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V O L . X X I X N O. V I I A P R I L 3 , 2 0 2 3 22 B A N K I N G / F I N A N C E / I N S U R A N C E F O C U S Plans to expand the small-business line outside of Maine has resulted in a bit of hiring. But MEMIC is focusing on process and systems improvements to streamline the ability of existing agents to handle extra business. "We're gaining efficiency," Bourque said. "Technology makes it easier to expand." But continual investment is on the docket. "Automating portions of what we do with new technology has become a benefit," he added. Beefing up the C-suite Allen Insurance and Financial — Maine's largest employee-owned independent insurance, employee benefits and financial services agency, founded in 1866 — recently beefed up its C-suite with promotions. Effective Jan. 1, Michael Pierce, Dan Bookham, Peter Williams and Susan Howland comprise the leadership group. With just under 100 employee- owners in Belfast, Camden, Rockland, Southwest Harbor and Waterville, the new leadership team is well poised to embrace the agency's goals for contin- ued growth and exemplary client ser- vice in 2023 and beyond, said Pierce, the agency's president. "Measured and intentional growth, both organically and via thought- ful acquisition, has been our growth plan," said Pierce. He continued, "Bigger isn't nec- essarily better, but having enough size and depth of knowledge in the markets we represent is important. More so, however, growth is impor- tant culturally as it allows for career development paths for our employee- owners which is significant as a 100% employee-owned and Maine-based organization." Fueling that activity includes the 2022 acquisition of the GHM Agency in Waterville, with 20 employees. e agency also experienced organic growth across its insurance, employee benefits and financial planning divi- sions. Additionally, it has insurance specialists in select niche markets — craft beverage and cannabis, land trusts and farms, campgroudns, and tall ships — designed ot support the unique needs of the specific markets. e agency has a history of working along the coast but today, the client base and reach extend across the country. Demographically, Maine continues to be one of the oldest states in the country, "but we witnessed and benefited from some inward migration through the pan- demic, particularly in the real estate and retirement planning markets," said Pierce. Revenue more than doubled over the past decade and the ESOP share price is at an all-time high. "Between organic growth and cur- rent inflation, we expect revenue to con- tinue to trend quite favorably," he said. Goals for the coming year includ- ing continuing the current path for- ward and achieviung additional mar- ket penetration in its select markets. "Additionally, however, we are looking to expand our connections with other like-minded companies," Pierce said. "In particular, the ESOP community is one of camaraderie and accountability which fits will with our own organizational model. We are happy to note that we were just selected as the 2023 New England Chapter ESOP Company of the Year — so 2023 is off to a great start!" Laurie Schreiber, Mainebiz senior writer, can be reached at lschreiber @ mainebiz.biz » C O N T I N U E D F RO M P R E V I O U S PA G E Maine's credit unions are here for you. mainecreditunions.org Start banking without a bank. Maine credit unions offer personal and business financial relationships that focus on your unique banking needs. • Checking and savings accounts • Better loan rates and lower fees • Digital banking and remote deposits • Fraud protection Discover a new way to do your banking, without a bank. Open an account at a credit union today. Measured and intentional growth, both organically and via thoughtful acquisition, has been our growth plan. — Michael Pierce Allen Insurance and Financial Michael Pierce, president of Allen Insurance and Financial – Maine's largest employee-owned independent insurance, employee benefits and financial services agency, said a new leadership team is well poised to embrace the agency's goals for continued growth and exemplary client service. P H O T O / C O U R T E S Y O F A L L E N I N S U R A N C E A N D F I N A N C I A L

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