<SEC-DOCUMENT>0001193125-19-087545.txt : 20190327
<SEC-HEADER>0001193125-19-087545.hdr.sgml : 20190327
<ACCEPTANCE-DATETIME>20190327085005
ACCESSION NUMBER:		0001193125-19-087545
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20190327
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190327
DATE AS OF CHANGE:		20190327

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MARSH & MCLENNAN COMPANIES, INC.
		CENTRAL INDEX KEY:			0000062709
		STANDARD INDUSTRIAL CLASSIFICATION:	INSURANCE AGENTS BROKERS & SERVICES [6411]
		IRS NUMBER:				362668272
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05998
		FILM NUMBER:		19706835

	BUSINESS ADDRESS:	
		STREET 1:		1166 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		2123455000

	MAIL ADDRESS:	
		STREET 1:		1166 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MARSH & MCLENNAN COMPANIES INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MARLENNAN CORP
		DATE OF NAME CHANGE:	19760505
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d640132d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of report (Date of earliest event reported) March&nbsp;27, 2019 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Marsh&nbsp;&amp; McLennan Companies, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in its Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g640132g0326005033074.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">1-5998</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">36-2668272</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>1166 Avenue of the Americas, New York, NY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>10036</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>(Address of Principal Executive Offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code (212)
<FONT STYLE="white-space:nowrap">345-5000</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Check the
appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933
(&#167;230.405 of this chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;1.01</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Entry into a Material Definitive Agreement </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;27, 2019, Marsh&nbsp;&amp; McLennan Companies, Inc. (the &#147;Company&#148;) closed its previously announced sale of
$250&nbsp;million aggregate principal amount of its 4.375% Senior Notes due 2029 (the &#147;Notes&#148;). The Notes constitute a further issuance of the 4.375% Senior Notes due 2029, of which the Company issued $1.25&nbsp;billion aggregate principal
amount on January&nbsp;15, 2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Notes were registered under the Company&#146;s effective shelf registration statement on Form <FONT
STYLE="white-space:nowrap">S-3</FONT> (Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-226427)</FONT> under the Securities Act of 1933, as amended, as filed with the Securities and Exchange Commission on July&nbsp;30, 2018 and were
offered by means of the Company&#146;s prospectus dated July&nbsp;30, 2018, as supplemented by the prospectus supplement dated March&nbsp;20, 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Notes were issued on March&nbsp;27, 2019 pursuant to the Indenture dated July&nbsp;15, 2011, by and between the Company and The Bank of
New York Mellon, as trustee (the &#147;Trustee&#148;), filed as Exhibit 4.1 to the Company&#146;s Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter ended June&nbsp;30, 2011, as supplemented by the Eleventh
Supplemental Indenture (the &#147;Supplemental Indenture&#148;), dated as of January&nbsp;15, 2019, by and between the Company and the Trustee, filed as Exhibit 4.1 and incorporated herein by reference to the Company&#146;s Current Report on Form <FONT
STYLE="white-space:nowrap">10-K</FONT> dated January&nbsp;15, 2019. The form of the Notes is attached hereto as Exhibit 4.2 and is incorporated herein by reference. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing descriptions of the Supplemental Indenture and the Notes contained herein are summaries and are qualified in their entirety by
the Supplemental Indenture and the forms of Notes attached hereto as Exhibits 4.1 through 4.2, respectively. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.01</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Other Events </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A copy of the opinion of Davis Polk&nbsp;&amp; Wardwell LLP, counsel to the Company, relating to the legality of the Notes is filed as Exhibit
5.1 hereto. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Financial Statements and Exhibits </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(d) Exhibits </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="29%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="29%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="29%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Exhibit&nbsp;No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="5" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="6"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP><B>4.1</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5"><B>Eleventh Supplemental Indenture, dated January&nbsp;15, 2019, between Marsh&nbsp;&amp; McLennan Companies, Inc. and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.1 to the
