Marsh & McLennan Companies, Inc. - MMC STOCK NEWS

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.

Marsh McLennan (NYSE: MMC), a leading professional services firm, announced the results of its 2024 Annual Meeting of Stockholders.

All 11 director nominees were elected for a one-year term, including Anthony K. Anderson, John Q. Doyle, and others. Ray G. Young and Bruce P. Nolop did not seek re-election, with Nolop retiring after 16 years of service.

Stockholders ratified Deloitte & Touche LLP as the independent public accounting firm for 2024 and approved the executive compensation by non-binding vote. A proposal for stockholder action by written consent was rejected.

An audio webcast of the meeting will be available on Marsh McLennan's website.

Marsh McLennan (NYSE: MMC) introduced Sentrisk, an AI-powered platform to revolutionize global supply chain risk management. With the rising threat to supply chains from geopolitical tensions and climate-related events, Sentrisk offers advanced technologies to map supply chains comprehensively and develop risk mitigation strategies. The tool provides deep insights into supply chain vulnerabilities, alerting users of disruptions and offering risk advisory services. Sentrisk addresses natural hazards, geopolitical, climate-related, reputational risks, and single-supplier dependencies, enhancing clients' resilience.

Marsh McLennan Agency, a subsidiary of Marsh, acquires AC Risk Management, an independent commercial lines brokerage in Melville, New York, specializing in property/casualty insurance for the construction industry. The terms of the acquisition were not disclosed. ACRM employees, including CEO Matt Avellino, will continue working in their Melville office. The move aims to enhance risk mitigation services for businesses in the Long Island community.

Mercer, a business of Marsh McLennan, successfully raised over $3.9 billion for Mercer Private Investment Partners VII (PIP VII), attracting new institutional investors and showcasing a strong global client base. The fund offers access to various private market opportunities like private equity, debt, infrastructure, and real assets. Mercer's focus on meeting client needs and navigating market complexities positions them as a leader in the private markets space.