Welcome to our dedicated page for Marsh & Mclennan news (Ticker: MMC), a resource for investors and traders seeking the latest updates and insights on Marsh & Mclennan stock.
Marsh & McLennan Companies, Inc. reports developments across risk, reinsurance and capital advisory, people and investment consulting, and management consulting. Company updates often center on Marsh Risk and its digital risk analytics tools, Mercer workforce, compensation, health and retirement advisory alliances, Oliver Wyman consulting operations, and Marsh McLennan Agency insurance, benefits, retirement and wealth solutions in the U.S. and Canada.
Recurring news also covers quarterly operating results, enterprise partnerships, AI-enabled service delivery, leadership and governance changes, material agreements, and capital-structure matters tied to the company's common stock and debt financing.
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.
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.