Coursework Assignment Template

Coursework assignment 3answer template930Coursework submission rules and important notes
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Marsh: Brief Overview
Insurance broking firm named Marsh was founded 140 years back. Henry W. Marsh
and Donald R. McLennan founded this company. Their aim is to help various businesses to
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cope up with the changing and innovative environment. A major step changed the course of
insurance broking throughout the world1.
Marsh with a large network has its branches spread out in all over world. It is
assisting millions of customers in almost 130 countries all around. It also has a very big labor
of around 35000 employees. They are working hard in order to provide risk management
portfolios to the clients of the company2.
As the network of marsh is very large, that is why it is considered one of the top
players of insurance broking industry. The main objective of the company is to look into the
portfolios of its insurance clients and make a balanced portfolio to manage their risk certainty
and provide them solutions to overcome any drawback or uncertain condition. This allows
the company to have competitive advantage over other companies of their industry.
Marsh is one of the four subsidiaries of Marsh and McLennan Company. It is a very
productive and profitable company, which work at providing risk management, strategic
solutions to its clients. It is working from around 140 years and still a global leader of its
kind3.
In this assignment, the competitive environment of Marsh is going to be discussed.
The ethical consideration and regulatory requirements that one should take into
consideration will be going to discussed and analyzed in terms of Marsh4. Based on that,
some recommendations will be suggested.
1 Marsh, ‘Diversity and Inclusion’ (Marsh, 2019a) https://www.marsh.com/uk/about-marsh/diversity-
and-inclusion-marsh.html accessed on 25th April 2019
2 Marsh, ‘Leadership’ (Marsh, 2019b) https://www.marsh.com/uk/about-marsh/leadership.html
accessed on 25th April 2019
3 Marsh, ‘You are changing. We are too’ (Marsh, 2019f) https://www.marsh.com/us/home.html
accessed on 25th April 2019
4 Marsh, ‘Leading the Way in Transparency’ (Marsh, 2019c)
https://www.marsh.com/uk/about-marsh/leading-the-way-in-transparency.html accessed on 25th April
2019
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Competitive environment of the Marsh Company
Source: Porter’s Five Force Model5
The competitive environment of Marsh Company is focused on the implementation of
porter’s five force model and it tends to analyse the factors by which it is being able to
present the maximum competitive analyse in which the company works and how they
usually get it affected by the sort of factors associated with it. There are different types of
factors which are associated with it, i) rivalry among existing competitors ii) bargaining power
of suppliers iii)
Rivalry among existing competitors
Industry is the type of organization that is being served as the combination of
different types of organization. Competition is focused within the industry in association
within them concurrently. Rivalry is there between the in the market place in order to race
out to be the best performer in the market.
Marsh is considered one of the top players of this insurance and insurance broking
industry. They have high profit margins as compared to their competitors and its financial
statements are showing amazing and competitive results. This company efficiently perform
better performance in the country and thus helps to adequate better positivity throughout the
systematic approach envied by the company.
Bargaining power of suppliers
An industry it effected by its supplier’s bargaining powers also. They have much
potential to influence the prevailing prices of supply of goods or services to the respective
company.
5 Michael E,Dobbs, ‘Guidelines for applying Porter's five forces framework: a set of industry
analysis templates’ [2014] 24 Competitive Review 32
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In case of Marsh there is no existence of suppliers, however they need suppliers for fixed
assets and for some miscellaneous tasks related to their company. Marsh needs a strong
base of its supplier, so that some irrelevant things cannot hamper the core functions of the
company.
Bargaining power of buyers
Bargaining power of the buyers are allotted to reduce the price of the goods in the
market in order to exert pressure on the businessmen by the consumers who are intended to
provide higher quality of goods and services to end consumers. Better amount of customer
service and also indulging with adequate quality of industry services. It is referred as one of
the services which focuses to shape out the competitive structure of the economy.
