MRSH insider ownership: who sold, why, and what they still hold

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
John Doyle President and CEO	16,656	$188.51	12%	117K	Sep 2, 2026	Sep 3, 2026

What stands out

Lloyd Yates sold 35% of vested holdings: 12K shares for $2.1M, none under a disclosed plan.Largest sale, Jul 23, 2026

Two officers sold $3.0M with no disclosed plan: John Jones ($1.7M) and Martin South ($1.3M). The filings don't state a reason.John Jones: largest such sale, Aug 6, 2026 · Martin South: largest such sale, Jul 28, 2026

Nicholas Studer sold 3.8K shares (14% of starting holdings), but 8K more vested, so the stake grew (from 28K to 33K).Largest sale, Mar 3, 2026

Percentages cover 19 of 25 officers and directors. 6 are left out

Left out: John Doyle, Martin South, Paul Beswick and Katherine Brennan (most of their shares vested during the period, so a percentage would mislead); John Jones (holdings couldn't be fully reconciled); Peter Harrison (held no vested shares at the start).

Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Each bar is 100% of that person's own stake; not comparable between people. The stake is the vested shares held at the start of the period (Oct 9, 2025); the gold part is what they sold.

SoldRest of starting stakeAdded during the period

John Doyle

President and CEO

Sold $12.7M (plan status beside the amount). That is 38% of the shares held or received (after tax withholding) during the period†. A share of the starting stake is not shown: most of these shares arrived during the period. Why

$12.7MDisclosed plan

Lloyd Yates

Director

35% · $2.1MNo plan disclosed

John Jones

Chief Marketing Officer

Sold $1.7M (plan status beside the amount). Share of stake not shown: holdings couldn't be fully reconciled. Why

$1.7MNo plan disclosed

Martin South

Chief Client Officer

Sold $1.3M (plan status beside the amount). That is 30% of the shares held or received (after tax withholding) during the period†. A share of the starting stake is not shown: most of these shares arrived during the period. Why

$1.3MNo plan disclosed

Nicholas Studer

President and CEO Marsh Risk

Sold 14%, but 8K shares were added (mostly vesting), so the stake grew

14% · $706KTo cover taxes

All 7 sellers

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planTo cover taxesNo plan disclosedOne dollar scale for every month; the tallest bar is labeled

Common questions

Is the Marsh McLennan CEO selling stock?

Yes. John Doyle sold 71K shares ($12.7M) in the past 12 months, all of it under a trading plan disclosed in the filings.

Why are Marsh McLennan insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 68% of sales by value ran under 10b5-1 trading plans disclosed in the filings, 4% were to cover taxes and 28% had no disclosed plan. A trading plan schedules sales in advance.

Are any Marsh McLennan insiders buying?

No. Officers and directors reported no purchases in the past 12 months.

How much of their stake did Marsh McLennan insiders sell?

About 3.8% overall. As a group they ended with more shares than they started with. The biggest seller whose stake can be measured, Lloyd Yates, gave up 35% of starting holdings. That covers the 12 months to Oct 9, 2026 and counts vested shares reported on SEC Forms 3, 4 and 5, which is not an insider's whole wealth.

