CNinsure Inc., an independent Chinese insurance agency and brokerage company, announced the signing of a definitive agreement to acquire a 60 percent stake in Hubei East Century Insurance Agency Co., Ltd. The transaction is expected to close at the end of January 2008. With the acquisition of East Century, CNinsure’s distribution network now reaches 10 provinces in China.
The acquisition marks CNinsure’s entry into Hubei, “a province with GDP and premium income ranking 12th in the country in 2006,” said the bulletin. It’s also the second major recent acquisition for the Company. Last week it announced that it had acquired a 60 percent interest in Zhejiang Fanhua Tongchuang Insurance Agency Co., Ltd., which will enable CNinsure to expand its activities into Zhejiang Province in eastern China (See IJ web site – https://www.insurancejournal.com/news/international/2008/01/04/86089.htm).
“East Century, based in Wuhan, the provincial capital, was founded in 2004 by a group of veterans each with ten years of insurance industry experience. It is the first local agency specializing in the distribution of life insurance products and the No. 1 professional insurance intermediary in Hubei in terms of life insurance premium,” said the announcement. “The company currently owns 5 branches and has a sales force of over 600 professionals. It has built strong business relationships with 13 insurance companies.”
Source: CNinsure – http://www.cninsure.net/english
Topics Mergers & Acquisitions China
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