News
Marsh & McLennan Companies Reports Fourth Quarter and Full-Year 2015 Results
February 4, 2016 at 7:00 AM EST
Media Contact
Email:media@mmc.com
Strong Underlying Revenue Growth Across All Operating Companies
Operating Margins Expand in Both Segments
GAAP EPS Increases to
Adjusted EPS Increases 8% - to
"We believe we are well positioned to deliver underlying revenue growth, margin expansion and strong EPS growth in 2016," concluded Mr. Glaser.
Consolidated Results
Consolidated revenue in the fourth quarter of 2015 was
For the year 2015, consolidated revenue was
Risk and Insurance Services
Risk and Insurance Services revenue was
Marsh's revenue in the fourth quarter of 2015 was
Consulting
Consulting revenue of
Mercer's revenue was
Other Items
In the fourth quarter of 2015, the Company repurchased 1.4 million shares of its common stock for
Conference Call
A conference call to discuss fourth quarter and full-year 2015 results will be held today at
About
INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future events or results, use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "intend," "plan," "project" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would." Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied in our forward-looking statements.
Factors that could materially affect our future results include, among other things: our ability to maintain adequate safeguards to protect the security of confidential, personal or proprietary information; our ability to compete effectively and adapt to changes in the competitive environment, including to technological and other types of innovation; the impact of economic, political and market conditions on us and our clients; our ability to successfully recover should we experience a business continuity problem due to cyberattack, natural disaster or otherwise; our exposure to potential civil remedies or criminal penalties if we fail to comply with U.S. and non-U.S. laws and regulations applicable in the jurisdictions in which we operate; the financial and operational impact of complying with laws and regulations in the jurisdictions in which we operate; our exposure to potential losses and liabilities, including reputational impact, arising from errors and omissions, breach of fiduciary duty and similar claims against us; the impact of fluctuations in exchange and interest rates on our results; the impact of our corporate tax rate relative to our competitors; the effect of our global pension obligations on our financial position, earnings and cash flows; our ability to make acquisitions and dispositions and successfully integrate the businesses we acquire; our ability to incentivize and retain key employees; and the impact of changes in accounting rules or in our accounting estimates or assumptions.
The factors identified above are not exhaustive.
Further information concerning
Marsh & McLennan Companies, Inc. Consolidated Statements of Income (In millions, except per share figures) (Unaudited) | ||||||||||||||||
Three Months Ended December 31, |
Twelve Months Ended December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenue | $ | 3,338 | $ | 3,246 | $ | 12,893 | $ | 12,951 | ||||||||
Expense: | ||||||||||||||||
Compensation and Benefits | 1,900 | 1,896 | 7,334 | 7,515 | ||||||||||||
Other Operating Expenses | 844 | 814 | 3,140 | 3,135 | ||||||||||||
Operating Expenses | 2,744 | 2,710 | 10,474 | 10,650 | ||||||||||||
Operating Income | 594 | 536 | 2,419 | 2,301 | ||||||||||||
Interest Income | 4 | 5 | 13 | 21 | ||||||||||||
Interest Expense | (46 | ) | (36 | ) | (163 | ) | (165 | ) | ||||||||
Cost of Extinguishment of Debt | - | (137 | ) | - | (137 | ) | ||||||||||