The evidence

Who sold7 officers and directors: amount, % of holdings, trading plan

Who sold	Amount	% of holdings	Trading plan
John Doyle President and CEO	$12.7M 71K shares	38%† i † Most of the shares John Doyle sold arrived during the period, so this is shares sold as a share of the 88K held at the start plus the 131K received, less 30K withheld by the company for taxes.	Disclosed plan
Lloyd Yates Director	$2.1M 12K shares	35%	No plan disclosed
John Jones Chief Marketing Officer	$1.7M 8.9K shares	i No percentage: holdings couldn't be fully reconciled.	No plan disclosed
Martin South Chief Client Officer	$1.3M 7.1K shares	30%† i † Most of the shares Martin South sold arrived during the period, so this is shares sold as a share of the 17K held at the start plus the 14K received, less 8K withheld by the company for taxes.	No plan disclosed
Nicholas Studer President and CEO Marsh Risk	$706K 3.8K shares	14%	To cover taxes
Katherine Brennan SVP and General Counsel	$225K 1.2K shares	14%† i † Most of the shares Katherine Brennan sold arrived during the period, so this is shares sold as a share of the 4.2K held at the start plus the 8.2K received, less 3.9K withheld by the company for taxes.	No plan disclosed
Paul Beswick SVP, Chief Information Officer	$141K 713 shares	4%† i † Most of the shares Paul Beswick sold arrived during the period, so this is shares sold as a share of the 14K held at the start plus the 7K received, less 3.4K withheld by the company for taxes.	Disclosed plan

The full ownership picture24 of 25 insiders fully reconciled · 25 officers and directors

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

Insider

Held Oct 9, 2025

Sold

Held Oct 9, 2026

Still held

John Doyle

President and CEO

88K

−71K

117K

not meaningful

Vesting, gifts, unvested awards and holding lines for John Doyle

+131Kshares vested or exercised

0gifted (net of own trusts)

−30Kwithheld by the company for taxes

0 → 89Kunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	87,681	116,811

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
138,063	$200.47	Feb 21, 2034	$0
146,112	$230.29	Feb 17, 2035	$0
217,501	$176.99	Feb 23, 2036	$2.4M
16,656	$73.19	Feb 21, 2027	$1.9M

Estimate: options held × ($187.90 − strike price), using the most recent insider trade price on Form 4 (Sep 2, 2026), not a market close.

Morton Schapiro

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Director

87K

91K

no sales

Vesting, gifts, unvested awards and holding lines for Morton Schapiro

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Restricted Stk. Units-Dir. Stk. Plan	86,998	91,138

Additional holdings last reported Feb 13, 2004, not confirmed since: 8,232 shares. Not included in any total or percentage on this page.

Direct, DIRECTORS STK PLAN RS UNITS: 4,102 shares, last reported Aug 15, 2003
Direct, DIRECTORS STOCK PLAN RS UNITS: 4,130 shares, last reported Feb 13, 2004

Steven Mills

Director

51K

54K

no sales

Vesting, gifts, unvested awards and holding lines for Steven Mills

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	3,670	5,952
Trust	Common Stock	47,553	47,553

Oscar Fanjul

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Director

44K

no sales

Vesting, gifts, unvested awards and holding lines for Oscar Fanjul

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	43,986	43,986

Additional holdings last reported Jun 1, 2009, not confirmed since: 9,700 shares. Not included in any total or percentage on this page.

Diversity Sicav, Common Stock: 6,000 shares, last reported Jun 1, 2009
Lynch G.E.C, Common Stock: 3,700 shares, last reported Jun 1, 2009

Edward Hanway

Director

36K

37K

no sales

Vesting, gifts, unvested awards and holding lines for Edward Hanway

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	35,519	36,868

Lloyd Yates

Director

34K

−12K

25K

72%

Vesting, gifts, unvested awards and holding lines for Lloyd Yates

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	24,001	12,001
Direct	Restricted Stk. Units-Dir. Stk. Plan	10,244	12,680

Mark McGivney

EVP, CFO and COO

34K

42K

no sales

Vesting, gifts, unvested awards and holding lines for Mark McGivney

+18Kshares vested or exercised

0gifted (net of own trusts)

−9.2Kwithheld by the company for taxes

0 → 60Kunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	33,678	42,469

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
34,642	$200.47	Feb 21, 2034	$0
31,404	$230.29	Feb 17, 2035	$0
44,743	$176.99	Feb 23, 2036	$488K

Estimate: options held × ($187.90 − strike price), using the most recent insider trade price on Form 4 (Sep 2, 2026), not a market close.

