Marsh & McLennan Companies, Inc.
Marsh & McLennan Reports Strong Q3 2024 Financials and Announces Acquisition of McGriff
Summary
Marsh & McLennan Companies, Inc. reported a 6% increase in GAAP revenue and a 5% increase in underlying revenue for the third quarter of 2024. The company's GAAP operating income grew by 11% and adjusted operating income by 12%. Earnings per share increased by 3% to $1.51 on a GAAP basis and by 4% to $1.63 on an adjusted basis. Additionally, the company announced the acquisition of McGriff Insurance Services, LLC for $7.75 billion in cash, expected to close by year-end subject to regulatory clearance.
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About Marsh & McLennan Companies, Inc.
Marsh & McLennan Companies, Inc. is a global professional services firm that operates through two primary business segments: Risk and Insurance Services and Consulting. The company's core function is to provide clients with comprehensive risk management services, insurance brokerage, reinsurance, and investment advisory, aimed at optimizing their risk profiles and ensuring consistent growth with minimized disruptions. Through its subsidiaries, Marsh and Guy Carpenter, the firm offers risk assessment, transfer, and management solutions across numerous industries, including financial institutions, healthcare, and energy sectors. In the Consulting segment, Marsh & McLennan, through Mercer and Oliver Wyman, delivers strategic consulting in human resources, health and benefits, wealth management, and economic advisory services. Established in 1871, with its headquarters in New York City, the company holds a significant market position due to its long-standing expertise, global presence, and diverse range of services that contribute to the stability and growth of its institutional and corporate clientele.
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