Insurance broking and risk management services provider Marsh has agreed to acquire Houston-based Wortham Insurance for an undisclosed amount.
Image: Munich Re acquires IoT solutions provider Relayr. Photo: Courtesy of rawpixel/Unsplash.
The transaction is expected to close in third quarter of this year. Established in 1915, Wortham has more than 530 employees based in Austin, Dallas and Fort Worth, Houston, and San Antonio offices.
The company offers property/casualty insurance, surety, personal lines, and employee benefits advice and solutions to a range of businesses and individuals throughout the US, with particular focus on energy, power, construction, and retail sectors besides managing several specialty programs.
Upon completion of the transaction, Marsh expects to expand its footprint across Texas including the markets of Austin and Fort Worth and will merge its existing operations in Dallas, Houston, San Antonio, New Orleans and Tulsa with Wortham.
Marsh president and CEO John Doyle said: “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.”
Wortham will henceforth be known as Marsh Wortham with the current Wortham chairman, Richard Blades taking the role as its CEO.
Blades will report to Marsh’s US and Canada division president, Martin South. He will also serve as chairman of Marsh’s Energy & Power Practice in the US.
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 stated that after joining Marsh, Wortham’s clients will continue to work with their existing service team including the flexibility to use their existing international brokers while gaining the benefits of accessing the wide range of global capabilities and product offerings from Marsh.