MRSHNYSE

MARSH & MCLENNAN COMPANIES, INC.

Insurance Agents, Brokers & Service · DE · CIK 62709

Marsh & McLennan Companies advises clients globally on risk, insurance, people, investments, and management consulting

red 8-K · 90d

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$81.27B

Market cap

$166.71

Last close

-1.4%

+4.1%

2.2M

Volume

Price · last 39 sessions-0.7%

May 4L $157.32 · H $169.03Jun 29

163

Total filings

Jun 22, 2026

Last filing

12/31

Fiscal year end

All 8-K · 87 10-Q · 25 11-K · 18 DEFA14A · 11 10-K · 9 DEF 14A · 9 8-K/A · 4

Insider Activity

In the 90 days to Mar 11, 2026: 3 sold $4.2M.

Date	Insider	Action	Shares	Price	Value
Mar 11, 2026	Jones John JudeChief Marketing Officer	Sell	2,362	$173.61	$410K
Mar 4, 2026	Doyle John QPresident and CEO	Sell	16,655	$183.30	$3.1M
Mar 3, 2026	Studer Nicholas MarkPresident and CEO of OWG	Sell	3,837	$184.03	$706K
Dec 1, 2025	Doyle John QPresident and CEO	Sell	21,079	$182.22	$3.8M

Open-market buys & sells (Form 4, transaction codes P/S). Source: SEC structured insider data.

What Changed

Risk factors · Feb 10, 2025 → Feb 9, 2026

38 added · 35 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.

Newly disclosed

For example, the war in Ukraine, the conflict throughout the Middle East, including heightened regional instability and tensions involving Iran, and recent developments in Latin America, have resulted in worldwide geopolitical and macroeconomic uncertainty and may negatively impact other regional and global economic markets (including Europe, the Middle East, Latin America and the U.S.), companies in other countries and various sectors, industries and markets for securities and commodities globally, such as oil and natural gas, and may increase financial market volatility and adversely impact regional and global economic markets, industries and companies. 10 Changes in macroeconomic and geopolitical conditions could also shift demand to services for which we do not have a competitive advantage, and this could negatively affect the amount of business that we are able to obtain.
Given the judgment involved in estimating and establishing such liabilities, as well as the unpredictability of E&O claims and the litigation that can flow from them, it is possible that an adverse 11 outcome in a particular matter could have a material adverse effect on the Company's business, results of operations or financial condition.
Attackers may develop AI agents to fully automate the attack cycle, which could discover new and unexploited applications and dynamically create ways to exploit these weaknesses faster than security tools can adapt to and detect these new attack methods.
These arrangements create dependencies on the vendors’ ability to maintain continuous service and protect against outages, disruptions or cyber incidents and on the sufficiency of their security controls and incident response.
In addition, increasing use of generative AI models, including new capabilities offered through Model Context Protocol (MCP) Servers, in our internal systems may create new attack methods for adversaries.
As part of the Program we also created a new unit, Business Client Services ("BCS") to accelerate innovation and centralize investments in operational excellence, data, AI and other analytics.
In 2025, we launched a three-year program, Thrive, which focuses on our brand strategy, delivering greater value to clients, accelerating growth and improving efficiency (the "Program").
We have pursued, and continue to pursue, litigation and other remedies in response to such conduct.
More generally, our investments, including our minority investments in other companies as well as our cash investments and those held in a fiduciary capacity, are subject to general credit, liquidity, counterparty, foreign exchange, market and interest rate risks.
We cannot guarantee that we are or will be in compliance with all current and potentially applicable U.S. federal and state or foreign laws and regulations, and actions by regulatory authorities or changes in legislation and regulation in the jurisdictions in which we operate could have a material adverse effect on our business.
Our increasing reliance on software-as-a-service ("SaaS") cloud solutions and other cloud-based vendors to support critical business operations also exposes us to risks associated with the availability, security, and resilience of these third-party platforms.
The inability to implement, maintain and upgrade adequate safeguards could have a material adverse effect on our business. 14 Our information systems must be continually updated, patched, and upgraded to protect against known vulnerabilities.

