Analyst Note
| Brett Horn, CFA |Marsh McLennan’s unusually strong growth continued in the third quarter. The narrow-moat company has benefited this year from higher insurance market pricing and the macroeconomic rebound, and these tailwinds have combined with easy comparisons to produce outsized growth. However, the company has achieved only modest organic growth historically, and this is our expectation over the long term. The company is tracking ahead of our expectations this year, and we expect to increase our $112 fair value estimate by about 5%, but we continue to believe the shares are materially overvalued.