Nicholas Studer

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

President and CEO Marsh Risk

28K

−3.8K

33K

+15%

Vesting, gifts, unvested awards and holding lines for Nicholas Studer

+8Kshares vested or exercised

0gifted (net of own trusts)

0 → 15Kunvested awards, start → end

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	28,329	32,536

Additional holdings last reported Jul 1, 2021, not confirmed since: 6,991 shares. Not included in any total or percentage on this page.

Direct, Restricted Stk. Units (SSIP): 6,991 shares, last reported Jul 1, 2021

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
8,946	$164.15	Feb 22, 2033	$213K
12,050	$200.47	Feb 21, 2034	$0
14,830	$230.29	Feb 17, 2035	$0
4,781	$151.37	Feb 22, 2032	$175K
21,129	$176.99	Feb 23, 2036	$230K

Estimate: options held × ($187.90 − strike price), using the most recent insider trade price on Form 4 (Sep 2, 2026), not a market close.

Dean Klisura

Minor difference of 30 shares. Difference is under 0.5% of holdings.

President & CEO, Guy Carpenter

23K

27K

no sales

Vesting, gifts, unvested awards and holding lines for Dean Klisura

+9.4Kshares vested or exercised

0gifted (net of own trusts)

−5.2Kwithheld by the company for taxes

0 → 15Kunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	20,935	25,129
Direct	Restricted Stk. Units (SSIP)	1,650	1,680

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
18,074	$200.47	Feb 21, 2034	$0
17,447	$230.29	Feb 17, 2035	$0
24,858	$176.99	Feb 23, 2036	$271K

Estimate: options held × ($187.90 − strike price), using the most recent insider trade price on Form 4 (Sep 2, 2026), not a market close.

Reconciliation: minor difference of 30 shares. Difference is under 0.5% of holdings.

Deborah Hopkins

Director

20K

22K

no sales

Vesting, gifts, unvested awards and holding lines for Deborah Hopkins

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Restricted Stk. Units-Dir. Stk. Plan	19,753	21,527

Anthony Anderson

Minor difference of 14 shares. Difference is under 0.5% of holdings.

Director

17K

19K

no sales

Vesting, gifts, unvested awards and holding lines for Anthony Anderson

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	2,000	2,014
Direct	Restricted Stk. Units-Dir. Stk. Plan	15,488	17,172

Reconciliation: minor difference of 14 shares. Difference is under 0.5% of holdings.

Martin South

Minor difference of 199 shares. Small increase from an employee stock purchase plan. Small increase from an employee stock purchase plan.

Chief Client Officer

17K

−7.1K

17K

not meaningful

Vesting, gifts, unvested awards and holding lines for Martin South

+14Kshares vested or exercised

0gifted (net of own trusts)

−8Kwithheld by the company for taxes

0 → 6Kunvested awards, start → end

Small increase from an employee stock purchase plan. Filing 1 Filing 2

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	17,063	16,632

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
28,115	$200.47	Feb 21, 2034	$0
27,914	$230.29	Feb 17, 2035	$0
39,772	$176.99	Feb 23, 2036	$434K

Estimate: options held × ($187.90 − strike price), using the most recent insider trade price on Form 4 (Sep 2, 2026), not a market close.

Reconciliation: minor difference of 199 shares. Small increase from an employee stock purchase plan.

Paul Beswick

SVP, Chief Information Officer

14K

−713

16K

not meaningful

Vesting, gifts, unvested awards and holding lines for Paul Beswick

+7Kshares vested or exercised

0gifted (net of own trusts)

−3.4Kwithheld by the company for taxes

0 → 15Kunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	13,522	16,376

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
14,058	$200.47	Feb 21, 2034	$0
2,892	$118.86	Feb 18, 2030	$200K
15,702	$230.29	Feb 17, 2035	$0
22,372	$176.99	Feb 23, 2036	$244K

Estimate: options held × ($187.90 − strike price), using the most recent insider trade price on Form 4 (Sep 2, 2026), not a market close.

