marsh mclennan


  • [7] Type: Public; Traded as: NYSE: MMC, S&P 500 component; Industry: Insurance brokers, Professional services; Founded: 1905; 118 years ago, in Chicago, Illinois, U.S.; Headquarters:
    1166 Avenue of the Americas, New York City, New York, U.S.; Key people: H. Edward Hanway, (Chairman), Dominick Burke, (Vice Chairman), John Q. Doyle, (President and CEO); Revenue: US$20.7 billion (2022); Operating income: US$4.28 billion (2022);
    Net income: US$3.05 billion (2022); Total assets: US$33.5 billion (2022); Total equity: US$10.7 billion (2022); Number of employees: 85,000 (December 2022); Subsidiaries: Marsh, Guy Carpenter, Mercer, Oliver Wyman History Foundation and early
    years[edit] Marsh & McLennan Companies previous logo Burroughs, Marsh & McLennan was formed by Henry W. Marsh and Donald R. McLennan in Chicago in 1905.

  • [33] The acquisition served to transform MMC from a company known mostly for its insurance brokerage services into one with a full-fledged management consulting practice that
    competes with McKinsey, Boston Consulting Group, and others.

  • [11] • Also in 2007, the company announced that its insurance brokerage unit, Marsh, had received the first license for a wholly owned foreign company to operate an insurance
    brokerage business in China.

  • [28][29] Developments leading to current structure[edit] In 1997, the company significantly boosted its insurance brokerage business with a $1.8 billion acquisition of Johnson
    & Higgins, which, at the time, was one of MMC’s biggest competitors in its brokerage business.

  • [10] The 1960s were particularly notable for the company’s development, including an initial public offering in 1962 and a 1969 reorganization that introduced a holding company
    configuration, with the company offering clients its services under the banners of separately managed companies.

  • [43] Much of Marsh & McLennan’s corporate strategy since 2005 stemmed from an effort to recover from this tumultuous period, eventually leading to the firm’s current organization
    and simplified focus on insurance services and consulting.

  • When one of these clients dropped the firm in 1987, Lewis became increasingly convinced that the firm was too small to succeed, admitting to The Washington Post that “a meaningful-sized
    consulting company has to be 2,000 professionals or larger… it’s simple math.

  • Marsh & McLennan Companies, Inc., doing business as Marsh McLennan, is a global professional services firm, headquartered in New York City with businesses in insurance brokerage,
    risk management, reinsurance services, talent management, investment advisory, and management consulting.

  • The purchase occurred during a time of consolidation in the industry, and pushed Marsh & McLennan back above Aon as the world’s largest insurance broker.

  • [30][31] Throughout the 2000s, the company further transformed and focused its operating strategy through various acquisitions and divestment at its subsidiaries, including:
    • In 2000, Marsh & McLennan’s HR consulting unit, Mercer, acquired Delta Consulting Group for its organizational development and change management expertise.

  • [18] The firm also employed Burunda Prince, who would go on to become the first female consultant of color at Bain & Company.

  • [1] • In 2007, Marsh & McLennan sold its Putnam Investments mutual fund business to Power Financial Corp. for $3.9 billion in a divestment meant to focus the parent company
    on its risk and human capital businesses.

  • Prior to this final deal and divestiture, Marsh & McLennan had been selling off smaller divisions within Kroll to further focus on its core risk and consulting businesses.

  • [32] • In 2003, the company acquired Oliver Wyman, a management consultancy with a large financial services industry clientele.

  • [24][25] Strategic Planning Associates merger[edit] In 1989, Washington, DC-based international management consulting firm Strategic Planning Associates merged with Marsh
    & McLennan.

  • ”[14] Temple, Barker & Sloane found themselves specializing in supply chain management, transportation, and financial services.

  • [38] In July 2017, Marsh & McLennan Cos. Inc. was ranked first in Business Insurance’s world’s largest brokers list.

  • [42] In a lawsuit, Eliot Spitzer, then New York State’s attorney general, accused Marsh of not serving as an unbiased broker, leading to increased costs for clients and higher
    revenues for Marsh.

  • Operating segments and subsidiaries Marsh & McLennan Companies is composed of two primary business segments: Risk and Insurance Services, and Consulting.

  • [44] Jardine Lloyd Thompson (JLT)[edit] In September 2018 Marsh & McLennan made an offer to British financial company JLT, valuing that company at £4.3 billion.

  • [36] • In September 2018 the company agreed to acquire London-based Jardine Lloyd Thompson for £4.3 billion.


Works Cited

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