Threat of new entrants
It is referred as the threat that is referred to the existing competitors in the particular
industry. There are many instances where new companies try to enter the industry and
enable to focus in the associative culture in the market instances. When the new companies
can easily enter in the market then it can be analysed that entry barriers are quite low in the
market. However, when there are situations that new entrants are finding it too hard to enter
in the industry then it is assessed that entry barriers are quite higher. When It refers to
threats that can be posed by new competitors on the organizations, which are already in
industry. New entrants are usually towards that industry which is making profit. Hence
existing organizations of that industry faces big threat from new entrants.
Marsh is facing a huge challenge by getting lots of threat from the market as because
market is quite wide in this sector and thus it enhances to increase the competition in market
structure.
Threat of substitute products or services
Threat of substitute is defined as availability of products that is particularly purchased
by instead of industry’s product. It is referred as the product that is offered by different
company but offers a wide range of prices. These are different sort of product that is given to
the customer within the industry. which is known as the services and it is been considered as
one of the biggest threats in market activities in today’s life. In this way cycle continues6.
Marsh is a service concerned organization and it focuses to deal with every aspect of
servicing process. They thrive to maintain their service quality to top class efficiency and it is
very much effective in focus of reducing the threat of substitution and it stems to generate
more sort of innovative ideology into one of more services acknowledged by other
companies.
Competition and New Business Acquisition in the market
In focus to build up new business in the competitive world, companies emphasise to
focus on setting up regulatory requirements and emphasise on ethical considerations before
implementing it into best level. 7 In relation to the current study, they emphasise on
6Flemming, Poulfelt and Thomas H, Olson, Perspectives and Advice from Leading Experts (2nd
Edition, Routledge, 2017)
7Edward E, Lawler III, Talent: Making People Your Competitive Advantage (John Wiley & Sons, 2010)
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identification of the requirements and considerations that is based on acquisition of the
important business by Marsh Company or any other company in UK or world.
Regulations
It is also referred as regulatory compliance, which discloses of obeying the rules
irrespective of certain conditions and requirements. Generation of the regulating body in
focusing of regulatory requirements8 are generally used through the rules and resources
envied in them. In this case, while the organization is violating the rules and regulation
which are disclosed by the organization leads to cut out the foundation and it will lead to
improper association. This will enhance the respective authority to take serious or minimal
actions9 that will generate dismiss of the associative segment.
In this project, significant regulatory requirements are embedded as necessary in
order to acquiring new business firm by enacting companies in UK version that is
discussed10 effectively. The focus is given on the acquisition made by Marsh Company
recently and based on those regulatory requirements.
Transformation of resources
In consideration of acquisition in new business by Marsh, the foremost regulation is
to intake lookout the procedure through which the shares of other company will be
transferred in custody of Marsh. The transferred share is either partial or complete; it also
depends on the contact between the two companies. With this section, the drag and tag
selectivity along with the right of shareholders. It is referenced to Enterprise Act 2002 and
incorporates from Competition and Markets authority (CMA) is encouraged to ad hoc the
facility to the customers in market.
Preliminary Agreements Needed Before the Actual Contract
The actual contract of merger or acquisition between companies or by Marsh needed some
basic agreements between seller and buyer. These are as follows:
a) Letter of Intent: This letter shows the main intension and contractual norms behind
the acquisition. It includes terms related to pricing, objectives, etc.
b) Exclusivity provisions: When the company goes to acquire other company, this
agreement ensures buyer (in this case Marsh) to negotiate with seller (in this case
JLT) in lieu of the price of sale in a particular time bar.
c) Non- disclosure provisions: This agreement deals with for the sake of seller (JLT),
for referring the order to enhance surety for confidential stakes of business. After
disclosing confidential details of business with the buyer, however the seller needs
guaranty of its confidentiality. This agreement provides the same by indulging with
this service.
8Jr, Niskanen, Bureaucracy and Representative Government (1st Edition Routledge, 2017)
9Shazia, Sadiq, and Guido, Governatori, Managing Regulatory Compliance in Business Processes
(Springer, Berlin, Heidelberg, 2015)
10Andrew, von, Nordenflyct, ‘What Is a Professional Service Firm? Toward a Theory and Taxonomy of
Knowledge-Intensive Firms’ [2017] 35 AMR
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Regulatory Authority
In order to acquire new business in UK or world, various companies need consent
from some regulatory bodies that are functioning for the same. The consent should be taken
from the respective government, CMA, tax authority, licensing authority organizations
working worldwide for the benefit of the businesses like WTO, etc.