Carmen Fernandez

Minor difference of 7 shares. Difference is under 0.5% of holdings.

SVP, Chief People Officer

10K

13K

no sales

Vesting, gifts, unvested awards and holding lines for Carmen Fernandez

+7Kshares vested or exercised

0gifted (net of own trusts)

−3.9Kwithheld by the company for taxes

0 → 6Kunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	9,880	12,995
MMC 401(k) Savings & Investment Plan	Common Stock	276	283

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
14,058	$200.47	Feb 21, 2034	$0
13,085	$230.29	Feb 17, 2035	$0
18,643	$176.99	Feb 23, 2036	$203K

Estimate: options held × ($187.90 − strike price), using the most recent insider trade price on Form 4 (Sep 2, 2026), not a market close.

Reconciliation: minor difference of 7 shares. Difference is under 0.5% of holdings.

John Jones

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: +74.808 shares on Feb 28, 2026 (MMC 401(k) Savings & Investment Plan). See the filing Sales and other transactions for John Jones are complete.

Chief Marketing Officer

n/a

−8.9K

n/a

Vesting, gifts, unvested awards and holding lines for John Jones

+4.8Kshares vested or exercised

0gifted (net of own trusts)

−2.5Kwithheld by the company for taxes

0 → 6Kunvested awards, start → end

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: +74.808 shares on Feb 28, 2026 (MMC 401(k) Savings & Investment Plan). The balances below are as reported, not verified totals.

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	7,978	1,478
MMC 401(k) Savings & Investment Plan	Common Stock	1,745	1,862
Direct	Restricted Stk. Units (SSIP)	118	141

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
10,041	$200.47	Feb 21, 2034	$0
10,904	$230.29	Feb 17, 2035	$0
15,536	$176.99	Feb 23, 2036	$169K

Estimate: options held × ($187.90 − strike price), using the most recent insider trade price on Form 4 (Sep 2, 2026), not a market close.

Edward Moynihan

Started reporting during the period; starting holdings are from the Form 3.

President & CEO, Oliver Wyman

9.1K

no sales

Vesting, gifts, unvested awards and holding lines for Edward Moynihan

0shares vested or exercised

0gifted (net of own trusts)

8.9K → 8.9Kunvested awards, start → end

Started reporting during the period; starting holdings are from the Form 3.

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	9,121	9,121

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
9,161	$73.20	Feb 21, 2027	$1.1M
6,151	$83.05	Feb 20, 2028	$645K
5,609	$90.79	Feb 18, 2029	$545K
4,328	$118.87	Feb 18, 2030	$299K
4,832	$117.53	Feb 21, 2031	$340K
3,785	$151.37	Feb 22, 2032	$138K
2,982	$164.15	Feb 22, 2033	$71K
2,385	$200.47	Feb 21, 2034	$0
2,617	$230.29	Feb 17, 2035	$0

Estimate: options held × ($187.90 − strike price), using the most recent insider trade price on Form 4 (Sep 2, 2026), not a market close.

Tamara Ingram

Director

7.6K

9.1K

no sales

Vesting, gifts, unvested awards and holding lines for Tamara Ingram

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Restricted Stk. Units-Dir. Stk. Plan	7,616	9,134

Jane Lute

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Director

9.1K

no sales

Vesting, gifts, unvested awards and holding lines for Jane Lute

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Restricted Stk. Units-Dir. Stk. Plan	6,975	9,103

Additional holdings last reported Jun 1, 2022, not confirmed since: 1,657 shares. Not included in any total or percentage on this page.