Investment (Loss) Income | (1 | ) | - | 38 | 37 | |||||||||||
Income Before Income Taxes | 551 | 368 | 2,307 | 2,057 | ||||||||||||
Income Tax Expense | 171 | 99 | 671 | 586 | ||||||||||||
Income from Continuing Operations | 380 | 269 | 1,636 | 1,471 | ||||||||||||
Discontinued Operations, Net of Tax | 1 | 30 | - | 26 | ||||||||||||
Net Income Before Non-Controlling Interests | 381 | 299 | 1,636 | 1,497 | ||||||||||||
Less: Net Income Attributable to Non-Controlling Interests | 6 | 5 | 37 | 32 | ||||||||||||
Net Income Attributable to the Company | $ | 375 | $ | 294 | $ | 1,599 | $ | 1,465 | ||||||||
Basic Net Income Per Share | ||||||||||||||||
- Continuing Operations | $ | 0.72 | $ | 0.49 | $ | 3.01 | $ | 2.64 | ||||||||
- Net Income Attributable to the Company | $ | 0.72 | $ | 0.54 | $ | 3.01 | $ | 2.69 | ||||||||
Diluted Net Income Per Share | ||||||||||||||||
- Continuing Operations | $ | 0.71 | $ | 0.48 | $ | 2.98 | $ | 2.61 | ||||||||
- Net Income Attributable to the Company | $ | 0.71 | $ | 0.54 | $ | 2.98 | $ | 2.65 | ||||||||
Average Number of Shares Outstanding | ||||||||||||||||
- Basic | 522 | 541 | 531 | 545 | ||||||||||||
- Diluted | 527 | 548 | 536 | 553 | ||||||||||||
Shares Outstanding at 12/31 | 522 | 540 | 522 | 540 | ||||||||||||
Marsh & McLennan Companies, Inc. Supplemental Information - Revenue Analysis Three Months Ended December 31, 2015 (Millions) (Unaudited) | |||||||||||||||||||||
Components of Revenue Change* | |||||||||||||||||||||
Three Months Ended December 31, |
% Change |
Currency |
Acquisitions/ |
Underlying | |||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Risk and Insurance Services | |||||||||||||||||||||
Marsh | $ | 1,510 | $ | 1,473 | 3% | (6)% | 4% | 4% | |||||||||||||
Guy Carpenter | 217 | 212 | 2% | (3)% | 1% | 5% | |||||||||||||||
Subtotal | 1,727 | 1,685 | 3% | (5)% | 4% | 4% | |||||||||||||||
Fiduciary Interest Income | 5 | 6 | |||||||||||||||||||
Total Risk and Insurance Services | 1,732 | 1,691 | 2% | (5)% | 4% | 4% | |||||||||||||||
Consulting | |||||||||||||||||||||
Mercer | 1,140 | 1,106 | 3% | (6)% | 4% | 5% | |||||||||||||||
Oliver Wyman Group | 476 | 460 | 4% | (4)% | 1% | 7% | |||||||||||||||
Total Consulting | 1,616 | 1,566 | 3% | (6)% | 3% | 5% | |||||||||||||||
Corporate / Eliminations | (10 | ) | (11 | ) | |||||||||||||||||
Total Revenue | $ | 3,338 | $ | 3,246 | 3% | (6)% | 4% | 5% | |||||||||||||
Revenue Details
The following table provides more detailed revenue information for certain of the components presented above:
Components of Revenue Change* | |||||||||||||||||
Three Months Ended December 31, |
% Change |
Currency |
Acquisitions/ |
Underlying | |||||||||||||
2015 | 2014 | ||||||||||||||||
Marsh: | |||||||||||||||||
EMEA | $ | 468 | $ | 471 | (1)% | (7)% | 3% | 3% | |||||||||
Asia Pacific | 156 | 163 | (5)% | (9)% | 1% | 4% | |||||||||||
Latin America | 118 | 128 | (7)% | (20)% | - | 13% | |||||||||||
Total International | 742 | 762 | (3)% | (10)% | 2% | 5% | |||||||||||
U.S. / Canada | 768 | 711 | 8% | (2)% | 6% | 3% | |||||||||||
Total Marsh | $ | 1,510 | $ | 1,473 | 3% | (6)% | 4% | 4% | |||||||||
Mercer: | |||||||||||||||||
Health | $ | 389 | $ | 380 | 2% | (3)% | (2)% | 8% | |||||||||
Retirement | 372 | 343 | 8% | (6)% | 13% | 1% | |||||||||||
Investments | 204 | 214 | (5)% | (10)% | 3% | 2% | |||||||||||
Talent | 175 | 169 | 3% | (7)% | 3% | 7% | |||||||||||
Total Mercer | $ | 1,140 | $ | 1,106 | 3% | (6)% | 4% | 5% | |||||||||
Notes |
Underlying revenue measures the change in revenue using consistent currency exchange rates, excluding the impact of certain items that affect comparability such as: acquisitions, dispositions and transfers among businesses. The impact of the gain from the disposal of Mercer's U.S. defined contribution recordkeeping business is included in acquisitions/dispositions in Mercer's Retirement business. |
