SVP Beswick Paul sold $141K worth of shares at $198.00, reducing his direct stake by 4.2% near the stock's 90-day high. This first-ever sell transaction after years with the company suggests routine diversification rather than a strong bearish signal given the small size and lack of supporting cluster activity.

Where it could go — Our 1-4 conviction officer sells: 58% beat SPY at 30d with +2.8% average outperformance; watch $198.49 as resistance, $162.82 as support.

Chief Client Officer South Martin sold $1.3M worth of MRSH shares at $189.99, reducing their direct stake by 29.9% at a price just 1.2% below the 90-day high. This first-ever trade from a long-tenured officer near the high is a notable departure from prior inactivity and suggests a potential lack of conviction at current levels. Bear: breaks $162.82 support; Bull: holds above $189.99 and reclaims $192.38.

Where it could go — Our 5-6 conviction officer sells: 51% beat SPY at 30d; bear breaks $162.82.

Director Yates Lloyd sold $2.1M worth of MRSH shares at $175.65, reducing his directly held stake by 50% while the stock traded 6.6% below its 90-day high. This first-ever sale by a long-tenured director suggests routine diversification rather than a strong bearish signal, given the lack of other insider selling activity.

Where it could go — Our 1-4 conviction sells: 55% beat SPY at 30d (n=1469, avg +1.3% vs SPY); watch $188 as resistance, $160 as support.

Doyle John Q exercised 16,656 options at $73.19 and sold the resulting shares at $161.71 ($2.7M). The sale came from newly exercised options and did not reduce previously held shares, leaving 116,811 directly held shares.

Where it could go — Exercise-and-sell transactions are largely mechanical and carry limited directional signal.