A Texas-based insurer has acquired the El Paso office of another insurer, making it the largest locally owned independent insurance agency in El Paso.
Mt. Franklin Insurance acquired the El Paso office of Meridian Insurance, a regional broker with locations in New Mexico and Arizona, for an undisclosed price, according to a report by El Paso Inc. Meridian had decided to exit the El Paso market.
Mt. Franklin purchased all the rights to the existing clients and policies of Meridian’s El Paso office, according to El Paso Inc. The Meridian location is Mt. Franklin’s eighth acquisition since the company was founded in 2010. The company provides insurance for smaller companies and mom-and-pop businesses, Mt. Franklin principal Shane Lipson told El Paso Inc.
Meridian originated from the company that Bill Carvajal, Mt. Franklin’s other principal, led before founding the El Paso agency.
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