Ethical Considerations
These are the considerations, which are considered morally right. Ethical
considerations in general are the principles and right values that one has to take care while
living in this world and doing business or any job.
From the point of view of merger and acquisitions of two businesses some ethical
measures should be taken into consideration. For this purpose, two basic approaches of
ethics that are utilitarian and rights approach are discussed with reference to recent
acquisition of JLT done by Marsh company.
Utilitarian Ethical Approach
This approach of ethics is focused on accessing or analysing events in term of the
outcomes which is generated by the event and that will increase or decrease the
organizational efficiency. It focuses on achieving better results for large number of people
without creating harm to any people. It focuses on performing higher achievements with
harm to less or no people. In this view, mergers and acquisitions companies need to take
care of this aspect of utilitarian approach. The following ethics are involved in acquisition
process:
 The right to take necessary decision for the betterment of business.
 None of the discrimination of any party in this process of merger or acquisition are
involved in the segmentation of this resource.
Rights of Ethical Theory
The theory of ethics discusses about individual ethical rights. There are two types of
ethical rights associated with it. There are two types of association regarded about positive
or else negative association. Ethical rights of persons associated in merger and acquisition
of businesses, it focuses on two types that are positive and negative. Positive right is
considered of being free to do anything one want to have and negative right is to have
freedom of speech and privacy in themselves. In terms of acquisition with JLT company took
over by Marsh Company, they regarded to follow the ethics according to the right theory.
The following ethics must be involved in acquisition process:
 Right of privacy and security of confidential documents
 Right of discloser of all-important documents and prevailing conditions about the
company, by both the parties
 Right to negotiate
Marsh: Acquisition Ethical Considerations and Regulatory requirements
The ethical consideration and regulatory requirements of acquiring new business by
Marsh organization is embedded to be perform in the report by enabling into consideration
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the recent acquisition made by the parent company of Marsh. The parent company of Marsh
is MMC that is Marsh & McLennan. It is acquired by famous company named as Jardine
Lloyd Thompson (JLT)11.
JLT Company is a UK based company and provide insurance, employee benefit,
reinsurance and broking services to its client. Last year, on September 2018, a deal between
Marsh and JLT was made. Recently in April 2019, an acquisition of $ 5.6 million is complete
by Marsh by completely acquiring the Jardine Lloyd Thompson company.
The focus of this acquisition is to combine strength with strength. Primarily focusing
is on the growth of capabilities, profit, earnings and talent. This acquisition increases
leadership of Marsh in insurance broking industry. With the acquisition of this company,
Marsh’s presence in small commercial segments and in capital market expanded
significantly12.
The impact and analysis of ethical considerations and regulatory requirements on
acquisition of JLT done by Marsh is going to be analyzed in this section. This analysis is
done in order to identify the effectiveness and efficiency of the merger between the two
companies and its impact on the working of Marsh Company.
Regulatory Requirements
It is the compliance by the business that in order to achieve their business goals,
appropriate laws, rules and regulations will be followed properly in order without taking
advantage. From UK and world’s point of view, regulatory requirements are necessary in
order to acquire new business by the companies.
In the acquisition, the first regulatory requirement that should be taken into
consideration is the transfer of shares. Marsh acquired JLT by fully diluted value of equity. It
means that it’s not a partial merger in fact it’s a complete merger of JLT into Marsh Company
with transfer of their 100% share in the name of Marsh.
For the acquisition of JLT by Marsh, all preliminary agreements that must be made
before actual contract are duly fulfilled. The letter of intent discloses the main intention of the
companies behind this acquisition. In exclusivity and non-discloser provisions, no breach of
confidential information related to JLT Company and Marsh Company was made.