* Components of revenue change may not add due to rounding. |
Marsh & McLennan Companies, Inc. Supplemental Information - Revenue Analysis Twelve Months Ended December 31, 2015 (Millions) (Unaudited) | ||||||||||||||||
Components of Revenue Change* | ||||||||||||||||
Twelve Months Ended December 31, |
% Change |
Currency |
Acquisitions/ |
Underlying | ||||||||||||
2015 | 2014 | |||||||||||||||
Risk and Insurance Services | ||||||||||||||||
Marsh | $ | 5,727 | $ | 5,753 | - | (7)% | 3% | 3% | ||||||||
Guy Carpenter | 1,121 | 1,154 | (3)% | (4)% | (1)% | 2% | ||||||||||
Subtotal | 6,848 | 6,907 | (1)% | (6)% | 2% | 3% | ||||||||||
Fiduciary Interest Income | 21 | 24 | ||||||||||||||
Total Risk and Insurance Services | 6,869 | 6,931 | (1)% | (6)% | 2% | 3% | ||||||||||
Consulting | ||||||||||||||||
Mercer | 4,313 | 4,350 | (1)% | (7)% | 2% | 4% | ||||||||||
Oliver Wyman Group | 1,751 | 1,709 | 3% | (6)% | 2% | 7% | ||||||||||
Total Consulting | 6,064 | 6,059 | - | (7)% | 2% | 5% | ||||||||||
Corporate / Eliminations | (40 | ) | (39 | ) | ||||||||||||
Total Revenue | $ | 12,893 | $ | 12,951 | - | (6)% | 2% | 4% | ||||||||
Revenue Details
The following table provides more detailed revenue information for certain of the components presented above:
Components of Revenue Change* | ||||||||||||||||
Twelve Months Ended December 31, |
% Change |
Currency |
Acquisitions/ |
Underlying | ||||||||||||
2015 | 2014 | |||||||||||||||
Marsh: | ||||||||||||||||
EMEA | $ | 1,848 | $ | 1,980 | (7)% | (10)% | 1% | 2% | ||||||||
Asia Pacific | 636 | 683 | (7)% | (10)% | 1% | 2% | ||||||||||
Latin America | 380 | 413 | (8)% | (18)% | 2% | 8% | ||||||||||
Total International | 2,864 | 3,076 | (7)% | (11)% | 1% | 3% | ||||||||||
U.S. / Canada | 2,863 | 2,677 | 7% | (1)% | 5% | 3% | ||||||||||
Total Marsh | $ | 5,727 | $ | 5,753 | - | (7)% | 3% | 3% | ||||||||
Mercer: | ||||||||||||||||
Health | $ | 1,558 | $ | 1,553 | - | (3)% | (2)% | 6% | ||||||||
Retirement | 1,345 | 1,375 | (2)% | (7)% | 5% | - | ||||||||||
Investments | 818 | 836 | (2)% | (12)% | 2% | 7% | ||||||||||
Talent | 592 | 586 | 1% | (7)% | 3% | 5% | ||||||||||
Total Mercer | $ | 4,313 | $ | 4,350 | (1)% | (7)% | 2% | 4% | ||||||||
Notes |
Underlying revenue measures the change in revenue using consistent currency exchange rates, excluding the impact of certain items that affect comparability such as: acquisitions, dispositions and transfers among businesses. The impact of the gain from the disposal of Mercer's U.S. defined contribution recordkeeping business is included in acquisitions/dispositions in Mercer's Retirement business. |
* Components of revenue change may not add due to rounding. |
Marsh & McLennan Companies, Inc. Non-GAAP Measures Three Months Ended December 31 (Millions) (Unaudited) |
The Company presents below certain additional financial measures that are "non-GAAP measures," within the meaning of Regulation G under the Securities Exchange Act of 1934. These measures are: adjusted operating income (loss); adjusted operating margin; and adjusted income, net of tax. |
The Company presents these non-GAAP measures to provide investors with additional information to analyze the Company's performance from period to period. Management also uses these measures to assess performance for incentive compensation purposes and to allocate resources in managing the Company's businesses. However, investors should not consider these non-GAAP measures in isolation from, or as a substitute for, the financial information that the Company reports in accordance with GAAP. The Company's non-GAAP measures reflect subjective determinations by management, and may differ from similarly titled non-GAAP measures presented by other companies. |
