Skip to content
Carrier Management's 100 Greatest Hits (2013-2022)

Carrier Management

Critical Information for P/C Carrier Executives

Highlights

  • Weather the Talent Gap
  • Writing, Underwriting and Generative AI (Magazine Intro)
  • Broken Cyber Promises
  • Carrier Management
  • C-Suite
  • News
  • Research
  • Leadership
  • Markets
  • Regulation
  • Top 50
  • Members Only
  • Join
  • Login
  • Boardroom Agenda
  • CEO / Chief Executive
  • CFO / Financial
  • Underwriting
  • CTO / Technology
  • Risk
  • Brand Management & Sales
  • Investment Officers
  • Claims / Legal
  • Talent Management
UBS Buying Credit Suisse; Assuming More Than $5B in Losses
InsurTech Profile: Data Fuels Counterpart’s Small Biz Focus
  • U.S.
  • International
  • Industry News
  • Government
  • Technology & Science
Louisiana Supreme Court Reverses; No Coverage Owed for COVID Shutdown
FTC Asks Social Media, Video Streaming Firms Info on Misleading Ads

See all News

  • Executive Spotlight
  • Innovation
  • Strategy
  • Leadership
  • Performance
  • Growth Initiatives
  • Social Responsibility
To the Moon and Back: Space Tourism and Insurance
How Monitaur’s CEO Built a Culture of Problem-Solving, Innovation During a Pandemic
  • Reinsurance
  • Emerging Markets
  • Global Economy
  • Personal Lines
  • Commercial Lines
  • Specialty
WCRI: Consolidation of Health Care Driving Up Prices in Work Comp
DeSantis Turns Heads With Comment That Citizens Insurance ‘Not Solvent’; Board Approves Cat Bond
  • Insurance Regulation
  • Securities Regulation
  • Accounting & Tax
  • Rating Agencies
Root Discloses SVB Exposure; Lemonade Unaffected
U.S. Chamber of Commerce Calls for Regulation of AI
State Farm P/C Businesses Report $13B Underwriting Loss
Berkshire Hathaway Reports First Underwriting Loss Since 2017, Drop in GEICO Staffing
SVB Collapse Explained: What Caused Silicon Valley Bank’s Failure?
Telematics Master Class: How Progressive Offers Competitive Prices

See all Top 50

How to Win Reinsurance Negotiations in a ‘Show Don’t Tell’ Hard Market
Fact vs. Fiction: ChatGPT, Large Language Models and the Power of AI
Which Came First, the Cyber Chicken or the Cyber Egg?
Setting Up a Safety Nest: When Cheap Insurance Still Excludes Millions

See all Members Only Content

Benefits

  • News for the P/C Insurance C-Suite - Focused reporting from reliable sources and experienced financial journalists.
  • Research and Analysis Not Found Elsewhere - Exclusive content from researchers think tanks, industry experts and respected analysts.
  • High-Profile Peers - Interviews with thought leaders in the global and U.S. insurance industry.

Online Access

Complete, unrestricted access to the popular CarrierManagement.com website, which provides insurance company C-suite executives with daily news, white papers, advice, instruction and editorial on how to manage insurance companies more efficiently and more effectively.

Print Edition

4 quarterly issues of Carrier Management magazine every year.

ESG, Invasion of Ukraine Focus of Marsh McLennan Earnings Call

Print Email
April 22, 2022 by Chad Hemenway

Much attention was paid to ESG (environmental, social and governance) issues and the Russian invasion of Ukraine as Marsh McLennan reported the highest first-quarter underlying growth in more than 20 years.

First-quarter net income attributable to the company was up to about $1.1 billion compared with $983 million after the first three months of 2021, but CEO Dan Glaser’s prepared remarks during a call with analysts on April 21 turned to ESG initiatives.

“Advancing good in the world is important to us,” he said. “We believe in order to deliver long-term value for shareholders, we also have to be a good employer, a good global citizen and bring our best to our clients.”

Internally, Marsh McLennan recently announced a net-zero goal by 2050, and in 2021 Marsh became certified as a Carbon Neutral company, established its Inclusion and Diversity Center of Excellence and appointed its eighth director meeting the company’s diversity criteria to the board.

To help clients, Glaser said Marsh launched a new D&O initiative for U.S. based clients with superior ESG frameworks. Marsh McLennan’s reinsurance broker Guy Carpenter arranged FloodSmart Re cat bonds for FEMA to help pay claims from the National Flood Insurance Program. The company’s consulting arms are assisting clients in understanding pay equity and diversity challenges and developing low-carbon business models.

“ESG continues to be an area where we see significant growth potential and an opportunity to benefit our clients, colleagues and communities,” Glaser said.