Direct, Common Stock: 1,657 shares, last reported Jun 1, 2022

Katherine Brennan

SVP and General Counsel

4.2K

−1.2K

7.3K

not meaningful

Vesting, gifts, unvested awards and holding lines for Katherine Brennan

+8.2Kshares vested or exercised

0gifted (net of own trusts)

−3.9Kwithheld by the company for taxes

0 → 6Kunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	4,215	7,330

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
16,066	$200.47	Feb 21, 2034	$0
15,702	$230.29	Feb 17, 2035	$0
22,372	$176.99	Feb 23, 2036	$244K

Estimate: options held × ($187.90 − strike price), using the most recent insider trade price on Form 4 (Sep 2, 2026), not a market close.

Judith Hartmann

Director

4.3K

no sales

Vesting, gifts, unvested awards and holding lines for Judith Hartmann

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	2,974	4,323

Stacy Mills

Vice President and Controller

2.7K

4.2K

no sales

Vesting, gifts, unvested awards and holding lines for Stacy Mills

+2.7Kshares vested or exercised

0gifted (net of own trusts)

−1.3Kwithheld by the company for taxes

2.7K → 2.9Kunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	2,705	4,151

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
2,762	$200.47	Feb 21, 2034	$0
2,508	$230.29	Feb 17, 2035	$0
3,574	$176.99	Feb 23, 2036	$39K

Estimate: options held × ($187.90 − strike price), using the most recent insider trade price on Form 4 (Sep 2, 2026), not a market close.

Patrick Tomlinson

President and CEO, Mercer

2.6K

4.3K

no sales

Vesting, gifts, unvested awards and holding lines for Patrick Tomlinson

+3.4Kshares vested or exercised

0gifted (net of own trusts)

−1.8Kwithheld by the company for taxes

6.7K → 20Kunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	2,575	4,256

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
2,500	$83.05	Feb 20, 2028	$262K
5,609	$90.78	Feb 18, 2029	$545K
5,039	$118.86	Feb 18, 2030	$348K
5,619	$117.53	Feb 21, 2031	$395K
3,984	$151.37	Feb 22, 2032	$146K
3,579	$164.14	Feb 22, 2033	$85K
22,091	$200.47	Feb 21, 2034	$0
20,064	$230.29	Feb 17, 2035	$0
28,586	$176.99	Feb 23, 2036	$312K

Estimate: options held × ($187.90 − strike price), using the most recent insider trade price on Form 4 (Sep 2, 2026), not a market close.

Jan Siegmund

Director

934

2.3K

no sales

Vesting, gifts, unvested awards and holding lines for Jan Siegmund

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Restricted Stk. Units-Dir. Stk. Plan	934	2,310

Bruce Broussard

Director

1.6K

no sales

Vesting, gifts, unvested awards and holding lines for Bruce Broussard

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	76	1,617

Peter Harrison

Director

1.2K

no sales

Vesting, gifts, unvested awards and holding lines for Peter Harrison

0shares vested or exercised

0gifted (net of own trusts)

−103withheld by the company for taxes

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	0	1,246

24 of 25 insiders fully reconciled: starting holdings plus reported transactions match ending holdings (20 exactly, 4 with a minor or footnoted difference). For 1 we show sales but not holdings; the ! icon on that row explains why. Percentages cover 19 of 25 officers and directors. Left out: John Doyle, Martin South, Paul Beswick and Katherine Brennan (most of their shares vested during the period, so a percentage would mislead); John Jones (holdings couldn't be fully reconciled); Peter Harrison (held no vested shares at the start). "Still held" compares ending with starting vested shares; a plus sign means the holding grew.

What explains the selling$18.9M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $18.9M across 104,755 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

Disclosed plan · $12.9M · 68%

32%

The lighter segment is sales with no plan disclosed in the filing ($6.0M), including tax-related sales outside a plan.

