Marsh & McLennan: Everything you need to know
Consolidated revenue (Q3 2019): US$4 billion
Marsh & McLennan Companies (MMC) is a professional services firm that’s behind some of today’s major insurance and consulting players, including Marsh, Guy Carpenter, Mercer, and Oliver Wyman. The company was founded by Henry W. Marsh and Donald R. McLennan, who merged their two firms in 1904 to create the largest insurance agency in the world. Before the merger, Marsh had seen an opportunity for insurance brokers to distribute risks across firms following the Great Fire of 1871, which wiped out many insurers.
Today, Marsh is an insurance broking and risk management giant, with offices around the world. Meanwhile, Guy Carpenter offers reinsurance broking expertise as well as strategic advisory services and analytics. Oliver Wyman is a global management consulting firm and Mercer is a human resources consulting firm.
In April 2019, MMC completed a US$5.6 billion acquisition of Jardine Lloyd Thompson Group plc (JLT). Already the largest insurance broker in the world, Marsh advises around 95% of Fortune 1000 companies. Following the acquisition, the firm announced that the deal significantly expanded its presence in the middle market and small commercial sectors, while also bringing an influx of around 10,000 talented individuals.
Marsh & McLennan in the news
February 2018: Marsh & McLennan Agency snaps up Highsmith Insurance
May 2018: Marsh launches product to insure against pandemics
September 2018: Marsh & McLennan in major deal for JLT Group
October 2018: Marsh appoints senior captive solutions leaders
October 2018: Marsh & McLennan’s JLT acquisition secures US antitrust nod
November 2018: Marsh and JLT announce specialty business unification
November 2018: Marsh & McLennan’s JLT acquisition wins shareholder approval
February 2019: JLT earnings take sizeable blow from MMC-related transaction costs
April 2019: Marsh & McLennan reports strong revenue and profitability growth in Q1
April 2019: Marsh reveals how cyber insurance market is surging
May 2019: Marsh and JLT combo ‘isn’t going to be a steamroller merger’
May 2019: Reinsurance veteran to retire this year after JLT takeover
November 2019: Marsh appoints healthcare practice leader
December 2019: Marsh boosts global aviation practice with key arrivals
Key people as of 2020
Daniel S. Glaser – President and CEO of MMC
Glaser knew a thing or two about being a C-suite executive leading a company before he came into his current role in January 2013. He has served as group president and chief operating officer of the company, and chairman and chief executive officer of Marsh. The latter role was a ‘full circle’ one for Glaser since it got him to return to the firm where he had started his career right after university in 1982.
Accordingly, Glaser is a veteran of the insurance industry and has had senior positions in commercial insurance and insurance brokerages. He has worked around the world, from the US to Europe and the Middle East. Currently, Glaser is the chairman of the US Federal Advisory Committee on Insurance (FACI). He is also a member of the boards of trustees for The Institutes and Ohio Wesleyan University, the board of directors for the Partnership for New York City, and the advisory council for St. George’s Society of New York. As if that didn’t keep him busy enough, Glaser is chair of the International Advisory Board for BritishAmerican Business.
John Q. Doyle – President and CEO of Marsh
As president and chief executive officer of Marsh, Doyle oversees all of Marsh’s businesses and operations around the world. He came into his current role at Marsh in July 2017, though he joined MMC as president of Marsh back in April 2016. Before this position, Doyle was the CEO of AIG’s commercial insurance businesses. In fact, he kicked off his career at AIG when he starting working there in 1986 and over the course of his time at AIG, Doyle has held several senior executive positions, including president and chief executive officer of AIG property and casualty in the US, president and chief executive officer of National Union Fire Insurance Company, and president of American Home Assurance Company.
Peter Hearn – President and CEO of Guy Carpenter
Before taking on his current position, Hearn was global chairman of Willis Re from March 2011 to June 2015 and also served as the company’s global CEO from February 2005 to March 2011 as well as being a member of the Willis Group Executive Committee. Hearn launched his reinsurance career in 1978 with Willis Faber and Dumas, where he worked in the North American casualty, facultative, marine, and North American reinsurance divisions until 1981. At that time, he joined Towers Perrin Forster and Crosby. Hearn joined Willis Re as an SVP in 1994.
In his current role, Glaser helps steer MMC’s 75,000-person team as they serve clients in more than 130 countries.
“Developing our talent is an ongoing priority for me,” Glaser says. “Offering our established and emerging leaders development opportunities is a key part of being an employer of choice in the industry. It’s critically important to this industry that we prepare the next generation. It’s a responsibility I take seriously.”
Even after 37 years in the insurance industry, Glaser says he still feels energised by its possibilities.
“This is the age of risk,” he said. “As a result, this industry feels more relevant each day. I wake up excited about the opportunities to help our clients – from the large multinational corporations to small businesses – navigate this constantly evolving landscape.”