Overview
Marsh & McLennan Companies, Inc., known as Marsh McLennan, is a global professional services firm focused on risk, strategy and people, with corporate headquarters in New York City.[1][2] The company operates through four principal businesses—Marsh, Guy Carpenter, Mercer and Oliver Wyman Group—and reports them in two main segments: Risk and Insurance Services, and Consulting.[3] Its services span insurance and reinsurance broking, risk management, health, wealth and career consulting, and management and economic consulting, giving it a broad presence across corporate risk, human capital and strategic advisory markets.[3]
Marsh McLennan states that its purpose is to help clients “build the confidence to thrive through the power of perspective.”[1] The company advises clients in over 130 countries and employed more than 90,000 colleagues worldwide as of December 31, 2024, underscoring its large global footprint.[4][5] In 2024, it generated $24.458 billion in revenue, with its business mix weighted toward Risk and Insurance Services but supported by a substantial consulting operation.[6] [1][2][3][4][5][6]
Products & services
Marsh’s products and services are primarily insurance and risk solutions: risk analysis, insurance program design and placement, program support and administration, claims support and advocacy, alternative risk strategies, and risk management consulting. Its Marsh Advisory unit provides consulting, claims, and analytics services using the Blue[i] digital analytics platform, while Marsh Captive Solutions offers end-to-end captive management services. Marsh also has named digital tools including LINQ, an account and service application; Blue[i], a client analytics suite; and Bluestream, a digital brokerage platform that lets clients distribute insurance to their own customers or suppliers in a B2B2C model. Marsh Specialty serves more technical lines such as aviation & space, credit specialties, construction, energy & power, financial and professional services, marine & cargo, and private equity/M&A.[7][8][9][10][11]
Guy Carpenter’s offerings are reinsurance broking and analytics-led advisory services. It places treaty reinsurance for portfolios of risk and facultative reinsurance for individual policies, and also provides contract and claims management, reinsurance accounting, fiduciary services, actuarial work, enterprise risk management, financial and regulatory consulting, portfolio analysis, and capital-efficiency advice. Its alternative risk-transfer capabilities include industry loss warranties and insurance-linked securities, and GC Securities adds corporate finance services such as M&A advice and private debt and equity capital raising. Specialty reinsurance lines include captives, cyber, crop/agriculture, financial lines, life/accident/health, mortgage, retrocessional reinsurance, surety, terror, and workers compensation/employer liability.[12][13][14][15][16]
Mercer organizes its products around Health, Wealth, and Career. Health services include employee health and welfare program design, benefits administration and outsourcing, digital benefits experiences, global health brokerage, wellness strategies, vendor performance audits, life and disability management, and compliance support. Wealth offerings include actuarial consulting, pension and master-trust investment consulting, investment management, and retirement plan outsourcing; Mercer also offers investment solutions referred to as delegated solutions, fiduciary management, or OCIO services, supported by Mercer-Insight research, across traditional and alternative asset classes, and had about $617 billion of AUM at December 31, 2024. Career products include executive remuneration design, workforce strategy, digital and cloud HRIS implementation, proprietary survey and decision-support tools, and solutions for rewards, mobility, engagement, workforce analytics, and assessments.[17][18][19][20]
Oliver Wyman Group provides advisory services through Oliver Wyman, Lippincott, and NERA Economic Consulting. Oliver Wyman’s capabilities include strategy, operations, risk management, organizational transformation, digital transformation, finance and risk, climate and sustainability, payments, pricing/sales/marketing, and people and organizational performance; Lippincott focuses on brand and innovation, while NERA provides economic analysis in areas such as antitrust, securities, regulation, finance, litigation, energy, intellectual property, and transfer pricing. In 2024, Marsh McLennan generated $24.458 billion of revenue, including $12.536 billion from Marsh, $2.362 billion from Guy Carpenter, $5.743 billion from Mercer, and $3.390 billion from Oliver Wyman Group; the company states Guy Carpenter contributed about 10% of total revenue and Oliver Wyman Group about 14%.[21][22][23][24][25][26][27][28][29][30][12][21] [7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30]
Geographic presence
Marsh & McLennan has a broad international footprint, with more than 90,000 colleagues advising clients in over 130 countries, and the company says that over half of its employees are located outside the U.S.[31][32] Its corporate headquarters are in New York City, with additional offices around the world.[2] In 2024, about 52.3% of total revenue was generated outside the U.S.; the revenue mix was $11.7 billion from the United States, or about 47.7% of total revenue, $3.6 billion from the United Kingdom, or about 14.7%, and $9.3 billion from other markets, or about 37.9%.[33][32]
Within the group, Marsh had approximately 48,800 colleagues serving clients in over 130 countries, Mercer had approximately 23,300 colleagues based in 48 countries, and Oliver Wyman Group had more than 7,200 professionals with offices in over 34 countries.[34][35][21] Marsh’s own 2024 revenue was geographically diversified, with $7.0 billion from the U.S./Canada, or about 56.0% of Marsh revenue, $3.5 billion from EMEA, or about 28.2%, $1.4 billion from Asia Pacific, or about 11.3%, and $0.6 billion from Latin America, or about 4.6%.[36] [31][32][2][33][34][35][21][36]
Business segments
Marsh McLennan presents its business in two layers of segmentation. The company says its four operating segments are Marsh, Guy Carpenter, Mercer and Oliver Wyman Group, and it aggregates them into two reporting segments: Risk and Insurance Services, which includes Marsh and Guy Carpenter, and Consulting, which includes Mercer and Oliver Wyman Group. Risk and Insurance Services covers risk management activities, including risk advice, risk transfer, risk control and mitigation solutions, plus insurance and reinsurance broking and related services; Consulting covers health, wealth and career advice, solutions and products, as well as specialized management, strategic, economic and brand consulting services. Based on the company’s 2024 disclosures, Risk and Insurance Services contributed roughly 63% of revenue and Consulting roughly 37%.[3][37][38][39][34][12]
At the operating-segment level, Marsh is the insurance broker and risk advisor business, providing services such as risk management, insurance broking, insurance program management, risk consulting, analytical modeling and alternative risk financing, and it generated approximately 53% of company revenue in 2024. Guy Carpenter is the reinsurance intermediary and advisory business, providing reinsurance broking, strategic advisory, analytics and risk management solutions, and it generated approximately 10% of revenue. Mercer focuses on advice, solutions and products for clients’ health, wealth and career needs, and generated approximately 23% of revenue. Oliver Wyman Group provides management consulting and strategic, economic and brand advisory services through Oliver Wyman, Lippincott and NERA Economic Consulting, and generated approximately 14% of revenue.[34][12][35][21] [3][37][38][39][34][12][35][21]
Company history
Marsh & McLennan traces its roots to Marsh’s founding in 1871, and the firm that became the company was established in Chicago in 1905 by Henry W. Marsh and Donald R. McLennan.[40][41] Over time it expanded beyond insurance brokerage into a broader professional-services group spanning advisory and consulting activities.[41]
A major expansion came in 1997 with the acquisition of Johnson & Higgins.[42][43] The company broadened its consulting capabilities through the 2003 acquisition of Oliver, Wyman & Co. and added corporate investigations and risk-consulting capabilities with the 2004 purchase of Kroll.[44][45] In the mid-2000s it also reshaped its portfolio by selling Sedgwick Claims Management Services in 2006 and Putnam Investments in 2007.[46][47] Another important milestone came in 2019, when it completed the acquisition of Jardine Lloyd Thompson, further increasing its scale in insurance broking and reinsurance.[48] [40][41][42][43][44][45][46][47][48]
Sources
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