Risk & insurance revenue tops $2 billion at Marsh
Marsh & McLennan’s third-quarter revenue topped $2.2 billion at its risk & insurance division, with strong growth at Guy Carpenter among the highlights.
Revenue at the division was up 18 percent, or 6 percent on an underlying basis.
Company-wide, consolidated revenue in the third quarter of 2019 was $4 billion, an increase of 13 percent compared with the third quarter of 2018. Underlying revenue grew 5 percent. Underlying revenue growth is calculated as if Marsh & McLennan and Jardine Lloyd Thompson were a combined company a year ago. New York-based Marsh completed the $5.6 billion deal to acquire the British insurance and reinsurance broker in April.
Guy Carpenter, which, among other activities, develops reinsurance strategies, generated revenue of $273 million, up 11 percent on an underlying basis.
Marsh shares were up 4.8 percent in early trading in New York.
Dan Glaser, president and chief executive of Marsh, said: "We are pleased with our third quarter results, which reflect excellent performance across the company. In the quarter, we produced 13 percent revenue growth, 5 percent underlying revenue growth and 10 percent adjusted operating income growth. “
He added: "Our year-to-date results position us well for a solid year."
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