Marsh has acquired Texas-based Wortham Insurance, a specialist in insurance brokerage, risk management programs and employee benefits consulting, for an undisclosed price.
Headquartered in Houston, Wortham Insurance offers property/casualty insurance, surety, personal lines, and employee benefits advice and solutions to a broad variety of businesses and individuals across the US.
The insurance broker, which has over 530 employees based across Texas, has particular expertise in energy, power, construction, and retail sectors. It also has expertise in handling many specialty programs.
Marsh said that the acquisition will help it grow its presence in Texas with the inclusion of the Austin and Fort Worth markets.
The company will combine its current operations in Dallas, Houston, San Antonio, New Orleans, and Tulsa with Wortham Insurance with the combined business to be named as Marsh Wortham. The new business will be led by its CEO Richard Blades, former chairman of Wortham Insurance.
Marsh US and Canada division president Martin South said: “We are excited to welcome Richard Blades and the Wortham team to Marsh as they share our values and commitment to client service.
“Combined with Marsh’s highly regarded colleagues, we will deliver greater value to clients in this vital US region.”
Wortham Insurance believes that its combination with Marsh gives the scope to produce even greater value to the clients of the two firms owing to strong risk expertise and unparalleled client focus and service.
Blades said: “I have been encouraged by the positive response we have received from clients and colleagues over the last few weeks. There is a strong belief that together, Marsh Wortham will deliver unparalleled risk expertise and service to clients.”
Last month, Marsh through its subsidiary Marsh & McLennan Agency (MMA), acquired Klein Agency, a Minnesota-based surety and property/casualty agency with specialization in the construction industry.
Headquartered in New York, Marsh is a global provider of insurance broking and risk management solutions.