Brookfield-based insurance brokerage Diversified Insurance Solutions has been sold to its employees through an Employee Stock Ownership Plan.

Jim McCormack, who co-founded the company with Skip Hansen 35 years ago, was the majority owner with 85 percent of the shares. David Stark, who owned about 10 percent, and Tom Jocz, who owned about 5 percent, as well as a few smaller shareholders, all sold their shares in the 100 percent ESOP transaction, which was effective Jan. 1.

In an ESOP, which is a qualified retirement plan, the company stock is technically purchased by a trust, and then distributed to employees on an annual basis.

Read more: Diversified Insurance Solutions sells company to employees | BizTimes Media Milwaukee