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 BLADES, who is currently Chairman of Wortham, as its CEO. He will report to Martin SOUTH, President of Marsh's US and Canada division. Richard BLADES will also serve as Chairman of Marsh's Energy & Power Practice in the US.