Marsh McLennan (MRSH)
Combines insurance and reinsurance brokerage with workforce, investment, and management consulting.
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Marsh is the go-between that helps organizations buy insurance, move risk to other insurers, manage investments and benefits, and solve management problems. Insurance brokerage remains the center of gravity, while faster-growing consulting and investment work broaden the mix. New data-center coverage shows how it turns emerging risks into fresh fee pools without taking the insurance risk itself.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
7 in detail · 18 more below
Marsh Risk
The core insurance matchmaker connects businesses with outside insurers and grew 4% in the latest quarter despite falling policy prices. Watch whether renewals, new risks, and the McGriff expansion can keep this giant engine moving.
Competes with Commercial Risk Solutions (Aon) · Corporate Risk & Broking (WTW)
In plain English
When a factory, hospital, or city wants insurance, it rarely shops policy by policy on its own. Marsh studies what could go wrong, shapes a coverage package, and asks outside insurers to take each piece of the risk.
The client pays fees, while insurers also pay commissions—a cut of the sale—when coverage starts. Renewals make this repeatable: as property values, policy prices, and available insurer money change, Marsh rematches buyer and insurer. It is the matchmaker, not the party paying the claim.
Stratus
A new property-insurance exchange for operating data centers pools outside insurers behind one placement. It has almost no operating history, so the watchpoint is whether available protection becomes paying business.
Competes with Digital Infrastructure Protector (WTW) · Data Center Lifecycle Insurance Program (Aon)
In plain English
Data centers pack costly equipment and power systems into one place, so a single mishap can create an unusually large insurance need. Stratus gathers several providers of insurance money around one deal instead of asking one insurer to shoulder it alone.
A United States data-center operator buys the combined property cover through Marsh, and the outside providers take the actual risk. Marsh earns by arranging the placement. The program can also pick up customers after construction coverage ends, but fees and use have not yet been disclosed.
Investments and Retirement
Advice and hands-on management for pensions and other large pools of money; assets managed reached roughly $850 billion by June 2026. Watch market moves and new client money, which lift some fees but not the whole business.
Competes with Pensions and Retirement (Aon) · Delegated Investment Services (WTW)
In plain English
Think of this as a co-pilot for organizations responsible for other people's long-term savings. Marsh helps pension funds, insurers, and endowments decide where money should go, checks whether plans can meet future promises, and can run the investments for them.
Some clients pay for advice or retirement-plan work. Others hand over day-to-day investment decisions and pay a fee tied to the amount managed. That makes part of the line rise and fall with markets and incoming money, while shrinking old-style pension plans can reduce demand for traditional work.
Health and Benefits
Employers pay Marsh to shape and run employee health plans, then connect them with insurers and care providers. Latest growth slowed to 3%; rising medical bills create demand for advice but force plan redesigns.
Competes with Employee Benefits Consulting (Aon) · Health and Benefits (WTW)
In plain English
The employee health plan is a yearly household budget exercise, only an employer may be buying for thousands of families. Marsh helps decide what the plan should cover, how to pay for it, which insurers and service providers to use, and how to operate it.
Money arrives as consulting fees, commissions from insurers, and recurring payments for each covered person. Employers keep returning because medical prices, rules, and employee needs change. Those same rising costs can also push clients to cut benefits or rebuild the plan, making cost control central to the work.
Workforce and Rewards
Pay benchmarks, employee surveys, and workforce advice mix repeat data subscriptions with project work. Growth recovered to 2% in the latest quarter; watch whether cautious North American employers resume optional projects.
Competes with Total Rewards (Korn Ferry) · Work & Rewards (WTW)
In plain English
Every salary band begins with a deceptively simple question: what are similar employers paying for this job? Marsh collects workforce data, turns it into useful comparisons, listens to employees through surveys, and helps leaders redesign pay, roles, and skills.
Customers either subscribe to the research and tools or hire a team for a specific change. The subscription side returns regularly; the project side is easier to postpone when budgets tighten. A deep pool of current employer data keeps the comparisons useful and gives clients a reason to renew.
