MARSH & MCLENNAN COMPANIES, INC. (MRSH) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that MARSH & MCLENNAN COMPANIES, INC. surfaced in its latest filing.

• The war in Ukraine, conflict in the Middle East including Iran tensions, and developments in Latin America have caused worldwide geopolitical and macroeconomic uncertainty.
• New York State Department of Financial Services final cybersecurity amendments came into effect in November 2025, imposing obligations on Marsh.November 2025
• The CrowdStrike event in July 2024 shows the risk from poorly or improperly tested third-party software updates.July 2024
• Highly publicized data security breaches, such as the October 2025 Salesloft/Drift attack, may embolden malicious actors.October 2025
• Acquisitions of McGriff Insurance Services, LLC and Gerolamo Holding S.À.R.L. (Cardano).
• 102 acquisitions and investments from 2021 to 2025.
• Note 16 of the consolidated financial statements contains information regarding ongoing investigations and legal and regulatory proceedings.
• The Company's senior debt is rated A- by S&P, A3 by Moody's and A- by Fitch.
• The Company's short-term debt is rated A-2 by S&P, P-2 by Moody's, and F-2 by Fitch.
• Total consolidated debt outstanding of approximately $19.6 billion as of December 31, 2025.December 31, 2025
• Launched a three-year program, Thrive, in 2025 focused on brand strategy, client value, growth, and efficiency.2025
• Created Business Client Services (BCS) unit to accelerate innovation and centralize investments in operational excellence, data, AI, and analytics.
• Receivables for commissions and fees were approximately $7.0 billion at December 31, 2025, about one-quarter of total annual revenues.December 31, 2025
• Defined benefit pension obligations total approximately $11.7 billion and plan assets approximately $13.1 billion at December 31, 2025.December 31, 2025
• Approximately 51% of our total revenue reported in 2025 was from business outside of the U.S.2025
• The Risk and Insurance Services segment, conducted through Marsh Risk and Guy Carpenter, represented 64% of total revenue in 2025.2025
• Other compensation represented approximately 7% of Marsh Risk's revenue in 2025.2025
• The company is subject to trade sanctions laws relating to Afghanistan, Belarus, Cuba, Iran, North Korea, Russia, Syria, Ukraine (Russia-controlled territories), and Venezuela.
• The company is subject to anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act.
• Subject to the EU AI Act, the AI Transparency Act of California, and the AI Act of Colorado.
• Implementation of the OECD Pillar Two minimum tax regime and the side-by-side arrangement for U.S. companies may affect effective tax rate, tax payments and results of operations.
• Implementation of the OECD Pillar One profit reallocation regime or compensating digital services taxes may affect effective tax rate, tax payments and results of operations.
• Significant operations in New York and London with approximately 3,800 and 5,700 colleagues in those respective locations.
• Operations in India, Colombia, Eastern Europe and Southeast Asia subject to higher potential threat of terrorist attacks or geopolitical conflicts.
• Internal generative AI tool named LenAI designed for data security and risk mitigation.
• Supply chain attacks, as illustrated by the Shai Hulud NPM Worm.