Marsh & McLennan

What Marsh & McLennan does

Marsh & McLennan, rebranded to Marsh effective January 2026 (NYSE: MRSH), is a global professional services firm founded in 1871 and headquartered in New York. It operates through four core businesses: Marsh (insurance brokerage and risk advisory), Guy Carpenter (reinsurance brokerage, being rebranded to Marsh Re), Mercer (HR consulting, benefits, and wealth advisory), and Oliver Wyman (management consulting). With more than 95,000 colleagues across 130+ countries, Marsh holds an estimated 22% global market share in insurance brokerage and serves more than 80% of Fortune 500 companies, generating approximately $27 billion in FY2025 revenue.

The firm's technology stack centers on AI-enabled digital infrastructure, cloud-based risk analytics, and data-driven insurance and reinsurance platforms, including the multi-year Thrive Program, the Network Navigator healthcare pricing tool, and Data Centre Insurance and Risk Management Services. Its strategic Microsoft partnership supports cloud-based risk analytics development, and Oliver Wyman has created a Chief AI and Data Officer role to accelerate AI integration across the enterprise. The firm operates a "string of pearls" M&A strategy that has executed acquisitions including McGriff ($7.75B), Hayden Wood, TriBridge Partners, ENEOS Insurance Service, and pending AltamarCAM.

Marsh generates revenue primarily through fee and commission income from insurance placements (transaction-fee model) and per-engagement professional services fees across consulting and HR advisory, with multi-year enterprise contracts targeting corporate risk managers, CFOs, HR leaders, and boards. Distribution is exclusively through direct enterprise field sales and relationship-based client engagement across its four operating brands, supplemented by high-visibility thought leadership platforms including the World Economic Forum, Bloomberg Media partnership, and Formula 1 sponsorship.

Name

Marsh & McLennan

Legal name

Marsh & McLennan Companies, Inc.

Website

https://marshmclennan.com

Company type

Public

Founded year

1871

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Marsh (formerly Marsh & McLennan) is a global professional services firm offering insurance brokerage, reinsurance, HR consulting, and management consulting through Marsh, Guy Carpenter, Mercer, and Oliver Wyman, serving more than 80% of Fortune 500 companies across 130+ countries with $27 billion in FY2025 revenue.

Ownership category

akta.pro rank

Product category

Professional Services - Risk Management & Consulting

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)

SIC

Services-Management Consulting Services (8742), Investment Advice (6282)

akta.pro primary industry

P&C Reinsurance Brokerage (FSAOAHAG)

akta.pro secondary industries

Reinsurance Program Structuring & Portfolio Solutions (Broker-led) (FSAOAHAJ), Reinsurance Claims, Accounting & Contract Administration (Broker Services) (FSAOAHAI)

Keywords

• Insurance brokerage services
• Reinsurance advisory
• Risk management consulting
• Human capital consulting
• Management consulting

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Insurance Broking (Marsh): Marsh, the largest operating segment, generates fee and commission revenue from placing commercial insurance on behalf of clients. Revenue is driven by insurance premium rates, new business generation, and client retention. Growth is supported by hardening insurance premiums, rising asset values, evolving cyber risks, and regulatory requirements.
2. Reinsurance Brokerage (Guy Carpenter): Guy Carpenter provides reinsurance brokerage services, advising insurers on risk transfer and reinsurance capacity. Revenue derives from fees and commissions on reinsurance transactions, with exposure to insurance and reinsurance pricing cycles and declining pricing pressure.
3. Human Capital Consulting (Mercer): Mercer provides HR and benefits consulting, investment advisory, and talent solutions. Revenue is fee-based from advisory engagements, with consulting revenue growing at a mid-single-digit rate year-over-year. Mercer announced the pending acquisition of AltamarCAM (~$20bn AUM private markets specialist) to expand its asset management platform.
4. Management Consulting (Oliver Wyman): Oliver Wyman provides strategic and management consulting services across industries. Revenue is fee-based for consulting engagements. The firm created a Chief AI and Data Officer role and made senior appointments (Jeremy Badman as CAIDDO, Paula McGlarry as Global COO and Chief of Staff, Mariya Rosberg as Head of Strategy and Growth) under President and CEO Ted Moynihan.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Marsh & McLennan (rebranded to Marsh in January 2026) is a global professional services firm delivering advice and solutions across risk, reinsurance, human capital, and management consulting through four operating brands: Marsh (insurance broking), Guy Carpenter (reinsurance brokerage), Mercer (HR, benefits, and wealth advisory), and Oliver Wyman (management consulting). The firm generates fee- and commission-based revenue by placing commercial insurance, advising on reinsurance structures, providing HR and benefits consulting, and executing strategic consulting engagements for corporations, insurers, and institutions worldwide.

Product overview

Marsh & McLennan (rebranded to Marsh in January 2026) is a global professional services firm offering integrated risk management, insurance brokerage, reinsurance, HR consulting, and management consulting services through a platform-plus-modules architecture. The company's four core operating businesses—Marsh (insurance brokerage/reinsurance), Guy Carpenter (reinsurance, being rebranded to Marsh Re), Mercer (HR consulting, benefits, and wealth management), and Oliver Wyman (management consulting)—deliver distinct but complementary capabilities. Supporting these core businesses are specialized products including Data Centre Insurance and Risk Management Services, Network Navigator healthcare pricing technology, and the new Business and Client Services (BCS) unit. The firm operates in over 130 countries with approximately 95,000 colleagues and serves clients across financial services, healthcare, energy, manufacturing, construction, technology, retail, transportation, and public sector industries.