Marsh Management Consulting
Project teams tackle strategy, operations, economics, and brand problems for leaders and governments. Latest growth jumped to 13%, though management expects a slower pace next; the test is keeping skilled teams busy as client budgets move.
Competes with Transformation (McKinsey & Company) · Business Transformation (BCG)
In plain English
The hired problem-solving team. Oliver Wyman and its sister firms help company leaders, governments, and deal sponsors choose a strategy, redesign operations, measure economic harm, or rethink a brand.
Clients buy a project with a defined result or pay for expert time. Revenue rises when consultants are busy and projects keep arriving, so this line depends on hard-to-keep talent and budgets that clients can postpone. Recent growth has been brisk, but management expects it to settle from the latest pace.
Marsh Re
Insurance for insurers, arranged rather than carried by Marsh. Revenue shrank 2% in the latest quarter as plentiful outside money pushed prices down; renewals and the money available to cover disasters will decide whether growth returns.
Competes with Reinsurance Solutions (Aon) · Howden Re (Howden)
In plain English
Insurance companies need insurance too. After taking on storms, fires, lawsuits, or other large risks, they can pass part of those possible claims to specialist insurers or investors. Marsh Re finds that outside money, structures the deal, and advises on how much protection to buy.
The original insurer pays fees for arranging deals and giving advice; Marsh does not promise to cover the loss. Much of the year's business arrives around major renewal dates, and plentiful risk-taking money can lower prices and commissions. That makes this line repeatable but more sensitive to the insurance pricing cycle than ordinary consulting.
Marsh RiskThe core insurance matchmaker connects businesses with outside insurers and grew 4% in the latest quarter despite falling policy prices. Watch whether renewals, new risks, and the McGriff expansion can keep this giant engine moving.The core insurance matchmaker connects businesses with outside insurers and grew 4% in the latest quarter despite falling policy prices. Watch whether renewals, new risks, and the McGriff expansion can keep this giant engine moving.
In plain English
When a factory, hospital, or city wants insurance, it rarely shops policy by policy on its own. Marsh studies what could go wrong, shapes a coverage package, and asks outside insurers to take each piece of the risk.
The client pays fees, while insurers also pay commissions—a cut of the sale—when coverage starts. Renewals make this repeatable: as property values, policy prices, and available insurer money change, Marsh rematches buyer and insurer. It is the matchmaker, not the party paying the claim.
Competes with Commercial Risk Solutions (Aon) · Corporate Risk & Broking (WTW)
StratusA new property-insurance exchange for operating data centers pools outside insurers behind one placement. It has almost no operating history, so the watchpoint is whether available protection becomes paying business.A new property-insurance exchange for operating data centers pools outside insurers behind one placement. It has almost no operating history, so the watchpoint is whether available protection becomes paying business.
In plain English
Data centers pack costly equipment and power systems into one place, so a single mishap can create an unusually large insurance need. Stratus gathers several providers of insurance money around one deal instead of asking one insurer to shoulder it alone.
A United States data-center operator buys the combined property cover through Marsh, and the outside providers take the actual risk. Marsh earns by arranging the placement. The program can also pick up customers after construction coverage ends, but fees and use have not yet been disclosed.
Competes with Digital Infrastructure Protector (WTW) · Data Center Lifecycle Insurance Program (Aon)
Investments and RetirementAdvice and hands-on management for pensions and other large pools of money; assets managed reached roughly $850 billion by June 2026. Watch market moves and new client money, which lift some fees but not the whole business.Advice and hands-on management for pensions and other large pools of money; assets managed reached roughly $850 billion by June 2026. Watch market moves and new client money, which lift some fees but not the whole business.
In plain English
Think of this as a co-pilot for organizations responsible for other people's long-term savings. Marsh helps pension funds, insurers, and endowments decide where money should go, checks whether plans can meet future promises, and can run the investments for them.