Adjusted Operating Income (Loss) and Adjusted Operating Margin |
Adjusted operating income (loss) is calculated by excluding the impact of certain noteworthy items from the Company's GAAP operating income or loss. The following tables identify these noteworthy items and reconcile adjusted operating income (loss) to GAAP operating income or loss, on a consolidated and segment basis, for the three months ended December 31, 2015 and 2014. The following tables also present adjusted operating margin, which is calculated by dividing adjusted operating income by consolidated or segment GAAP revenue less the gain on the disposal of Mercer's U.S. defined contribution recordkeeping business. |
Risk & |
Consulting | Corporate/
Eliminations |
Total | ||||||||||||||
Three Months Ended December 31, 2015 | |||||||||||||||||
Operating income (loss) | $ | 354 | $ | 294 | $ | (54 | ) | $ | 594 | ||||||||
Add (Deduct) impact of Noteworthy Items: | |||||||||||||||||
Restructuring charges (a) | 5 | 8 | 7 | 20 | |||||||||||||
Adjustments to acquisition related accounts (b) | 5 | - | - | 5 | |||||||||||||
Disposal of business (c) | - | (37 | ) | - | (37 | ) | |||||||||||
Operating income adjustments | 10 | (29 | ) | 7 | (12 | ) | |||||||||||
Adjusted operating income (loss) | $ | 364 | $ | 265 | $ | (47 | ) | $ | 582 | ||||||||
Operating margin | 20.4 | % | 18.2 | % | N/A | 17.8 | % | ||||||||||
Adjusted operating margin | 21.1 | % | 16.7 | % | N/A | 17.6 | % | ||||||||||
Three Months Ended December 31, 2014 | |||||||||||||||||
Operating income (loss) | $ | 339 | $ | 250 | $ | (53 | ) | $ | 536 | ||||||||
Add impact of Noteworthy Items: | |||||||||||||||||
Restructuring charges (a) | 1 | 1 | - | 2 | |||||||||||||
Adjustments to acquisition related accounts (b) | 15 | - | - | 15 | |||||||||||||
Operating income adjustments | 16 | 1 | - | 17 | |||||||||||||
Adjusted operating income (loss) | $ | 355 | $ | 251 | $ | (53 | ) | $ | 553 | ||||||||
Operating margin | 20.1 | % | 16.0 | % | N/A | 16.5 | % | ||||||||||
Adjusted operating margin | 21.0 | % | 16.1 | % | N/A | 17.0 | % | ||||||||||
(a) Primarily severance for center led initiatives, future rent under non-cancellable leases, and integration costs related to recent acquisitions. |
(b) Primarily includes the change in fair value as measured each quarter of contingent consideration related to acquisitions. |
(c) Relates to a gain on the disposal of Mercer's U.S. defined contribution recordkeeping business. This $37 million gain is also removed from GAAP revenue in the calculation of adjusted operating margin. |
Marsh & McLennan Companies, Inc. Non-GAAP Measures Twelve Months Ended December 31 (Millions) (Unaudited) |
The Company presents below certain additional financial measures that are "non-GAAP measures," within the meaning of Regulation G under the Securities Exchange Act of 1934. These measures are: adjusted operating income (loss); adjusted operating margin; and adjusted income, net of tax. |
The Company presents these non-GAAP measures to provide investors with additional information to analyze the Company's performance from period to period. Management also uses these measures to assess performance for incentive compensation purposes and to allocate resources in managing the Company's businesses. However, investors should not consider these non-GAAP measures in isolation from, or as a substitute for, the financial information that the Company reports in accordance with GAAP. The Company's non-GAAP measures reflect subjective determinations by management, and may differ from similarly titled non-GAAP measures presented by other companies. |
