Marsh, a US-based insurance brokerage firm, has completed the acquisition of home-grown independent insurance brokerage Wortham Insurance, for an undisclosed sum.
The agreement to acquire Houston-based Wortham Insurance was first announced in June this year. The acquisition will expand Marsh’s footprint in Texas to include the Austin and Fort Worth markets.
Established in 1915, Wortham has a work force of more than 530 people in its offices located in Austin, Dallas, Fort Worth, Houston and San Antonio.
The company provides personal lines, and employee benefits advice, property and casualty insurance, as well as surety services.
After completion of the deal, the combined business will operate as Marsh Wortham. The united firm will he headed by former Wortham chairman Richard Blades. He will report to Martin South, president of Marsh’s US and Canada division.
Blades said: “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 said: We’re 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.”