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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.
New Energy Risk (NER) and Westfield Syndicate have launched a new Lloyd’s lineslip, increasing capacity for technology performance insurance in the energy transition sector.
This initiative aims to support innovative technologies in areas such as fuel cells, hydrogen, and carbon capture. With the passage of the Inflation Reduction Act in the U.S. and similar support in the U.K. and Europe, the energy transition is at a critical juncture.
Since 2013, NER has enabled over $4 billion in capital deployments, with nearly $1 billion in the past year alone. Partnering with Lloyd’s, NER seeks to continue supporting the development of new technologies essential for climate and sustainability goals.
The additional capacity will help meet the growing demand for insurance in the renewable energy sector, with Guy Carpenter serving as the sole placing broker. This collaboration aims to address the insurance demand-supply gap in the energy transition space.
New Energy Risk (NER) and Westfield Syndicate have launched a new Lloyd’s lineslip to offer technology performance insurance and other innovative insurance products in the energy transition sector. This initiative boosts NER’s platform to support technologies like fuel cells, hydrogen, low-carbon fuels, and carbon capture, aiding global climate and sustainability goals. Guy Carpenter, as the sole placing broker, secured the required capacity for this lineslip. Since 2013, NER has facilitated over $4 billion in capital deployments, with a significant portion in the past 12 months. The collaboration aims to bridge the gap between insurance and renewable energy technologies, enhancing commercial viability and scalability.
Marsh McLennan (NYSE: MMC), the top professional services firm specializing in risk, strategy, and people, will announce their second-quarter financial results on Thursday, July 18, 2024, before the market opens. The results will be available on their official website. Following the release, President and CEO John Doyle, along with CFO Mark McGivney, will host a teleconference at 8:30 a.m. EDT to discuss the results and take questions from investors. The event will be streamed live on the company's website, with a replay accessible two hours post-event. Investors can register online to get the dial-in information required for participating in the Q&A session.
Oliver Wyman, a global management consulting leader under Marsh McLennan (NYSE: MMC), announced plans to acquire Veritas Total Solutions, a commodity trading advisory firm. The acquisition, expected to close in Q3 2024, aims to enhance Oliver Wyman's capabilities in risk, systems, analytics, and AI for commodity trading businesses. This deal promises to deliver top-tier trading optimization expertise and end-to-end advisory services. Veritas's team, known for their entrepreneurial spirit and deep market expertise, will join Oliver Wyman in Houston, Texas.
Mercer, a business unit of Marsh McLennan (NYSE: MMC), announced its planned acquisition of Cardano, a UK and Netherlands-based long-term savings specialist managing around $66 billion in assets. The deal, expected to finalize by the end of 2024 pending regulatory approvals, aims to enhance Mercer's wealth management services. Cardano offers a variety of pension-related services, including fiduciary management and investment advisory, and operates the third-largest UK master trust platform. Approximately 550 Cardano employees will join Mercer post-acquisition. This strategic move is intended to expand Mercer's reach in the pension and institutional investment markets globally.
Marsh McLennan Agency (MMA) has finalized its acquisition of Fisher Brown Bottrell Insurance, based in Jackson, Mississippi, from Trustmark National Bank. This acquisition enhances MMA's presence in Mississippi and strengthens its market position in Alabama and Florida. All employees of Fisher Brown Bottrell will integrate into MMA, maintaining operations from their current 10 locations. Founded in 1936, Fisher Brown Bottrell is one of the largest bank-affiliated insurance agencies in the U.S. and a leading agency in the Southeast, focusing on commercial property/casualty insurance, surety, and employee benefits services.
Marsh McLennan Agency (MMA), a subsidiary of Marsh, has acquired Perkins Insurance Agencies, based in Abilene, Texas. Established in 1977, Perkins offers commercial property and casualty and personal lines coverage, specializing in sectors like oil and gas, trucking, farm and ranch, and restaurants. Perkins' employees will continue to operate from their Abilene and Eastland offices. Matt Stadler, CEO of MMA's Southwest region, highlighted the acquisition as a strategic move to enhance MMA's service offerings in West Texas. CEO Mark Perkins noted that this merger will provide clients with access to a broader range of industry expertise and resources.
Marsh McLennan Agency's 2024 Business Insurance Trends Report reveals that US mid-market business leaders consider cyber, economic, and regulatory risks the top threats for 2024. The study, based on over 500 C-Suite respondents from firms with 10-250 employees and $10M-$49M in annual revenue, highlights that 75% worry about cybersecurity due to third-party data reliance. Economic risks, driven by inflation and high interest rates, concern 63%, while 61% fear regulatory issues like BIPA laws. The report notes that mid-market firms, making up 5% of US businesses, contribute 33% of national business revenue. Additionally, 64% reviewed their insurance in 2023, compared to 14% in 2022, indicating a proactive approach to risk management.
Generative AI is revolutionizing summer travel planning, according to a new report from Oliver Wyman, a business of Marsh McLennan (NYSE: MMC). The report reveals that 41% of Americans and Canadians have used generative AI for trip inspiration or itinerary planning, up from 34% in August 2023.
Online travel agencies (OTAs) could potentially increase their share of the US online travel market by up to 17 percentage points by 2029 if travel suppliers do not invest in generative AI. This could result in OTAs earning over $2 billion in additional commissions.
Key findings include that 82% of travelers who used generative AI for planning are likely to use it again, with high satisfaction rates. Generative AI is particularly favored by younger travelers under 45 (59%) but also used by 31% of those 45 and older. Additionally, over 90% of users booked travel plans suggested by AI, including specific activities and dining options.
Mercer and Marsh, businesses of Marsh McLennan (NYSE: MMC), released their US People Risk 2024 Report, based on responses from over 1,000 risk and HR professionals. The survey highlights that ineffective leadership, improper rewards decision making, and rising health and benefit costs are the top people risks organizations face. Additional concerns include cybersecurity and AI mismanagement. The report notes that 34% of employers are worried about dependency on key individuals and inadequate succession planning, while 35% fear negative impacts on organizational culture due to poor leadership. Medical costs for employer-sponsored insurance rose by 5.2% in 2023, with over a third of professionals concerned about further cost increases. Additionally, 24% lack a cost containment strategy, and 37% are worried about options to manage costs. The survey also reveals high concern regarding cybersecurity threats and the reliance on AI-generated content. However, 97% of respondents report collaborative efforts to mitigate these risks, highlighting the importance of risk and HR team partnerships.
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