No plan disclosed · $5.3M

Sales with no 10b5-1 plan and no tax reference in the filing. $2.1M of it is Lloyd Yates. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Lloyd Yates, Jul 23, 2026

Taxes

$706K of sales (3.7%) cite tax obligations in their footnotes. Separately, 69,468 shares ($13.0M) were withheld by the company for taxes, which isn't a market sale. Example: Nicholas Studer, Mar 3, 2026

Seller	Shares sold	Proceeds	Under a disclosed plan	Share of total	Sales dates
John Doyle President and CEO	71K	$12.7M	100%	67%	Dec 1, 2025 to Sep 2, 2026
Lloyd Yates Director	12K	$2.1M	0%	11%	Jul 23, 2026 to Jul 23, 2026
John Jones Chief Marketing Officer	8.9K	$1.7M	0%	9%	Mar 11, 2026 to Aug 6, 2026
Martin South Chief Client Officer	7.1K	$1.3M	0%	7%	Jul 28, 2026 to Jul 28, 2026
Nicholas Studer President and CEO Marsh Risk	3.8K	$706K	0%	4%	Mar 3, 2026 to Mar 3, 2026
Katherine Brennan SVP and General Counsel	1.2K	$225K	0%	1%	Sep 2, 2026 to Sep 2, 2026
Paul Beswick SVP, Chief Information Officer	713	$141K	100%	0.7%	Jul 29, 2026 to Jul 29, 2026

Sales by month

Month	Sale proceeds	Disclosed plan	To cover taxes	No plan disclosed
Oct 2025	$0	$0	$0	$0
Nov 2025	$0	$0	$0	$0
Dec 2025	$3.8M	$3.8M	$0	$0
Jan 2026	$0	$0	$0	$0
Feb 2026	$0	$0	$0	$0
Mar 2026	$4.2M	$3.1M	$706K	$410K
Apr 2026	$0	$0	$0	$0
May 2026	$0	$0	$0	$0
Jun 2026	$2.7M	$2.7M	$0	$0
Jul 2026	$3.6M	$141K	$0	$3.5M
Aug 2026	$1.2M	$0	$0	$1.2M
Sep 2026	$3.4M	$3.1M	$0	$225K
Oct 2026	$0	$0	$0	$0

Is this normal? Selling year by year5 earlier years to compare with

Less than usual: about a third of the 5-year average. 7 insiders sold; the average is 7 a year.

12 months ending	Shares sold	Insiders who sold	Proceeds
Oct 9, 2026 Latest 12 months	105K	7	$18.9M
Oct 9, 2025 1 year earlier	189K	9	$43.8M
Oct 9, 2024 2 years earlier	155K	9	$33.2M
Oct 10, 2023 3 years earlier	199K	5	$35.3M
Oct 10, 2022 4 years earlier	361K	6	$59.9M
Oct 10, 2021 5 years earlier	520K	8	$63.1M

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty1 insider whose holdings couldn't be fully reconciled

John Jones: holdings couldn't be fully reconciled (difference of 140 shares). Balance changed without a matching transaction, and the footnote does not state the amount: +74.808 shares on Feb 28, 2026 (MMC 401(k) Savings & Investment Plan). Filing, Feb 28, 2026

Footnote: "Reflects shares acquired by the Marsh & McLennan Companies 401(k) Savings & Investment Plan (SIP) Custodian at prevailing market prices. Information reported herein is based on reporting person's Plan Statement as of February 28, 2026."

Dean Klisura: minor difference of 30 shares. Difference is under 0.5% of holdings.

Anthony Anderson: minor difference of 14 shares. Difference is under 0.5% of holdings.

Martin South: minor difference of 199 shares. Small increase from an employee stock purchase plan.

Carmen Fernandez: minor difference of 7 shares. Difference is under 0.5% of holdings.

