Marsh & McLennan Companies, Inc. (NYSE:MMC) Q3 2024 Earnings Conference Call October 17, 2024 8:00 AM ET

For the period ending September 30, 2024

October 17, 2024 8:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Welcome to Marsh McLennan's Earnings Conference Call. Today's call is being recorded. Third quarter 2024 financial results and supplemental information were issued earlier this morning. They are available on the company's website at marshmclennan.com.

Please note that remarks made today may include forward-looking statements. Forward-looking statements are subject to risks and uncertainties and a variety of factors may cause actual results to differ materially from those contemplated by such statements. For a more detailed discussion of those factors, please refer to our earnings release for this quarter and to our most recent SEC filings, including our most recent Form 10-K, all of which are available on the Marsh McLennan website.

During the call today, we may also discuss certain non-GAAP financial measures. For a reconciliation of these measures to the most recently comparable GAAP measures, please refer to the schedule in today's earnings release. [Operator Instructions]

I'll now turn the call over to John Doyle, President and CEO of Marsh McLennan.

John Doyle

Good morning, and thank you for joining us to discuss our third quarter results reported earlier today. I'm John Doyle, President and CEO of Marsh McLennan.

On the call with me is Mark McGivney, our CFO; and the CEOs of our businesses, Martin South of Marsh; Dean Klisura of Guy Carpenter; Pat Tomlinson of Mercer; and Nick Studer of Oliver Wyman. Also with us this morning for her last quarter as Head of Investor Relations is Sarah DeWitt. We’d like to congratulate Sarah on her new role as Chief Financial Officer of Marsh.

Before I get into our results, I’d like to take a moment to comment on Hurricane Helene and Milton, which have devasted communities in Florida and the Southeast United States. These events are first and foremost the human tragedy and our thoughts are with all of those impacted by the storms. Our primary concern has been the wellbeing of our colleagues and their families as well as our clients and we’re actively working to assist in their recovery.

While the ultimate insured loss won’t be known for sometime the impact of these storms will be significant and given their wide paths of destruction and close timing they will put enormous pressure on resources available for recovery. Both hurricanes also highlight the meaningful disparity between economic loss and insured loss. According to some estimates, Helene may have the largest multiple of economic to insured loss of any U.S. storm. This protection gap imposes a meaningful burden on the economy, makes near-term recovery more challenging and undercuts resilience.