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Most of Marsh’s revenue comes from helping clients assess risks and arrange insurance. Marsh Risk serves businesses, government bodies and individuals, while Guy Carpenter helps insurers arrange coverage for risks they pass on to other insurers, known as reinsurance. Clients pay service fees, and clients or insurers pay brokerage commissions. Marsh Risk also receives insurer payments for services such as analytics and administration, and compensation linked to the volume or profitability of insurance placed.
Consulting is a substantial second business. Mercer helps employers manage employee benefits, retirement plans and workforce needs, and advises on or manages clients’ investments. Marsh Management Consulting advises organizations on strategy and operations. These businesses mainly earn client fees; Mercer also earns insurance commissions and fees tied to the assets it manages or administers.
Brokerage income depends on how much coverage clients buy and on insurance and reinsurance premiums, which Marsh does not set. Consulting income depends on clients’ spending on advice, while asset-based fees also move with investment values. Regulation can limit the services Marsh offers and the compensation it collects; privacy rules can also restrict how it uses and transfers client data.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Aon competes for the insurance, reinsurance and workforce-advice clients served by Marsh Risk, Guy Carpenter and Mercer. Its Risk Capital and Human Capital revenue offers a read on clients’ spending on arranging risk coverage and advice on employee health and retirement.
WTW competes with Marsh Risk for clients needing help arranging insurance and with Mercer for employee-benefits and pension advice, earning commissions and consulting fees. Its Health, Wealth & Career revenue is a useful watchpoint for the workforce-advice demand Mercer also serves.
Arthur J. Gallagher competes with Marsh Risk, Guy Carpenter and Mercer for clients paying to arrange insurance, reinsurance and employee benefits. Brokerage supplied approximately 87% of Gallagher’s 2025 revenue, making that business more relevant to Marsh than its separate claims-handling services.
Brown & Brown competes with Marsh Risk and MMA for customers buying property-and-casualty and employee-benefits insurance, mainly earning revenue by arranging rather than underwriting coverage. Watch its Retail business for competition in selling those policies, including the mid-market customers MMA serves.
The Baldwin Insurance Group competes with MMA and Marsh Risk for businesses buying commercial insurance and employee benefits, and individuals seeking private-risk protection. Its Insurance Advisory Solutions business serves businesses and high-net-worth families; its insurance commissions generally follow premium levels, much as Marsh’s commission revenue is often linked to premiums.
Ryan Specialty and Marsh Risk both earn commissions exposed to specialty-insurance conditions, but Ryan helps retail brokers find coverage for complex risks while Marsh Risk arranges clients’ commercial insurance. Ryan Specialty’s wholesale-brokerage commissions and fees are the line to watch for demand for hard-to-place coverage; it has no retail operations.
Brown & Brown, Inc. earningsBRO
Brown & Brown’s Retail business will show how active demand and competition are for the mid-market property-and-casualty and employee-benefits customers it shares with Marsh & McLennan.
Look at revenue growth in Brown & Brown’s Retail business, distinguishing underlying growth from growth due to acquisitions. Steady growth would show that the mid-market insurance activity it serves remains lively, with Marsh Risk and MMA facing active competition; slower growth could point to softer activity in this market, but would not prove that Marsh & McLennan won those customers. The report gauges the shared market, not Marsh’s own customer wins.
Aon plc earningsAON
Aon’s Risk Capital and Human Capital businesses will show how client spending on insurance placement and workforce advice shapes competition with Marsh & McLennan.
Read underlying revenue growth in Aon’s Risk Capital and Human Capital businesses separately, then relate each to Marsh & McLennan’s Risk and Insurance Services and Mercer. Growth in both would show clients continuing to pay for insurance placement and workforce advice, with active competition for that work; weakness in either could mean more cautious client spending or tougher competition, but Aon’s figures alone cannot establish a change in Marsh’s market share. The conclusion is whether demand and competition across these shared services are broadly strengthening, not how Marsh itself performed.
Ryan Specialty Holdings, Inc. earningsRYAN
Ryan Specialty’s wholesale brokerage will show how active retail brokers are in finding coverage for complex risks, a useful signal for Marsh & McLennan’s specialty placements.
Read Ryan Specialty’s wholesale brokerage commissions and fees separately from growth in Marsh & McLennan’s Risk and Insurance Services. Rising revenue would show retail brokers arranging more coverage for complex risks that are hard to place, signaling activity in the specialty market that may inform how to read Marsh’s specialty placements; falling revenue would point to cooling activity in that wholesale channel. Ryan Specialty has no retail operations, so its report speaks to this part of the brokerage chain, not directly to Marsh’s client demand or insurance prices.
