What moat does Marsh & McLennan Companies have?

The advantage is the relationship already open with the buyer of complex cover and the claims data used to negotiate with the insurer. The client can change broker. It is not a closed global scale. The moat narrows if the risk is placed direct, or if the premium cycle falls and the commission falls with it.

How do you read the Marsh & McLennan Companies radar?

Health is an intermediary's, not an insurer's: there are no claims reserves of its own. Quality separates the placement commission from the consulting fee. Growth follows the premium and the new account. P/E valuation is read against the insurance cycle, not against a year of high premiums. Shareholder return is the dividend, crossed with the cash. Do not average it with Aon as if the market were two firms.

Which multiples matter for Marsh & McLennan Companies?

The P/E of a year of expensive premiums is not normal earnings. There is no factory EV: the capital is not in policies. Do not use Mapfre's multiple, which does keep the claim. A dash means MMC is missing.

What does this Marsh & McLennan Companies analysis leave out?

Not advice on MMC. Vaultflake does not split brokerage and consulting or calculate a share. Read the filings. A past dividend is not a right. The table is cache, not a live quote.

Marsh & McLennan Companies (MMC) analysis

Marsh & McLennan Companies, Inc.

Sector:Financials · Insurance Brokerage

Country:United States

Profile and moat

Marsh & McLennan places insurance and advises. Marsh is the broker. Guy Carpenter places reinsurance. Mercer and Oliver Wyman consult. It does not underwrite the policy: the risk stays with the insurer. It is not Mapfre. It collects a commission for placing and a fee for the advice.

It is not the world's largest broker by decree. Aon does the same trade in large risk, and Gallagher in another band. The year follows the price of insurance: if the premium rises, the commission usually rises, and if the client keeps more risk, there is less to place.

The dividend comes from that commission. This report does not state a share or a mix across the four legs.

Sustainable Competitive Advantage

Marsh & McLennan Companies (MMC) analysis

Marsh & McLennan Companies, Inc.

Sector:Financials · Insurance Brokerage

Country:United States

Profile and moat

The dividend comes from that commission. This report does not state a share or a mix across the four legs.

Sustainable Competitive Advantage

Marsh & McLennan Companies (MMC) analysis

Profile and moat

Marsh & McLennan Companies (MMC) analysis

Profile and moat

Radar axes

Limits of this report

Questions from this report

What moat does Marsh & McLennan Companies have?

How do you read the Marsh & McLennan Companies radar?

Which multiples matter for Marsh & McLennan Companies?

What does this Marsh & McLennan Companies analysis leave out?

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