Some clients pay for advice or retirement-plan work. Others hand over day-to-day investment decisions and pay a fee tied to the amount managed. That makes part of the line rise and fall with markets and incoming money, while shrinking old-style pension plans can reduce demand for traditional work.
Competes with Pensions and Retirement (Aon) · Delegated Investment Services (WTW)
Health and BenefitsEmployers pay Marsh to shape and run employee health plans, then connect them with insurers and care providers. Latest growth slowed to 3%; rising medical bills create demand for advice but force plan redesigns.Employers pay Marsh to shape and run employee health plans, then connect them with insurers and care providers. Latest growth slowed to 3%; rising medical bills create demand for advice but force plan redesigns.
In plain English
The employee health plan is a yearly household budget exercise, only an employer may be buying for thousands of families. Marsh helps decide what the plan should cover, how to pay for it, which insurers and service providers to use, and how to operate it.
Money arrives as consulting fees, commissions from insurers, and recurring payments for each covered person. Employers keep returning because medical prices, rules, and employee needs change. Those same rising costs can also push clients to cut benefits or rebuild the plan, making cost control central to the work.
Competes with Employee Benefits Consulting (Aon) · Health and Benefits (WTW)
Workforce and RewardsPay benchmarks, employee surveys, and workforce advice mix repeat data subscriptions with project work. Growth recovered to 2% in the latest quarter; watch whether cautious North American employers resume optional projects.Pay benchmarks, employee surveys, and workforce advice mix repeat data subscriptions with project work. Growth recovered to 2% in the latest quarter; watch whether cautious North American employers resume optional projects.
In plain English
Every salary band begins with a deceptively simple question: what are similar employers paying for this job? Marsh collects workforce data, turns it into useful comparisons, listens to employees through surveys, and helps leaders redesign pay, roles, and skills.
Customers either subscribe to the research and tools or hire a team for a specific change. The subscription side returns regularly; the project side is easier to postpone when budgets tighten. A deep pool of current employer data keeps the comparisons useful and gives clients a reason to renew.
Competes with Total Rewards (Korn Ferry) · Work & Rewards (WTW)
Marsh Management ConsultingProject teams tackle strategy, operations, economics, and brand problems for leaders and governments. Latest growth jumped to 13%, though management expects a slower pace next; the test is keeping skilled teams busy as client budgets move.Project teams tackle strategy, operations, economics, and brand problems for leaders and governments. Latest growth jumped to 13%, though management expects a slower pace next; the test is keeping skilled teams busy as client budgets move.
In plain English
The hired problem-solving team. Oliver Wyman and its sister firms help company leaders, governments, and deal sponsors choose a strategy, redesign operations, measure economic harm, or rethink a brand.
Clients buy a project with a defined result or pay for expert time. Revenue rises when consultants are busy and projects keep arriving, so this line depends on hard-to-keep talent and budgets that clients can postpone. Recent growth has been brisk, but management expects it to settle from the latest pace.
Competes with Transformation (McKinsey & Company) · Business Transformation (BCG)
Marsh ReInsurance for insurers, arranged rather than carried by Marsh. Revenue shrank 2% in the latest quarter as plentiful outside money pushed prices down; renewals and the money available to cover disasters will decide whether growth returns.Insurance for insurers, arranged rather than carried by Marsh. Revenue shrank 2% in the latest quarter as plentiful outside money pushed prices down; renewals and the money available to cover disasters will decide whether growth returns.
In plain English
Insurance companies need insurance too. After taking on storms, fires, lawsuits, or other large risks, they can pass part of those possible claims to specialist insurers or investors. Marsh Re finds that outside money, structures the deal, and advises on how much protection to buy.
The original insurer pays fees for arranging deals and giving advice; Marsh does not promise to cover the loss. Much of the year's business arrives around major renewal dates, and plentiful risk-taking money can lower prices and commissions. That makes this line repeatable but more sensitive to the insurance pricing cycle than ordinary consulting.
Competes with Reinsurance Solutions (Aon) · Howden Re (Howden)
Named in filings, launches and programs
- Marsh McLennan AgencyBrandThe North American middle-market brokerage channel inside Marsh Risk.
