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Marsh McLennan achieved solid revenue and earnings growth in its fiscal third quarter, which also saw the company ink one of its largest-ever acquisitions.

New York-based Marsh McLennan ranks among the world’s top professional services firms. One part of the company sells insurance plans to corporations. Another provides management consulting services. Marsh McLennan is also active in several other areas, a broad focus reflected by its large headcount: it employed over 85,000 at the end of the 2023 fiscal year.

Marsh McLennan closed the books on the three months ended Sept. 30 with adjusted revenue of $5.7 billion. Compared with the year-ago period, that sum represents a 5% improvement.

The firm’s consulting business accounted for nearly half of its quarterly sales, or $2.3 billion. The bulk of the business’ revenue comes from Marsh McLennan’s Mercer subsidiary, which assists companies with HR tasks such as setting up employee benefits plans. Mercer’s revenue climbed 5% year-over-year on an adjusted basis to $1.5 billion. The rest of Marsh McLennan’s consulting revenue comes from its Oliver Wyman management consulting unit, which grew its sales by 1% year-over-year to $810 million.

Marsh McLennan’s insurance business, which accounts for the bulk of its revenue, likewise grew during the quarter. This part of the company not only sells corporate insurance plans but also has a presence in several adjacent areas including the reinsurance segment. During the third quarter, the group was the fastest growing of Marsh McLennan’s major business units with sales of $3.5 billion, which represents a 6% increase from the year-ago period.

These sales growth numbers aren’t the sole highlight of Marsh McLennan third quarter. The company also inked a deal to buy McGriff Insurance Services, a competitor in the insurance market, for $7.75 billion. The landmark deal is expected to boost Marsh McLennan’s top line by about $1.3 billion annually.

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