Wortham Insurance has agreed to a buyout by Marsh, a wholly owned subsidiary of New York-based Marsh & McLennan Companies Inc., combining two well-known names……………..
Insurance giant Marsh & McLennan to grow in Austin with acquisition
Olivia Pulsinelli a day ago
Marsh is a wholly owned subsidiary of Marsh & McLennan Companies Inc.
By Senior web editor, Houston Business Journal
Wortham Insurance has agreed to a buyout by Marsh, a wholly owned subsidiary of New York-based Marsh & McLennan Companies Inc., combining two well-known names in the world of Austin insurance.
The deal is expected to close in the third quarter of 2018, but financial terms were not disclosed, according to a June 25 announcement. It will expand Marsh’s Texas footprint and energy practice.
Wortham, which was founded in 1915 in Houston by Gus Wortham and his father John L. Wortham, has more than 530 employees in its Houston, Austin, Dallas, Fort Worth and San Antonio offices, per the announcement. The combined business will go by Marsh Wortham.
Richard Blades, currently chairman of Wortham, will lead Marsh Wortham as its CEO. He will also serve as chairman of Marsh’s energy and power practice in the U.S. Blades will report to Martin South, president of Marsh’s U.S. and Canada division.
“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,” Blades said in the announcement. “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.”