Global insurance and reinsurance broker Marsh has completed its previously announced acquisition of Houston-based independent insurance brokerage Wortham Insurance.
Marsh originally announced in June 2018 that it planned to acquire the Texan broker, which has 530 colleagues based across its offices in Austin, Dallas, Fort Worth, Houston, and San Antonio, for an undisclosed consideration.
Wortham provides a range of property and casualty (P&C) insurance, surety, personal lines, and employee benefits solutions to clients across the U.S and is particularly focused on energy, power, construction, and retail sectors, in addition to managing several specialty programs.
Marsh said that the acquisition will expand its footprint in Texas to include the Austin and Forth Worth markets, while allowing it to merge its existing operations in the state.
The combined business will operate as Marsh Wortham and will be led by former Wortham Chairman Richard M. Blades, who will now report to Martin South, President of Marsh’s U.S and Canada division.
South commented on the announcement: “We are excited to welcome Richard Blades and the Wortham team to Marsh as they share our values and commitment to client service. Combined with Marsh’s highly regarded colleagues, we will deliver greater value to clients in this vital US region.”
Blades added: “I have been encouraged by the positive response we have received from clients and colleagues over the last few weeks. There is a strong belief that together, Marsh Wortham will deliver unparalleled risk expertise and service to clients.”