Inferred rename: "STOCK INVESTMENT PLAN (401K)" is treated as the same holder as "Stock Investment Plan (401(k))", because the old name was never reported again and the new one opened with the same balance (436 shares). Old name, new name

Inferred rename: "Stock Investment Plan 401(k)" is treated as the same holder as "MMC 401(k) Savings & Investment Plan", because the old name was never reported again and the new one opened with the same balance (7 shares). Old name, new name

Inferred typo: the share class "DIRECTORS STK PLAN RS UNITS" is treated as the same class as "DIRECTORS STOCK PLAN RS UNITS" on 6 holding lines, because the two spellings are nearly identical and each balance carried over exactly. Example (Stephen Hardis, 16,163 shares): old title, new title

Inferred typo: the share class "DIRECTORS STK PLAN (ANNEX) RS UNITS" is treated as the same class as "DIRECTORS STOCK PLAN (ANNEX) RS UNITS" on 4 holding lines, because the two spellings are nearly identical and each balance carried over exactly. Example (Lewis Bernard, 13,815 shares): old title, new title

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology1,976 filings from SEC EDGAR, and how we read them

All 1,976 Forms 3, 4 and 5 filed for Marsh McLennan (SEC CIK 62709) from Nov 7, 2002 to Sep 3, 2026, retrieved from SEC EDGAR on Oct 9, 2026. Prices are the ones reported in each filing, often weighted averages. 15 filings were left out because Marsh McLennan filed them as an owner of another company's stock. 78 older filings exist only on paper and could not be read.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (59)No filing in 18 months; last reported balances, not in any total