Ethical considerations
It is type of constraint that is undertaken by a certain company, while an organization
is undertaking merger and acquisitions in order to expand their business. It is basically used
in order to circulate their presence throughout the world. These considerations are taken
care very prominently including the time of mergers and acquisitions. Ethical considerations
11Laurence, Levy and others, ‘Private mergers and acquisitions in the UK (England and Wales)’
(Thomson Reuters practical law, 2017) https://uk.practicallaw.thomsonreuters.com/3-552-5708?
transitionType=Default&contextData=(sc.Default)&firstPage=true&comp=pluk&bhcp=1 accessed on
25th April 2019
12 Frank T, Rothaermel, Strategic Management (2nd Edition, McGrawHill, 2015)
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are taken by them in order to protect against all the odd things which are done in the
industry. However, when Marsh acquired the JLT Company the organization sustained all
the ethical rules available in the books of law associated with it. Marsh Company is
generally linked up to associate the accounting standard frame to make utilitarian approach
of ethics research associated with it. The profit margin of organization is focused to enable
the structure of the company in order to generate better quality of revenue. Altogether by
following the ethics of the company, interest of the society cannot be harmed and that so is
done by Marsh while preparing the statements and undergoing their business association.
Rights of the ethics are claimed in regulating attraction of the clients effectively.
By analysing the rights and approaching the ethics with focusing to the acquisition
performed by Marsh, interest and rights of people is selected to focus on the creation of
betterment and innovativeness of the society. It is the view of Marsh that takes care of rights
of employees and clients on the other hand they takes care of the rights regarding to the
elements of JLT Company.
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Conclusion and Recommendations
Marsh is a very big organization and they are considered as the global leader. They
are serving throughout 130 countries all over the world. It approximately has a work force of
35000 employees with complete merging of Jardine Lloyd Thompson into Marsh, the current
work force of the company increases by 1000013. Marsh is subsidiary of most famous
organization of insurance sector which is (Marsh & McLennan) MMC. As MMC is the parent
company of Marsh hence measures in the project that is taken from the point of view of
MMC instead of Marsh. It is because the subsidiary of MMC, details of Marsh get contradict
with following of MMC.
In focus of acquiring new business in the competitive world some of the ethical
considerations and regulatory requirements are taken into consideration14. In the project,
these considerations are explained in detail and also their impact on acquisition performed
by Marsh is analyzed briefly. Mainly the acquisition is beneficial for both the companies still
there are some shortcomings15. Recommendations for overcoming those shortcomings are
discussed as follows:
 When one company acquires the other one, acquisition done by Marsh in this case, it
needs to take care of the interest of clients, customers, and any other entity or
individual involved with the JLT company in past.
 After getting the whole business of other company (JLT in this case), Marsh should
aim at increasing the profitability and image of other business as well as his
business. It should make profits by putting image of JLT on stake.
 Marsh acquired the shares of JLT Company completely. Therefore, it is the
responsibility of Marsh Company to make an ethical and friendly environment for the
employees, which came from JLT Company.
 It is the responsibility of Marsh Company to undergo with full responsibility of general
and ethical issues, happing in JLT Company. It is because of the company and its
operations are now under Marsh16 association.
 In general point of view, after acquiring the complete shares of Jardine Lloyd
Thompson company, it’s the sole responsibility of Marsh and McLennan company to
follow every aspects of ethics and consider all required regulations for the sake of
their own company and Jardine Lloyd Thompson company17.
