Though revenue growth slowed a bit at Marsh & McLennan Cos. Inc. in 2012, the company's overall performance was still “excellent” in its first calendar year under new president and CEO Daniel Glaser, analysts said.

The New York-based brokerage giant reported 4% organic growth in 2012 and 2% in the first quarter of 2013, slipping a percentage point each compared with the respective prior year periods yet meeting analysts' expectations.

“2012 was an excellent year of growth,” said Gregory Locraft of Morgan Stanley.

Compared with the 8.9% growth rate recorded in 2011, Marsh & McLennan's gross revenues increased by a more moderate 3% last year, totaling $11.9 billion and placing the company at No. 1 on Business Insurance's 2013 rankings of the world's largest insurance brokers.

Peter Zaffino, president and CEO of Marsh & McLennan's commercial insurance brokerage, Marsh Inc., said the company's success in 2012 and through the first quarter of 2013 represented “a continuation of the strategic plan that was put in place by (former President and CEO) Brian Duperreault.”

“What Brian's tenure was all about was stabilizing the organization, developing an organizational strategy and executing against that, and we were able to evolve the organization very quickly,” Mr. Zaffino said. “Dan has a very sound strategic outlook, tremendous execution capability and a vision for the future. I believe we're in excellent hands for the future and expect to see us continue on the track that the industry has become accustomed to seeing us on.”

“It's been a seamless transition,” Mr. Locraft said of the change in Marsh & McLennan's leadership. “Top-line growth has been consistent with performance in recent years, and they really haven't missed a beat as the (property/ casualty) market's gotten a little better. They have a great business footprint that's positioned them to participate in the global upswing.”

In its risk and insurance services segment, commercial retail brokerage revenue at Marsh Inc. grew 5% in 2012 to $5.46 billion, including 4.7% organic growth. Reinsurance arm Guy Carpenter & Co. L.L.C. saw its brokerage revenue grow 3.7% to $1.08 billion in 2012, including 6% organic growth.

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Through the first quarter of 2013, Marsh and Guy Carpenter grew their brokerage revenue by 4.8% and 4.7%, respectively.

Top performers among individual business units for 2012 included Mercer L.L.C.'s health and benefits and investments practices, which grew annual revenue 8% and 11%, respectively. Those units continued to set the pace for growth through the first three months of 2013, with health and benefits growing revenue 9%, and investments growing 8% versus first-quarter 2012.

Mercer President and CEO Julio Portalatin said much of the unit's recent success has been driven by new regulations under the Patient Protection and Affordable Care Act. However, he said he expects Mercer's revenue growth to continue well beyond 2014, as employers will have ongoing decisions to make regarding new or expanded health management and wellness programs, workforce planning and benefits communication strategies long after health care reform's requirements take effect. “We expect demand to stay high,” he said.

Investment analysts said the rollout of its private health insurance exchange in January 2013 should position Mercer for sustained revenue growth in the near term.

“As employee benefits buyers become more comfortable with providing benefits for their organizations through exchanges, leading consultancies are going to see the greatest amount of growth for the next several years,” said Meyer Shields, a Baltimore-based managing director of equity research for the property/casualty insurance industry at Keefe, Bruyette & Woods Inc.

The company also continued to invest in Marsh & McLennan Agency, acquiring 10 agencies in 2012 as it pursues a broader footprint in the U.S. small and mid-market brokerage marketplace.

“Sooner or later, we're going to see small and midsize companies gaining greater access to credit and becoming able to grow faster,” said Tom Mitchell, an analyst at New York-based Miller Tabak & Co. L.L.C. “That's been missing for the last five years, and once you start to see that happening, Marsh's emphasis on the agency unit ... is going to pay a very nice dividend.”