The brokerage sector is restructuring amid slowing economic growth and a softening commercial insurance rate environment as organic revenue growth moderates from recent highs.
Many brokers are streamlining their operations, prompted by technological advances such as AI and automation.
A story about a restructuring program announced by Marsh McLennan was the second-most-read risk management-related story this year on Business Insurance’s website.
Marsh McLennan said it expects the program to result in approximately $400 million in annualized savings over the next three years. Not annual
The world’s largest broker will incur $500 million in charges related to the program, mainly due to severance, work transitions and efforts to simplify the organization.
Part of the $400 million in savings will be reinvested in talent and technology, including expanding artificial intelligence deployment, the brokerage said.
The program, called Thrive, was announced just days after Marsh McLennan said it would rebrand as Marsh across its business starting in January 2026.
The brokerage also launched a new unit, Business and Client Services, combining its technology, data and operations teams. Most of the savings will result from efficiencies created by BCS, Marsh said.
The company’s stock ticker symbol will change from MMC to MRSH in January. Its four businesses will change to the new Marsh brand starting in 2027, after a transition period.
No. 3 most-read risk management story.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.