Published
# Marsh (MRSH) - Current Events, through the third quarter of 2026 ## Filings that contain financial statements Marsh is a domestic filer. Earnings press releases furnished under Item 2.02 carry condensed income statements, balance sheet and cash flow tables for the period shown. - Form 8-K filed 2026-10-15, accession 0000062709-26-000256, Exhibit 99.1: third quarter and nine months ended September 30, 2026 (income statement; balance sheet and cash flow statement; segment revenue and non-GAAP reconciliations). - Form 8-K filed 2026-07-21, accession 0000062709-26-000193, Exhibit 99.1: second quarter and six months ended June 30, 2026. - Form 8-K filed 2026-04-16, accession 0000062709-26-000096, Exhibit 99.1: first quarter ended March 31, 2026. - Form 8-K filed 2026-01-29, accession 0000062709-26-000014, Exhibit 99.1: fourth quarter and full year ended December 31, 2025. The full quarterly statements for the period ended September 30, 2026 are in the Form 10-Q, accession 0000062709-26-000258; the full-year 2025 statements are in the Form 10-K, accession 0000062709-26-000022. ## Earnings releases - **2026-10-15, third quarter 2026 (0000062709-26-000256).** Revenue of $6.9 billion, up 8% (5% underlying). Operating income up 4% to $1.2 billion; adjusted operating income up 6% to $1.5 billion. Net income attributable to the company of $808 million; diluted EPS of $1.69; adjusted EPS up 10% to $2.03. Nine months: revenue $21.9 billion (up 7%, 5% underlying), diluted EPS $6.68 against $6.75 a year earlier, adjusted EPS up 9% to $8.29. Third quarter operating income includes a $144 million Greensill charge (nine months: $569 million). The release gives no numerical outlook. - **2026-07-21, second quarter 2026 (0000062709-26-000193).** Revenue of $7.4 billion, up 6% (5% underlying); diluted EPS $2.63; adjusted EPS up 9% to $2.96. Six-month diluted EPS $4.99, adjusted EPS $6.25. - **2026-04-16, first quarter 2026 (0000062709-26-000096).** Revenue of $7.6 billion, up 8% (4% underlying). Operating income fell 12% to $1.8 billion and included a $425 million charge related to the Greensill litigation. Diluted EPS $2.36; adjusted EPS up 8% to $3.29. - **2026-01-29, fourth quarter and full year 2025 (0000062709-26-000014).** Full-year revenue of $27.0 billion, up 10% (4% underlying); diluted EPS $8.43 against $8.18 in 2024; adjusted EPS up 9% to $9.75. Fourth quarter diluted EPS $1.68, adjusted EPS $2.12. Management said it had completed the integration of McGriff and announced the Thrive program. ## Legal: Greensill The first quarter 2026 release (0000062709-26-000096) reported a $425 million Greensill litigation charge. The Form 10-Q for the period ended September 30, 2026 (0000062709-26-000258) states that in June 2026 Marsh Ltd., Marsh Pty Ltd. and other parties settled with Greensill Bank AG (in insolvency) and its insolvency administrator, and that in September 2026 Marsh Ltd. and other parties reached a settlement with two Credit Suisse funds. It records charges, net of insurance proceeds, of $144 million for the third quarter and $569 million for the nine months, and says the settlements with White Oak, Greensill Bank and Credit Suisse conclude the company's involvement in the Australian proceedings, with no further charges expected in connection with them. The 10-Q describes the omnibus claims in those proceedings as totaling approximately $5 billion plus interest and costs. No Form 8-K reports the settlement itself. ## Acquisitions (closed) No Form 8-K in this period reports an acquisition. The Form 10-Q for the period ended September 30, 2026 (0000062709-26-000258), Note 8, reports that the company completed eight acquisitions in the nine months, all closed: - Risk and Insurance Services (six): Robinson & Son (January), Seitz Insurance Agency (April), TriBridge Partners (June), the remaining 60% of Deasterra Partners, S.L. (July), Theodore P. Botten III Insurance Agency (August), and ENEOS Insurance Service Co., Ltd. with the insurance business of ENEOS Material Trading Co., Ltd. (September). - Consulting (two): Profil M Beratung fur Human Resources Management (January) and CR3 Partners (June). Total purchase consideration was $550 million, of which cash paid was $318 million. ## Capital actions - **Share repurchases.** About 4.2 million shares for $750 million in the first quarter, 4.5 million for $750 million in the second, and 2.7 million for $500 million in the third; 11.4 million shares for $2.0 billion through nine months (0000062709-26-000096, -000193, -000256). The company repurchased 10.1 million shares for $2.0 billion in 2025 (0000062709-26-000014). - **Dividend.