Marsh is the flagship operation of Marsh & McLennan Companies (MMC), one of the world's largest insurance brokerages. The company brokers insurance and provides risk management and consulting services to corporate clients, government agencies, and other organizations big and small. Marsh has some 25,000 agents and hundreds of brokerage locations in more than 130 countries. Marsh also provides risk financing, insurance program design, and underwriting management, as well as claims administration and technological support services. MMC affiliate Guy Carpenter provides similar brokerage and risk management services to reinsurance companies; other MMC companies include consulting firms Mercer and Oliver Wyman.
Marsh operates as part of its parent's Risk and Insurance Services segment.
The US and Canada account for about 46% of Marsh's revenue with Europe, the Middle East, and Africa contributing 35%.
The Risk and Insurance Services group, of which Marsh is a part, contributed about 54% of parent MMC's overall revenue in 2013. During that fiscal year Marsh reported a 4% uptick in revenue, to $5.4 billion, due in part to acquisitions as well as strong performance overseas. Latin America stood out with 13% growth while all other regions showed solid single-digit improvements.
In response to global economic conditions and an increase in catastrophic events, Marsh has been promoting its image as an all-around risk adviser while maintaining its position as a top global brokerage firm. MMC has undergone restructuring measures in recent years to realign Marsh's organization around growing the risk management operations, as well as to control costs in the face of economic and competitive market pressures. In 2014 it launched corporate cyber insurance to protect large companies from data loss and operational interruptions caused by cyber attacks.
While the company provides access to property/casualty insurance and employee benefits to businesses of all sizes, it has recently been focused on expanding the Marsh & McLennan Agency (MMA) unit, which caters specifically to small and midsized businesses in the US.
In another move to expand its benefits operations, this time in the international arena, in 2012 Marsh announced a new brand identity, Mercer Marsh Benefits. Through the new unit, Marsh works with sister company Mercer to provide consulting and brokerage services on a combined basis to provide a one-stop-shop solution for clients looking to manage the risks and costs of their employee benefit programs.
In 2012 it also sold its business process outsourcing operations Marsh BPO.
Mergers and Acquisitions
In addition to a dozen global purchases in 2012, Marsh acquired three businesses in 2013. They were in the Dominican Republic, the Czech Republic, and Peru. In 2014 the company bought its local Panamanian broker Semusa. The following year, Marsh acquired Sumitomo Life Insurance Agency America.