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Marsh to Acquire Wortham Insurance | Business Wire

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NEW YORK–(BUSINESS WIRE)–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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