Welcome to our dedicated page for Marsh & McLennan Companies news (Ticker: MMC), a resource for investors and traders seeking the latest updates and insights on Marsh & McLennan Companies stock.
Marsh & McLennan Companies, Inc. (MMC), commonly known as Marsh McLennan, is a renowned global professional services firm headquartered in New York City. The company specializes in providing advanced advice and solutions in the sectors of insurance brokerage, risk management, reinsurance services, talent management, investment advisory, and management consulting.
The company operates through two main segments: Risk and Insurance Services and Consulting. In the Risk and Insurance Services segment, Marsh McLennan operates mainly through Marsh, an insurance broker, and Guy Carpenter, a risk and reinsurance specialist. These entities help clients navigate various risks, including financial, operational, and strategic risks.
On the consulting front, Marsh McLennan is represented by two key businesses: Mercer and Oliver Wyman. Mercer provides human resource services, including talent management, health benefits planning, and M&A advisory services. Oliver Wyman offers management consulting services, delivering expertise in strategy, operations, and risk management to clients across numerous industries.
Recently, Marsh McLennan's management consulting arm, Oliver Wyman, announced the combination of its legacy aviation brand CAVOK and newly acquired SeaTec Consulting Inc., rebranded as Oliver Wyman Vector. This new brand aims to provide enhanced technical and digital expertise across the aviation, aerospace, defense, and rail industries.
Another significant initiative includes the formation of the National Commission on Climate and Workforce Health, created to address the growing threats that climate change poses to workforce health. This initiative, supported by various business leaders and health experts, emphasizes the importance of building climate-resilient workforces. Mercer, a key player in Marsh McLennan's consulting segment, is actively involved in this effort, providing strategic input and support.
Marsh McLennan generates about half of its revenue from markets outside the U.S., showcasing its global reach and diversified client base. The company's financial condition remains robust, with annual revenues exceeding $23 billion, supported by its workforce of over 85,000 professionals operating in more than 130 countries.
In light of its recent achievements and ongoing projects, Marsh McLennan continues to solidify its position as a leading professional services firm, offering unparalleled solutions in risk, strategy, and human capital management.
Marsh McLennan Agency (MMA) has acquired McDonald Zaring Insurance (MZI), expanding its operations in Walla Walla, Washington. Founded in 1932, MZI serves a diverse clientele, including agri-business and health clinics. All 19 employees from MZI will join MMA, establishing a new office in the region. MMA's CEO for the Northwest region highlighted the alignment of MZI's client-focused approach with MMA's values, while MZI's leadership expressed excitement over enhanced resources and development opportunities for employees.
Risk Management Association and Oliver Wyman report highlights increasing pressures on Chief Risk Officers (CROs) as they prepare for 2023. Key challenges identified include a looming recession, heightened consumer compliance, and cyber risks. The survey involved over 40 North American bank CROs managing assets from $25 billion to over $1 trillion. Main priorities for CROs include recession readiness (52%) and consumer compliance (48%). A significant 80% of CROs expect competition for deposits to intensify, raising concerns about funding and liquidity risks.
Lattice has launched a new product, Lattice Compensation, integrating Mercer Compensation Benchmark data to help companies make equitable pay decisions. This collaboration aims to simplify the compensation process for HR teams, offering global data tailored to company size, industry, and job titles. Driven by employee demand for transparency, Lattice's research shows 65% of employees desire clearer pay practices. Mercer’s data is available at no extra charge for current users, reflecting the importance of data-informed strategies in a changing labor market.
Oliver Wyman, a business of Marsh McLennan (NYSE: MMC), announced a record number of 78 new Partners and Executive Directors for 2023, marking the largest promotion class in its history. The promotions take effect on January 1, 2023. CEO Nick Studer highlighted the extraordinary contributions of these leaders, emphasizing the firm's culture of depth, creativity, and collaboration. Oliver Wyman operates globally with over 6,000 professionals in more than 70 cities, focusing on management consulting across various sectors.
Marsh McLennan Agency (MMA) has announced the acquisition of Bradley Insurance Agency, a prominent commercial insurance broker in Knoxville, Tennessee. While specific terms of the acquisition were not disclosed, this strategic move aims to enhance MMA's presence and insurance expertise in the Southeast region. Founded in 1972, Bradley Insurance has a longstanding reputation for serving various industries. All employees, including the leadership team, will join MMA, indicating a commitment to local businesses and an expansion of service capabilities.
Marsh McLennan Agency (MMA) has acquired Focus Insurance, a Houston-based personal insurance brokerage, enhancing its presence in the Southwest region. Founded in 2001, Focus Insurance specializes in personalized insurance solutions across the U.S. All employees, including Vice President Mickie Comiskey, will join MMA, which aims to leverage its resources to provide comprehensive programs. MMA's CEO for the Southwest region, Bill Henry, emphasized the strategic importance of this acquisition for continued regional growth.
On November 1, 2022, Oliver Wyman, a Marsh McLennan business, announced the acquisition of Avascent, a management consulting firm specializing in the Aerospace and Defense sector. This acquisition enhances Oliver Wyman's capabilities within the A&D market, leveraging Avascent's expertise in corporate and private equity consulting. The integration will involve around 130 Avascent professionals, including 10 partners, into Oliver Wyman's practices. The financial details of the transaction remain undisclosed.
Backstop Solutions and Mercer released the 2022 Institutional Investor Productivity Study, revealing allocators work an average of 50 hours weekly, with 13% of that time on non-core, non-value-adding tasks. Allocators struggle with manual tasks and lack integration in internal systems, consuming 6.5 hours weekly on unproductive activities. Over 40% cite hiring and retaining talent as their biggest challenge. The study surveyed 100 asset allocators between June 27 and August 15, 2022, highlighting the growing need for efficiency in the institutional investment space.
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