No longer disclosed

For example, the war in Ukraine and the conflict throughout the Middle East have resulted in worldwide geopolitical and macroeconomic uncertainty and may negatively impact other regional and global economic markets (including Europe, the Middle East and the U.S.), companies in other countries (particularly those that have done business with Russia or have substantial exposure to, or operations in, impacted countries) and various sectors, industries and markets for securities and commodities globally, such as oil and natural gas, and may increase financial market volatility and adversely impact regional and global economic markets, industries and companies.
Given the judgment involved in estimating and establishing such liabilities, as well as the unpredictability of E&O claims and the litigation that can flow from them, it is possible that an adverse outcome in a particular matter could have a material adverse effect on the Company's business, results of operations or financial condition. 15 We cannot guarantee that we are or will be in compliance with all current and potentially applicable U.S. federal and state or foreign laws and regulations, and actions by regulatory authorities or changes in legislation and regulation in the jurisdictions in which we operate could have a material adverse effect on our business.
Furthermore, as new and divergent AI laws and regulations continue to emerge globally, they could significantly increase our risk of liability and fines, impact our ability to deploy and utilize AI tools across different jurisdictions, disrupt operations and prospective business and increase our compliance burdens.
As of December 31, 2024, our receivables for our commissions and fees were approximately $6.5 billion, or approximately one-quarter of our total annual revenues, and portions of our receivables are increasingly concentrated in certain businesses and geographies.
Bribery Act 2010; • limitations or restrictions that foreign or U.S. governments and regulators may impose on the products or services we sell, the methods by which we sell our products and services and the manner in which and the amounts we are compensated; • potential limitations or difficulties in protecting our intellectual property in various foreign jurisdictions; • limitations that foreign governments may impose on the conversion of currency or the payment of dividends or other remittances to us from our non-U.S. subsidiaries; • engaging and relying on third parties to perform services on behalf of the Company; and • potential difficulties in monitoring employees in geographically dispersed locations. 29 RISKS RELATING TO OUR RISK AND INSURANCE SERVICES SEGMENT Our Risk and Insurance Services segment, conducted through Marsh and Guy Carpenter, represented 63% of the Company's total revenue in 2024.
In addition, increasing use of generative AI models in our internal systems may create new attack methods for adversaries.
Changes in macroeconomic and geopolitical conditions could also shift demand to services for which we do not have a competitive advantage, and this could negatively affect the amount of business that we are able to obtain. 14 More generally, our investments, including our minority investments in other companies as well as our cash investments and those held in a fiduciary capacity, are subject to general credit, liquidity, counterparty, foreign exchange, market and interest rate risks.
In addition, in the United States, shifts in regulatory priorities, policy approaches or interpretations of existing laws by federal, state or local governments occur following changes in U.S. presidential administrations, which often leads to changes involving the level of regulatory oversight and focus on businesses and certain industries, particularly financial services.
Moreover, we could be adversely affected if we fail to adequately plan for the succession of members of our senior management team or if our succession plans do not operate effectively. 22 Across all of our businesses, our colleagues are critical to developing and retaining client relationships as well as performing the services on which our revenues are earned.
To the extent our clients become adversely affected by declining business conditions, they may choose to limit their purchases of risk services and insurance and reinsurance coverage, as applicable, which would adversely impact our commission revenue and other revenue based on premiums placed and services provided by us.
Also, the insurance they seek to obtain through us may be impacted by changes in their assets, property values, sales or number of employees, which may reduce our commission revenue, and they may decide not to purchase our risk advisory or other services, which would inhibit our ability to generate fee revenue.
Moreover, insolvencies and combinations associated with an economic downturn, especially insolvencies and combinations in the insurance industry, could adversely affect our brokerage business through the loss of clients or by limiting our ability to place insurance and reinsurance business, as well as our revenues from insurers.

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