Marsh & McLennan Companies, Inc. (MRSH) SEC Filings & Earnings Calls

Geopolitical and macroeconomic risks

“Factors that could materially affect our future results include...the impact of geopolitical, macroeconomic and other external factors, including the conflict in the Middle East and other wars” · word for word

Litigation settlement costs

“Expenses include a charge of $144 million, net of insurance proceeds, related to the Greensill settlement.” · word for word

Reinsurance pricing decline

“On an underlying basis this reflects a decrease of 6% driven primarily by declining reinsurance premium rates.” · word for word

Interest rate sensitivity – fiduciary income

“Interest earned on fiduciary funds decreased $9 million to $100 million for the three months ended September 30, 2026, compared to $109 million for the three months ended September 30, 2025, due to lower average interest rates” · word for word

Foreign exchange exposure

“If foreign exchange rates of major currencies (Euro, British Pound, Australian Dollar and Canadian Dollar) moved 10% in the same direction against the U.S. dollar that held constant over the course of the year, the Company estimates that full year net operating income would increase or decrease by approximately $129 million.” · word for word

Restructuring execution risk

“The Company continues to refine its detailed plans for the Program which may change the timing, expected costs, and related savings.” · word for word

Litigation liability

“The increase in expenses includes the recording of an estimated liability and legal expenses of $425 million related to the Greensill litigation.” · word for word

Interest rate sensitivity

“Interest earned on fiduciary funds decreased $11 million to $88 million for the three months ended June 30, 2026, compared to $99 million for the three months ended June 30, 2025, due to lower average interest rates.” · word for word

Geopolitical and macroeconomic risks could impact clients and operations

“Forward-looking statements cite geopolitical conditions, tariffs, slower GDP growth, inflation, and insurance premium rate changes”

Cyber attack and data breach risks

“Risk factors mention ransomware, supply chain cyber attacks, and potential disclosure of confidential client data”

Litigation liability from Greensill charge

“$425 million charge related to the Greensill litigation” · word for word

Geopolitical and macroeconomic uncertainty

“Risk factors mention geopolitical conflicts, tariffs, slower GDP growth, and inflation.”

Litigation liability from Greensill

“The increase in expenses was driven primarily by the recording of an estimated liability and legal expenses of $425 million related to the Greensill litigation.” · word for word

Declining insurance premium rates

“Marsh Risk's revenue... partially offset by declining insurance premium rates.”

Foreign exchange translation risk

“Continued strengthening of the U.S. dollar against foreign currencies would further decrease the translated U.S. dollar value of the Company’s net investments in its non-U.S. subsidiaries.”

Moderating Tailwinds

“notwithstanding moderating tailwinds such as lower fiduciary income, softer insurance pricing and reduced consulting demand trends.” · word for word

Underlying Growth Tempered

“The Compensation Committee recognized that underlying growth tempered in 2025, due to complex market conditions.” · word for word

Transition risk from leadership change at key subsidiary.

“CEO change at Marsh Risk effective April 1, 2026.”

Restructuring Execution Risk

“The Company continues to refine its detailed plans for the Program which may change the timing, expected costs, and related savings.” · word for word

McGriff Acquisition Integration Risk

“The Company expects to recognize costs of approximately $250 million, primarily retention incentives over the next 2 years related to the McGriff acquisition.” · word for word

Foreign Exchange Risk

“If foreign exchange rates of major currencies moved 10% in the same direction against the U.S. dollar... net operating income would increase or decrease by approximately $109 million.” · word for word

Geopolitical and macroeconomic risks could impact clients and operations

“the impact of geopolitical or macroeconomic conditions on us, our clients and the countries and industries in which we operate, including from multiple major wars and global conflicts, social unrest, tariffs or changes in trade policies, slower GDP growth or recession” · word for word