General

Marsh & McLennan Companies, Inc. and its consolidated subsidiaries (the
"Company") is a global professional services firm offering clients advice and
solutions in risk, strategy and people. Its businesses include: Marsh, the
insurance broker, intermediary and risk advisor; Guy Carpenter, the risk and
reinsurance specialist; Mercer, the provider of HR and Investment related
financial advice and services; and Oliver Wyman, the management, economic and
brand consultancy. With 76,000 colleagues worldwide and annual revenue of $17
billion, the Company provides analysis, advice and transactional capabilities to
clients in more than 130 countries.
The Company operates through two segments:
•      Risk and Insurance Services includes risk management activities (risk
       advice, risk transfer and risk control and mitigation solutions) as well
       as insurance and reinsurance broking and services. The Company conducts
       business in this segment through Marsh and Guy Carpenter.


•      Consulting includes wealth, health and career consulting services and
       products, and specialized management, economic and brand consulting
       services. The Company conducts business in this segment through Mercer and
       Oliver Wyman.


A reconciliation of segment operating income to total operating income is
included in Note 18 to the consolidated financial statements included in Part I
Item 1 in this report. The accounting policies used for each segment are the
same as those used for the consolidated financial statements.
For information on the first quarter 2019 results and similar comparisons, see
"Item 7. Management's Discussion and Analysis of Financial Condition and Results
of Operations" of our Form 10-Q for the quarterly period ended March 31, 2019.
Business Update Related To COVID-19
In March 2020, the World Health Organization declared the Coronavirus (COVID-19)
a pandemic. The outbreak has become increasingly widespread around the world,
including virtually every geography in which the Company operates. The pandemic
has created uncertainty about the impact on the global economy. Governments have
implemented various restrictions around the world, including closure of
non-essential businesses, travel restrictions, shelter-in-place requirements and
other restrictions. The full extent to which the COVID-19 pandemic will directly
or indirectly impact our business, results of operations and financial condition
will depend on future developments that are uncertain and cannot be accurately
predicted, including new information that may emerge concerning COVID-19, the
actions taken to contain it or treat its impact and the economic impact on
local, regional, national and international markets.
The Company has taken a number of precautionary steps to safeguard its business
and colleagues from COVID-19, including, but not limited to, implementing travel
restrictions, arranging work from home capabilities and flexible work policies.
By the end of March, nearly all of the Company's colleagues were working fully
in a remote work environment, with virtually no disruption in our ability to
serve clients. The safety and well-being of our colleagues is our first
priority. We have established a $5 million support fund for colleagues in need,
as well as matching gifts for charitable contributions. The Company is
monitoring and assessing the impact of the COVID-19 pandemic on a daily basis to
ensure that we continue to adhere to guidelines and orders issued by federal,
state and local governments.
The Company has taken various actions to maintain liquidity in response to the
potential impacts of COVID-19, including establishment of a new committed credit
facility in April 2020, and actions to reduce expenses and capital expenditures.
The ultimate extent of the COVID-19 impact to the Company will depend on
numerous evolving factors and future developments that we are not able to
predict. Factors that could adversely affect our financial statements related to
the financial and operational impact of COVID-19 are outlined in "Item 1A - Risk
Factors" in the Company's Form 10-Q.
Acquisition of JLT
On April 1, 2019, the Company completed its previously announced acquisition
(the "Transaction") of all of the outstanding shares of Jardine Lloyd Thompson
Group plc ("JLT"), a public company organized under the laws of England and
Wales. Under the terms of the Transaction, JLT shareholders received £19.15 in
cash for each JLT share, which values JLT's existing issued and to be issued
share capital at approximately £4.3 billion (or approximately $5.6 billion based
on an exchange rate of U.S. $1.31:£1).

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JLT's results of operations for the period January 1, 2019 through March 31,
2019 are not included in the Company's results of operation for 2019.
By virtue of the acquisition of JLT, the Company assumed the legal liabilities
and became responsible for JLT's litigation and regulatory exposures as of April
1, 2019. Please see the "Risk Factors" section of our most recently filed Annual
Report on Form 10-K for risks associated with the acquisition.
The Company's results for the three month period ended March 31, 2020 was
impacted by JLT related acquisition, restructuring and integration costs as well
as legacy MMC restructuring programs as discussed in Note 15 to the consolidated
financial statements.
Acquisitions and dispositions impacting the Risk and Insurance Services and
Consulting segments are discussed in Note 8 to the consolidated financial
statements.
This Management's Discussion & Analysis ("MD&A") contains forward-looking
statements as that term is defined in the Private Securities Litigation Reform
Act of 1995. See "Information Concerning Forward-Looking Statements" at the
outset of this report.

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