- McGriffBrandThe brokerage bought for $7.75 billion and folded into Marsh McLennan Agency.
- AsterraBrandA Spanish insurance broker consolidated in July after Marsh expanded its earlier minority stake.
- AltamarCAMBrand · AnnouncedA private-markets manager agreed for purchase, with closing expected in the second half of 2026 after approvals.
- GC SecuritiesServiceConnects insurance risks with investors and handles related financing transactions inside Marsh Re.
- GC Capital & AdvisoryServiceAdvises insurers on acquisitions, raising money, and special pools of outside risk capital.
- Oliver WymanBrandThe main strategy and operations consultancy within Marsh Management Consulting.
- LippincottBrandAdvises clients on brands and customer experience inside Marsh Management Consulting.
- NERA Economic ConsultingBrandProvides economic analysis for lawsuits, regulation, and public policy decisions.
- SentriskPlatformMaps supply chains and uses artificial intelligence to help clients spot weak links.
- Risk CompanionPlatform · RampingA new Marsh Risk analysis suite for quicker decisions about which insurers take each risk.
- Talent All Access Portal+PlatformThe subscription doorway to workforce research, pay comparisons, and planning tools.
- AidaPlatformAn artificial-intelligence assistant delivered through the workforce subscription portal.
- Workforce InsightsPlatformAn artificial-intelligence tool that helps employers understand their talent and skills.
- Quotient – AI by Oliver WymanService · RampingOliver Wyman's fastest-growing practice, advising clients on and helping install artificial intelligence.
- NimbusCustomer programConstruction-stage insurance for data centers, designed to hand completed sites into Stratus.
- Digital Infrastructure Contract Advisory GroupServiceReviews power, service, insurance, and risk-sharing terms throughout a digital asset's life.
- Digital-infrastructure counterparty-credit insurance programsCustomer program · RampingBuilds large protection packages for energy clients by combining insurers, specialist risk pools, and outside capital.
Marsh McLennan AgencyBrand
The North American middle-market brokerage channel inside Marsh Risk.
McGriffBrand
The brokerage bought for $7.75 billion and folded into Marsh McLennan Agency.
AsterraBrand
A Spanish insurance broker consolidated in July after Marsh expanded its earlier minority stake.
AltamarCAMBrand · Announced
A private-markets manager agreed for purchase, with closing expected in the second half of 2026 after approvals.
GC SecuritiesService
Connects insurance risks with investors and handles related financing transactions inside Marsh Re.
GC Capital & AdvisoryService
Advises insurers on acquisitions, raising money, and special pools of outside risk capital.
Oliver WymanBrand
The main strategy and operations consultancy within Marsh Management Consulting.
LippincottBrand
Advises clients on brands and customer experience inside Marsh Management Consulting.
NERA Economic ConsultingBrand
Provides economic analysis for lawsuits, regulation, and public policy decisions.
SentriskPlatform
Maps supply chains and uses artificial intelligence to help clients spot weak links.
Risk CompanionPlatform · Ramping
A new Marsh Risk analysis suite for quicker decisions about which insurers take each risk.
Talent All Access Portal+Platform
The subscription doorway to workforce research, pay comparisons, and planning tools.
AidaPlatform
An artificial-intelligence assistant delivered through the workforce subscription portal.
Workforce InsightsPlatform
An artificial-intelligence tool that helps employers understand their talent and skills.
Quotient – AI by Oliver WymanService · Ramping
Oliver Wyman's fastest-growing practice, advising clients on and helping install artificial intelligence.
NimbusCustomer program
Construction-stage insurance for data centers, designed to hand completed sites into Stratus.
Digital Infrastructure Contract Advisory GroupService
Reviews power, service, insurance, and risk-sharing terms throughout a digital asset's life.
Digital-infrastructure counterparty-credit insurance programsCustomer program · Ramping
Builds large protection packages for energy clients by combining insurers, specialist risk pools, and outside capital.