Global insurance and reinsurance broking group Howden has announced the appointment of Ben Hanback as Executive Vice President (EVP), Howden US.Based in Nashville, Tennessee, Hanback will report to Mike Parrish, CEO of Howden US. In his new role, he will play a pivotal role in rapidly expanding Howden’s US Health & Benefits team and supporting the growth of Howden’s operations in Tennessee and the broader Mid-South region.Hanback will join the Howden US leadership team as the new US retail business continue ...

Marsh & McLennan Companies Inc (NYSE:MMC) reported better-than-expected earnings for the third quarter on Thursday.The company posted quarterly earnings of $1.85 per share which beat the analyst consensus estimate of $1.79 per share. The company reported quarterly sales of $6.351 billion which beat the analyst consensus estimate of $6.323 billion.John Doyle, President and CEO, said: “Our third quarter results were solid and tracked with expectations. Overall, we generated 11% revenue growth, or 4% on an und ...

Financial Data and Key Metrics Changes - Consolidated revenue increased by 11% to $6.4 billion, with underlying growth of 4% [12][15] - Adjusted operating income rose by 13% year-over-year, with adjusted EPS growing by 11% to $1.85 [5][13] - Adjusted operating margin increased by 30 basis points to 22.7% [15][24] Business Line Data and Key Metrics Changes - Risk and insurance services revenue was $3.9 billion, up 13% year-over-year, with underlying growth of 3% [15][16] - Consulting segment revenue increased by 9% to $2.5 billion, with underlying growth of 5% [17][19] - Marsh's revenue grew by 16% to $3.4 billion, with underlying growth of 4% [16][17] Market Data and Key Metrics Changes - Global commercial insurance rates decreased by 4% in Q3, with property rates down 8% year-over-year [10][11] - U.S. rates were down by 1%, while Canada saw a 3% decline [10] - Global casualty rates increased by 3%, with U.S. excess casualty up 16% [11] Company Strategy and Development Direction - The company will rebrand from Marsh & McLennan Companies to Marsh in January, aiming to enhance visibility and strengthen its value proposition [5][6] - The Thrive program aims to generate approximately $400 million in savings over three years, with a focus on automation and efficiency [6][21] - The company is investing in AI and technology to improve client service and operational efficiency [7][22] Management's Comments on Operating Environment and Future Outlook - Management anticipates mid-single-digit underlying revenue growth for 2025, despite economic uncertainties [13][25] - The company is confident in its ability to navigate different economic cycles and pricing pressures [30][44] - Management noted that the current economic environment is uneven, impacting client behavior and growth [62] Other Important Information - The company repurchased $400 million of its stock in the quarter [13][24] - Total debt at the end of the quarter was $19.6 billion, with a cash position of $2.5 billion [24] Q&A Session Summary Question: Impact of government shutdown on growth outlook - Management acknowledged potential pressures from the macro environment but remains confident in their growth strategy and execution [30] Question: Details on the new wholesale business - The company is not looking to build a third-party wholesale business but will develop internal capabilities where necessary [33] Question: Thrive program cost and savings ratio - Management highlighted a favorable cost-to-savings ratio and expressed confidence in achieving the projected savings [37][39] Question: Organic growth expectations in the U.S. - Management indicated that organic growth in the U.S. may remain stable despite economic uncertainties [42][44] Question: Performance of Oliver Wyman amid economic uncertainty - Management expressed satisfaction with Oliver Wyman's growth and noted strong demand for their services [47][50] Question: M&A environment in insurance brokerage - Management confirmed ongoing appetite for M&A and noted a potential widening of bid-ask spreads in the current market [77][79]