Name	Last filed	Last reported balance
Martine Ferland	Mar 6, 2024	9,979 shares, last reported balance as of Mar 5, 2024
Bruce Nolop	Jun 2, 2023	43,533 shares, last reported balance as of Jun 1, 2023
Hafize Erkan	Jun 2, 2023	2,346 shares, last reported balance as of Jun 1, 2023
Ray Young	Jun 2, 2023	1,248 shares, last reported balance as of Jun 1, 2023
David Yost	May 17, 2023	57,888 shares, last reported balance as of May 15, 2023
Daniel Glaser	Mar 8, 2022	166,074 shares, last reported balance as of Mar 4, 2022
Peter Beshar	Mar 2, 2022	559,312 shares, last reported balance as of Feb 28, 2022
Marc Oken	Dec 7, 2021	65,058 shares, last reported balance as of Dec 3, 2021
Scott McDonald	Jun 4, 2021	18,763 shares, last reported balance as of Jun 2, 2021
Dominic Burke	May 4, 2021	6,602 shares, last reported balance as of May 1, 2021
Peter Hearn	Mar 8, 2021	9,866 shares, last reported balance as of Mar 4, 2021
Scott Gilbert	Feb 5, 2021	38,609 shares, last reported balance as of Nov 5, 2020
Laurie Ledford	Aug 4, 2020	11,255 shares, last reported balance as of Aug 3, 2020
Elaine La Roche	Aug 19, 2019	22,135 shares, last reported balance as of Aug 15, 2019
Julio Portalatin	Mar 4, 2019	67,215 shares, last reported balance as of Feb 28, 2019
Robert Rapport	Feb 12, 2018	86,348 shares, last reported balance as of Dec 1, 2017
Peter Zaffino	Mar 6, 2017	153,691 shares, last reported balance as of Mar 2, 2017
Alexander Moczarski	Dec 30, 2016	20,029 shares, last reported balance as of Dec 29, 2016
Maria Marques	Jun 3, 2016	4,587 shares, last reported balance as of Jun 1, 2016
Michael Bischoff	Oct 16, 2015	43,315 shares, last reported balance as of Oct 15, 2015
Hon Rt	Jun 2, 2015	47,519 shares, last reported balance as of Jun 1, 2015
Adele Simmons	May 18, 2015	341,610 shares, last reported balance as of May 15, 2015
John Drzik	Nov 12, 2013	43,433 shares, last reported balance as of Nov 8, 2013
Zachary Carter	Aug 26, 2013	26,518 shares, last reported balance as of Aug 22, 2013
David Nadler	Jun 4, 2013	133,331 shares, last reported balance as of May 17, 2013
Ben Allen	Feb 28, 2013	12,379 shares, last reported balance as of Feb 28, 2013
Brian Duperreault	Feb 14, 2013	15,342 shares, last reported balance as of Dec 19, 2012
Vanessa Wittman	Mar 15, 2012	22,314 shares, last reported balance as of Mar 13, 2012
Orlando Ashford	Feb 28, 2012	14,372 shares, last reported balance as of Feb 15, 2012
Stephen Hardis	May 17, 2011	142,102 shares, last reported balance as of May 16, 2011
Gwendolyn King	May 17, 2011	58,786 shares, last reported balance as of May 16, 2011
Michele Burns	Mar 1, 2011	77,006 shares, last reported balance as of Feb 26, 2011
Leslie Baker Jr.	Feb 17, 2011	23,902 shares, last reported balance as of Feb 15, 2011
David Olsen	Jun 3, 2009	835,736 shares, last reported balance as of Jun 1, 2009
Matthew Bartley	May 20, 2008	19,952 shares, last reported balance as of May 18, 2008
Mathis Cabiallavetta	Feb 28, 2008	234,988 shares, last reported balance as of Feb 12, 2008
Michael Petrullo	Feb 28, 2008	19,252 shares, last reported balance as of Feb 12, 2008
Simon Freakley	Feb 28, 2008	24,968 shares, last reported balance as of Feb 12, 2008
David Spiller	Feb 28, 2008	3,450 shares, last reported balance as of Feb 12, 2008
Charles Haldeman	Aug 6, 2007	58,460 shares, last reported balance as of Aug 2, 2007
Michael Beber	Jul 10, 2007	20,194 shares, last reported balance as of Jul 6, 2007
Lewis Bernard	May 17, 2007	139,275 shares, last reported balance as of May 15, 2007
Michael Cherkasky	Feb 14, 2007	130,788 shares, last reported balance as of Feb 12, 2007
Brian Storms	Feb 14, 2007	64,886 shares, last reported balance as of Sep 8, 2005
Robert Erburu	May 16, 2006	99,008 shares, last reported balance as of May 15, 2006
Sandra Wijnberg	Apr 4, 2006	95,831 shares, last reported balance as of Mar 31, 2006
John Sinnott	Mar 17, 2006	29,296 shares, last reported balance as of Mar 15, 2006
David Morrison	Mar 17, 2006	90,377 shares, last reported balance as of Jan 16, 2006
Salvatore Zaffino	Mar 17, 2006	129,852 shares, last reported balance as of Jan 16, 2006
Michael Caulfield	Mar 17, 2006	90 shares, last reported balance as of Sep 9, 2005
Charles Davis	May 20, 2005	322,924 shares, last reported balance as of May 13, 2005
Francis Bonsignore	May 13, 2005	245,094 shares, last reported balance as of May 11, 2005
Peter Coster	Jan 19, 2005	306,009 shares, last reported balance as of Jan 17, 2005
Jeffrey Greenberg	Oct 27, 2004	1,323,245 shares, last reported balance as of Oct 25, 2004
William Rosoff	Sep 22, 2004	230,200 shares, last reported balance as of Sep 21, 2004
Ray Groves	Aug 17, 2004	183,809 shares, last reported balance as of Aug 13, 2004
SMITH A J C	Jun 3, 2004	1,178,516 shares, last reported balance as of Jun 1, 2004
SMITH A J C	Jun 3, 2004	48,128 shares, last reported balance as of Jun 1, 2004
Lawrence Lasser		No balance on record

Spotted something wrong on this page? Report an error. We check every report against the SEC filing and list what we fix in the corrections log.

Marsh McLennan insiders sold $18.9M in the past 12 months. How much of their stake is that?

What stands out

Who sold, and how much of their stake

Selling by month

Common questions

Is the Marsh McLennan CEO selling stock?

Why are Marsh McLennan insiders selling?

Are any Marsh McLennan insiders buying?

How much of their stake did Marsh McLennan insiders sell?

The evidence

No plan disclosed · $5.3M

Taxes

Sales by month