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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), a subsidiary of Marsh, has acquired INSPRO, a prominent independent agency based in Nebraska. This acquisition marks MMA's initial expansion into Nebraska and Iowa, furthering its reach across the U.S. INSPRO, with over 80 years in the business insurance sector, will retain its 138 employees and continue operations from multiple locations. MMA anticipates leveraging INSPRO's services and expertise to enhance client offerings in a growing regional market.
Mercer announced that its global assets under management reached $321.4 billion USD as of September 30, 2020. President Rich Nuzum noted that the pandemic significantly boosted interest in investment solutions due to a liquidity crisis and market volatility. Mercer ranked first in worldwide outsourced assets under management as of March 2020. The firm's OCIO investment solutions have become vital as clients seek enhanced governance and operational management to navigate complex portfolios and market conditions.
S&P Global Market Intelligence and Oliver Wyman have partnered with Citi to facilitate its transition to a low-carbon economy through the use of Climate Credit Analytics. This innovative analytics tool assesses the impact of climate risks on creditworthiness, combining S&P's advanced credit risk models with Oliver Wyman's climate scenario expertise. Citi becomes the first bank to implement this tool, enhancing its climate risk analysis as part of its Sustainable Progress Strategy and TCFD initiatives.
Mercer has appointed Achim Lüder as Chief People Officer, tasked with enhancing the global people strategy for over 25,000 employees across 44 countries. Lüder, who has a 15-year history at Mercer, previously served as CEO of Mercer Germany. He succeeds Marcelo Modica, who has left after eight years. Carmen Fernandez, the incoming Chief Human Resources Officer, emphasizes Lüder's deep understanding of the company's culture and business needs. Norman Dreger takes over as CEO of Mercer Germany, bringing over two decades of leadership experience.
Mercer's Lorna Friedman was named one of Consulting magazine's 2020 Top 25 Consultants for Excellence in Healthcare. Leading Mercer's global COVID-19 response team, she has extensive experience in designing health solutions for multinational populations. Prior to Mercer, Friedman spent over a decade at CIGNA, focusing on strategic planning for emerging markets. The award ceremony, now virtual, will take place on October 8 at 5 PM ET. Herve Balzano, President of Health at Mercer, praised Friedman's leadership and expertise during these challenging times.
Marsh & McLennan Companies (NYSE: MMC) will release its third quarter financial results on October 29, 2020, before market opening. The earnings report will be accessible on mmc.com. Following the announcement, a teleconference with President and CEO Dan Glaser and CFO Mark McGivney is scheduled for 8:30 a.m. EDT, which will include a Q&A session. The teleconference can be accessed via phone or through a live audio webcast on the company's website.
According to the 2020 Urban Mobility Readiness Index by the Oliver Wyman Forum, Singapore ranks first, followed by London. The index evaluated 50 cities based on criteria such as infrastructure and adaptability to technologies. Noteworthy European cities like Amsterdam, Helsinki, Berlin, and Paris secured top ten positions, illustrating their enhanced mobility options and sustainability practices. The report emphasizes the importance of these rankings in addressing future urban challenges, especially post-COVID.
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