CNinsure Inc., an independent Chinese insurance agency and broker, announced that it has signed a definitive agreement with three entrepreneurs to jointly establish Zhejiang Fanhua Tongchuang Insurance Agency Co., Ltd. The initiative will expand CNinsure’s market presence to Zhejiang Province in eastern China.
The new agency will specialize in life insurance and will be 60 percent owned by CNinsure and 40 percent by the three individual entrepreneurs.
Its headquarters are in Hangzhou, the capital city of Zhejiang, one of the most economically developed provinces in China. It “ranked 4th in GDP and 6th in total insurance premium among all 31 Chinese provinces in 2006,” said the bulletin. “With the establishment of this new company, CNinsure’s distribution network now reaches nine provinces.”
While the primary focus in Zhejiang Province will be on life insurance products, CNinsure has become one of China’s largest independent, homegrown agencies. Its distribution network reaches some of China’s most economically developed regions and affluent cities. The company distributes a wide variety of both P/C and life insurance products underwritten by domestic and foreign insurance companies operating in China, and provides insurance-related services. Its shares are listed on the NASDAQ Exchange.
Source: CNinsure Inc. – http://www.cninsure.net
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