CEO Brian Duppereault has turned around broker
FBR Capital Markets insurance analyst Bijan Moazami ended nine years of negative comment on Marsh and said chief executive Brian Duppereault has turned the company around, Dow Jones reports.
Revenue in Marsh & McLennan's main insurance brokerage business should grow in the mid-single digits, helped by exposure to emerging markets. It also has more room to expand profit margins than rival Aon, Moazami said.
"Mr. Brian Duppereault has done an excellent job in turning around the company," the analyst wrote.
Marsh can grow
"Given the tremendous progress the company has made and potential improvement in the global economy in 2010, we are positive on Marsh & McLennan's outlook for the first time in the nine years that we have been covering Marsh & McLennan at FBR."
"Marsh & McLennan is back on the offensive, after years of fighting simply for survival," Moazami wrote Monday. "It is conceivable that the company can now grow again at the expense of Aon."
