Marsh has acquired Houston-based independent insurance brokerage firm Wortham Insurance – a move that will expand Marsh’s footprint in Texas.
The deal is likely to conclude in third quarter of 2018, but neither of the companies have provided details about the transaction. Richard M. Blades who is currently the chairman of Wortham, will now be the CEO of the combined business, Marsh Wortham, and will also serve as chairman of Marsh’s energy and power practice in the US. He’ll report to Martin South, president of Marsh’s US and Canada division.
Wortham has a history that dates back to 1915 and it now counts more than 530 staff on its team in offices across Texas. P&C insurance, surety, personal lines, and employee benefits advice and solutions are all in Wortham’s wheelhouse, though the company has specific expertise in the energy, power, construction, and retail sectors.
“Wortham Insurance is an outstanding firm with a reputation for creating lasting client relationships and deep risk expertise,” said John Doyle, president and CEO of Marsh. “Together with Wortham’s well-respected management team and colleagues, we will deliver market-leading risk and insurance solutions to businesses and individuals.”
The new CEO of the combined business likewise sees the acquisition as “great news” for its customers and team.
“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,” said Blades.
“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.”