Financial Data and Key Metrics Changes - Consolidated revenue increased by 11% to $6.4 billion, with underlying growth of 4% despite headwinds from fiduciary interest income [11][14] - Adjusted operating income rose by 13% year-over-year, with an adjusted operating margin increase of 30 basis points to 22.7% [14][23] - Adjusted EPS grew by 11% to $1.85, while GAAP EPS was reported at $1.51 [14][23] Business Line Data and Key Metrics Changes - Risk and insurance services revenue was $3.9 billion, up 13% year-over-year, with underlying growth of 3% [14][15] - Marsh's revenue increased by 16% to $3.4 billion, with 4% underlying growth [15][16] - Consulting segment revenue was $2.5 billion, up 9% or 5% on an underlying basis [16][17] Market Data and Key Metrics Changes - Global commercial insurance rates decreased by 4% in Q3, with property rates down 8% year-over-year [9][10] - Global casualty rates increased by 3%, with U.S. excess casualty up 16% [10] - Dedicated reinsurance capital is projected to reach approximately $650 billion by year-end 2025 [10] Company Strategy and Development Direction - The company will change its brand to Marsh in January 2026, aiming to enhance visibility and strengthen its value proposition [4][5] - The Thrive program aims to generate approximately $400 million in savings over three years, with a focus on automation and efficiency [5][20] - The company is investing in AI and technology to improve client service and operational efficiency [6][21] Management's Comments on Operating Environment and Future Outlook - Management anticipates mid-single-digit underlying revenue growth for 2025, despite economic uncertainties and pricing pressures [12][24] - The company is confident in its ability to navigate different economic cycles and maintain growth [28][41] - Management noted that the current economic environment is uneven, impacting client behavior and growth rates [41][56] Other Important Information - The company repurchased $400 million of its stock in the quarter and plans to deploy approximately $4.5 billion of capital in 2025 across dividends, acquisitions, and share repurchases [12][23] - Interest expense increased to $237 million from $154 million year-over-year [22][23] Q&A Session Summary Question: Impact of government shutdown on growth outlook - Management acknowledged the potential for low to mid-single-digit growth due to macroeconomic pressures but expressed confidence in their positioning and execution [28] Question: Details on the new wholesale business - The company clarified that it is not looking to build a third-party wholesale business but will develop internal capabilities where necessary [30][32] Question: Thrive program cost and savings ratio - Management highlighted a favorable cost-to-savings ratio for the Thrive program and expressed confidence in achieving the projected savings [34][36] Question: Organic growth expectations in the U.S. - Management indicated that organic growth in the U.S. is expected to remain stable despite economic uncertainties [40][41] Question: Oliver Wyman's growth amid economic uncertainty - Management reported strong growth at Oliver Wyman and expressed optimism about the demand pipeline despite a complex operating environment [44][46] Question: International pricing sensitivity - Management noted that pricing dynamics vary by geography, with a competitive market impacting overall rates [59][60] Question: M&A environment and appetite for larger deals - Management confirmed ongoing interest in M&A, focusing on cultural fit and strategic alignment rather than just size [69][70]

This edition of International People Moves details appointments at the re/insurance brokers Miller and Aon in the UK.A summary of these new hires follows here. Miller Taps Menn From Intact/RSA as Head of FranceMiller, the London-based independent specialist re/insurance broker, announced the appointment of Rodolphe Menn as head of France, further strengthening the firm’s presence in the country.With over 25 years of industry experience, Menn brings strategic experience and proven leadership expertise to the ...

Core Insights - Marsh McLennan plans to rebrand as Marsh starting January 2026, aiming to unify its services under a single brand identity [1] - The rebranding will include marketing Marsh and Mercer under the Marsh brand, Guy Carpenter as Marsh Re, and Oliver Wyman as a business of Marsh [2] - A new division, Business and Client Services (BCS), will be established to enhance client services through AI and technology [3] Rebranding Strategy - The rebranding is intended to consolidate the company's expertise in reinsurance, risk, investment, and consulting services [1] - The stock ticker will change to 'MRSH' in January 2026 [2] - The Oliver Wyman Group will be renamed Marsh Management Consulting [2] Business and Client Services Division - BCS will be led by Paul Beswick, focusing on creating a cohesive data and technology environment [3] - The division aims to improve operational efficiency and client services through the use of AI [4] - The integration of AI is expected to unlock new opportunities for clients and enhance service quality [4][5] Innovation and Client Value - The company emphasizes the role of AI in simplifying operations and driving innovation [5] - A recent initiative, BrokerSafe, was introduced in collaboration with Oliver Wyman to provide auto liability coverage for freight brokers [5]

