Marsh has reached an agreement to acquire the Houston-based brokerage Wortham Insurance as part of its strategy to expand its Texas footprint.
Following the completion of the transaction, which is expected to be Q3 2018, Marsh will expand its offering in the Lone Star state to include the Austin and Fort Worth, and will merge its existing operations in Dallas, Houston, San Antonio, New Orleans and with Wortham.
The current chairman of Wortham, Richard Blades, will serve as the CEO of the new combined business, Marsh Wortham.
Blades, who will also serve as chairman of Marsh’s Energy and Power Practice in the US, will report to Martin South, president of Marsh’s US and Canada division.
Through its 530 employees based in its Austin, Dallas, Fort Worth, Houston and San Antonio offices, Wortham provides property and casualty insurance, surety, personal lines, and employee benefits advice and solutions to clients throughout the US.
The brokerage specialises in energy, power, construction, and retail sectors in addition to managing several specialty programmes.
John Doyle, president, and CEO of Marsh praised Wortham’s deep risk expertise and reputation for creating enduring client relationships.
Doyle commented: “Together with Wortham’s well-respected management team and colleagues, we will deliver market-leading risk and insurance solutions to businesses and individuals.”
Blades described the acquisition as great news for both clients and colleagues.
He said: “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.”
South added: “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.”