Marsh snaps up US brokerage firm Wortham Insurance
Marsh is acquiring Houston-based Wortham Insurance, an independent insurance brokerage firm in the US. The transaction is expected to close in the third quarter of 2018.
Wortham provides property/casualty insurance, surety, personal lines, and employee benefits advice and solutions to a wide range of businesses and individuals throughout the US, with particular expertise in the energy, power, construction, and retail sectors in addition to managing several specialty programmes. The company was founded in 1915 and operates out of offices in Austin, Dallas, Fort Worth, Houston, and San Antonio.
Upon completion, Marsh will expand its footprint in Texas to include the Austin and Fort Worth markets and will merge its existing operations in Dallas, Houston, San Antonio, New Orleans and Tulsa with Wortham.
The combined business will operate as Marsh Wortham with Richard Blades, who is currently chairman of Wortham, as its CEO. Blades will report to Martin South, president of Marsh’s US and Canada division. He will also serve as chairman of Marsh’s energy & power practice in the US.
Marsh CEO John Doyle, 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.”
South said: “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.”
Make sure you are GDPR compliant and confirm your email address to keep getting our daily emails
More of today's news
Sirius goes public through merger deal
AIG appoints North America property CUO from Swiss Re
Managing agents prefer Lloyd’s Brussels
Insurtech PolicyBazaar raises $200m investment led by SoftBank
Everest unveils transportation and logistics group
Spring floods cost French insurers €430m
