Marsh (formerly Marsh & McLennan) is a professional services firm with two core businesses: insurance and reinsurance broking (~64% of revenue) and consulting (~36% of revenue). On the broking side, Marsh Risk is the world's largest insurance broker, helping corporations, governments, and individuals design insurance programs, place coverage with insurers, and manage risk. Marsh also serves mid-market clients through Marsh McLennan Agency (MMA), built into a roughly $5B revenue business through 135+ acquisitions, most recently including the $7.75B acquisition of McGriff. Guy Carpenter, Marsh's reinsurance unit, helps insurers buy reinsurance and arrange alternative risk transfer products like catastrophe bonds. Broking revenue is primarily commission-based—a percentage of premiums placed—making it modestly sensitive to insurance pricing cycles. On the consulting side, Mercer advises employers on health benefits, retirement plans, and workforce strategy, and manages ~$692B in AUM for institutional investors. Oliver Wyman provides strategy and management consulting, Lippincott handles brand strategy, and NERA provides economic consulting. Consulting revenue is fee-based, with Oliver Wyman more cyclical and project-driven, and Mercer's AUM-linked fees partially sensitive to capital markets. Marsh sells through direct client relationships across 130+ countries. The company's growth strategy combines organic investment in AI and data analytics with M&A-driven middle-market expansion, supported by a proprietary data asset covering over $1T of placed premium.