Company&#146;s Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed on January&nbsp;15, 2019).</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="6"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP><B>4.2</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5"><B>Form of 4.375% Senior Notes due 2029 (included in Exhibit 4.1 above).</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="6"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP><B>5.1</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5"><B>Opinion of Davis Polk&nbsp;&amp; Wardwell LLP.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="6"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP><B>23.1</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5"><B>Consent of Davis Polk&nbsp;&amp; Wardwell (included in Exhibit 5.1 above).</B></TD></TR>
</TABLE>
</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="29%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="29%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="29%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Exhibit&nbsp;No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="5" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Exhibit</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="6"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP><B>4.1</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5"><B><A HREF="http://www.sec.gov/Archives/edgar/data/62709/000119312519009423/d683916dex41.htm">Eleventh Supplemental Indenture, dated January&nbsp;15, 2019, between Marsh&nbsp;
&amp; McLennan Companies, Inc. and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.1 to the Company&#146;s Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed on January&nbsp;15, 2019).</A></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="6"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP><B>4.2</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5"><B><A HREF="http://www.sec.gov/Archives/edgar/data/62709/000119312519009423/d683916dex41.htm">Form of 4.375% Senior Notes due 2029 (included in Exhibit 4.1 above). </A></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="6"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP><B>5.1</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5"><B><A HREF="d640132dex51.htm">Opinion of Davis Polk&nbsp;&amp; Wardwell LLP. </A></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="6"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP><B>23.1</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5"><B><A HREF="d640132dex51.htm">Consent of Davis Polk&nbsp;&amp; Wardwell (included in Exhibit 5.1 above). </A></B></TD></TR>
</TABLE>
</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">MARSH&nbsp;&amp; MCLENNAN COMPANIES, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Katherine J. Brennan</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Katherine J. Brennan</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Deputy General Counsel, Chief Compliance Officer &amp; Corporate Secretary</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: March&nbsp;27, 2019 </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>d640132dex51.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="6%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">


<IMG SRC="g640132g0326131650488.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Arial Narrow"><B>New York</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Arial Narrow"><B>Northern&nbsp;</B><B>California</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Arial Narrow"><B>Washington&nbsp;DC</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Arial Narrow"><B>S&atilde;o Paulo</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Arial Narrow"><B>London</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Arial Narrow"><B>Paris</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Arial Narrow"><B>Madrid</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Arial Narrow"><B>Tokyo</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Arial Narrow"><B>Beijing</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Arial Narrow"><B>Hong&nbsp;Kong</B></P></TD></TR>
</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="40%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="40%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Arial Narrow">Davis Polk&nbsp;&amp; Wardwell <SMALL>LLP</SMALL></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Arial Narrow">450
Lexington Avenue</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Arial Narrow">New York, NY 10017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Arial Narrow">212 450 4000 tel</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Arial Narrow">212 701 5800 fax</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;27, 2019 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Marsh&nbsp;&amp; McLennan Companies, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1166 Avenue of the
Americas </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10036-2774 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and
Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Marsh&nbsp;&amp; McLennan Companies, Inc., a Delaware corporation (the &#147;<B>Company</B>&#148;), has filed with the Securities and Exchange
Commission a Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-226427)</FONT> (the &#147;<B>Registration Statement</B>&#148;) for the purpose of registering under the
Securities Act of 1933, as amended (the &#147;<B>Securities Act</B>&#148;), certain securities, including the Company&#146;s $250&nbsp;million aggregate principal amount of its 4.375% Senior Notes due 2029 (the &#147;<B>Securities</B>&#148;). The
Securities are to be issued pursuant to the provisions of the Indenture dated as of July&nbsp;15, 2011 between the Company and The Bank of New York Mellon, as trustee (the &#147;<B>Trustee</B>&#148;), as supplemented by the Eleventh Supplemental
