Kurt Bingeman

Bingeman came to work at the insurance wholesaler in 1972 and purchased the company 11 years later. More than 10 years ago, in an effort to stay independent, he put in place an Employee Stock Ownership Plan to transfer ownership to employees over a period of several years. Founded in 1950, Russell Bond employs more than five dozen people at its downtown Buffalo offices. The company writes specialty or high-risk insurance such as cyber liability and medical malpractice. Bingeman, a Clarence native who graduated from Canisius College, was a steadfast advocate for employee ownership plans. He said he chose the ESOP model in part because it offers retirement investment options for employees.