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Marsh targets more cost cuts; reports revenue increase - Business Insurance Skip to content Register for free Search Search Log In Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2026 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2026 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2026 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2026 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Marsh targets more cost cuts; reports revenue increase by Claire Wilkinson John Doyle Agents and Brokers , Financial Results , P/C Pricing Marsh Oct 15, 2026 Marsh on Thursday increased its annual cost savings target under its Thrive restructuring program by 50% to $600 million, as the brokerage reported higher third-quarter revenue and profit despite a 6% decline in reinsurance revenue amid continued pricing pressure. The brokerage now expects the three-year program, introduced last year, to cost approximately $750 million, up from its original $500 million estimate, with most restructuring actions scheduled for completion by the end of 2028. Marsh reported third-quarter revenue of $6.86 billion, up 8% from the same period last year. Underlying revenue, which excludes the effects of currency movements and acquisitions and dispositions, increased 5% in the quarter. Net income rose 8% to $808 million from $747 million in the prior-year period. Revenue in Marsh’s risk and insurance division increased 7% to $4.2 billion, or 3% on an underlying basis. Marsh Risk, its principal insurance brokerage business, reported revenue of $3.73 billion, a 10% increase and up 5% on an underlying basis. Underlying revenue grew 4% in the U.S. and Canada and 6% internationally. Soft reinsurance market conditions, driven by abundant traditional and alternative capital, are expected to persist through January 1 renewals, John Doyle, Marsh’s president and CEO, said on a call with analysts. Reinsurance revenue fell 6% to $374 million, reflecting lower property reinsurance rates and a tough comparison with the year-earlier quarter, which benefited from nonrecurring items, said Mark McGivney, Marsh’s chief operating officer and chief financial officer. Global primary commercial insurance rates declined 5% in the third quarter, following a 6% decrease in the second quarter, according to Marsh’s Global Insurance Market Index. Property rates fell 10%, financial and professional liability rates declined 3% and cyber rates decreased 4%, while casualty rates increased 1%. U.S. excess casualty rates rose 13%, reflecting inflationary pressure and loss costs, Mr. Doyle said. Increased savings under the Thrive restructuring program will support further investment in sales, technology and new capabilities, Mr. Doyle said. Marsh is seeing increased demand for artificial intelligence-related services across its businesses, including risk management and management consulting, Mr. Doyle said. Revenue in Marsh’s management consulting business increased 14% on an underlying basis to $1.01 billion, supported by demand for AI-related work, Mr. McGivney said. Marsh is seeing growth in its Quotient practice, which works with private equity firms and their portfolio companies on AI and technology transformation, Mr. Doyle said. Digital infrastructure, including data centers, also continues to drive growth, Mr. Doyle said. “More and more clients across broad sectors of the economy are asking for our help in risk, capital advisory, credit and consulting in the wake of extensive growth in digital infrastructure,” he said. Marsh recently launched Stratus, a property insurance exchange offering up to $10 billion capacity for operating digital facilities. It follows Nimbus, a $2.7 billion insurance facility for construction risks launched last year. Marsh recorded $144 million in third-quarter expenses, net of insurance recoveries, related to litigation involving Greensill Capital, the supply chain finance firm that collapsed in 2021. Marsh has settled the litigation and expects no further related charges, Mr. McGivney said. 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