Despite struggles at its giant insurance brokerage unit, Marsh & McLennan Companies has turned a corner and is well on the road to recovery, according to its chief executive, who touted third-quarter financial returns that appear to have pleased analysts.
“We've rebounded,” declared Michael Cherkasky, president and CEO of the New York-based firm, during an analysts call.
Mr. Cherkasky pointed to a 155 percent jump in net income for the quarter and 107 percent gain for the first nine months of this year. He said new business and retention of accounts at the firm's flagship–insurance broker Marsh–improved 5 percent in the quarter and 9 percent so far this year.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
