Marsh to Acquire Wortham Insurance
25 6월 2018 - 9:07PM
Business Wire
Acquisition Expands Operations across Texas and
Enhances Energy Capabilities
Marsh, a global leader in insurance broking and innovative risk
management solutions, today announced that it has reached agreement
to acquire Houston-based Wortham Insurance, one of the premier
independent insurance brokerage firms in the United States. Terms
of the transaction, which is expected to close in the third quarter
of 2018, were not disclosed.
Founded in 1915, Wortham has more than 530 colleagues based in
its Austin, Dallas, Fort Worth, Houston, and San Antonio offices.
It provides property/casualty insurance, surety, personal lines,
and employee benefits advice and solutions to a wide range of
businesses and individuals throughout the US, with particular
expertise in energy, power, construction, and retail sectors in
addition to managing several specialty programs.
Upon completion of the transaction, Marsh will expand its
footprint in Texas to include the Austin and Fort Worth markets and
will merge its existing operations in Dallas, Houston, San Antonio,
New Orleans and Tulsa with Wortham. The combined business will
operate as Marsh Wortham with Richard M. Blades, who is currently
Chairman of Wortham, as its CEO. He will report to Martin South,
President of Marsh’s US and Canada division. Mr. Blades will also
serve as Chairman of Marsh’s Energy & Power Practice in the
US.
Commenting on the transaction, John Doyle, President & CEO
of Marsh, 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.”
“Marsh and Wortham are very similar in terms of our approach to
business, ability to form deep client relationships, and our
values,” added Mr. South. “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.”
Mr. Blades added: “Joining Marsh, a firm that shares our strong
client-focused values, is great news for both clients and
colleagues. Wortham’s clients will continue to work with their
existing service team including having the flexibility to utilize
their existing international brokers while gaining the benefit of
access to the wide range of global capabilities and product
offerings of Marsh.
“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.”
About Marsh
A global leader in insurance broking and innovative risk
management solutions, Marsh’s 30,000 colleagues advise individual
and commercial clients of all sizes in over 130 countries. Marsh is
a wholly owned subsidiary of Marsh & McLennan Companies
(NYSE:MMC), the leading global professional services firm in the
areas of risk, strategy and people. With annual revenue over US$14
billion and nearly 65,000 colleagues worldwide, MMC helps clients
navigate an increasingly dynamic and complex environment through
four market-leading firms. In addition to Marsh, MMC is the parent
company of Guy Carpenter, Mercer, and Oliver Wyman. Follow Marsh on
Twitter @MarshGlobal; LinkedIn; Facebook; and YouTube, or subscribe
to BRINK.
About Wortham
Founded in Houston in 1915, Wortham Insurance is one of the
largest independent brokers with headquarters in Texas. Wortham
specializes in insurance brokerage, risk management programs and
employee benefits consulting. In addition to its Houston
headquarters, Wortham maintains offices in Austin, Dallas, Fort
Worth, and San Antonio. Annually, Wortham places client premium in
excess of $1 billion through its limited partnership – John L.
Wortham & Son, L.P. – operating under the general partnership
of Wortham, L.L.C.
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version on businesswire.com: https://www.businesswire.com/news/home/20180625005577/en/
MarshJason Groves, +44 7733 325 587jason.groves@marsh.com
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