MarshBerry Becomes 100% Employee Owned Through ESOP
MarshBerry, a Cleveland-area consulting and investment banking firm focused on the insurance industry, announced today the sharing of ownership with employees by becoming 100% owned by an Employee Stock Ownership Plan (ESOP) Trust. The ESOP announcement was made to MarshBerry employees during a quarterly staff meeting held at the company’s headquarters in Woodmere, OH.
An ESOP is an employee benefit plan, which provides company stock to employees as part of their retirement benefits. As a 100% ESOP-owned company, all MarshBerry stock is now held in trust by the ESOP.
“For 35 years MarshBerry has consistently broadened ownership in order to use wealth creation as a way to attract and retain talent. This move takes it one step further, sharing ownership with all of our staff,” said John Wepler, Chairman and CEO of MarshBerry. “Our employees have been the secret to our success, working tirelessly to help our clients. We feel that rewarding our staff by sharing ownership through an ESOP is a great move for our company, as it can be beneficial to our employees monetarily and through a more rewarding work experience.”
As an employee-owned company, MarshBerry will continue to operate under the same business model and management structure.”
1Mergers & Acquisition (M&A) Announced Transactions in Insurance Brokerage (1999-2015). Ranked by total number of deals.
2These totals include certain transactions completed by Marsh, Berry & Company, Inc. professionals while employed at another firm, whereby substantially all of the assets were acquired by Marsh, Berry & Company, Inc.