The CEO of the largest insurance broker, Marsh & McLennan (“MMC”), said he sees the pending acquisition of rival Willis Towers Watson by Aon as an opportunity, when asked about competition for professional talent. “The big three becomes the big two” in the insurance broker market, said CEO of MMC, Daniel Glaser. He believes that they can benefit off the market landscape.
Aon and Willis are the second and third largest insurance brokers by revenue. If the deal is approved, the combined company, named Aon, will have more than $20.0 billion in revenue. MMC finished its acquisition of JLT and its 10,000 employees last April.
The past quarter’s financial report shows MMC’s profit increased as revenue dipped. The bottom line totaled $572 million, or $1.12 per share, compared with $332 million, or $0.65 per share, in last year’s second quarter. MMC’s consolidated revenue in the second quarter of 2020 was $4.2 billion, a decrease of 4% compared with the second quarter of 2019. Operating income was $885 million, an increase of 30% from the prior year.
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