NYSE:MMC 16 October 2025 - 11 February 2026

Marsh & McLennan CEO John Doyle publicly accused rival brokers of “unlawful and unethical” talent raids during Marsh’s Oct. 16 earnings call Insuranceinsider Theinsurer. Doyle said competitors’ tactics were a “deliberate strategy” to flout non-compete covenants Insuranceinsider. The comments came amid a surge of legal battles – Marsh has sued peers like Alliant and Howden for allegedly poaching its teams and clients Insurancejournal Insurancebusinessmag. In Q3, Marsh reported $6.4 billion revenue and $911 million adjusted profit Reuters, but its stock still plunged ~8% on the day Reuters, trading around $190 Stockanalysis. Analysts remain cautiously bullish: the consensus is “Buy” with an average 12-month target near ~$231 Stockanalysis. Marsh also announced a major rebranding – dropping “McLennan” to become simply Marsh in 2026 – and launched a new Business & Client Services unit to centralize tech and data Reuters ts2.tech. In a tense earnings call on Oct. 16, Marsh & McLennan Companies President & CEO John Doyle openly blasted industry competitors for aggressive recruiting tactics. He warned that some rivals are engaging in “unlawful and unethical” hiring practices that deliberately violate contractual covenants Insuranceinsider Theinsurer. Doyle said these talent raids were part of a “deliberate strategy” to undermine Marsh’s teams by

Marsh & McLennan delivered a strong third quarter, topping expectations on both the top and bottom lines. Revenue reached $6.4 billion, up 11% from a year ago stocktitan.net stocktitan.net. This was driven by double-digit growth in its core insurance broking unit and steady gains in consulting. The Risk & Insurance Services division saw revenue surge +13% year-over-year to $3.9 billion stocktitan.net, boosted by firm insurance pricing earlier in the year and a rebound in client demand. Meanwhile, the Consulting segment generated $2.5 billion in revenue, up +9% insurancebusinessmag.com, as corporate clients continued to seek advice on healthcare, wealth, and strategic management amid economic shifts. On the profitability front, Marsh & McLennan’s adjusted operating income climbed +13% and adjusted EPS came in at $1.85, an 11% jump from a year ago stocktitan.net stocktitan.net. This beat analyst consensus of roughly $1.79 marketbeat.com. GAAP net income was $747 million stocktitan.net, roughly flat year-over-year, as the firm recorded some accounting charges – but on an adjusted basis, earnings growth was robust. Margins improved too: return on equity stands near 32% marketbeat.com, reflecting efficient use of capital.