unique professional services powerhouse that serves clients ranging from Fortune 500 corporations to government entities and individuals navigating complex risk and opportunity landscapes.

The company's strength derives from its four market-leading businesses operating under unified strategic direction while maintaining distinct market positions and capabilities. Marsh, the flagship insurance broking and risk advisory business, accounts for 53% of 2024 revenues and serves as the world's largest insurance broker, providing data-driven risk advisory services and insurance solutions across commercial and consumer segments. Guy Carpenter, representing 10% of revenues at $2.4 billion in 2024 with 8% underlying growth, delivers specialized reinsurance broking expertise alongside strategic advisory services and analytics, helping insurance companies manage their own risk portfolios through sophisticated reinsurance strategies. The Consulting segment, comprising Mercer and Oliver Wyman, generated $9.1 billion in 2024 revenue with 6% underlying growth, addressing the full spectrum of human capital, retirement, investment, health, and strategic management needs.

Marsh McLennan's competitive differentiation manifests through several critical dimensions that competitors struggle to replicate. The company possesses unparalleled breadth of data accumulated across decades of client engagements spanning every industry, geography, and risk domain—a strategic asset that enables increasingly sophisticated analytics, benchmarking, and predictive modeling. The depth of institutional experience across its 90,000-person professional workforce creates knowledge networks and expertise that smaller competitors cannot match, while comprehensive product and service offerings allow Marsh McLennan to serve as a one-stop shop for complex multinational clients requiring integrated solutions across insurance, reinsurance, benefits, retirement, investment, and strategic consulting. The company's global network provides critical advantages for multinational corporations requiring coordinated risk management across jurisdictions, and its sheer scale secures insurance carriers' attention and capacity in ways that individual customers or smaller brokers cannot achieve.

The company achieved remarkable operational and financial performance in 2024 despite global economic uncertainties, demonstrating the resilience of its business model and the value clients place on expert risk management and strategic advisory services. Revenue reached $24.5 billion with 7% underlying growth, while adjusted operating income increased 11% to $6.2 billion and adjusted operating margin expanded 80 basis points to 26.8%—marking an extraordinary 17th consecutive year of reported margin expansion that reflects continuous operational improvement and efficient scaling. Adjusted earnings per share reached $8.80, up 10% for 2024, while the company returned significant capital to shareholders through $900 million in share repurchases (4.3 million shares) and a 15% dividend increase. The Risk and Insurance Services segment generated $15.4 billion in revenue with 8% underlying growth, making up 63% of total revenue, while the Consulting segment contributed $9.1 billion with 6% underlying growth.

Strategic acquisitions in 2024 demonstrated Marsh McLennan's commitment to strengthening market position and expanding capabilities, most notably the November 2024 acquisition of McGriff Insurance Services for $7.75 billion—the largest acquisition in company history—which significantly enhances the company's presence in the U.S. middle market insurance brokerage segment. McGriff's 3,500+ colleagues joined Marsh McLennan Agency, expanding MMA to approximately $5 billion in revenue and reinforcing regional and specialty capabilities. The company's total acquisition investment in 2024 exceeded $9.4 billion, described as the largest acquisition year in company history with deal values totaling approximately $27 billion. Looking forward to 2025, management expressed confidence in sustained momentum: "We are well positioned for another strong year in 2025, reflecting our unique capabilities and the enduring value we bring to clients." The McGriff acquisition is anticipated to be modestly accretive to adjusted EPS in 2025 with more significant positive impacts expected in 2026 and beyond, while the company's extensive professional networks, data assets, and client relationships position it for continued growth across all four business segments.