Marsh generated first quarter revenue of $1.5 billion, up 2% year-on-year on an underlying basis. That was driven by strong growth in Latin America, up 6%, with Asia Pacific recording a 3% y-o-y rise. US/Canada and EMEA also saw revenue growth, by 2% and 1% respectively.

Revenue at Guy Carpenter, the group’s reinsurance intermediary, was $374m, an increase of 3% on an underlying basis. Strong new business growth in Global Specialties, primarily in Marine and EMEA, led the way.

Overall, quarterly profit at Marsh’s parent company Marsh & McLennan fell to $481m, 91 cents a share, from $482m, 88 cents a share, a year earlier. Excluding certain items, earnings rose to 92 cents from 91 cents a year earlier. Revenue rose 3.8% to $3.34 billion. Analysts were forecasting earnings of 88 cents a share on revenue of $3.31bn.