Marsh & McLennan Companies, Inc.

- No new fundraising through debt or equity was explicitly mentioned in the transcript. - The company ended the quarter with $1.6 billion cash and total debt of $20.6 billion. - The next debt maturity is $550 million of euro-denominated senior notes due in Q3. - Capital deployment plans for 2026 include approximately $5 billion across dividends, acquisitions, and share repurchases. - The level of share repurchase depends on M&A pipeline developments. - No direct comments on issuing new equity or additional debt beyond normal maturities and existing capital deployment plans.

- Marsh maintains a healthy tech capital expenditure (CapEx) budget, investing heavily in AI and technology to digitize workflows and enhance client engagement. - The company is actively investing in AI-enabled applications like ADA, Centrus, UCLI, and GC Quotebox, driving new revenue streams and capabilities. - AI-driven efficiencies are enabling faster application modernization, process automation, and improved data usability. - Marsh plans to deploy about $5 billion in capital in 2024, balancing investments between organic growth, acquisitions, dividends, and share buybacks. - M&A strategy includes the recent acquisition of AltamarCAM (private market asset manager with ~$20 billion AUM), with further deals planned as pipeline develops. - The company focuses on a "string of pearls" approach to M&A but also retains the capacity for larger deals. - AI investments support growth in consulting (Oliver Wyman’s AI Quotient team) and Mercer’s workforce transformation services.

- Underlying revenue growth expected to be similar to prior levels despite challenging environment (Page 4). - U.S. and Canada: 3% underlying growth; International: 5%, with EMEA up 6%, Asia Pacific up 5%, Latin America up 2% (Page 4). - Consulting segment revenue up 11% (5% underlying); Mercer revenue up 11% (5% underlying) (Page 4). - Guy Carpenter revenue up 3% (2% underlying) despite pricing pressures (Page 4). - Continued strong new business growth globally, including double-digit new business growth in U.S. and Canada, and specialties business growth (Page 9). - Excitement about growth prospects in personal lines, especially high net worth clients, though it remains a small part of business (Page 14). - Middle market (MMA) business is a growth tailwind with potential for much greater growth, including international opportunities (Page 11). - Technology and AI investments expected to accelerate growth and improve client experience (Pages 13-14).

- The company expects continued margin expansion in 2026, targeting the 19th consecutive year of margin growth. - Adjusted EPS grew 8% year-over-year in Q1 2026, with solid operating income growth. - Growth in underlying revenue is expected to be similar to 2025 levels despite a challenging insurance and reinsurance pricing environment. - The Thrive program is anticipated to drive growth through investments in talent and AI, enhancing efficiency and client value. - The second half of 2026 is expected to generate more margin expansion than the first half. - Solid adjusted EPS growth is forecasted for the full year 2026. - The company remains confident in delivering strong results across economic cycles and views itself as well-positioned for future growth.

The transcript does not provide specific details on current or expected orderbook or pending orders. However, some related insights include: - Marsh sees record new business growth across its platform globally with double-digit new business growth in every region during the quarter (Page 9). - The company experienced continued strong new business growth at Marsh Agency and specialties, indicating robust demand (Page 9). - Guy Carpenter reported record new business despite tough market conditions and strong activity in catastrophe bonds and third-party capital inflows (Page 9). - The M&A pipeline is described as strong, with active capital deployment planned for the year, including acquisitions and buybacks (Page 6). - Early indications suggest continued client demand and active transaction flow, despite competitive and uncertain market conditions (Page 9). No explicit "orderbook" or pending order figures are mentioned.