Global insurance brokerage Marsh has finalized its acquisition of Houston-based independent insurance brokerage Wortham Insurance, thus officially expanding Marsh’s footprint in the Lone Star state.
The deal was first announced in June 2018 and was expected to close in the third quarter of the year. Terms of the transaction have still not been disclosed.
Wortham’s history dates back to 1915 and it now counts more than 530 staff across its offices in Austin, Dallas, Fort Worth, Houston, and San Antonio. The broker offers P&C insurance, surety, personal lines, and employee benefits advice, with specific expertise in the energy, power, construction, and retail sectors.
Now the transaction is complete, the combined business will operate as Marsh Wortham. It will be led by former Wortham chairman Richard Blades, who will report to Martin South, president of Marsh’s US and Canada division.
Blades commented: “I’ve been encouraged by the positive response we’ve received from clients and colleagues over the last few weeks. There’s a strong belief that, together, Marsh Wortham will deliver unparalleled risk expertise and service to clients.”
South also expressed his excitement about the deal.
“We’re excited to welcome Richard Blades and the Wortham team to Marsh as they share our values and commitment to client service,” he said. “Combined with Marsh’s highly regarded colleagues, we will deliver greater value to clients in this vital US region.”