Indenture dated as of January&nbsp;15, 2019 between the Company and the Trustee (as so supplemented, the &#147;<B>Indenture</B>&#148;). The Securities are to be sold pursuant to the Underwriting Agreement dated March&nbsp;20, 2019 (the
&#147;<B>Underwriting Agreement</B>&#148;) among the Company and the several underwriters named therein (the &#147;<B>Underwriters</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We, as
your counsel, have examined originals or copies of such documents, corporate records, certificates of public officials and other instruments as we have deemed necessary or advisable for the purpose of rendering this opinion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In rendering the opinion expressed herein, we have, without independent inquiry or investigation, assumed that (i)&nbsp;all documents submitted to us as
originals are authentic and complete, (ii)&nbsp;all documents submitted to us as copies conform to authentic, complete originals, (iii)&nbsp;all signatures on all documents that we reviewed are genuine, (iv)&nbsp;all natural persons executing
documents had and have the legal capacity to do so, (v)&nbsp;all statements in certificates of public officials and officers of the Company that we reviewed were and are accurate and (vi)&nbsp;all representations made by the Company as to matters of
fact in the documents that we reviewed were and are accurate. </P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow; ">Marsh &amp; McLennan Companies, Inc.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Arial Narrow; "> Page
 2
</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Arial Narrow; ">March 27, 2019</FONT></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based on the foregoing, and subject to the additional assumptions and qualifications set forth below, we
advise you that, in our opinion, when the Securities have been duly executed and authenticated in accordance with the provisions of the Indenture and delivered to and paid for by the Underwriters pursuant to the Underwriting Agreement, the
Securities will constitute valid and binding obligations of the Company, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors&#146; rights generally, concepts of reasonableness
and equitable principles of general applicability, provided that we express no opinion as to the validity, legally binding effect or enforceability of any provision that permits holders to collect any portion of stated principal amount upon
acceleration of the Debt Securities to the extent determined to constitute unearned interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, we have assumed that the Indenture and the
Securities (collectively, the &#147;<B>Documents</B>&#148;) are valid, binding and enforceable agreements of each party thereto (other than as expressly covered above in respect of the Company). We have also assumed that the execution, delivery and
performance by each party to each Document to which it is a party (a)&nbsp;are within its corporate powers, (b)&nbsp;do not contravene, or constitute a default under, the certificate of incorporation or bylaws or other constitutive documents of such
party, (c)&nbsp;require no action by or in respect of, or filing with, any governmental body, agency or official and (d)&nbsp;do not contravene, or constitute a default under, any provision of applicable law or regulation or any judgment,
injunction, order or decree or any agreement or other instrument binding upon such party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are members of the Bar of the State of New York and the
foregoing opinion is limited to the laws of the State of New York and the General Corporation Law of the State of Delaware, except that we express no opinion as to any law, rule or regulation that is applicable to the Company, the Documents or such
transactions solely because such law, rule or regulation is part of a regulatory regime applicable to any party to any of the Documents or any of its affiliates due to the specific assets or business of such party or such affiliate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hereby consent to the filing of this opinion as an exhibit to a report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> to be filed by the Company on
the date hereof and its incorporation by reference into the Registration Statement and further consent to the reference to our name under the caption &#147;Legal Matters&#148; in the prospectus supplement which is a part of the Registration
Statement. In giving this consent, we do not admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Davis Polk&nbsp;&amp; Wardwell LLP </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g640132g0326005033074.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g640132g0326005033074.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  Y 5,# 2(  A$! Q$!_\0
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M (0O09-"309XGN+*,[HXY9BS1GV.<BLVW^&GA>UNXYI6NKGR3F.*ZNV=%/\
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%44 ?_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g640132g0326131650488.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g640132g0326131650488.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  > )L# 2(  A$! Q$!_\0
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M*2>2N AQD8Z=Z[;X;ZWJ'B#PFM]J4PEN#/(FX(%X!XX%>36?_)%]3_["D?\
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/DK<CE>&QVT/:*%JFZ/_9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