Adjusted Operating Income (Loss) and Adjusted Operating Margin |
Adjusted operating income (loss) is calculated by excluding the impact of certain noteworthy items from the Company's GAAP operating income or loss. The following tables identify these noteworthy items and reconcile adjusted operating income (loss) to GAAP operating income or loss, on a consolidated and segment basis, for the twelve months ended December 31, 2015 and 2014. The following tables also present adjusted operating margin, which is calculated by dividing adjusted operating income by consolidated or segment GAAP revenue less the gain on the disposal of Mercer's U.S. defined contribution recordkeeping business. |
Risk & |
Consulting |
Corporate/ |
Total | ||||||||||||||
Twelve Months Ended December 31, 2015 | |||||||||||||||||
Operating income (loss) | $ | 1,539 | $ | 1,075 | $ | (195 | ) | $ | 2,419 | ||||||||
Add (Deduct) impact of Noteworthy Items: | |||||||||||||||||
Restructuring charges (a) | 8 | 8 | 12 | 28 | |||||||||||||
Adjustments to acquisition related accounts (b) | 56 | (5 | ) | - | 51 | ||||||||||||
Disposal of business (c) | - | (37 | ) | - | (37 | ) | |||||||||||
Other | - | - | (1 | ) | (1 | ) | |||||||||||
Operating income adjustments | 64 | (34 | ) | 11 | 41 | ||||||||||||
Adjusted operating income (loss) | $ | 1,603 | $ | 1,041 | $ | (184 | ) | $ | 2,460 | ||||||||
Operating margin | 22.4 | % | 17.7 | % | N/A | 18.8 | % | ||||||||||
Adjusted operating margin | 23.3 | % | 17.3 | % | N/A | 19.1 | % | ||||||||||
Twelve Months Ended December 31, 2014 | |||||||||||||||||
Operating income (loss) | $ | 1,509 | $ | 996 | $ | (204 | ) | $ | 2,301 | ||||||||
Add impact of Noteworthy Items: | |||||||||||||||||
Restructuring charges (a) | 5 | 1 | 6 | 12 | |||||||||||||
Adjustments to acquisition related accounts (b) | 37 | - | - | 37 | |||||||||||||
Other | - | - | (1 | ) | (1 | ) | |||||||||||
Operating income adjustments | 42 | 1 | 5 | 48 | |||||||||||||
Adjusted operating income (loss) | $ | 1,551 | $ | 997 | $ | (199 | ) | $ | 2,349 | ||||||||
Operating margin | 21.8 | % | 16.4 | % | N/A | 17.8 | % | ||||||||||
Adjusted operating margin | 22.4 | % | 16.5 | % | N/A | 18.1 | % | ||||||||||
(a) Primarily severance for center led initiatives, future rent under non-cancellable leases, and integration costs related to recent acquisitions. |
(b) Primarily includes the change in fair value as measured each quarter of contingent consideration related to acquisitions. |
(c) Relates to a gain on the disposal of Mercer's U.S. defined contribution recordkeeping business. This $37 million gain is also removed from GAAP revenue in the calculation of adjusted operating margin. |
Marsh & McLennan Companies, Inc. Non-GAAP Measures Three and Twelve Months Ended December 31 (Millions) (Unaudited) |
Adjusted income, net of tax |
Adjusted income, net of tax is calculated as: the Company's GAAP income from continuing operations, adjusted to reflect (i) the after-tax impact of the operating income adjustments set forth in the preceding tables and (ii) for 2014, due to its significance, the cost of extinguishment of debt of $137 million. Adjusted diluted EPS is calculated as Adjusted income, net of tax, divided by MMC's average number of shares outstanding-diluted for the relevant period. |
Reconciliation of the Impact of Non-GAAP Measures on diluted earnings per share - | |||||||||||||||||||||||
Three Months Ended December 31, |
Three Months Ended December 31, | ||||||||||||||||||||||
Amount |
