Clark Insurance, which started making the transition to employee ownership in 1992, is now 100% employee owned.
The Portland-based carrier's Employee Stock Ownership Plan covers 100 employees in Maine, New Hampshire and Massachusetts. The process was started by former president Richard Clark.
The ESOP, which had previously owned 54% of the company, purchased remaining shares. One of the shareholders was Gorham Savings Bank, which became an owner through the 2013 merger of Clark Insurance and Turner Barker Insurance.
"This transaction allows Clark the ability to remain locally owned by its employees/owners, and to continue its long history of customer service, providing good jobs in our region and supporting our community," Jeff Shaw, Clark's president, said in a news release.
Clark Insurance provides business insurance, bonds, employee benefits and personal insurance.
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