Business Description

Marsh is a global leader in risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries. With an annual revenue of $27 billion and more than 95,000 colleagues, Marsh helps build the confidence to thrive through the power of perspective. The Company conducts business through two segments: • Risk and Insurance Services : risk management activities and insurance/reinsurance broking and services conducted through Marsh Risk and Guy Carpenter. • Consulting : health, wealth and career advice, solutions and products, and specialized management, strategic, economic and brand consulting services conducted through Mercer and Marsh Management Consulting. We provide further details about our current segments below. Financial information about our segments is provided in our consolidated financial statements, which are included under Part II, Item 8 of this report. OUR BUSINESSES RISK AND INSURANCE SERVICES This segment accounted for approximately 64% of the Company's total revenue in 2025 and employed around 55,700 co lleagues globally. It includes Marsh Risk and Guy Carpenter. MARSH RISK Marsh Risk is the world's leading insurance broker and risk advisor, offering risk management, insurance broking, insurance program management, risk consulting, analytical modeling and alternative risk financing services to a wide range of businesses, government entities, professional service organizations and individuals in 130 countries. It employs approxima tely 52,000 colleagues and generated approximately 54% of the Company's total revenue in 2025 . Insurance Broking and Risk Advisory Marsh Risk offers risk analysis, insurance program design, claims support and alternative risk strategies. • Risk Management supports clients’ worldwide risk issues, and Specialty supports clients who require advice in highly specialized industry and product areas. • Corporate serves middle-market clients globally and is also serviced through Marsh McLennan Agency (MMA). ◦ Marsh McLennan Agency (MMA) provides business insurance, employee health and benefits, retirement and wealth management and private client insurance solutions to individuals and mid-market organizations. MMA advises on insurance program structure and market dynamics, along with industry expertise and transactional capability. Since its first acquisition in 2009, MMA has acquired more than 135 agencies. MMA also offers wealth and retirement products and services to clients. • Commercial & Consumer serves clients with less complex risks. This segment includes: ◦ Victor Insurance Managers (Victor ) serves as underwriting managers of professional liability, catastrophe and other specialty insurance programs worldwide. 1 ◦ Affinity focuses on insurance programs sold to insureds or vendors through a corporate sponsor using an affinity distribution model. ◦ High net-worth individuals and family offices are served by MMA in the US and other Marsh personal lines businesses globally. Additional Services: Marsh Risk also offers specialist advisory services through risk consulting , captive solutions and international placement . Outside the U.S., Mercer and Marsh Risk go to market together to provide health benefits brokerage and consulting services. Within the U.S. and Canada, Marsh Risk advises on health benefits brokerage and consulting services through MMA. Marsh Risk's Insurer Consulting Group (ICG) provides various services to insurance carriers. GUY CARPENTER Guy Carpenter, the Company’s reinsurance intermediary and advisor, provides specialized reinsurance broking, strategic advisory and actuarial services, and analytics solutions. It employs approxi mately 3,700 colleagues and generated approximately 10% of the Company's total revenue in 2025. Reinsurance and Risk Management Services Guy Carpenter creates and executes reinsurance and risk management solutions globally through risk assessment analytics, actuarial services and trading relationships with reinsurance markets. As a broker, Guy Carpenter handles treaty and facultative reinsurance across various sectors and provides alternatives to traditional reinsurance, such as industry loss warranties and capital markets solutions. GC Securities provides structuring and placement services in respect of insurance-linked securities, such as catastrophe bonds and sidecar vehicles, along with surplus notes.…