Marsh McLennan is updating its corporate structure as part of a reorganization that is also expected to include a rebrand.

Founded in 1905, Marsh McLennan is a professional service firm with annual sales of over $20 billion. The firm generates most of its revenue from its Marsh business unit, the world’s largest insurance broker. It also has two other large insurance-focused subsidiaries called Mercer and Guy Carpenter. Marsh McLennan’s fourth source of revenue is Oliver Wyman, a management consultancy it bought in 2003.

The firm has formed a new unit called the BCS, or business and client services, division to lead its IT modernization efforts. One of the unit’s responsibilities will be supporting internal AI initiatives. It’s also set to work on data analytics projects. The group will be led by March McLennan chief information and operations officer Paul Beswick, a former Oliver Wyman executive.

The firm plans to follow up the restructuring with a rebrand. Marsh McLennan will begin the initiative by shortening its name to Marsh and changing its stock ticker to “MRSH” early next year. In 2027, it will extend the rebrand to Guy Carpenter and Mercer. The former subsidiary will be renamed Marsh Re, a nod to its focus on providing reinsurance services. Reinsurance is the term for a type of contract an insurer signs with other insurers to reduce its risk of incurring losses. Mercer, meanwhile, will move under the Marsh brand. The subsidiary, which provides services focused on employee insurance plans and workforce management, generated $1.6 billion in revenue last quarter.

The name change comes four years after Marsh McLennan’s last rebrand. It was earlier known as Marsh & McLennan Companies.

Photo courtesy of Marsh McLennan