Russian-Ukraine Impact

On the invasion of Russia, Marsh on March 10 said it was exiting all its businesses in the country. It did not come without a cost. CFO Mark McGivney said Marsh recorded a mostly non-cash charge of $52 million related to the move, as the broker transferred ownership of business to “local management who will operate independently in the Russian market.”

“In terms of ongoing impact, revenues and operating income from Russia are not significant,” McGivney told analysts.

John Doyle, chief operating officer, said Marsh McLennan “took a number of steps” to help colleagues, including evacuation support and “creating assistance programs in Poland and Ukraine.”

From a business perspective, Doyle said the company is advising clients on several issues such as economic effects, managing exposure, supply-chain issues, complexities of sanctions and claims aggregation.

Asked by analysts to explain potential implications of the Ukraine invasion, Glaser said they are unknown since the conflict isn’t over.

“We don’t know what those [implications] are,” Glaser said. “What’s the impact on energy prices? What’s the impact on GDP globally, in Europe? There’s a lot of factors. In terms of headwinds that it could conceivably create, I think it’s going to play out for quite a while.”

Print Email
Industry NewsPerformanceSocial Responsibility

Was this article valuable?

Thank you! Please tell us what we can do to improve this article.

Thank you! % of people found this article valuable. Please tell us what you liked about it.

Here are more articles you may enjoy.

AM Best Downgrades SCOR Ratings
The Waves of Innovation in InsurTech: Reflections From a First Wave Startup Co-Founder
You’ve Been Laid Off. Now What? Navigating InsurTech’s Workforce Transformation
Swiss Re Closes $700M Alternative Capital Deal, Enabling Growth in Favorable Market

Our Contributors

Tal SharonWomen in Insurance: Breaking Barriers, Creating Equal Opportunities
Justin MilamLoss Reserving and Pricing in a Time of Inflation
William RossHow to Win Reinsurance Negotiations in a ‘Show Don’t Tell’ Hard Market
Timothy PrattLoss Reserving and Pricing in a Time of Inflation
John CottongimFact vs. Fiction: ChatGPT, Large Language Models and the Power of AI
Inaki BerenguerThe Waves of Innovation in InsurTech: Reflections From a First Wave Startup Co-Founder
See All Our Contributors

Free Newsletter

NewsletterSign up to receive daily news!

Our Contributors

William RossHow to Win Reinsurance Negotiations in a ‘Show Don’t Tell’ Hard MarketJohn CottongimFact vs. Fiction: ChatGPT, Large Language Models and the Power of AIInaki BerenguerThe Waves of Innovation in InsurTech: Reflections From a First Wave Startup Co-FounderTal SharonWomen in Insurance: Breaking Barriers, Creating Equal OpportunitiesSee All Our Contributors

News

  • Louisiana Supreme Court Reverses; No Coverage Owed for COVID Shutdown
  • FTC Asks Social Media, Video Streaming Firms Info on Misleading Ads
  • ‘Climate Time Bomb Ticking’, Warns UN Chief, Urging Faster Cuts to Emissions
  • WCRI: Consolidation of Health Care Driving Up Prices in Work Comp
  • DeSantis Turns Heads With Comment That Citizens Insurance ‘Not Solvent’; Board Approves Cat Bond
  • Scratched EV Battery? Your Insurer May Be Forced to Junk the Whole Car
  • C-Suite
  • News
  • Leadership
  • Markets
  • Regulation
  • Top 50
  • Members Only
  • Videos

Headlines

  • Weather the Talent Gap
  • Writing, Underwriting and Generative AI (Magazine Intro)
  • Broken Cyber Promises

Resources

  • Videos / Podcasts
  • Contributors

Popular Topics

  • Boardroom Agenda
  • Technology
  • Financial
  • News

Brand Spotlight

  • CoreLogic
  • Majesco
  • Origami Risk
  • Verisk
  • Vertafore

Connect with us

  • Email Newsletters
  • Twitter
  • Facebook
  • LinkedIn Group
  • Do Not Sell My Info

Carrier Management

  • Submit Content
  • Advertise
  • Subscribe
  • Contact Us

Wells Media Group Network

  • Carrier Management iconCarrier Management
  • Insurance Journal iconInsurance Journal
  • Claims Journal iconClaims Journal
  • IJ Academy iconInsurance Journal Academy
  • Insurance Journal TV iconInsurance Journal TV
  • MyNewMarkets.com iconMyNewMarkets.com
© 2023 by Wells Media Group, Inc. Privacy Policy | Terms & Conditions | Site Map

We have updated our privacy policy to be more clear and meet the new requirements of the GDPR. By continuing to use our site, you accept our revised Privacy Policy.