13Marsh, ‘Who We Are’ (Marsh, 2019e) https://www.marsh.com/uk/about-marsh/who-we-are.html
accessed on 25th April 2019
14Flemming, Poulfelt and Thomas H, Olson, Management Consulting Today and Tomorrow (2019)
15 Mayur, Taneja and Noopur, Saxena, ‘Mergers and Acquisitions with a reference to Ethical, Social
and Human Resource’ [2014] 16 IOSR- JBM 69
16CH, Waddington, ‘The Ethical Animal’ (1st Edition, Routledge, 2017)
17 Sammy M, Kiragu, ‘Assessment of Challenges Facing Insurance Companies in Building
Competitive Advantage in Kenya: A Survey of Insurance Firms’ [2014] 1 IJSSE 1
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References
Bibliography
Secondary Sources
Books
Lawler III, Edward E, Talent: Making People Your Competitive Advantage (John Wiley & Sons,
2010)
Niskanen, Jr, Bureaucracy and Representative Government (1st Edition Routledge, 2017)
Poulfelt, Flemming and Olson, Thomas H, Perspectives and Advice from Leading Experts (2nd
Edition, Routledge, 2017)
Rothaermel, Frank T, Strategic Management (2nd Edition, McGrawHill, 2015)
Sadiq, Shazia and Governatori, Guido, Managing Regulatory Compliance in Business
Processes (Springer, Berlin, Heidelberg, 2015)
Waddington, CH, ‘The Ethical Animal’ (1st Edition, Routledge, 2017)
Articles
Dobbs, Michael E, ‘Guidelines for applying Porter's five forces framework: a set of industry
analysis templates’ [2014] 24 Competitive Review 32
Karppinen, Pasi and Kukkonen, HarriOinas, ‘Three Approaches to Ethical Considerations in the
Design of Behaviour Change Support Systems’ [2013] 7822 ICPT 87
Kiragu, Sammy M, ‘Assessment of Challenges Facing Insurance Companies in Building
Competitive Advantage in Kenya: A Survey of Insurance Firms’ [2014] 1 IJSSE 1
Nordenflyct, Andrew von, ‘What Is a Professional Service Firm? Toward a Theory and
Taxonomy of Knowledge-Intensive Firms’ [2017] 35 AMR
Taneja, Mayur and Saxena, Noopur, ‘Mergers and Acquisitions with a reference to Ethical,
Social and Human Resource’ [2014] 16 IOSR- JBM 69
Websites
Levy, Laurence and others, ‘Private mergers and acquisitions in the UK (England and Wales)’
(Thomson Reuters practical law, 2017) https://uk.practicallaw.thomsonreuters.com/3-552-
5708?transitionType=Default&contextData=(sc.Default)&firstPage=true&comp=pluk&bhcp=1
accessed on 25th April 2019
Marsh, ‘Diversity and Inclusion’ (Marsh,
2019a)https://www.marsh.com/uk/about-marsh/diversity-and-inclusion-marsh.html accessed on
25th April 2019
Marsh, ‘Leadership’ (Marsh, 2019b) https://www.marsh.com/uk/about-marsh/leadership.html
accessed on 25th April 2019
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Marsh, ‘Leading the Way in Transparency’ (Marsh, 2019c) https://www.marsh.com/uk/about-
marsh/leading-the-way-in-transparency.html accessed on 25th April 2019
Marsh, ‘Marsh & McLennan Welcomes Jardine Lloyd Thompson’ (Marsh, 2019d)
https://www.marsh.com/uk/about-marsh/marsh-and-jlt-together.html accessed on 25th April
2019
Marsh, ‘Who We Are’ (Marsh, 2019e) https://www.marsh.com/uk/about-marsh/who-we-are.html
accessed on 25th April 2019
Marsh, ‘You are changing. We are too’ (Marsh, 2019f) https://www.marsh.com/us/home.html
accessed on 25th April 2019
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Glossary of key words
Analyse
Find the relevant facts and examine these in depth. Examine the relationship between
various facts and make conclusions or recommendations.
Construct
To build or make something; construct a table.
Describe
Give an account in words (someone or something) including all relevant characteristics,
qualities or events.
Devise
To plan or create a method, procedure or system.
Discuss
To consider something in detail; examining the different ideas and opinions about
something, for example to weigh up alternative views.
Explain
To make something clear and easy to understand with reasoning and/or justification.
Identify
Recognise and name.
Justify
Support an argument or conclusion. Prove or show grounds for a decision.
Outline
Give a general description briefly showing the essential features.
Recommend with reasons
Provide reasons in favour.
State
Express main points in brief, clear form.
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