Core Insights - Willis Towers Watson (WTW) is a leading global advisory, broking, and solutions company with a market cap of $32.8 billion, operating through two segments: Health, Wealth & Career, and Risk & Broking [1] Financial Performance - WTW is expected to report fiscal Q3 2025 earnings on October 30, with analysts predicting an adjusted EPS of $3, reflecting a 2.4% increase from $2.93 in the same quarter last year [2] - For fiscal 2025, adjusted EPS is forecasted at $16.83, a slight decline from $16.93 in fiscal 2024, but projected to grow 13.2% year-over-year to $19.05 in fiscal 2026 [3] Stock Performance - WTW shares have increased by 16.4% over the past 52 weeks, outperforming the S&P 500 Index's 13.1% gain and the Financial Select Sector SPDR Fund's 13.2% return [4] - On July 31, shares rose 4.6% following stronger-than-expected Q2 2025 results, with adjusted EPS of $2.86 and revenue of $2.26 billion, driven by a 7% revenue increase in the Risk & Broking unit to $1.05 billion [5] Analyst Ratings - The consensus view on WTW stock is cautiously optimistic, with a "Moderate Buy" rating from analysts; 12 recommend "Strong Buy," 1 "Moderate Buy," 9 "Hold," and 1 "Strong Sell" [6] - The average analyst price target for WTW is $373.84, indicating a potential upside of 9.4% from current levels [6]

NEW YORK--(BUSINESS WIRE)--Marsh McLennan (NYSE: MMC) today announced that it will change its brand to Marsh effective January 2026, and it has created a new unit, Business and Client Services (BCS), to accelerate innovation and centralize investments in operational excellence, data, AI and analytics. "In an increasingly complex environment, clients are seeking advice, solutions and insights that draw on expertise from across our firm,†said John Doyle, President and CEO of Marsh McLennan. "The. ...

Core Insights - Marsh & McLennan Companies, Inc. (MMC) is expected to report third-quarter 2025 results on October 16, with earnings estimated at $1.80 per share and revenues at $6.3 billion [1] - The earnings estimate has slightly decreased by one cent over the past 60 days, indicating a year-over-year increase of 10.4%, while revenues are projected to grow by 11.1% year-over-year [2] Financial Performance - For the current year, the revenue estimate for MMC stands at $27 billion, reflecting a year-over-year rise of 10.4%, and the EPS consensus is $9.57, suggesting an 8.8% increase year-over-year [3] - MMC has consistently beaten earnings estimates in the last four quarters, with an average surprise of 2.9% [3] Earnings Prediction - The current model does not predict an earnings beat for MMC, as it has an Earnings ESP of -0.74% and a Zacks Rank of 4 (Sell) [4] - The combination of a positive Earnings ESP and a higher Zacks Rank typically increases the likelihood of an earnings beat, which is not applicable in this case [4] Revenue Growth Drivers - Revenue growth in Q3 is anticipated to be driven by strong performances in the Risk and Insurance services and Consulting segments, with significant contributions from Marsh and Guy Carpenter subdivisions [5] - The Risk and Insurance Services segment is expected to see a revenue increase of 14.9% year-over-year, while Marsh's revenues are projected to grow by 17.8% from $2.9 billion a year ago [6] Segment Performance - The Consulting segment's revenues are estimated to grow by 4.9% year-over-year, with adjusted operating income expected to reach $498.2 million, indicating a 4.2% increase from the previous year [8] - Organic revenue growth for the Risk and Insurance Services unit is projected at 5%, while Guy Carpenter's revenues are expected to grow by 5.2% [7] Expense Considerations - Increased operating expenses are anticipated, with a projected rise of 9.5% due to higher compensation, benefits, and other operating costs, alongside a significant increase in interest expenses by 55.9% year-over-year [9]

Company Performance - Dreamland Limited Class A Ordinary Shares (NASDAQ:TDIC) experienced a significant drop of 80.33% to $1.2, with a trading volume surge to over 8.3 million shares, indicating a strong market reaction to recent developments [1] - Bollinger Innovations, Inc. (BINI) saw its price decrease by 49.14% to $0.71 amidst a substantial sell-off, with volume exceeding 23 million shares, reflecting a critical reassessment by investors [2] - A SPAC III Acquisition Corp. (ASPCR) faced a 46.29% decline in its price to $0.11, with low trading volume at 112, highlighting niche interest in SPAC investments [3] - Carisma Therapeutics, Inc. (CARM) experienced a 43.92% decrease in its price to $0.15, with volume reaching over 12.6 million, reflecting market concerns regarding its pipeline's progress despite a collaboration with Moderna Inc. [4] - Tian Ruixiang Holdings Ltd (TIRX) saw its price fall by 42.75% to $1.34, with a decrease from a year high of $13.25, indicating challenges within the insurance brokerage sector [5] Market Dynamics - The stock market has shown notable declines across various companies, emphasizing the dynamic nature of valuations and the rapid changes faced by firms in different industries [6]