MRSHMarsh

Marsh McLennan is an insurance broker and consultant: it carries no risk and earns a commission for placing it.

A broker stands between the corporate client and the insurer: selecting cover, negotiating terms, handling claims. Commission is proportional to the premium, so rising insurance prices raise the broker's income without raising its risk — a rare combination.

The other half is consulting: pension and workforce advice through Mercer, and strategy consulting through Oliver Wyman. That part depends on corporate budgets and is more cyclical than broking, while deepening relationships with the same clients.

The model's durability comes from insurance being mandatory for a business of any size, and from changing broker being a rare decision. Risks are a softening insurance market, where premiums and commissions fall, and competition for talent. The company has raised its dividend for many consecutive years.