Global insurance and reinsurance broker Marsh has announced that it will acquire Houston-based independent insurance brokerage, Wortham Insurance.
An agreement has now been reached between the two companies and the deal is expected to close in the third-quarter of this year, although terms of the transaction were not disclosed.
Wortham has over 530 colleagues based between its Austin, Dallas, Fort Worth, Houston, and San Antonio offices, and the acquisition enables Marsh to expand its footprint in Texas to include Austin and Fort Worth markets, which will merge Marsh’s current operations in Dallas, Houston, San Antonio, New Orleans and Tulsa with Wortham.
John Doyle, President & Chief Executive Officer (CEO) of Marsh, commented: “Wortham Insurance is an outstanding firm with a reputation for creating lasting client relationships and deep risk expertise. Together with Wortham’s well-respected management team and colleagues, we will deliver market-leading risk and insurance solutions to businesses and individuals.”
The combined business will operate as Marsh Wortham and Richard Blades, currently Chairman of Wortham, will be its CEO, reporting to Martin South, President of Marsh’s US and Canada division. Blades will also serve as Chairman of Marsh’s Energy & Power Practice in the U.S.
South, commented: “Marsh and Wortham are very similar in terms of our approach to business, ability to form deep client relationships, and our values. The combination of our firms in this vital US region will deliver greater value to clients, colleagues and prospects through an enhanced value proposition, strong risk expertise particularly in the energy sector, and unparalleled client focus and service.”
Blades added: “Joining Marsh, a firm that shares our strong client-focused values, is great news for both clients and colleagues. Wortham’s clients will continue to work with their existing service team including having the flexibility to utilize their existing international brokers while gaining the benefit of access to the wide range of global capabilities and product offerings of Marsh.
“Clients and colleagues will benefit from Marsh’s commitment to helping clients anticipate and meet the challenges of changing times and technologies. I look forward to leading Marsh Wortham with an entrepreneurial spirit in providing outstanding local service, while bringing our collective world-class expertise to businesses and individuals across the region.”