Investment Thesis
Marsh McLennan pairs leading insurance brokerage with consulting (Mercer/Oliver Wyman) to monetize risk, human capital, and strategy expertise. Hard insurance markets and secular demand for resilience services support consistent EPS growth.
- Risk Advisory Scale: Global data, analytics, and placement leverage deliver superior client outcomes.
- Consulting Synergies: Retirement, health, and strategy practices provide cross-sell into C-suites.
- Capital-Light Model: High free cash conversion funds dividend increases and bolt-on M&A.