** On July 8, 2026 the board raised the quarterly dividend 10% to $0.990 per share, with the third quarter dividend payable August 14, 2026 (0000062709-26-000193). - **Debt issuance.** On February 11, 2026 the company agreed to sell $600 million of 4.950% Senior Notes due 2036; the notes were issued February 19, 2026 under the 2011 indenture as supplemented by a Twenty-First Supplemental Indenture (Form 8-K filed 2026-02-19, 0001193125-26-059544). The first quarter release states the company issued $600 million of senior notes and repaid $600 million of senior notes that matured (0000062709-26-000096). - **Debt repayment.** In the third quarter the company repaid 550 million euros of euro-denominated senior notes that matured in September (0000062709-26-000256). - **Commercial paper.** In June 2026 the company increased its commercial paper program to $4.25 billion from $3.5 billion; $1.6 billion was outstanding at September 30, 2026 at an average effective rate of 4.13%, against none at December 31, 2025 (10-Q 0000062709-26-000258, Note 14). - **Credit facility.** On June 2, 2026 the company entered into an Amended and Restated 5 Year Credit Agreement providing a $4.25 billion multi-currency unsecured revolving facility, expiring June 2031, priced at Term SOFR plus a margin that varies with credit ratings, with quarterly-tested coverage and leverage ratios. It terminated its prior $3.5 billion five-year facility dated October 11, 2023 (Form 8-K filed 2026-06-04, 0000062709-26-000167). ## Management and board - **2026-04-14:** Mark McGivney, Chief Financial Officer since 2016, was appointed Executive Vice President, Chief Operating Officer and Chief Financial Officer effective April 15, 2026; the release says he will lead the company's inorganic strategies. Terms: base salary $1,250,000, target annual bonus $3,450,000, target long-term incentive $6,300,000, and a $10 million stock unit grant on May 1, 2026 vesting in three equal annual installments from May 15, 2027 (0000950103-26-005674). - **2026-03-10:** Nick Studer, CEO of Oliver Wyman and Marsh Management Consulting since 2021, succeeds Martin South as President and CEO of Marsh Risk effective April 1, 2026; South becomes Senior Vice President and Chief Client Officer. The release said a new head of Marsh Management Consulting would be announced by April 1 (0000062709-26-000071). - **2026-02-25:** Peter Harrison, age 59, was appointed an independent director, effective immediately (0000062709-26-000035). - **2025-07-09:** Bruce Broussard was appointed an independent director and member of the Audit Committee (0000062709-25-000057). - **2026-05-21 annual meeting (filed 2026-05-22):** thirteen directors elected, say-on-pay approved, Deloitte & Touche LLP ratified for 2026 (0000062709-26-000128). ## Corporate changes - **2026-01-14:** The board approved amended and restated bylaws, effective immediately, updating advance-notice requirements for director nominations and conforming to Delaware law changes (0000062709-26-000008). - **Rebrand.** Effective January 14, 2026 the company changed its brand name from Marsh McLennan to Marsh (the registrant remains Marsh & McLennan Companies, Inc.) and its NYSE ticker to MRSH (fourth-quarter 2025 release 0000062709-26-000014); business brand names became Marsh Risk and Marsh Management Consulting, with Guy Carpenter now Reinsurance and Mercer now People and Investments. The reporting segments, Risk and Insurance Services and Consulting, are unchanged (10-Q 0000062709-26-000258, Note 1). Results are reported under Reinsurance and People and Investments beginning with the third quarter 2026 release (0000062709-26-000256); the second quarter 2026 release (0000062709-26-000193) still used Guy Carpenter and Mercer. - **Thrive.** A three-year program launched in the third quarter of 2025 (10-K 0000062709-26-000022) focused on brand strategy, client value, growth and efficiency; restructuring costs in 2026 releases relate primarily to it. In the third quarter of 2026 the company raised the program's expected cost to approximately $750 million from $500 million and expected annualized savings to approximately $600 million from $400 million, with $310 million of program costs incurred through September 30, 2026 (10-Q 0000062709-26-000258, Note 15 and MD&A). ## Other Annual meeting results for May 15, 2025 were reported on Form 8-K filed 2025-05-19 (0000950103-25-006177); the 2025 Amended and Restated 2020 Incentive and Stock Award Plan was approved at that meeting.