Diluted |
Amount |
Diluted | ||||||||||||||||||||
Income from continuing operations | $ | 380 | $ | 269 | |||||||||||||||||||
Less: Non-controlling interest, net of tax | 6 | 5 | |||||||||||||||||||||
Subtotal | $ | 374 | $ | 0.71 | $ | 264 | $ | 0.48 | |||||||||||||||
Operating income adjustments | $ | (12 | ) | $ | 17 | ||||||||||||||||||
Adjustment for cost of extinguishment of debt | - | 137 | |||||||||||||||||||||
Impact of income taxes | 10 | (55 | ) | ||||||||||||||||||||
(2 | ) | - | 99 | 0.18 | |||||||||||||||||||
Adjusted income, net of tax | $ | 372 | $ | 0.71 | $ | 363 | $ | 0.66 | |||||||||||||||
Twelve Months Ended December 31, |
Twelve Months Ended December 31, 2014 | ||||||||||||||||||||||
Amount |
Diluted |
Amount |
Diluted | ||||||||||||||||||||
Income from continuing operations | $ | 1,636 | $ | 1,471 | |||||||||||||||||||
Less: Non-controlling interest, net of tax | 37 | 32 | |||||||||||||||||||||
Subtotal | $ | 1,599 | $ | 2.98 | $ | 1,439 | $ | 2.61 | |||||||||||||||
Operating income adjustments | $ | 41 | $ | 48 | |||||||||||||||||||
Adjustment for cost of extinguishment of debt | - | 137 | |||||||||||||||||||||
Impact of income taxes | (5 | ) | (66 | ) | |||||||||||||||||||
36 | 0.07 | 119 | 0.21 | ||||||||||||||||||||
Adjusted income, net of tax | $ | 1,635 | $ | 3.05 | $ | 1,558 | $ | 2.82 | |||||||||||||||
Marsh & McLennan Companies, Inc. Supplemental Information (Millions) (Unaudited) | |||||||||||||||
Three Months Ended |
Twelve Months | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Depreciation and amortization expense | $ | 81 | $ | 77 | $ | 314 | $ | 302 | |||||||
Identified intangible amortization expense | $ | 30 | $ | 22 | $ | 109 | $ | 86 | |||||||
Stock option expense | $ | 2 | $ | 3 | $ | 20 | $ | 17 | |||||||
Capital expenditures | $ | 76 | $ | 83 | $ | 325 | $ | 368 | |||||||
Marsh & McLennan Companies, Inc. Consolidated Balance Sheets (Millions) (Unaudited) | ||||||||
December 31,
2015 |
December 31,
2014* | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 1,374 | $ | 1,958 | ||||
Net receivables | 3,471 | 3,377 | ||||||
Other current assets | 199 | 198 | ||||||
Total current assets | 5,044 | 5,533 | ||||||
Goodwill and intangible assets | 8,925 | 7,933 | ||||||
Fixed assets, net | 773 | 809 | ||||||
Pension related assets | 1,159 | 967 | ||||||
Deferred tax assets | 1,138 | 1,358 | ||||||
Other assets | 1,177 | 1,193 | ||||||
TOTAL ASSETS | $ | 18,216 | $ | 17,793 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities: | ||||||||
Short-term debt | $ | 12 | $ | 11 | ||||
Accounts payable and accrued liabilities | 1,886 | 1,883 | ||||||
Accrued compensation and employee benefits | 1,656 | 1,633 | ||||||
Accrued income taxes | 154 | 150 | ||||||
Total current liabilities | 3,708 | 3,677 | ||||||
Fiduciary liabilities | 4,146 | 4,552 | ||||||
Less - cash and investments held in a fiduciary capacity | (4,146 | ) | (4,552 | ) | ||||
- | - | |||||||
Long-term debt | 4,402 | 3,368 | ||||||
Pension, post-retirement and post-employment benefits | 2,058 | 2,244 | ||||||
Liabilities for errors and omissions | 318 | 341 | ||||||
Other liabilities | 1,128 | 1,030 | ||||||
Total equity | 6,602 | 7,133 | ||||||
TOTAL LIABILITIES AND EQUITY | $ | 18,216 | $ | 17,793 | ||||
* Amended to reflect the adoption in 2015 of new Financial Accounting Standards Board guidance related to the presentation of deferred taxes and debt issuance costs. |
View source version on businesswire.com: http://www.businesswire.com/news/home/20160204005668/en/
Source:
Marsh & McLennan Companies
Media:
Edward L. Dandridge, +1 212 345 9751
ed.dandridge@mmc.com
or
Investor:
Keith Walsh, +1 212 345 0057
keith.walsh@mmc.com