Marsh & McLennan Companies, Inc.

Four calls in, Marsh is answering a harder question: can it sell enough advice to outrun a falling insurance price cycle? Rates have fallen all year and reinsurance is shrinking, so growth now has to be earned client by client.

• Reinsurance went from a growth engine to a drag.

  Reinsurance, formerly Guy Carpenter, grew 5% in Q4 2025 and shrank 6% in Q3, as property catastrophe rates fell at their fastest pace in 25 years and property is half its book. A business that used to add to growth now subtracts from it. What share of Reinsurance revenue is property catastrophe?

• The advice businesses now do the work prices used to do.

  Marsh Risk growth rose from 3% to 5% across the year while prices fell, and Management Consulting grew 14% in Q3, with AI advisory its fastest-growing practice. Growth now has to be sold client by client, not collected from repricing. How much of Marsh Risk's growth comes from new clients?

• Thrive's savings rose, and so did the cost of getting them.

  Management lifted the target by half to $600 million while raising the cost of getting there to $750 million, most of it spent by 2028. Much of the saving is earmarked for producers and AI, so only what isn't spent again reaches the margin. How much of the $600 million gets reinvested?