Differentiator

Problem solved

Functional benefit

Products and services

• Marsh (Insurance Brokerage)
• Guy Carpenter (Reinsurance Brokerage)
• Mercer (HR, Benefits & Wealth Advisory)
• Oliver Wyman (Management Consulting)
• Data Centre Insurance and Risk Management Services
• Network Navigator

Quantifiable outcome

• 18 consecutive years of margin expansion through FY2025
• +5 more outcomes

Named customers2 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability5 records

Feature4 records

Partnerships

Four partnerships are on record, tiered flagship and core.

• Formula 1flagshipGTM or Marketing Partner · 28 April 2026Marsh, a unit of Marsh & McLennan Companies, announced a multi-year partnership with Formula 1 on April 28, 2026, becoming the racing series' first Official Risk Partner and Official Insurance Broking Partner. The deal positions the company at the forefront of global sports risk management while amplifying its brand visibility in the motorsports and entertainment sectors. Marsh operates in 130 countries and serves clients across risk, reinsurance, and management consulting.
• United Nations Climate Change / UN Race to Resilience / Adrienne Arsht-Rockefeller Foundation Resilience CentercoreStrategic or Co-development Partner · 9 January 2026A report titled 'Building a Climate Resilient Future' was launched at COP28 by the United Nations Climate Change High-Level Champions, UN Race to Resilience, Adrienne Arsht-Rockefeller Foundation Resilience Center, and Marsh McLennan, with Oliver Wyman providing research and analytical support. The report identifies a $132 billion global protection gap in weather-related losses and estimates the insurance industry could close up to 30% of this gap through enhanced climate adaptation and resilience efforts.
• Bloomberg MediaflagshipGTM or Marketing Partner · 22 October 2025Marsh McLennan and Bloomberg Media announced a global strategic partnership to develop and distribute thought leadership at Bloomberg's global marquee events. Marsh contributes expertise in risk, resilience, and related areas, providing analysis on geopolitics, supply chain disruptions, and natural disasters to help businesses and communities build resilience. The partnership aligns with Marsh's rebranding focus on risk, resilience, and strategic insights.
• MicrosoftcoreTechnology or Integration · 1 January 2024Marsh McLennan entered into a strategic partnership with Microsoft to develop cloud-based risk analytics and AI-driven insurance solutions. This partnership is cited as a key industry development in the insurance broker market, enabling Marsh to leverage Microsoft's cloud infrastructure for advanced risk analytics capabilities and digital transformation of its insurance offerings.

Scale indicators12 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Aon plc: Aon is one of Marsh's two main global competitors in commercial insurance brokerage and reinsurance. Both firms serve Fortune 500 clients with risk management, insurance broking, and reinsurance advisory, competing head-to-head for large enterprise mandates.
• Willis Towers Watson (WTW): WTW is the third major global insurance brokerage and advisory firm, competing directly with Marsh and Aon across risk, reinsurance, and human capital consulting. Its Risk & Broking and Health, Wealth & Career segments mirror Marsh's structure.
• Arthur J. Gallagher & Co. Gallagher is a major direct competitor in commercial insurance brokerage and risk management, with particular strength in middle-market segments. Its 'string of pearls' acquisition strategy mirrors Marsh's approach to scaling distribution.
• Brown & Brown, Inc. Brown & Brown is a top-10 U.S. insurance brokerage competing with Marsh in commercial and personal lines. While smaller in revenue, it pursues similar acquisition-driven growth and competes for mid-market and specialty risk placements.
• Lockton Companies: Lockton is the world's largest privately held insurance brokerage, directly competing with Marsh in commercial risk advisory and employee benefits. Its private ownership enables a high-touch, client-focused model that targets similar Fortune-class buyers.

Broad incumbents

• McKinsey & Company: McKinsey is a global management consulting incumbent that competes with Oliver Wyman for C-suite consulting engagements across financial services, healthcare, and strategy. Both serve boards and executive leadership with high-end advisory work.
• Bain & Company: Bain is a global management consulting firm competing with Oliver Wyman across industries, particularly in private equity advisory and performance consulting. Both target executive leadership with strategy and transformation engagements.
• Boston Consulting Group: BCG is a leading global management consulting firm competing with Oliver Wyman for C-level strategic advisory mandates. Both firms leverage data and analytics capabilities to advise Fortune 500 clients on transformation.
• Deloitte: Deloitte's consulting and risk advisory practices compete broadly with Marsh's consulting and risk businesses. Its scale and audit-adjacent services make it a broad incumbent across risk, HR consulting, and management consulting.

Emerging players

• Blackstone (wealth/investment platform): Blackstone competes with Mercer's investment advisory and wealth management businesses, particularly in private markets and alternative investments. Mercer's pending AltamarCAM acquisition signals intensified competition in private wealth.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/mmc_global

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries9 records

Funding overview

Funding rounds6 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A16 records

Investments10 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Marsh & McLennan