Analyst Note| Brett Horn, CFA |
Marsh & McLennan reported unusually strong growth in the second quarter, benefiting from both strong insurance market pricing and the bounceback in the economy. We think near-term tailwinds and easy comparisons will drive outsize growth for the company this year. But we’d caution that modest and stable organic growth has been the norm historically and is our expectation over the long term. We will maintain our $112 fair value estimate and narrow moat rating.