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.
The 2022 Inside Employees' Minds study by Mercer indicates that 36% of US employees are considering leaving their jobs, a rise from 28% in 2021. Financial stability is the top concern, with 75% reporting increased stress due to high inflation. Issues like pay, burnout, and insufficient healthcare benefits are primary reasons for potential turnover. Interestingly, 62% have cut spending, and nearly 1 in 3 low-income workers have taken on extra jobs. While DEI practices are improving, underrepresented workers, particularly LGBTQ+ employees, face unique challenges.
Marsh McLennan (NYSE: MMC) has priced $500 million in 5.750% Senior Notes due 2032 and $500 million in 6.250% Senior Notes due 2052. The proceeds will be used for general corporate purposes, including the potential redemption of $350 million of 3.300% Senior Notes due March 2023. The offering's closing is anticipated on October 31, 2022, contingent on standard closing conditions. This press release is not a notice of redemption for the 2023 Notes.
Marsh McLennan reported a 4% increase in GAAP revenue for Q3 2022, reaching $4.8 billion, with underlying revenue rising 8%. Operating income also rose 7% to $791 million. GAAP EPS increased by 3% to $1.08, and adjusted EPS climbed 9% to $1.18. For the nine-month period, GAAP EPS reached $5.11, reflecting a 12% growth. The company experienced strong performance in its Risk & Insurance Services and Consulting segments, while also repurchasing 3.1 million shares for $500 million during the quarter.
Oliver Wyman has announced its agreement to acquire Avascent, a top-tier management consulting firm in the aerospace and defense sector. This acquisition aims to enhance Oliver Wyman's expertise, particularly in serving corporate and private equity clients. Avascent, with over 130 professionals globally, will integrate into Oliver Wyman's existing practices, expecting to close the deal by year-end. The transaction's financial terms remain undisclosed, but the merger is anticipated to strengthen Oliver Wyman's position in the aerospace and defense market.
The 14th annual Mercer CFA Institute Global Pension Index (MCGPI) ranks Iceland as the top retirement income system for the second consecutive year, with an index score of 84.7. The Netherlands and Denmark follow closely with scores of 84.6 and 82.0, respectively. The study covers 44 pension systems, affecting 65% of the global population, highlighting a shift from defined benefit to defined contribution plans, increasing financial risks for retirees. Key recommendations for reform include enhancing retirement benefits amidst challenges like inflation and rising interest rates.
Mercer, a division of Marsh McLennan (NYSE: MMC), has appointed Marc Cordover as the new US Investments and Retirement Leader, effective immediately. Cordover, previously the East Wealth Market Business Leader, will oversee Mercer’s investment and retirement solutions and will report to Pat Tomlinson, President of US & Canada. With over 25 years of experience at Mercer, Cordover brings a strong track record in client management and leadership. His appointment aims to strengthen Mercer's capabilities in addressing client challenges amid financial volatility.
Oliver Wyman, a global management consulting firm and a business of Marsh McLennan (NYSE: MMC), announced the launch of a new actuarial practice in the Asia Pacific region, aimed at serving its expanding client base. Marco Warmelink will lead this new team from Hong Kong, bringing over 25 years of life insurance industry experience. This strategic move is expected to enhance Oliver Wyman's offering in the region and bolster its growth trajectory.
Mercer, a subsidiary of Marsh McLennan (NYSE: MMC), has appointed Beth Kirk Malecki as the new Senior Partner and CEO for the US Central Market. Effective immediately, she will also join the US & Canada Leadership Team and focus on delivering inclusive experiences to clients and colleagues from her base in Chicago. With over 25 years in market leadership and client management, Malecki aims to address significant challenges faced by clients, such as labor shortages and employee engagement, while leveraging Mercer's strong market presence.
Marsh McLennan's Guy Carpenter has signed an exclusive agreement with TNEDICCA to integrate advanced traffic-crash intelligence into its services. This partnership will enhance auto analytics for insurance carriers, utilizing TNEDICCA's geocoded police crash report data to provide accurate risk assessments in the US auto market. The collaboration is poised to improve ratemaking and underwriting strategies for insurers, ultimately fostering profitability and innovation within the auto insurance sector.
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