> ## Content Index > Fetch the complete content index at: https://www.bullished.co/llms.txt > Use this file to discover other available public pages before exploring further. # Marsh Raises Thrive Cost Estimate To About $750 Million From $500 Million As Cash Flow Falls - URL: https://www.bullished.co/marsh-raises-thrive-cost-estimate-to-about-750-million-from-500-million-as-cash-flow-falls-8cf381d1/ - Published: 2026-10-15T12:26:06.000Z - Updated: 2026-10-15T12:26:05.000Z - Description: Marsh's 10-Q also shows commercial paper at $1.6 billion and buybacks of $2.0 billion for nine months, while the Greensill matter is closed. - Author: Matteo Parrino - Tags: SEC Filings, MRSH, Industry: Financials [Marsh](https://www.bullished.co/tag/mrsh/)'s third-quarter [10-Q](https://www.sec.gov/Archives/edgar/data/0000062709/000006270926000258/mrsh-20260930.htm?ref=bullished.co) raises the cost estimate for its Thrive restructuring program to approximately $750 million, from $500 million. The same filing shows operating cash flow down for the nine months and a Greensill settlement the company says needs no further charges. ## The Thrive bill and the savings it buys The filing says the company lifted the program's expected cost from $500 million to approximately $750 million. Expected annualized savings rose from $400 million to approximately $600 million. The [second-quarter filing](https://www.sec.gov/Archives/edgar/data/0000062709/000006270926000195/mrsh-20260630.htm?ref=bullished.co) carried the lower figures of approximately $500 million and $400 million. The program had incurred $310 million through September 30, up from $239 million through June 30\. Costs were $71 million in the third quarter and $160 million for nine months, versus $38 million in the third quarter of 2025\. Total restructuring costs, which include non-Thrive items, were $79 million for the quarter and $182 million for nine months. Marsh says it expects savings and charges to be spread evenly over the program period. It also says continued refinement of its plans may change timing, expected costs and savings. Thrive began in the third quarter of 2025 as a three-year program. ## Greensill closes out; Credit Suisse settles Marsh recorded Greensill-related charges of $144 million for the quarter and $569 million for nine months, net of insurance proceeds. The first-quarter liability had been $425 million. Marsh expects no further charges from the Australian cases. The Credit Suisse settlement came in September. The second-quarter filing's language about the Credit Suisse claim of about $2 billion no longer appears in this filing. ## Cash, borrowing and buybacks Cash from operations was $2.3 billion for the nine months, compared with $3.1 billion a year earlier. Growth in net receivables absorbed $872 million, against $388 million in 2025, per the cash flow statement. Over the same nine months Marsh repurchased 11.4 million shares for $2.0 billion, versus 4.6 million shares for $1.0 billion a year earlier. Commercial paper, short-term borrowing, stood at $1.6 billion at September 30 at an average rate of 4.13%. The company had none at December 31, 2025\. About $3.7 billion remains under its repurchase authorization. On results, the [earnings release](https://www.sec.gov/Archives/edgar/data/0000062709/000006270926000256/mmc3q2026ex991newsrelease.htm?ref=bullished.co) reported third-quarter revenue of $6.9 billion, up 8%, or 5% on an underlying basis. Diluted earnings per share were $1.69\. For nine months, operating income fell 3% to $4.9 billion and diluted EPS was $6.68 versus $6.75\. CEO John Doyle said Marsh "delivered a strong third quarter." ## New segment names This is the first filing to use the new labels. After the January 14, 2026 rebrand, the former Guy Carpenter unit is reported as Reinsurance, and Mercer as People and Investments. Reinsurance revenue fell 6% in the quarter to $374 million. Marsh's next quarterly report will show whether Thrive charges hold near the $71 million quarterly pace and whether the Greensill charges stop, as the filing says they will. ### Sources - [10-Q Filing — Marsh McLennan (MRSH)](https://www.sec.gov/Archives/edgar/data/0000062709/000006270926000258/mrsh-20260930.htm?ref=bullished.co) — SEC EDGAR - [10-Q Filing — Marsh McLennan (MRSH), Q2 FY2026 filed 2026-07-21 (comparison basis)](https://www.sec.gov/Archives/edgar/data/0000062709/000006270926000195/mrsh-20260630.htm?ref=bullished.co) — SEC EDGAR - [Earnings release (8-K Item 2.02, mmc3q2026ex991newsrelease.htm) — Marsh McLennan, filed 2026-10-15](https://www.sec.gov/Archives/edgar/data/0000062709/000006270926000256/mmc3q2026ex991newsrelease.htm?ref=bullished.co) — SEC EDGAR - [Curious about Marsh (MRSH) Q3 Performance? Explore Wall Street Estimates for Key Metrics](https://finance.yahoo.com/markets/stocks/articles/curious-marsh-mrsh-q3-performance-121505139.html?ref=bullished.co) — Yahoo Finance - [Marsh & McLennan Companies, Inc. (MRSH) Stock Price, News, Quote & History - Yahoo Finance](https://ca.finance.yahoo.com/quote/MRSH/?ref=bullished.co) — Yahoo Finance - [Is Marsh & McLennan (MRSH) Quietly Redefining Its Moat With Archer and New Regional Leadership?](https://finance.yahoo.com/markets/stocks/articles/marsh-mclennan-mrsh-quietly-redefining-141554147.html?ref=bullished.co) — Yahoo Finance - [Marsh: Q3 Earnings Snapshot | wusa9.com](https://www.wusa9.com/article/syndication/associatedpress/marsh-q3-earnings-snapshot/616-bd031b72-2358-44ad-8d76-f7f26ca9afab?ref=bullished.co) — Associated Press - [Marsh and Bloomberg New Economy Launch Coalition to Strengthen Resilience and Drive Growth in a Turbulent World – Company Announcement - FT.com](https://markets.ft.com/data/announce/detail?dockey=600-202610140845BIZWIRE%5FUSPRX%5F%5F%5F%5F20261014%5FBW459786-1&ref=bullished.co) — Financial Times ### More on Marsh McLennan - [Marsh's Consulting Revenue Grew 8% Underlying, Risk And Insurance 3%, As Reinsurance Fell 6%](https://www.bullished.co/marshs-consulting-revenue-grew-8-underlying-risk-and-insurance-3-as-reinsurance-fell-6-823ebcb4/) [All Marsh McLennan (MRSH) coverage →](https://www.bullished.co/tag/mrsh/)