Marsh & McLennan Names New CEO

Marsh & McLennan announced that John Doyle will take over as chief executive when current CEO Dan Glaser retires at the end of the year. Glaser has served as CEO of the company for about a decade. Doyle currently serves as the firm's COO, and prior to that, served as president and CEO of the Marsh unit. He has worked in insurance and insurance brokerage for over 30 years, beginning his career at AIG. Doyle has largely followed the same career path as Glaser did prior to his becoming CEO. While we will have to wait to hear Doyle's specific plans for the company, we don't foresee any major shifts in strategy, given that Marsh & McClennan is sticking with an insider. We will maintain our $130 per share fair value estimate and narrow moat rating for the firm.